Business Trivia Challenge: Test Your Accounting Knowledge!

Unit 2 Trivia – BPF Collect into groups of 2-3 students and create a team name related to Business

Instructions • Each team will receive several small pieces of paper; write your name on each paper • There will be 3 rounds of questions • First round is 4 questions. • Each question can be worth 1, 3, 5, or 7 pts • You cannot use a point value more than once • Write your answer & point value to each question on a paper and hand it in • Second round is 4 questions • Each question can be worth 2, 4, 6 or 8 pts • You cannot use a point value more than once • Write your answer & point value to each question on a paper and hand it in • Third round is one question and you BET YOUR POINTS

Round 1 You have to assign each of your answers a point value of 1, 3, 5 or 7 points

Question 1: What is debited and credited when you use cash to purchase supplies?

Answer • Debit – Supplies • Credit - Cash

Question 2 What is the Accounting Equation?

Answer • Assets = Liabilities + Owner’s Equity

Question 3 When purchasing on account, which account is affected?

Answer • Liabilities – Accounts Payable

Question 4 Mark Cuban invested $10,000 of his own money in your business: Which is debited and credited?

Answer • Debit – Cash • Credit – Owner’s Equity – Capital Account

Round 2 You have to assign each of your answers a point value of 2, 4, 6 or 8

Question 5: Name a transaction that negatively affects assets and owner’s equity

Answer • Paid cash for an expense • Example: • Debit Expense (Owner’s Equity) • Credit Cash (Asset)

Question 6: When you receive sales on account, which type of accounted is debited?

Answer • Accounts Receivable

Question 7: What type of account is debited when a person takes cash out for personal use

Answer • Drawing (remember the word “withdrawal)

Question 8: What two types of accounts are used in a Income Statement

Answer • Revenue (Sales) • Expenses

Business Trivia Challenge: Test Your Accounting Knowledge!