Transcript Accounting Jeopardy 7 - Lyman's Information Technology

Posting Journal Entries
Chapter 7 Accounting Jeopardy
By Paul K. & Chris R.
Mr. Lyman’s Class © January 2003
Posting Journal Entries Jeopardy
General
Ledger
The Posting
Process
Preparing Trial
Balance
Finding Errors
100
100
100
100
200
300
400
200
300
400
200
300
400
200
300
400
500
500
500
500
Credits
Questions taken from Glencoe
Accounting First-Year Course.
Typing Done by Paul Kirk.
Questions and answers found by
Christopher T Riding.
Exit
General Ledger $100
Step 4 in the accounting cycle.
General Ledger $100
What is posting to the general ledger?
General Ledger $200
The Ledger Account Form.
General Ledger $200
What is the accounting stationery or
form used to record financial
information?
General Ledger $300
(1) Write the account name at the top
of the ledger account form.
(2) Write the account number on the
ledger account form.
General Ledger $300
What are the two steps required to
open an account with a zero balance?
General Ledger $400
Assets = Liabilities + Owner’s Equity
General Ledger $400
What is the basic accounting
equation?
General Ledger $500
(1) Write the account name at the top of the ledger
account form.
 (2) Write the account number on the ledger account
form.
 (3) Enter the complete date (year, month, and day)
in the date column.
 (4) Write the word “Balance” in the Description
column.
 (5) Place a check mark ( ) in the Posting Reference
column to show the amount entered on this line is

General Ledger $500
What are the six steps to open an
account with a balance?
The Posting Process $100
Fourth Step in the accounting cycle.
The Posting Process $100
What is the posting process?
The Posting Process $200
Account numbers that start with 1.
The Posting Process $200
What number starts the numbering of
asset accounts?
The Posting Process $300
A line across the center of the column.
The Posting Process $300
What is the correct procedure to show
a zero balance in a ledger account?
The Posting Process $400
Preparing a Trial Balance step.
The Posting Process $400
What is the fifth step in the accounting
cycle?
The Posting Process $500
Posting Organizes business
transaction details into the proper
accounts.
The Posting Process $500
What is the importance of Posting?
Preparing Trial Balance $100
The Fifth Step in the Accounting Cycle.
Preparing Trial Balance $100
What is the Trial Balance?
Preparing Trial Balance $200
Adding all the debit balances, then
adding all the credit balances, and
finally comparing the two totals.
Preparing Trial Balance $200
What are the steps to proving the
ledger?
Preparing Trial Balance $300
Trial Balance
Preparing Trial Balance $300
What is a formal way or way to prove
that debits equal credits?
Preparing Trial Balance $400
Two Column accounting stationery or
form.
Preparing Trial Balance $400
What is the paper that the trial balance
is prepared on?
Preparing Trial Balance $500
Error in a journal entry that is not
posted.
Error in posting to the ledger when the
journal entry is correct.
Error in a journal entry that is posted.
Preparing Trial Balance $500
What are some common types of
errors found in accounting?
Finding Errors $100
Correcting Entry.
Finding Errors $100
What is the step to fix an error that has
been posted?
Finding Errors $200
“To err is human…”
Finding Errors $200
Why are mistakes found in
accounting?
What is a philosophical statement
found under the correcting entry
heading?
Finding Errors $300
Transposition error.
Finding Errors $300
What is the type of error called when
two digits within an amount are
accidentally reversed?
Finding Errors $400
Slide Error.
Finding Errors $400
What is the error called when a
decimal point is moved by mistake?
Finding Errors $500
Finding errors and making sure they
are fixed.
Finding Errors $500
What is Good Accounting Etiquette?