What is the   Think Critically   Everyone Loves It’s Time     SolvingConcept of                       Vocabulary     for…M...
Accounting Concepts: 2 PointsThe Question Is :What is the accounting concept BusinessEntity?                 Stop!The Answ...
Accounting Concepts: 3 PointsThe Question Is :The accounting concept Unit of Measurementuses a common what?               ...
Accounting Concepts: 4 PointsThe Question Is :What is the full definition for the accountingconcept Unit of Measurement?Th...
Accounting Concepts: 5 PointsThe Question Is :Why is the accounting concept Unit ofMeasurement followed?               Sto...
Accounting Concepts: 6 PointsThe Question Is :An owner of a proprietorship must have two_________ accounts, one for person...
Accounting Concepts: 7 PointsThe Question Is :If I am the sole owner of my business, can I paymy personal car’s car note u...
Accounting Concepts: 8 PointsThe Question Is :I have to take money out of my business’saccount to pay the rent on my perso...
Accounting Concepts: 9 PointsThe Question Is :What unit of measurement are businesstransactions recorded in, in the United...
Critical Thinking: 2 PointsThe Question Is :If the left side of the accounting equation isincreased by $500, what will hap...
Critical Thinking: 3 PointsThe Question Is :Why is it important to keep good accountingrecords?The Answer Is :            ...
Critical Thinking: 4 PointsThe Question Is :How is owner’s equity affected when cash isreceived from sales?               ...
Critical Thinking: 5 PointsThe Question Is :What are some of the advantages to owninga proprietorship?                Stop...
Critical Thinking: 6 PointsThe Question Is :How is the owner’s equity affected when servicesare sold on account?          ...
Critical Thinking: 7 PointsThe Question Is :How is the owner’s equity affected whencash is paid for expenses?             ...
Critical Thinking: 8 PointsThe Question Is :I just received $700 from someone that Iprovided services for last month. Wher...
Supply & Demand: 9 PointsThe Question Is :Explain the differences between assets, liabilities,and owner’s equity.The Answe...
Key Terms: 2 PointsThe Question Is :What is the definition of the word “accounting?”               Stop!The Answer IsTime’...
Key Terms: 3 PointsThe Question Is :What are “financial reports that summarize thefinancial condition and operations of a ...
Key Terms: 4 PointsThe Question Is :What are “financial rights to the assets of abusiness?”                Stop!          ...
Key Terms: 5 PointsThe Question Is :What is “capital?”                   Stop!The Answer Is :              Time’s Up! owne...
Key Terms: 6 PointsThe Question Is :What is “revenue?”                Stop!The Answer Is :            Time’s Up!An increas...
Key Terms: 7 PointsThe Question Is :What is a “sale on account?”                Stop!The Answer Is :             Time’s Up...
Key Terms: 8 PointsThe Question Is :What is the accounting concept Unit ofMeasurement?                  Stop!The Answer Is...
Key Terms: 9 PointsThe Question Is :What is the definition of “accounting equation?”What is the equation itself?          ...
Key Terms : 2 PointsThe Question Is :A planned process for providing financial informationthat will be useful to managemen...
Key Terms : 3 PointsThe Question Is :What is a proprietorship?                Stop!            Time’s Up!The Answer Is :A ...
Key Terms : 4 PointsThe Question Is :Equities are financial _________ to the assets of abusiness.               Stop!The A...
Key Terms : 5 PointsThe Question Is :What are ethics? What are business ethics?                      Stop!The Answer Is : ...
Key Terms : 6 PointsThe Question Is :What is a transaction?                      Stop!The Answer Is :                Time’...
Key Terms : 7 PointsThe Question Is :What does “sale on account” mean?                Stop!            Time’s Up!The Answe...
Key Terms : 8 PointsThe Question Is :What is a withdrawal?                Stop!            Time’s Up!The Answer Is :Assets...
Key Terms : 9 PointsThe Question Is :What is an account? What is an account title?                Stop!            Time’s ...
