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

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5

What is a liability defined as?

economic obligations or payables of the business

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Check

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Check

5

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

False

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5

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

True

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Check

boom

Lose 50 points!

Oops!

seesaw

Swap points!

Okay!

shark

Other team loses 25 points!

Okay!

baam

Lose 10 points!

Oops!

10

Give 2 examples of an Asset

Car, Machine, Equipment

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Check

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Check

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

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

Matching concept is an accounting concept. True or False?

True

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15

Which class of account contains only possessions of the business?

Real Accounts

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boom

Lose 50 points!

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star

Double points!

Okay!

gift

Win 15 points!

Okay!

thief

Give points!

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25

5

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

False

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5

A sole trader has unlimited liability. True or False

True

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10

How do you find Capital?

Assets - Liabilities

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10

What is revenue?

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

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heart

Other team wins 20 points!

Oops!

shark

Other team loses 20 points!

Okay!

fairy

Take points!

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25

baam

Lose 25 points!

Oops!

5

Materiality is a type of accounting concept? Yes or No

Yes

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Check

Okay!

Check

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