Jeopardy

Choose a category. You will be given the answer.

You must give the correct question. Click to begin.

Click here for Final Jeopardy

Category A Category B Category D Category E Category F

10 Point

20 Points

30 Points

40 Points

50 Points

10 Point 10 Point 10 Point 10 Point 10 Point

20 Points 20 Points 20 Points 20 Points 20 Points

30 Points

40 Points

50 Points

30 Points 30 Points 30 Points 30 Points

40 Points 40 Points 40 Points 40 Points

50 Points 50 Points 50 Points 50 Points

Category C

accounting

The process of identifying,

measuring, and communicating

economic information to various users

alternate term

Original cost or historical cost.

American Institute of

Certified Public Accountants

(AICPA)

The professional organization of certified public accountants.

asset

A future economic benefit.

auditing

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.

balance sheet

The financial statement that summarizes the assets,

liabilities, and owners’ equity at a specific point in time.

Alternate term: Statement of financial position.

bond

A certificate that represents a

corporation’s promise to repay a certain

amount of money and interest in the future.

business

All the activities necessary to provide the members of an

economic system with goods and services.

business entity

An organization operated to earn a

profit.

capital stock

Indicates the owners’

contributions to a corporation.

time period

An artificial segment on the

calendar used as the basis for

preparing financial statements.

Certified Public Accountant (CPA)

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.

corporation

A form of entity organized under the laws of a particular

state; ownership evidenced by shares of

stock.

cost principle

Assets are recorded at the cost to

acquire them.

creditor

Someone to whom a company or person

has a debt. Alternate term:

Lender.

dividends

A distribution of the net income of a

business to its owners.

economic entity concept

The assumption that a single,

identifiable unit must be accounted for in all situations.

financial accounting

The branch of accounting

concerned with the preparation of

financial statements for outsider use.

Financial Accounting

Standards Board (FASB)

The group in the private sector with

authority to set accounting standards.

generally accepted accounting

principles (GAAP)

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.

International Accounting

Standards Board (IASB)

The organization formed to develop

worldwide accounting standards.

going concern

The assumption that an entity is not

in the process of liquidation and that

it will continue indefinitely.

management accounting

The branch of accounting concerned

with providing management with

information to facilitate planning and

control.

monetary unit

The yardstick used to measure amounts

in financial statements; the

dollar in the United States.

statement of retained earnings

The statement that summarizes the

income earned and dividends paid

over the life of a business.

Public Company Accounting

Oversight Board (PCAOB)

A five-member body created by an act of Congress in

2002 to set auditing standards.

statement of cash flows

The financial statement that summarizes a

company’s cash receipts and cash payments

during the period from operating, investing, and

financing activities.

International Accounting

Standards Board (IASB)

The organization formed to develop

worldwide accounting standards.

revenue

An inflow of assets resulting from the sale of goods and

services.

nonbusiness entity

An organization operated for some purpose other than

to earn a profit.

Make your wager

Final AnswerAn act of Congress in 2002 intended to bring reform to

corporate accountability and stewardship in the wake of a number of major corporate scandals.

Final Question

Sarbanes-Oxley Act