Unveiling Knowledge: Accounting and Costs Jeopardy Challenge
Engage in an interactive Jeopardy game focusing on fundamental accounting concepts like fixed and variable costs, the role of accountants, and the impact of supply and demand on costs. Test your knowledge and understanding of accounting principles while exploring key distinctions between private and public accountants. Dive into the world of financial management, ethics, and decision-making with this engaging learning experience.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Peek-a-boo Who are You? (Accountants) Open your Wallet (Costs) Show me the Money (Revenue) Managing Money (Managing and Reporting) Random Accounting? (Ethics) 100 points 100 points 100 points 100 points 100 points 150 point 150 point 150 point 150 point 150 point 200 point 200 point 200 point 200 point 200 point Final Jeopardy Question
Accountants for 100 points What is accounting? CLICK HERE FOR ANSWER A system by which economic information is identified, recorded, summarized and reported for the use of decision makers. CLICK HERE TO RETURN TO GAMEBOARD
Accountants for 150 points What is the difference between private and public accountants? CLICK HERE FOR ANSWER Private: Work for businesses, the government , or nonprofit agencies to do their accounting or check their accounting. Public: Receive a fee for services provided to individuals, businesses and governments. CLICK HERE TO RETURN TO GAMEBOARD
Accountants for 200 points Name an accountant you learned about through this course. Who is the person, what does he/she do (be specific)? CLICK HERE FOR ANSWER Answers will vary, but they need to be specific and give good detail. Must be someone they learned about from the course. CLICK HERE TO RETURN TO GAMEBOARD
Costs 100 points What are fixed costs? Give an example. CLICK HERE FOR ANSWER Fixed costs are costs that a business must incur, but they are one-time expenses (or yearly). For example, a restaurant will buy tables and chairs. CLICK HERE TO RETURN TO GAMEBOARD
Costs 150 points What are variable costs? Give an example. CLICK HERE FOR ANSWER Variable costs are the expenses that a business will constantly have to consume. For example, in a restaurant the food they use to make meals will be a variable cost. CLICK HERE TO RETURN TO GAMEBOARD
Costs 200 points How does supply and demand impact costs? CLICK HERE FOR ANSWER Supply and demand does impact variable costs. Depending on what the market is calling for, it will influence how much of an item a business will make that will raise or lower the variable costs. Remember when a company is making a lot of money and producing more of a product, the company might have higher variable costs, but will also have higher revenue. CLICK HERE TO RETURN TO GAMEBOARD
Revenue 100 points What are revenues? CLICK HERE FOR ANSWER Revenues are the sales of products, merchandise and services that a company makes to customers due to the normal business activities. -Professor Wayne Guay CLICK HERE TO RETURN TO GAMEBOARD
Revenue 150 points Give an example. What are three types of revenue for a major league baseball team? CLICK HERE FOR ANSWER Ticket Sales, Merchandise, Refreshments, etc. (These are just a couple, there are many more-- teacher will judge answers) CLICK HERE TO RETURN TO GAMEBOARD
Revenue 200 points How does revenue relate to costs? CLICK HERE FOR ANSWER Revenue is about how much money is being brought in. If more money is being brought in, there is a greater chance that there will be higher costs. (there are some other interpretations and the teacher will judge the answers and explanations) CLICK HERE TO RETURN TO GAMEBOARD
Managing & Reporting 100 points You tutored and made $20. You put that money into your checking account and wrote it in your checkbook registry. This would be an example of: (a)Adjusted Trial Balance (b) Journal Entry (c) Financial Statement. Explain your answer. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD (b) Journal Entry
Managing & Reporting 150 points Explain 2 of the following 3: Discounted Cash Flow, Net Present Value or Present Value CLICK HERE FOR ANSWER DCF: Value of expected cash receipts and expenditures at a certain date. NPV: Method applies a rate of discount based on the marginal cost of capital to future cash flow to bring them back to present. PV: Current worth of a future sum of money. CLICK HERE TO RETURN TO GAMEBOARD
Managing & Reporting 200 points Name 5 parts of the accounting process and describe each (or give an example of each) CLICK HERE FOR ANSWER Any of the 3 and give description or example: -Identify the transaction -Journal Entries -Trial balance & Identify the transaction -Adjusted trial balance -After closing trial balance -Analyze the transaction -Post to ledger -Adjusting entries -Financial statement CLICK HERE TO RETURN TO GAMEBOARD
Ethics 100 points What are business ethics? CLICK HERE FOR ANSWER Business ethics are the moral rights and duties that people must respect in business life. By making toys with lead paint that is unsafe for children, Chinese manufacturers violated not only Chinese law, but also a basic requirement of business ethics. - Professor Hussain Waheed CLICK HERE TO RETURN TO GAMEBOARD
Ethics 150 points You have learned about different companies faced or challenged with business ethics. Give an example of a company and a brief explanation of what occurred. CLICK HERE FOR ANSWER Answers will vary. Students read 3 different articles about Lehman Brothers, AIG and others. CLICK HERE TO RETURN TO GAMEBOARD
Ethics 200 points When discussing ethics, we also discussed compliance in regards to income tax. What type of cost would a person who is going to college be ethically allowed to report? CLICK HERE FOR ANSWER Educational Costs CLICK HERE TO RETURN TO GAMEBOARD
Final Jeopardy Question Team must first decide how much to wager. Write it down on a piece of paper. Fold it up and give it to the teacher. Points: The team with the most complete, comprehensive and correct answer will receive 100% of their points wagered. Only 1 team can get 100% points. Teams with correct but not as comprehensive answers will receive 75% of their points wagered. Teams with incorrect answers will subtract their wager from their score. CLICK HERE FOR FINAL QUESTION Give an example of how you use accounting in your day-to-day life. Be specific. Use accounting terms. Each team will have 5 min.
