Unit 1 > Day 2
Presentation
•
Mathematics
•
9th - 12th Grade
•
Medium
Elijah Fielding
Used 2+ times
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5 Slides • 16 Questions
1
Unit 1 > Day 2
by Elijah Fielding
2
Open Ended
Tell me what you remember about Accounting 1? What was your experience? Why did you decide to take Accounting 2?
3
Define:
Assets
Liabilities
Equity
4
Multiple Choice
Which of the following is the parent account of: Cash?
Assets
Liabilities
Equity
None of these
5
Multiple Choice
Which of the following is the parent account of: Stock?
Assets
Liabilities
Equity
None of these
6
Multiple Choice
Which of the following is the parent account of: Goods for Sale?
Assets
Liabilities
Equity
None of these
7
Multiple Choice
Which of the following is the parent account of: Building Loan?
Assets
Liabilities
Equity
None of these
8
Multiple Choice
Which of the following is the parent account of: Computer Equipment?
Assets
Liabilities
Equity
None of these
9
Multiple Choice
Which of the following is the parent account of: Debt Owed to Supplier?
Assets
Liabilities
Equity
None of these
10
Multiple Choice
Which of the following is the parent account of: Owner's Share of Business?
Assets
Liabilities
Equity
None of these
11
Multiple Choice
Which of the following is the parent account of: Company Cars?
Assets
Liabilities
Equity
None of these
12
Multiple Choice
Which of the following is the parent account of: Auto Loan?
Assets
Liabilities
Equity
None of these
13
Bike Story
I go to a bike store and buy a bike that costs $200. I pay $100 for the bike and owe the store $100.
Property = Creditor's Claim + Owner's Claim
Bike is worth $200 = Store owns $100 of the bike + I own $100 of the bike.
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Accounting Equation
Assets = Liabilities + Equity
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Multiple Choice
Is the following equation balanced?
$20 = $10 + $15
True
False
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Multiple Choice
Is the following equation balanced?
$4128 = $1976 + $2152
True
False
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Multiple Choice
Is the following equation balanced?
$890,463 = $376,855 + $512,323
True
False
18
Multiple Choice
Is the following equation balanced?
$42,688 = $10,545 + $32,143
True
False
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Accounting Cycle
Collect and verify source documents
Analyze each transaction (T-charts)
Journalize each transaction (gereral journal)
Post to ledger
Prepare a trial balance
Prepare a worksheet
Prepare financial statement
Journalize and post closing entries
Prepare a post-closing trial balance
20
Multiple Choice
Balanced?
$934 in equity. $1432 in assets. $378 in liabilities.
True
False
21
Multiple Choice
I owe Petco $100 for dog food. What type of account would that be?
Assets
Liabilities
Equity
None of these
Unit 1 > Day 2
by Elijah Fielding
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