Three R's Review Questions | Baamboozle - Baamboozle

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

False

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

True

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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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What are the two classifications of Assets?

Current and Non-Current

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

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

Wrong

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