This is
Accounting
J E O P A R D Y

Categories
Mind the
GAAP
1-2-3
Accounting
What is accounting?
Oh
Canada!
Source
Documents
200
400
600
800
1000
200
400
600
800
1000
200
400
600
800
1000
FINAL JEOPARDY
200
400
600
800
1000
200
400
600
800
1000

Mind the GAAP - $200
Formal regulations and common practices that accountants follow.
Answer
What are Generally Accepted Accounting
Principles?

Mind the GAAP - $400
Each expense item must be recorded in the same time period as the revenue it helped to earn.
Answer
What is the Matching Principle?

Mind the GAAP
The accounting for a business should be fair and reasonable.
Answer
What is the Principle of Conservatism?

Mind the GAAP - $800
The accounting for a business organization must be kept separate from the personal affairs of its owner.
Answer
What is the Business Entity Concept?

Mind the GAAP - $1000
A business will continue to operate unless it is known that it will not.
Answer
What is the Continuing Concern Concept?

1-2-3 Accounting - $200
A decrease in equity resulting from the owner’s personal withdrawals.
Answer
What are drawings?

1-2-3 Accounting - $400
A page specially designed to record changes in each individual item affecting the financial position.
Answer
What is an account?

1-2-3 Accounting - $600
The recurring set of accounting procedures carried out during each fiscal period.
Answer
What is the accounting cycle?

1-2-3 Accounting - $800
A business that buys goods and resells them at a higher price for a profit.
Answer
What is a Merchandising business?

1-2-3 Accounting - $1000
The journal is known as this type of book because each balance entry is recorded there first.
Answer
What is the book of original entry?

What is accounting?
$200
The system of dealing with financial information that provides information for decision making.
Answer
What is Accounting?

What is accounting?
$400
A = L + OE
Answer
What is the fundamental accounting equation?

What is accounting?
$600
Gathering information about the daily goings on of the business.
Answer
What is the first activity in accounting?

What is accounting?
$800
The examination and testing of the books, records, and procedures of a business.
Answer
What is auditing?

What is accounting?
$1000
Selling the assets of a company for cash.
Answer
What is liquidation?

CANADA - $200
Canada’s most-read news magazine.
Answer
What is Maclean’s?

CANADA - $400
The Canadian stock exchange that lists the most companies.
Answer
What is the Toronto Stock Exchange?

CANADA
What vegetable do Canadians eat the most:
Broccoli, carrots, lettuce, or potatoes
Answer
Potatoes

CANADA - $800
Who is Canada’s second largest trading partner: Great Britain, Japan, or Mexico
Answer
Japan

CANADA - $1000
This Canadian company is the world’s largest producer of frozen french fries.
Answer
Who is McCain Foods Ltd.?

Source documents - $200
A financial event that causes a change in financial position.
Answer
What is a business transaction?

Source documents - $400
The journal entry that starts the account book off.
Answer
What is the opening entry?

Source documents - $600
This person does no accounting for provincial retail sales tax.
Answer
Who is the purchaser?

Source documents - $800
A bank document informing the business of a decrease made in the business’s bank account.
Answer
What is a bank debit advice?

Source documents - $1000
A source document that debits the bank and credits an accounts receivable.
Answer
What is a cash receipt?

FINAL JEOPARDY
Bank
3265 500
200 2500
400 650
3865 3650
?
215
?
Answer
What are pin totals and pencil footings.