CCNA1 v3 Module 1

Course

Chapter 1-4,6-8

JEOPARDY

K. Martin

CCNA1 v3 Module 1

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► ► ► F i n a l J e o p a r d y ◄ ◄ ◄

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Question

What is the accounting equation?

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A: What is Assets + Liabilities = Owner’s Equity?

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QuestionA: What is to analyze transactions?

What is a T-Account used for?

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A: What is a DR: John White, Drawing and CR: Cash?

The transaction wrote check to John White, Owner, for personal use, would result in which journal entry?

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A: What is Income Statement – Profit? And Balance Sheet = Valuable??

What are the two financial statements and what do they say?

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A: What is a Cash, Drawing, Expenses, Supplies, AR, Prepaid Insurance?

List 4 examples of accounts that have a normal debit balance.

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A: What is a collection of accounts?

What is a general ledger.

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A: What is a Receipt

A business form giving written acknowledgement for cash received is called.

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A: What is Posting?

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Transferring information from a journal entry to a ledger account.

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A: What is an Invoice?

What source document is used when buying something on account?

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A: What is recording transactions into a journal?

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What is journalizing?

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A: What is Consistent Reporting?

Same accounting procedures are followed

in the same way each accounting period.

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A: What is the length of time for which a business summarizes and reports financial information?

Define Fiscal Period.

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A: What is Accounting Period Cycle?

Accounting information is reported in a cycle.

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A: What is Work Sheet?

“Scratch paper” used to create financial statements.

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A: What is a Draw a line through the incorrect amount, write the correct amount above and recalculate the balance?

Procedure for correcting an incorrect amount.

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A: What is the expectation that the business will operate indefinitely?

Define Going Concern.

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A: What is Divide the amount of the component by the total amount of sales?

Procedure to calculate component percentage.

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A: What is a Adjusting Entries?

Journal entries used to update general ledger accounts.

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A: What is information about elements of the accounting equation?

What information does a balance sheet report?

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A: What are Name of Company, Name of Report, and Date of Report?

Components of a balance sheet heading.

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A: What are Temporary Accounts?

Accounts that are closed at the end of each fiscal period.

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A: What are Permanent Accounts?

Accounts used to accumulate information across multiple fiscal periods.

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A: What are Adjusting Entries?

Journal entries recorded to update general ledger accounts.

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A: What are Closing Entries?

Journal entries used to prepare temporary accounts for a new fiscal period.

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A: What is to summarize the closing entries for the revenue and expense accounts?

What is the purpose of the income summary.

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A: What is a Debit?

What is the normal balance of an expense.

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A: What is No Normal Balance?

What is the normal balance of the income summary.

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A: What is the Work Sheet?

Where does the information needed to prepare an Income Statement come from.

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A: What is Adequate Disclosure?

What is the concept when financial statements contain all information necessary to understand a business’s financial condition?

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A: What is Double-Entry Accounting?

Recording debit and credit parts of a transaction.

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Question

What is collect and verify source documents, analyze transactions, journalize, post to general ledger, prepare trial balance, prepare worksheet, prepare financial statements, adjusting entries, closing entries and prepare post-closing trial balance?

List the 10 accounting equation steps

Final Jeopardy

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