Accounting
v3
JEOPARDY
By: Lisa, George, Dinesh,
and Esteban
CCNA1 v3 Module 1
K. Martin
The
Preparing
Router
WAN Source WANFinancial Router
Router
Accounting
Misc.
Accounting
for the next
Cycle
Documents
Statements Basics
TerminologyCommands
Modes
Encapsulation
Services
Equation
Month
►►► Final Jeopardy ◄◄◄
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CCNA1 v3 Module 1
Accounting Cycle
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What is the fourth step of the
accounting cycle?
Answer
A: What is Post to the General Ledger
CCNA1
accounting
v3 Module 1
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Accounting Cycle
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What is the next step in the accounting
cycle after preparing a worksheet?
Answer
A: What is prepare both financial statements
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Accounting Cycle
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The first four steps of the accounting
cycle are categorized as what?
Answer
A: What are steps that occur all month long
CCNA1 v3 Module 1
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Accounting Cycle
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John bought supplies on account from
Ron’s Bike Shop. He posted first to the
General Ledger. What steps did he skip?
Answer
A: What is verify source documents, analyze transactions,
and journalize in the General Journal
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Accounting Cycle
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What are the three categories in which
all of the accounting cycle is part of?
Categorize the 10 steps in order.
Answer
A: What is: Documentation all month long: steps 1-4,
Closing the month: steps 5-7, Preparing for next month:
8-10
CCNA1 v3 Module 1
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The Accounting Equation
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What is the accounting equation?
Answer
A: What is Assets = Liabilities + Owner’s Equity
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The Accounting Equation
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What is the normal balance of sales?
Answer
A: What is Credit
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The Accounting Equation
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What is a synonym for the accounting
equation? (This is also a financial
statement)
Answer
A: What is Balance Sheet
CCNA1 v3 Module 1
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The Accounting Equation
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What are the 4 parts of Owner’s Equity
and what is each part’s normal balance?
Answer
A: What is Drawing: Dr, Capital: Cr, Expenses: Dr, Sales: Cr
CCNA1 v3 Module 1
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The Accounting Equation
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What is the ultimate goal of accounting?
Answer
A: What is to analyze transactions and create financial
statements
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Source Documents
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A business form giving written
acknowledgment for cash received
Answer
A: What is a receipt
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Source Documents
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A business received $450 cash from the
sales of the day. What source document
is used?
Answer
A: What is calculator tape
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Source Documents
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A business paid $2,900 to the owner for
personal use. What source document
would be used
Answer
A: What is check/check stub
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Source Documents
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A company bought supplies on account
from Supply Depot for $400. What
source document was used?
Answer
A: What is memorandum
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Source Documents
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Staples sold services on account to
Providence High School for $350. What
source document would they use?
Answer
A: What is a sales invoice
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Financial Statements
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Which of the financial statements lets
you know whether or not the company
is making a profit?
Answer
A: What is Income statement
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Financial Statements
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Which accounts appear on the income
statement?
Answer
A: What are all sales and expenses accounts
CCNA1 v3 Module 1
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Financial Statements
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What is the final step of creating the
income statement?
Answer
A: What is calculate the component percentages
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Financial Statements
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How do you calculate the owner’s
capital amount on the balance sheet
when the company makes a profit?
Answer
A: What is capital + net income – drawing = current capital
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Financial Statements
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What is the last step of creating the
balance sheet?
Answer
A: What is Double rule below total assets and total
liabilities/owner’s equity to show that they are equal
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Misc. Terminology
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A book of accounts where each
individual account has its own sheet
Answer
A: What is the General Ledger
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Misc. Terminology
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The recording of debit and credit parts
of a transaction
Answer
A: What is Double-entry accounting
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Misc. Terminology
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Determining that the amount of cash
agrees with the balance of the cash
account in the accounting records
Answer
A: What is proving cash
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Misc. Terminology
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At the end of the month, the Capital
account amount is calculated by the
formulas ________________________.
Answer
A: What is Current capital balance + net income – drawing
OR current capital balance – net loss – drawing
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Misc. Terminology
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Accounts used to accumulate information until it is transferred
to the owner’s capital account at the end of the month. These
accounts close.
Answer
A: What are temporary accounts
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Preparing for the next
month
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What is the second step in preparing for
the next month’s accounting cycle?
Answer
A: What is recording closing entries
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Preparing for the next
month
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Where is information obtained from
when recording adjusting entries?
Answer
A: What is the worksheet “Account Titles” column and
“Adjustments” column?
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Preparing for the next
month
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Which accounts close?
Answer
A: What are Sales, Expenses, Income Summary, and
Drawing
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Preparing for the next
month
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Which accounts appear on the postclosing trial balance sheet?
Answer
A: What are any accounts that still have a balance after the
post-closing entries have been posted, aka – Permanent
Accounts
CCNA1 v3 Module 1
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Preparing for the next
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How do you close the income summary
account when the company has a net loss?
Answer
A: What is debit Capital, credit Income Summary
CCNA1 v3 Module 1
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Final Jeopardy
What is the normal balance of Owner’s
Equity?
Answer
What is CREDIT!!
CCNA1 v3 Module 1
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