Three R's Review Questions | Baamboozle - Baamboozle

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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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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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What is the accounting equation?

Assets = Capital + Liabilities

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banana

Go to last place!

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fairy

Take points!

rocket

Go to first place!

Okay!

thief

Give points!

What are the two classifications of Assets?

Current and Non-Current

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

Stock (All others are examples of liabilities)

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Give two examples of an Asset

Vehicle, Stock, Bank Cash etc.

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

Yes

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

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trap

No points!

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gift

Win 25 points!

Okay!

fairy

Take points!

baam

Lose 5 points!

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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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Give two examples of a liability

creditors, loans, mortgages, any form of payable

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A customer who owes us money is classed as a liability True or False

False

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

Wrong

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baam

Lose 20 points!

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gift

Win 20 points!

Okay!

rocket

Go to first place!

Okay!

baam

Lose 25 points!

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