Accounts | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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A mortgage is classed as a what?

Long term liability

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A partnership is easier to form than a company. True or False?

True

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What is revenue?

additional source of income to the organization that may not be apart of its regular trading activity

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Two examples of revenues

Rent received, Discounts received

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What is a definition of an asset?

Assets are resources owned by an organization

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A loan that was taken out for 5 years requires a portion to be paid at the end of a 3 month period. Is this an example of a non-current liability?

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thief

Give points!

seesaw

Swap points!

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shark

Other team loses 25 points!

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thief

Give points!

Objectivity is where you allow your opinions to affect your decisions. True or False?

False

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seesaw

Swap points!

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rocket

Go to first place!

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fairy

Take points!

thief

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Capital is only considered as money invested in the business? True or False

False

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Matching concept is an accounting concept. True or False?

True

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What is an expense?

Money paid out as part of operational costs

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What is a liability defined as?

economic obligations or payables of the business

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boom

Lose 50 points!

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magnet

Take 25 points!

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rocket

Go to first place!

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lifesaver

Give 5 points!

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Give 2 examples of an Asset

Car, Machine, Equipment

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What is the difference between a current and non-current asset?

A current asset is only expected to be useful to business for up to 1 year while a non current asset is used for more than a year

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