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10
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Give two examples of an Asset
Vehicle, Stock, Bank Cash etc.
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10
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Assets are the resources that the business owes. Is this statement right or wrong?
Wrong
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10
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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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10
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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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lifesaver
Give 10 points!
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star
Double points!
Okay!
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gift
Win 25 points!
Okay!
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banana
Go to last place!
Oops!
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trap
No points!
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gift
Win 25 points!
Okay!
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fairy
Take points!
5
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25
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lifesaver
Give 15 points!
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10
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Give two examples of a liability
creditors, loans, mortgages, any form of payable
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10
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The two classes of liabilities are Current and Non- Current True or False?
True
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boom
Lose 50 points!
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magnet
Take 10 points!
Okay!
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fairy
Take points!
5
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20
25
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lifesaver
Give 10 points!
Oops!
10
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What are the two classifications of Assets?
Current and Non-Current
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thief
Give points!
5
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15
20
25
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gold
Win 50 points!
Okay!
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fairy
Take points!
5
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15
20
25
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lifesaver
Give 15 points!
Oops!
10
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Machinery bought for the business is classed as a current asset True or False?
False
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10
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A customer who owes us money is classed as a liability True or False
False
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10
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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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10
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What is the accounting equation?
Assets = Capital + Liabilities
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10
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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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