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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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lifesaver
Give 25 points!
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gold
Win 50 points!
Okay!
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fairy
Take points!
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25
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baam
Lose 15 points!
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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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thief
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25
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seesaw
Swap points!
Okay!
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fairy
Take points!
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25
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lifesaver
Give 15 points!
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10
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An example of a non current liability is a mortgage payment yes or no?
Yes
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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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Machinery bought for the business is classed as a current asset True or False?
False
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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 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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thief
Give points!
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25
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gift
Win 10 points!
Okay!
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shark
Other team loses 15 points!
Okay!
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lifesaver
Give 25 points!
Oops!
10
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What are the two classifications of Assets?
Current and Non-Current
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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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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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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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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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10
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An example of a current Asset is a motor car yes or no?
No
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