Accounting Jeopardy

1
Tangible Assets
Other Terms
Review Potpourri
Intangible Assets
Amortization
100
100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500
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Tangible Assets - 100
Physical assets owned by the company that will
provide economic benefits beyond the upcoming
fiscal year.
What are Long-lived Tangible Assets?
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3
Tangible Assets - 200
Because long-lived tangible assets have economic
benefits beyond the current period the cost of
acquiring them is initially ______.
What is Capitalized?
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4
Tangible Assets - 300
The principle that requires all reasonable and
necessary costs of acquiring and preparing an
asset for use should be recorded as a cost of the
asset.
What is the cost principle?
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5
Tangible Assets - 400
Expenditures for routine operating upkeep of
long-lived assets are recorded in this manner.
What is as Expenses?
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6
Tangible Assets - 500
Extraordinary repairs are accounted for in this
manner.
What is capitalized (i.e., recorded as increases
in the asset accounts)?
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7
Intangible Assets - 100
A right to exclude others from making, using,
selling, or importing an invention.
What is a Patent?
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8
Intangible Assets - 200
The limited permission to use property according
to specific terms and conditions set out in a
contract.
What are Licensing rights?
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9
Intangible Assets - 300
Name given to the allocation of the costs of
intangible assets over their limited useful lives.
What is Amortization?
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10
Intangible Assets - 400
The accounts affected when 10,000 of
amortization is recorded against a companys
patent.
What are Amortization Expense and Patent?
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11
Intangible Assets - 500
Purchase price of the corporation less the fair
market value of identifiable assets (net of
liabilities).
What is Goodwill?
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12
Amortization - 100
The allocation of the cost of long-lived tangible
assets over their productive lives.
What is Amortization?
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13
Amortization - 200
Acquisition cost of an asset less accumulated
amortization.
What is Book (or Carrying) Value?
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14
Amortization - 300
DAILY DOUBLE!!!
15
Amortization - 400
Allocates the cost of an asset over its useful
life based on a multiple of the straight-line
rate.
What is Declining-Balance?
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16
Amortization - 500
(Cost Residual Value) x Actual Production
Est. Total Production
What is the formula for calculating amortization
expense under the Units-of-Production method?
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17
Other Terms - 100
EBITDA is the abbreviation commonly used to mean
this.
What is earnings before interest, taxes,
depreciation, and amortization?
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18
Other Terms - 200
A contractual right to sell certain products or
services, use certain trademarks, or perform
activities in a geographical region.
What is a Franchise?
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19
Other Terms - 300
Net Sales Revenue divided by Average Net Fixed
Assets.
What is the Fixed Asset Turnover Ratio?
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20
Other Terms - 400
Method of amortization that allocates the cost of
an asset in equal periodic amounts over its
useful life.
What is Straight-line amortization?
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21
Other Terms - 500
(Cost Accumulated Amort.) x 2
Useful Life
What is the formula for Amortization Expense
under the Double-Declining-Balance method?
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22
Review Potpourri - 100
These accounts are affected when 3,000 of cash
is received for 1,500 of interest earned this
period and 1,500 earned in a previous period.
What are cash (increased, debited),interest
revenue (increased, credited) and interest
receivable (decreased, credited)?
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23
Review Potpourri - 200
Accounts affected when money is loaned out and a
Note Receivable is established.
What are Note Receivable (increase, debited) and
Cash (decrease, credited)?
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24
Review Potpourri - 300
Determines how many times the process of selling
and collecting on account occurs during the
period, on average.
What is the Receivables Turnover Ratio?
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25
Review Potpourri - 400
The term that refers to selling accounts
receivable to a collections company.
What is factoring?
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26
Review Potpourri - 500
The accounts affected when an account receivable
is determined to be uncollectible and is written
off.
What are Allowance for Doubtful Accounts
(decreased, debited), and Accounts Receivable
(decreased, credited)?
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27
Daily Double

• Specify Your Wager!

28
amortization ---
The term that refers to the portion of an assets
cost that will be used up when generating revenue.
What is Depreciable Cost (cost less residual
value)?
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