Accounting Ch Escape Room

Accounting Escape Room

Chapter 1 - 8

start

Introduction

Test your knowledge of basic accounting principles in the first of it's kind....

ACCOUNTING ESCAPE ROOM

+ info

Tests

Complete each test to beat the game: there is no other way to escape!

Test 1

Test 2

Test 3

Final Test

Test 4

Test 5

Test 1

1/3

Icebreaker question: What is an asset?

anything of value that is owned

an amount owed

Test 1

2/3

You're doing great! Next question:What is a liability?

a cost incurred in doing business

an amount owed

a piece of ownership in a business

Test 1

3/3

You're almost there.What is owner's equity?

The principles of right and wrong that guide an individual in making decisions.

The process of planning, recording, analyzing, and interpreting financial information.

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

The difference between assets and liabilities. It is the portion of a company's assets the owner can claim.

Tests

Complete each test to beat the game: there is no other way to escape!

Test 2

Test 1

Test 3

Test 5

Final test

Test 4

1/3

Test 2

Watch this video:What is the accounting equation?

Assets + Liabilities = Owner's Equity

Assets = LIabilities + Owner's Equity

Assets + Owner's Equity = LIabilities

2/3

Test 2

Now answer from the same video:What must the accounting equation always do?

It must always balance

The assets must always be greater

The owner's equity must always be greater

3/3

Test 2

Last video of the test:The rules for accounting are referred to as

General Accounting and Processing Standards (GAP)

Government Approved Acounting Policies (GAAP)

Generally Accepted Accounting Principles (GAAP)

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Tests

Complete each test to beat the game: there is no other way to escape!

Test 1

Test 2

Test 3

Test 4

Test 5

Final Test

Test 3

1/3

An account balance is ....

the difference between all the increases and decreases to an account.

the total number of transactions made within an account

Test 3

2/3

Liabilities and Owner's Equity have a credit normal balance

False

True

Test 3

3/3

You are about to get it:Which of the following is correct?

Tests

Complete each test to beat the game: there is no other way to escape!

Test 1

Test 2

Test 3

Test 4

Test 5

Final Test

2/3

Test 4

Drag the following accounts to their correct classification

Assets

Liabilities

1. Accounts Payable

2. Inventory

3. Accounts Receivable

4. Sales Tax Payable

5. Supplies

6. Cash

continuE

Solución

SOLUTION

2/3

Test 4

Drag the accounts to the correct financial statement they are reported on

Balance Sheet

Income Statement

1. Sales

2. Inventory

3. Accounts Receivable

4. Sales Tax Payable

5. Salary Expense

6. Owner's Capital

7. Net Loss

continuE

Solución

SOLUTION

Tests

Complete each test to beat the game: there is no other way to escape!

Test 1

Test 2

Test 3

Test 4

Test 5

Final Test

Test 5

1/3

You know this:What is the purpose of the accounting concept of matching revenues with expenses?

Financial statements contain all necessary information to understand a business’s financial condition.

Businesses record expenses and related revenues in the same accounting period

Test 5

2/3

Well done!Which financial statement shows revenues and expenses?

Statement of Owner's Equity

Balance Sheet

Income Statement

Test 5

2/3

Well done!Which financial statement is for a specific period of time?

Statement of Owner's Equity

Income Statement

Balance Sheet

Tests

Complete each test to beat the game: there is no other way to escape!

Test 1

Test 2

Test 3

Final Test

Test 5

Test 4

1/5

Test 6

What is the correct journal entry for the following:Paid cash on account to Pacific Industries

Dr Cash Cr Accounts Payable - Pacific Industries

Dr Accounts Payable - Pacific Industries Cr Cash

Dr Accounts Receivable - Pacific Industries Cr Cash

1/5

Test 6

What is the correct journal entry for the following:Bought supplies on account from Pro Supplies

Dr Cash Cr Accounts Payable - Pro Supplies

Dr Supplies Cr Cash

Dr Supplies Cr Accounts Payable - Pro Supplies

1/5

Test 6

What is the correct journal entry for the following:Sold services for cash

Dr Cash Cr Sales

Dr Cash Cr Accounts Receivable

Dr Cash Cr Owner's Capital

1/5

Test 6

What is the correct journal entry for the following:Paid cash to establish a petty cash fund

Dr Petty Cash Cr Accounts Receivable

Dr Cash Cr Petty Cash

Dr Petty Cash Cr Cash

Completed

Congratulations, you have successfully completed the escape room!

Start over?

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That answer is not correct...

But don't lose your balance, continue on your way and try again!

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You know what you need to do. Answer questions.Stop stalling. Start the escape room.

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Balance Sheet

2 3 4 6

Income Statement

1 5 7

Assets

2 3 5 6

Liabilities

1 4