Solving Equations: 2 Points Trans. No. Assets    Liabilities   Owner’s                                    Equity 1.The Que...
Solving Equations: 3 Points Trans. No. Assets    Liabilities   Owner’s                                    Equity 1.The Que...
Solving Equations: 4 Points Trans. No. Assets    Liabilities   Owner’s                                    Equity 1.The Que...
Solving Equations: 5 Points Trans. No. Assets    Liabilities   Owner’s                                    Equity 1.       ...
Solving Equations: 6 PointsTrans.   Assets                          =    Liabilities         + Owner’s Equity#        Cash...
Solving Equations: 7 PointsTrans.   Assets                          =    Liabilities         + Owner’s Equity#        Cash...
Solving Equations: 8 PointsTrans.   Assets                          =    Liabilities         + Owner’s Equity#        Cash...
Solving Equations: 6 PointsTrans.   Assets                          =    Liabilities         + Owner’s Equity#        Cash...
What is Accounting & the Accounting Equation
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What is Accounting & the Accounting Equation

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This is a PowerPoint class review game that goes over "What is Accounting," some basic accounting definitions, and the accounting equation.

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What is Accounting & the Accounting Equation

  1. 1. What is the Think Critically Everyone Loves It’s Time SolvingConcept of Vocabulary for…MORE EquationsAccounting? vocabulary! 2 points 2 points 2 points 2 points 2 points 3 points 3 points 3 points 3 points 3 points 4 points 4 points 4 points 4 points 4 points 5 points 5 points 5 points 5 points 5 points 6 points 6 points 6 points 6 points 6 points 7 points 7 points 7 points 7 points 7 points 8 points 8 points 8 points 8 points 8 points 9 points 9 points 9 points 9 points 9 points Team 1 : Team 2 :
  2. 2. Accounting Concepts: 2 PointsThe Question Is :What is the accounting concept BusinessEntity? Stop!The Answer Is : Time’s Up! informationApplied when a business’s financialis recorded and reported separately from theowner’s personal financial information
  3. 3. Accounting Concepts: 3 PointsThe Question Is :The accounting concept Unit of Measurementuses a common what? Stop!The Answer Is : Time’s Up!Unit of measurement
  4. 4. Accounting Concepts: 4 PointsThe Question Is :What is the full definition for the accountingconcept Unit of Measurement?The Answer Is : Stop! Time’s Up! are statedApplied when business transactionsin numbers that have common values – that is,using a common unit of measurement
  5. 5. Accounting Concepts: 5 PointsThe Question Is :Why is the accounting concept Unit ofMeasurement followed? Stop!The Answer IsTime’s Up! :So that the financial reports of businesses canbe clearly stated and understood in numbersthat have comparable values
  6. 6. Accounting Concepts: 6 PointsThe Question Is :An owner of a proprietorship must have two_________ accounts, one for personal expensesand another for the ___________. Stop! Time’s Up!The Answer Is :Checking, business
  7. 7. Accounting Concepts: 7 PointsThe Question Is :If I am the sole owner of my business, can I paymy personal car’s car note using the checking Stop!account of the business? Time’s Up!The Answer Is :No
  8. 8. Accounting Concepts: 8 PointsThe Question Is :I have to take money out of my business’saccount to pay the rent on my personalapartment. Am I going to deduct the money (in Stop!the business’s accounting record) as “rent” orfrom the “cash (withdrawal)?” Time’s Up!The Answer Is :Cash (withdrawal)
  9. 9. Accounting Concepts: 9 PointsThe Question Is :What unit of measurement are businesstransactions recorded in, in the United States? Stop! Time’s Up!The Answer Is :dollars
  10. 10. Critical Thinking: 2 PointsThe Question Is :If the left side of the accounting equation isincreased by $500, what will happen to the Stop!right side of the equation? Time’s Up!The Answer Is :It will increase by $500
  11. 11. Critical Thinking: 3 PointsThe Question Is :Why is it important to keep good accountingrecords?The Answer Is : Stop!People such asTime’s Up! extending suppliers who arecredit and businesses extending loans willwant to look at them. Poor accounting recordslead to poor business decisions.
