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

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What is a definition of an asset?

Assets are resources owned by an organization

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A mortgage is classed as a what?

Long term liability

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The business entity concept means that the owner and the business are considered ONE ENTITY. Yes or No

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thief

Give points!

star

Double points!

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gift

Win 20 points!

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banana

Go to last place!

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banana

Go to last place!

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seesaw

Swap points!

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fairy

Take points!

baam

Lose 10 points!

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How do you find Capital?

Assets - Liabilities

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When you rather understate profits rather than over state we call this...

Prudence

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Which class of accounts contains income and expenses?

Nominal Accounts

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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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Materiality is a type of accounting concept? Yes or No

Yes

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Which class of account contains only possessions of the business?

Real Accounts

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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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baam

Lose 5 points!

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fairy

Take points!

shark

Other team loses 25 points!

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thief

Give points!

heart

Other team wins 20 points!

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fairy

Take points!

fairy

Take points!

lifesaver

Give 5 points!

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Which type of account contains information on people and firms?

Personal Accounts

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