Three R's Review Questions | Baamboozle - Baamboozle

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

Wrong

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Okay!

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What are the two classifications of Assets?

Current and Non-Current

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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)

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Give two examples of a liability

creditors, loans, mortgages, any form of payable

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seesaw

Swap points!

Oops!

magnet

Take 10 points!

Okay!

gift

Win 10 points!

Okay!

thief

Give points!

trap

No points!

Oops!

gold

Win 50 points!

Okay!

rocket

Go to first place!

Okay!

banana

Go to last place!

Oops!

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

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Give two examples of an Asset

Vehicle, Stock, Bank Cash etc.

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Okay!

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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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Machinery bought for the business is classed as a current asset True or False?

False

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seesaw

Swap points!

Oops!

gift

Win 25 points!

Okay!

gift

Win 25 points!

Okay!

lifesaver

Give 25 points!

Oops!

What is the name of the other type of final statement other than the income statement?

Balance Sheet/ Statement of Financial Position

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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

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Okay!

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boom

Lose 50 points!

Oops!

fairy

Take points!

rocket

Go to first place!

Okay!

thief

Give points!

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

True

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Okay!

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What is the accounting equation?

Assets = Capital + Liabilities

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