Three R's Review Questions | Baamboozle - Baamboozle

The two classes of liabilities are Current and Non- Current True or False?

True

Oops!

Check

Okay!

Check

thief

Give points!

rocket

Go to first place!

Okay!

fairy

Take points!

baam

Lose 15 points!

Oops!

Assets are the resources that the business owes. Is this statement right or wrong?

Wrong

Oops!

Check

Okay!

Check

boom

Lose 50 points!

Oops!

magnet

Take 15 points!

Okay!

fairy

Take points!

lifesaver

Give 25 points!

Oops!

Which of the following does not belong (Payments overdue, Mortgages, Loan Payments, Stock)

Stock (All others are examples of liabilities)

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Check

Okay!

Check

seesaw

Swap points!

Oops!

rocket

Go to first place!

Okay!

gift

Win 5 points!

Okay!

baam

Lose 10 points!

Oops!

What are the two classifications of Assets?

Current and Non-Current

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Check

Okay!

Check

What is capital defined as and give one example

Capital are resources invested into the business and could be in the form of cash or equipment etc.

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Check

Okay!

Check

An example of a current Asset is a motor car yes or no?

Oops!

Check

Okay!

Check

boom

Lose 50 points!

Oops!

seesaw

Swap points!

Okay!

rocket

Go to first place!

Okay!

thief

Give points!

What does a balance sheet show?

Balance sheets are used to show the financial position of the business at the end of the year, showing all what the business owns vs what is owes

Oops!

Check

Okay!

Check

What is the accounting equation?

Assets = Capital + Liabilities

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Okay!

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Which of the following does not belong ( Buildings, Land, Money, Loans, Debtors)

Loans (all the others are examples of assets except for loans)

Oops!

Check

Okay!

Check

Give two examples of an Asset

Vehicle, Stock, Bank Cash etc.

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Check

Okay!

Check

An example of a non current liability is a mortgage payment yes or no?

Yes

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Check

Okay!

Check

You just started your roti shop business and started off with a stove, refrigerator and money in the bank all these can be called what?

Your Capital in the form of different assets

Oops!

Check

Okay!

Check

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