Accounting Jeopardy

1
Other Terms
Review Potpourri
Who Cares?
Financial Reporting
Ratios
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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Ratios - 100
Total Liabilities divided by Total Assets.
What is the Debt-to-Assets ratio?
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3
Ratios - 200
Net Income divided by Sales Revenue.
What is the Net Profit Margin Ratio?
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4
Ratios - 300
Sales Revenue divided by Average Total Assets.
What is the Asset Turnover Ratio?
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5
Ratios - 400
Directional effect on the Net Profit Margin Ratio
if expenses are decreased, everything else
remaining the same.
What is Increase?
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6
Ratios - 500
Directional effect on the Debt-to-Assets ratio if
assets are purchased on credit (before the
purchase the DTA ratio was greater than 1).
What is decrease?
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7
Financial Reporting - 100
A visual representation of the components needed
for financial misconduct to occur.
What is The Fraud Triangle?
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8
Financial Reporting - 200
The name of the group that introduced legislation
intended to curb financial fraud.
What is the Canadian Securities Administrators?
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9
Financial Reporting - 300
The three categories of the fraud triangle.
What is incentive, opportunity, and personality?
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10
Financial Reporting - 400
Stronger internal controls are intended to reduce
this aspect of the fraud triangle.
What is opportunities?
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11
Financial Reporting - 500
This group has the primary responsibility of
setting GAAP in Canada and produces the CICA
Handbook.
What in the Canadian Accounting Standards Board
(AcSB)?
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12
Who Cares? - 100
This group of people use accounting information
to run the business.
Who are managers?
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13
Who Cares? - 200
______ elect ______ who oversee ______.
Who are shareholders, directors, and managers?
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14
Who Cares? - 300
DAILY DOUBLE!!!
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Who Cares? - 400
This group of people use information in a
governance roll.
Who are directors?
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16
Who Cares? - 500
Terms in a loan-agreement (usually tied to some
sort of accounting information) that, if broken,
entitle the lender to immediate repayment or
renegotiation.
What are Loan Covenants?
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17
Other Terms - 100
A more comprehensive version of the Statement of
Retained Earnings.
What is a Statement of Shareholders Equity?
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18
Other Terms - 200
The type of income statement that includes more
than one subtotal.
What is multistep income statement?
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19
Other Terms - 300
The part of the financial statements where
information is presented about the accounting
policies used by a company.
What are Notes to the Financial Statements?
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20
Other Terms - 400
The type of financial statements that includes
more than one column.
What is comparative financial statements?
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21
Other Terms - 500
The standards that must be used for financial
statement reporting by public corporations in
Canada.
What are International Financial Reporting
Standards (IFRS)?
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22
Review Potpourri - 100
Used to update the accounting records relates to
previously recorded transactions.
What are Deferral Adjustments?
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23
Review Potpourri - 200
After all temporary accounts have been closed,
the balance in the Retained Earnings account
agrees with the number calculated on this
financial statement.
What is the Statement of Retained Earnings?
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24
Review Potpourri - 300
This account records the total amount of
amortization recorded against an asset since its
purchase.
What is Accumulated Amortization?
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25
Review Potpourri - 400
An account that is offset to, or a reduction of,
another account.
What is a Contra-Account?
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26
Review Potpourri - 500
Accounts affected when you record the earning
(but not the receipt) of interest.
What are Interest Receivable (asset, debited) and
Interest Revenue (revenue, credited)?
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Daily Double

• Specify Your Wager!

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Who Cares? ---
People who use accounting information to value
the business.
Who are investors?
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