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

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What is the accounting equation?

Assets= Capital + Liabilities

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Which type of account contains information on people and firms?

Personal Accounts

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What is professional ethics?

Professional ethics are principles that govern the behavior of a person or group in a business environment. Like values

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heart

Other team wins 20 points!

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gold

Win 50 points!

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fairy

Take points!

banana

Go to last place!

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Which class of accounts contains income and expenses?

Nominal Accounts

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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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A mortgage is classed as a what?

Long term liability

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A sole trader has unlimited liability. True or False

True

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trap

No points!

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star

Double points!

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fairy

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baam

Lose 25 points!

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What is an expense?

Money paid out as part of operational costs

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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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What is a liability defined as?

economic obligations or payables of the business

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trap

No points!

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gift

Win 10 points!

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gift

Win 15 points!

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lifesaver

Give 5 points!

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

False

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Materiality is a type of accounting concept? Yes or No

Yes

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How do you find Capital?

Assets - Liabilities

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