Bookkeeping Jeopardy Jeopardy Template

Profit & Loss	Balance Sheet	Inventory	Payments	Purchase Orders
100 Parent Sales are computed at which category level?	100 Appears as a layaway What happens to sales when a down payment is taken?	100 Inventory What account offsets Inventory Adjustment Mappings?	100 Payment Types Where in Ascend are Payments Mapped?	100 Sometimes Which of the following 3 can be true: Inventory received on a Purchase Order is (always, sometimes or never) included in an IIF File?
200 When the sale is finished. When are Purchase on Account transactions reported as sales?	200 Down Payment, Gift Cards, Gift Certificates, In-Store Credit and Credit Memo’s What are the 5 types of Liabilities?	200 Inventory Adjustment Types Where in Ascend are Inventory Adjustments Mapped?	200 Cash, Check, Credit Card, Debit Card, Trek Card, Financing, Gift Cards, In-Store Credit, Coupon, eCommerce, Trade-In What are 5 different Payment Types?	200 Options > QuickBooks > AP – POs Recv’d enter with account number Where is the setting to include/exclude PO Activity?
300 When the sale is finished When are Sales, Sales Tax and COGS recorded?	300 Accounts Receivable The accounting term for Purchase on Account is?	300 Selling to a Negative or Not following the Special Order Process Why would Negative Inventory exist?	300 Inventory What account is Trade-Ins generally mapped to?	300 Options > QuickBooks > Export Settings – List Received Orders Individually Where is the setting to split receiving by PO
400 Categories Where in Ascend are Categories Mapped?	400 PO’s Rec’d, Inventory (COGS) and Inventory Adjustments What are the only 3 entries Ascend should make to the Inventory Asset Account?	400 Annually At a minimum, often should inventory be reconciled?	400 Sales and Sales Tax What other 2 items do Payments need to net out with on the IIF/AAF export?	400 PO #’-‘Vendor Name’-PO’s Recv’d What is the memo line on PO Split receiving?
500 Sales, Parent Category Cost of Goods Sold and other Cost of Goods Sold Adjustments What are the 3 items that make up the Gross Profit/Margin numbers?	500 Sales Tax Rates Where in Ascend is Sales Tax Mapped?	500 Increasing Inventory Adjustments, Income Tax What are 2 effects of inventory write-offs?	500 No cash received that day, or cash to deposit was not recorded for that day Why would cash not appear in the IIF/AAF export?	500 Nothing What happens in your Accounting Software when an order is placed?

Bookkeeping Jeopardy

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