Accounting Concepts | Baamboozle - Baamboozle | The Most Fun Classroom Games!

Clients who owe the business money are an example of a) Income b) Asset c) Liability

b) Asset

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What type of business are we dealing with when only one person owns it?

Sole trader

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eraser

Reset score!

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rocket

Go to first place!

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shark

Other team loses 25 points!

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thief

Give points!

What effect does the following transaction have on the accounting equation: Take a loan from the bank to buy a delivery vehicle, R100.000

Assets (Vehicles) increase by R100.000 and Liabilities (Bank loan) increase by R100.000

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Is this form of the accounting equation correct? A + L = OE

No (A = L + OE therefore we can say A - L = OE)

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What is the accounting equation?

A = L + OE

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What am I referring to when I speak about the revenue of the business?

Income

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Give 1 example of a fixed asset.

Answers will vary

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Give 1 example of an income.

Answers will vary.

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trap

No points!

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star

Double points!

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shark

Other team loses 25 points!

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thief

Give points!

What effect does the following transaction have on the accounting equation: The owner invests R50.000 in the business.

Assets (Bank) increase by R50.000 and Owner's Equity increases by R50.000

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What effect does the following transaction have on the accounting equation: Bought equipment for car, R20.000

Assets (Equipment) increase by R20.000 and Assets decrease by R20.000 (Bank)

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Capital - Drawings + Profit - Loss = ?

Owner's Equity

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What effect does the following transaction have on the accounting equation: Received money for work done, R5.000

Assets (Bank) increase by R5.000 and Owner's Equity increases by R5.000

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lifesaver

Give 15 points!

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star

Double points!

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fairy

Take points!

lifesaver

Give 10 points!

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Give 3 examples of expenses

Answers will vary

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