Download - SO sMart tRiviA
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SO sMart tRiviA
Mr. Bedi ProductionsAccounting 11/12
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Rules • 5 Teams of 4 members – 1 Team will have 5 (Mr. Bedi picks the
Teams )
• A NEW Team Member Rotates and represents his or her team for every question
• Answers are to be written on a piece of paper (1 paper per Team). Do not show anyone, not your teammates, not your competitors. It will be submitted to Mr. Bedi after each question.
• The Team Member representing his or her team for the question may not consult with his or her team. (Failure to comply will result in your team not getting a chance to gain a point)
• May the best team Win!!
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• Get into rows with your Team (on the next slide) (keep the rows straight)
• The Chair in the Front of the row is the Hot Seat, have it placed a few feet in front of the row.
• Every team needs 1 Sheet of Paper (the team member in the hot seat will use this to paper to put their answer on it discreetly)
• When the member in the Hot Seat has picked their answer, they must submit it to Mr. Bedi.
TEAM SET UP
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• Team 1: Chris, Quincy, Gurkamal, Manvir
• Team 2: Justin, Shayal, Amin, Rajan
• Team 3: Niki, Robin, Harry, Manu
• Team 4: Abdullah, Anna, Henna, Taran
• Team 5: Alex, Austin, Jasmine, Mantej
TEAMS
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LET the games BEGIN
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A.
B.
C.
D.
E.
Liability
A Bank Loan is considered a?
Equity
None of the Above
Capital Asset
Asset
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TRUE or FALSE?TRUE or FALSE?Office Supplies are Assets
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A.
B.
C.
D.
E.
What is the Accounting Equation?
A+L=OE
OE+L+A = Capital
L = OE+A
A-L=OE
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A.
B.
C.
D.
E.
“something of cash value that is owned” is an……..
Net Loss
Debit
Liability
Profit
Asset
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A.
B.
C.
D.
E.
Land is considered a.........
GAAP
Perk
Liability
Asset
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A.
B.
C.
D.
E.
An unpaid heating bill would be an…..
Capital Investment
Debit
Asset
Liability
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TRUE or FALSE?TRUE or FALSE?A Balance Sheet is a statement showing the financial position of a person, business or other organization (Snap Shot).
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Accounts Receivables fall under what Sub Heading of the Balance Sheet?
Assets
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Accounts Payable fall under what Sub Heading on the Balance Sheet:
Liabilities
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The term used for someone or some organization that lends money is
Creditor
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A.
B.
C.
D.
E.
Which Accounting Designations follow GAAP (Generally-Accepted Accounting Principles)
All of the above
Bookkeepers
GAAP
Only Students
All Accountants: CA’s, CMA’s and CGA’s
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TRUE or FALSE?TRUE or FALSE?Balance Sheets do Not have to be
legible:
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Matching:
Land
The Fundamental Accounting Equation
Someone Who Lends Money
Assets are on the
Liabilities
Right side of the Balance Sheet
Creditor
Asset
A-L=OE
Left Side Of the Balance Sheet
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TRUE or FALSE?TRUE or FALSE?If Cash Decreases by $500 and Notes Payable Decreases by $1000, is our Accounting Equation balanced?
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TRUE or FALSE?TRUE or FALSE?If Cash Decreases by $1000 and Notes Payable Decreases by $1000, is our Accounting Equation balanced?
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A.
B.
C.
D.
E.
Which term is a synonym (same as) “owner’s equity
Liability
Asset
Net Profit
Net Earnings
Capital
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TRUE or FALSE?TRUE or FALSE?
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Consider the following scenario:
A homeowner has a bank balance of $754, a house worth $82,500, a personal summer property worth $65,000 and Equipment worth $16000. This same individual has a $12,500 mortgage, and owes $45,000 on his summer home. He also has $1560 in unpaid bills, and owes another $10,000 to a friend.
What is the total value of this individual’s assets?
$164,254
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Consider the following scenario:
A homeowner has a bank balance of $754, a house worth $82,500, a personal summer property worth $65,000 and Equipment worth $16000. This same individual has a $12,500 mortgage, and owes $45,000 on his summer home. He also has $1560 in unpaid bills, and owes another $10,000 to a friend.
What is the total value of this individual’s liabilities?
$69,060
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Consider the following scenario:
A homeowner has a bank balance of $754, a house worth $82,500, a personal summer property worth $65,000 and Equipment worth $16000. This same individual has a $12,500 mortgage, and owes $45,000 on his summer home. He also has $1560 in unpaid bills, and owes another $10,000 to a friend.
What is the total owners equity for this individual?
$95,194
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TRUE or FALSE?TRUE or FALSE?Dollar signs on the balance sheet are placed next to ALL amounts.
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FINAL QUESTION:
This Question is worth 3 Points
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Consider the below: What is the Total Assets Balance and once calculated, what should be the Owners Equity Total Balance?
Total Assets: $290, 140.40 and Owners Equity Total: $290, 140.40