  12. 12. Critical Thinking: 4 PointsThe Question Is :How is owner’s equity affected when cash isreceived from sales? Stop!The Answer Is : Time’s Up!The amount of cash received will be added tothe owner’s equity
  13. 13. Critical Thinking: 5 PointsThe Question Is :What are some of the advantages to owninga proprietorship? Stop!The Answer Is : Time’s Up!1. Ease of formation2. Total control by the owner3. Profits that are not shared
  14. 14. Critical Thinking: 6 PointsThe Question Is :How is the owner’s equity affected when servicesare sold on account? Stop! Time’s Up!The Answer Is :The amount of services sold will be added tothe owner’s equity as revenue
  15. 15. Critical Thinking: 7 PointsThe Question Is :How is the owner’s equity affected whencash is paid for expenses? Stop! Time’s Up!The Answer Is :The amount of cash paid for expenses isdeducted from the owner’s equity
  16. 16. Critical Thinking: 8 PointsThe Question Is :I just received $700 from someone that Iprovided services for last month. Where will Stop!I put this money in the equation? Time’s Up!The Answer Is :In the cash column, and in the owner’s Equitycolumn (as revenue)
  17. 17. Supply & Demand: 9 PointsThe Question Is :Explain the differences between assets, liabilities,and owner’s equity.The Answer Is : Stop! is owned, becauseAn asset is anything of value that Time’s Up!they can be used to acquire other assets or tooperate business. Liability is the amount that abusiness owes to other people or businesses. Theowner’s equity is what remains after the amount ofall liabilities has been subtractedfrom the assets.
  18. 18. Key Terms: 2 PointsThe Question Is :What is the definition of the word “accounting?” Stop!The Answer IsTime’s Up! :Planning, recording, analyzing, and interpretingfinancial information
  19. 19. Key Terms: 3 PointsThe Question Is :What are “financial reports that summarize thefinancial condition and operations of a business?”The Answer Is : Stop! Time’s Up!Financial statements
  20. 20. Key Terms: 4 PointsThe Question Is :What are “financial rights to the assets of abusiness?” Stop! Time’s Up!The Answer Is :Equities
  21. 21. Key Terms: 5 PointsThe Question Is :What is “capital?” Stop!The Answer Is : Time’s Up! owner’sThe account used to summarize theequity in a business
  22. 22. Key Terms: 6 PointsThe Question Is :What is “revenue?” Stop!The Answer Is : Time’s Up!An increase in owner’s equity resulting from theoperation of a business
  23. 23. Key Terms: 7 PointsThe Question Is :What is a “sale on account?” Stop!The Answer Is : Time’s Up!A sale for which cash will be received at a laterdate
  24. 24. Key Terms: 8 PointsThe Question Is :What is the accounting concept Unit ofMeasurement? Stop!The Answer Is : Time’s Up! are stated inApplied when business transactionsnumbers that have common values – that is,using a common unit of measurement
  25. 25. Key Terms: 9 PointsThe Question Is :What is the definition of “accounting equation?”What is the equation itself? Stop!The Answer Is : Time’s Up! amongAn equation showing the relationshipassets, liabilities, and owner’s equity.Assets = Liabilities + Owner’s Equity
  26. 26. Key Terms : 2 PointsThe Question Is :A planned process for providing financial informationthat will be useful to management is called an Stop!__________ ____________. Time’s Up!The Answer Is :Accounting system
  27. 27. Key Terms : 3 PointsThe Question Is :What is a proprietorship? Stop! Time’s Up!The Answer Is :A business owned by one person, also known as asole proprietorship
  28. 28. Key Terms : 4 PointsThe Question Is :Equities are financial _________ to the assets of abusiness. Stop!The Answer IsTime’s Up! :rights
  29. 29. Key Terms : 5 PointsThe Question Is :What are ethics? What are business ethics? Stop!The Answer Is : Time’sright and wrong thatEthics are the principles of Up!guide an individual in making decisions. Businessethics are the use of ethics in making businessdecisions.
