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

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Score

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5

What is a definition of an asset?

Assets are resources owned by an organization

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Check

Okay!

Check

10

Give 2 examples of an Asset

Car, Machine, Equipment

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Okay!

Check

seesaw

Swap points!

Oops!

star

Double points!

Okay!

shark

Other team loses 15 points!

Okay!

banana

Go to last place!

Oops!

15

Which class of account contains only possessions of the business?

Real Accounts

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Check

Okay!

Check

heart

Other team wins 25 points!

Oops!

shark

Other team loses 25 points!

Okay!

rocket

Go to first place!

Okay!

baam

Lose 20 points!

Oops!

10

What is an expense?

Money paid out as part of operational costs

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Check

Okay!

Check

5

A sole trader has unlimited liability. True or False

True

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10

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?

No

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Check

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Check

5

What is a liability defined as?

economic obligations or payables of the business

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10

Which type of account contains information on people and firms?

Personal Accounts

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5

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

No

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5

Materiality is a type of accounting concept? Yes or No

Yes

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10

Two examples of revenues

Rent received, Discounts received

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trap

No points!

Oops!

fairy

Take points!

5

10

15

20

25

rocket

Go to first place!

Okay!

lifesaver

Give 20 points!

Oops!

lifesaver

Give 25 points!

Oops!

shark

Other team loses 20 points!

Okay!

gift

Win 25 points!

Okay!

lifesaver

Give 20 points!

Oops!

5

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

False

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Check

Okay!

Check

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