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COB 241

November 18, 2002
Accounting Jeopardy…
November 18, 2002
Today’s Categories…
Cash
 Merchandising Organizations
 Accounting Terminology
 Financial Ratios
 The Balance Sheet
 Which Statement?

Cash
Mdsing
Orgs
Actg
Terms
Financial
Ratios
Balance
Sheet
Which
Statem’t?
$100
$100
$100
$100
$100
$100
$200
$200
$200
$200
$200
$200
$300
$300
$300
$300
$300
$300
$400
$400
$400
$400
$400
$400
$500
$500
$500
$500
$500
$500
Cash - $100
A small box containing a small amount of
cash, and used for disbursements too
small to be worth the normal cash
disbursements paperwork.
What is Petty Cash?
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Cash - $200
A credit to cash indicates the cash balance
has done this.
What is a Decrease in the cash balance?
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Cash - $300
When you pay an expense, you record this
half of an entry to the cash account.
What is “Credit”?
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Cash - $400
The bank issues this type of memo to
notify you that they have reduced your
checking account balance.
What is a Debit Memo?
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Cash - $500
The name of the account used to write-off
small cash account errors, when those
errors are too small and immaterial to be
worth the time needed to investigate
them.
What is “Cash Short and Over”?
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Merchandising - $100
This balance sheet account holds the
value of purchased merchandise (and its
incoming freight) until the goods are sold.
What is the Inventory account?
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Merchandising $200
When merchandise is sold on terms of Net
30, you debit this account for the amount
charged to the customer.
What is “Accounts Receivable”?
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Merchandising $300
When merchandise is sold, you debit this
account for the cost of the products which
went out the door with the customer.
What is “Cost of Goods Sold”?
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Merchandising $400
When you sell merchandise, you credit
this account for the amount charged the
customer.
What is Revenue?
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Merchandising $500
When a company sells merchandise, it
credits this account for the cost of the
goods that went out the door with the
customer.
What is the Inventory account?
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Terminology $100
A reduction in assets, caused by the
normal operation of the business, is
usually this.
What is an Expense?
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Terminology $200
Alpha Corp. loans money to Zulu Co.;
Zulu gives Alpha this document, which can
then be freely traded on the secondary
market.
What is a Marketable Security (or Debt
Security)?
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Terminology $300
DAILY DOUBLE!!!
Terminology $400
The most liquid asset of all.
What is Cash?
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Terminology $500
One of the three methods of Accelerated
Depreciation mentioned in class.
What is Sum-of-Years-Digits, OR DoubleDeclining Balance, OR MACRS?
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Ratios - $100
Net Income divided by Number of Shares
Outstanding.
What is Earnings per Share (or EPS)?
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Ratios - $200
Current Assets divided by Current Liabilities
What is the Current Ratio?
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Ratios - $300
Cost of Goods Sold divided by Inventory.
What is Inventory Turnover?
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Ratios - $400
Sales divided by Accounts Receivable.
What is A/R Turnover?
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Ratios - $500
This ratio is 365 divided by A/R Turnover.
What is Average Days to Collect?
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Balance Sheet - $100
Prepaid Rent appears under this major
section of the Balance Sheet.
What is the “Asset” section?
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Balance Sheet - $200
Allowance for Bad Debt appears under this
major section of the Balance Sheet.
What are “Assets”?
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Balance Sheet $300
Warranty Obligations appears under this
major section of the Balance Sheet.
What is the “Liabilities” section of the
Balance Sheet?
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Balance Sheet - $400
Unearned Revenue appears under this
major section of the Balance Sheet.
What is the “Liability” section of the Balance
Sheet?
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Balance Sheet - $500
Unrealized Gain on Available for Sale
Securities is reported under this major
section of the Balance Sheet.
What is the “Equity” section of the Balance
Sheet?
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Which Statement $100
Gross Margin appears on this statement.
What is the Income Statement?
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Which Statement $200
Gain on Disposal of Equipment appears on
this statement.
What is the Income Statement?
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Which Statement $300
Accumulated Depreciation appears on this
statement.
What is the Balance Sheet?
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Which Statement $400
Unrealized Gain on Trading Securities
appears on this statement.
What is the Income Statement?
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Which Statement $500
Wages Payable to Employees appears on
this statement.
What is the Balance Sheet?
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Daily Double

Specify Your Wager!
Terminology --When a company sells on credit, it uses
this account to set aside an amount in
expectation that some or all of the
receivable will eventually become
uncollectible.
Terminology --When a company sells on credit, it uses
this account to set aside an amount in
expectation that some or all of the
receivable will eventually become
uncollectible.
What is “Allowance for Bad Debt”.
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