  30. 30. Key Terms : 6 PointsThe Question Is :What is a transaction? Stop!The Answer Is : Time’s Up!A business activity that changes assets, liabilities,or owner’s equity
  31. 31. Key Terms : 7 PointsThe Question Is :What does “sale on account” mean? Stop! Time’s Up!The Answer Is :A sale for which cash will be received at a laterdate
  32. 32. Key Terms : 8 PointsThe Question Is :What is a withdrawal? Stop! Time’s Up!The Answer Is :Assets taken out of a business for the owner’spersonal use
  33. 33. Key Terms : 9 PointsThe Question Is :What is an account? What is an account title? Stop! Time’s Up!The Answer Is :An account is a record summarizing all theinformation pertaining to a single item in theaccounting equation. The name given to anaccount is called an account title.
  34. 34. Solving Equations: 2 Points Trans. No. Assets Liabilities Owner’s Equity 1.The Question Is : Stop!Place a + or minus in the correct column (+ for increase, Time’s Up!- for decrease): Received cash from owner as aninvestment.The Answer Is :+ in assets and in owner’s equity
  35. 35. Solving Equations: 3 Points Trans. No. Assets Liabilities Owner’s Equity 1.The Question Is : Stop!Place a + or minus in the correct column (+ forincrease, - for decrease): Paid cash forinsurance. Time’s Up!The Answer Is :- In assets and in owner’s equity
  36. 36. Solving Equations: 4 Points Trans. No. Assets Liabilities Owner’s Equity 1.The Question Is : Stop!Place a + or minus in the correct column (+ forincrease, - for decrease): Paid cash on account Time’s Up!The Answer Is :+ in liabilities
  37. 37. Solving Equations: 5 Points Trans. No. Assets Liabilities Owner’s Equity 1. 95,000 51,000 ?The Question Is : Stop!Fill in the empty column. Time’s Up!The Answer Is :44,000
  38. 38. Solving Equations: 6 PointsTrans. Assets = Liabilities + Owner’s Equity# Cash + Supplies + Prepaid Accts. Pay Accts. Insurance + – F Pay - RBeg. 3,000Bal.New 3,000Bal. The Question Is : Stop! Fill in the columnsTime’sPaid cash for insurance - necessary: Up! $1,600 The Answer Is : + 1,600 in “Prepaid Insurance” & - 1,600 in “Cash”
  39. 39. Solving Equations: 7 PointsTrans. Assets = Liabilities + Owner’s Equity# Cash + Supplies + Prepaid Accts. Pay Accts. Insurance + – F Pay - RBeg. 3,000Bal.New 3,000Bal. The Question Is : Stop! Fill in the columnsTime’sBought supplies on necessary: Up! account from company “F” - $900 The Answer Is : + 900 in “Supplies” + 900 in “Accts. Pay – F”
  40. 40. Solving Equations: 8 PointsTrans. Assets = Liabilities + Owner’s Equity# Cash + Supplies + Prepaid Accts. Pay Accts. Insurance + – F Pay - RBeg. 625 375 300 200 1,100Bal. -300 -300New 325 375 300 200 800Bal. The Question Is : Stop! Fill in the columns Time’s Up! to owner for necessary: Paid cash personal use - $300 The Answer Is : - 300 in “Cash” - 300 in “Owner’s Equity”
  41. 41. Solving Equations: 6 PointsTrans. Assets = Liabilities + Owner’s Equity# Cash + Supplies + Prepaid Accts. Pay Accts. Insurance + – F Pay - RBeg. 625 375 300 200 1,100Bal. -300 -300New 325 375 300 200 800Bal. The Question Is : Stop! What columns will be affected, Up! will the new Time’s and what balance be: Received cash from sales - $800 The Answer Is : Add 800 to “cash”; 1125 Add 800 to “Owner’s Equity”; 1600

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