50:50

Welcome to
Who Wants to
be a
Accountant

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

Another

Presentation
2015 - All rights Reserved

 Mark E. Damon - All Rights Reserved

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

Planning, recording
analyzing, and
interpreting
financial information
Accountingis what
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: service business

B: accounting equation

C: transaction

D: accounting

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

The use of ethics in

making decisions
refers to which of
Business ethics
the following
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: service business

B: capital

C: business ethics

D: owners equity

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

When cash is paid

on account, a
liability is increased
False

50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

A: True

B: False

C: Both A and B

D: I Give up

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

Anything of value that

is owned is best
described by which
Asset
word
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: Asset

B: Capital

C: Accounts Receivable

D: Owners Equity

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

When cash is paid

on account, a
liability is
False
increasesd
50:50
A: True

B: False

C: A & B

D: I give up

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

Congratulations!
Congratulations!

You are at
the $1,000
Milestone!

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

A withdrawal
decreases owners
equity

True

50:50
A: True

B: False

C: Both A & B

D: I give up

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

If two amounts are

recorded on the same
side of the accounting
equation, the equation
will no longer be in
False
balance

50:50
A: True
C: A and B

B: False
D: Maybe

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

An increase in
owners equity
resulting from the
operation of a
Revenue business
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: Asset

B: Capital

C: Revenue

D: sale on account

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
$1 Million
14
$500,000
13
$250,000
12
$125,000
11
$64,000
10
$32,000
9
$16,000
8
$8,000
7
$4,000
6
$2,000
5
$1,000
4
$500
3
$300
2
$200
1
$100
B: Decrease in cash and
decrease in owners
equity

Paid cash for

supplies would
result in which
transactions
Decrease
in cash and
Increase of supply

50:50
A: Increase in cash &
decrease supplies
C: Decrease in cash
and increase of supply

D: Increase in supply and

increase in accounts

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

Paying rent will

create a transaction
in which account
Cash and Capital
title
50:50
A: Cash & Capital
C: Accounts
Payable & Cash

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

B: Liabilities & Capital

D: Both A & B

 Mark E. Damon - All Rights Reserved

Congratulations!
Congratulations!

Youve Reached
the $32,000
Milestone!

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

When an item is
bought but no cash
was exchanged, the
accounting equation
Owners equity & accounts
will show which
receivable
transaction

50:50
A: cash & accounts
receivable
C: accounts
receivable & accounts
payable

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

B: accounts payable &

owners equity
D: Owners Equity
& accounts
receivable

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

A withdrawal by
owner will decrease
which of the
Owners equity
following accounts
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: accounts payable

B: accounts receivable

C: owners equity

D: supplies

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

When cash is paid

for an expense, the
business has more
equity
False

50:50
T
A: True

B: False

C: A & B

D: I give up

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

When insurance is
prepaid, it is recorded
as a liability because
the insurer owes for
future coverage
50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

A: True

B: False

C: A & B

D: Answer 4

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

 Mark E. Damon - All Rights Reserved

What kind of
accounts are cash,
prepaid insurance &
accounts receivable
Asset Accounts

50:50

15
14
13
12
11
10
9
8
7
6
5
4
3
2
1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1,000
$500
$300
$200
$100

A: Asset accounts

B: Liability accounts

C: Both A & B

D: none of the above

 Mark E. Damon - All Rights Reserved

YOU WIN $1
MILLION DOLLARS!