CCNA1 v3 Module 1

v3v3Accounting I

Mid-Term Review

JEOPARDY

K. Martin

CCNA1 v3 Module 1

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Analyzing Analyzing TransactionsTransactions

SourceDocuments

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Adjusting &ClosingEntries

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► ► ► F i n a l J e o p a r d y ◄ ◄ ◄

CCNA1 v3 Module 1

Question

What is the accounting equation?

Analyzing Transactions

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A: What is Assets = Liabilities + O.E?

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CCNA1 v3 Module 1

QuestionA: What is A chart used to analyze and then journalize

transactions with ease?

What is the analyzing chart?

CCNA1 v3 Module 1

Analyzing Transactions

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Question

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A: What is a Assets + Owners Equity?

What is the impact on Assets, Liabilities and Owner’s Equity if you Paid Cash for Electric bill?

CCNA1 v3 Module 1

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Question

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A: What is Unchanged?

If you paid Cash for Supplies what is the affect on Assets?

CCNA1 v3 Module 1

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Question

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A: What is a Debit Misc. Expense because he is buying something that doesn’t fall under another category and Credit Cash because he is paying with a debit card?

Jacob went to the store and bought lunch for the entire company and paid with the company’s debit card. Which

accounts are affected and why?

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Question

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A: What is a Check Receipts?

What is check stub used for?

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Question

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A: What is a Calculator Tape?

What is the source document for cash sales as the seller and buyer?

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Question

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A: What is a Sales Invoice?

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When something is bought on account what source document is used to

validate the sale?

CCNA1 v3 Module 1

Question

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A: What is a Memorandum?

Which source document do you use in rare cases when you are doing an

unusual sale? Memorandum

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Question

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A: What is Check Stub – Check ReceiptSales invoice – Sales on account

Calculator Tape – Cash Sales (Seller)Memorandum – When nothing else applies

Receipts – Cash Sales (Buyers)?

?

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List all the Source Documents and their uses

CCNA1 v3 Module 1

Question

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A: What is Credit?

What is the normal balance of the Capital Account?

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Question

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A: What are Debit?

What is the normal balance of an Expense accounts?

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Question

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A: What is None?

What is the normal balance of the Income Summary Account?

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Question

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A: What is Supplies is debited / Cash is credited?

John Doe paid CASH for SUPPLIES. What is the effect on the two accounts?

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Question

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A: What is Supplies is debited / Accounts Payable is credited?

Tonya bought supplies on account from Julies Supplies. What is the affect on the two accounts?

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Question

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A: What is Unique?

Closing temporary accounts means you need to..?

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Question

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A: What is a Income Summary, Expenses, Revenues, and Drawing.

What are the four temporary accounts?

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Question

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A: What is a Income Summary and Capital?

What two accounts are affected to close Income Summary?

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Question

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A: What is General Journal?

Where do you record your adjusting and closing entries before posting them into the General Ledger and creating a post closing trial balance?

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Question

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A: What is a The Capital and Income Summary Accounts / Capital is debited and Income Summary is credited.

If a business has a Net Loss for a fiscal period, which two accounts will it affect differently and how?

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CCNA1 v3 Module 1

Question

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A: What is a Balance Sheet?

Which Financial Statement describes the assets, liabilities and owner’s equity accounts in a business?

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Question

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A: What is a Income Statement?

Which Financial Statement describes the revenue and expenses accounts for a business?

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Question

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A: What is Making the amount negative?

When filling out the net loss/net income section of a financial statement, what does it mean when an amount is put in parentheses? Ex. ($500.00)

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Question

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A: What is There was a net loss for that month?

When the debits column of the income statement is higher than the credits

column. What can we conclude about how the business did for that month?

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Question

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A: What is (Total Expenses) ÷ (Total Sales) x (100)?

How do you calculate Total Expense Component Percentage?

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Question

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A: What is 10?

How many steps are in the accounting cycle?

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Question

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A: What is Step 2: Analyzing Transactions?

Which step in the accounting cycle do we analyze the transactions before ever putting them into an accounting document?

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Question

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A: What is a Preparing Financial Statements?

Which step in the accounting Cycle do we prepare financial statements from the information on the worksheet?

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CCNA1 v3 Module 1

Question

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A: What is 1. Verify Source Documents2. Analyze Transactions3. Journalize Each Transaction4. Post Transactions to the General Ledger5. Prepare a Trial Balance6. Prepare a Worksheet7. Prepare Financial Statements8. Record Adjusting Entries9. Record Closing Entries

10. Prepare a Post-Closing Trial Balance?

List all the steps on the Accounting Cycle in order.

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Question

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A: What is Throughout the MonthVerify Source DocumentsAnalyze TransactionsJournalize Each TransactionPost Transactions to the General Ledger Closing the MonthPrepare a Trial BalancePrepare a WorksheetPrepare Financial StatementsPreparing for Next MonthRecord Adjusting EntriesRecord Closing EntriesPrepare a Post-Closing Trial Balance

What are the 3 categories for the accounting cycle and which steps fall under each one?

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CCNA1 v3 Module 1

Question

What is Debiting the Owner’s Capital Account and Crediting the Income Summary?

What accounts are affected in the closing entry of a company who had a net loss for the month and in what way are the accounts affected?

Final Jeopardy

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