Jeopardy

1. Jeopardy Choose a category. You will be given the answer. You must give the correct question. Click to begin.

2. Choose a point value. Choose a point value. Click here for Final Jeopardy

3. Category A Category B Category C Category D Category E Category F 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points 50 Points

4. accounting

5. The process of identifying, measuring, and communicating economic information to various users

6. alternate term

7. Original cost or historical cost.

8. American Institute of Certified Public Accountants (AICPA)

9. The professional organization of certified public accountants.

10. asset

11. A future economic benefit.

12. auditing

13. The process of examining the financial statements and the underlying records of a company to render an opinion as to whether the statements are fairly presented.

14. balance sheet

15. The financial statement that summarizes the assets, liabilities, and owners’ equity at a specific point in time. Alternate term: Statement of financial position.

16. bond

17. A certificate that represents a corporation’s promise to repay a certain amount of money and interest in the future.

18. business

19. All the activities necessary to provide the members of an economic system with goods and services.

20. business entity

21. An organization operated to earn a profit.

22. capital stock

23. Indicates the owners’ contributions to a corporation.

24. time period

25. An artificial segment on the calendar used as the basis for preparing financial statements.

26. Certified Public Accountant (CPA)

27. The designation for an individual who has passed a uniform exam administered by the AICPA and has met other requirements as determined by individual states.

28. corporation

29. A form of entity organized under the laws of a particular state; ownership evidenced by shares of stock.

30. cost principle

31. Assets are recorded at the cost to acquire them.

32. creditor

33. Someone to whom a company or person has a debt. Alternate term: Lender.

34. dividends

35. A distribution of the net income of a business to its owners.

36. economic entity concept

37. The assumption that a single, identifiable unit must be accounted for in all situations.

38. financial accounting

39. The branch of accounting concerned with the preparation of financial statements for outsider use.

40. Financial Accounting Standards Board (FASB)

41. The group in the private sector with authority to set accounting standards.

42. generally accepted accounting principles (GAAP)

43. The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements.

44. International Accounting Standards Board (IASB)

45. The organization formed to develop worldwide accounting standards.

46. going concern

47. The assumption that an entity is not in the process of liquidation and that it will continue indefinitely.

48. management accounting

49. The branch of accounting concerned with providing management with information to facilitate planning and control.

50. monetary unit