the game you and your team members will be asked to answer a series of questions which will increase...
TRANSCRIPT
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The GameThe Game• You and your team members will be asked to
answer a series of questions which will increase in dollar value ($100 - $1,000,000) and difficulty.
• The team to reach the highest level of $ and answer the question correctly wins the game.
• Each of you will be required to come up and answer 4 questions on behalf of your team.
• Any ONE of your team members may use any of the team’s remaining lifelines if they wish.
• Good Luck!
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Your Lifelines
Let’s PlayLet’s Play
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I will eliminate two of the incorrect answers to help you determine the
correct answer
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You will be able to call upon ONE member of your group to ask for
help.
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You will be permitted to survey your entire team to find out their
choice.
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Let’s PlayLet’s Play
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An association of two or more People who run a business is:
A.) A banana B.) A corporation
C.) A partnership D.) You can’t have more than one person
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The equity section of a partnership Balance sheet is called:
A.)T. Dagg, Capital B.) Partnership equity
C.) Shareholder’s equity D.) Owner’s equity
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The following are advantages ofPartnerships, except:
A.) Division of operating responsibility
B.) Mutual Agency
C.) Easy formation D.) Pooled skills
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When forming a partnership, assets should beValued at:
A.) NRA B.) NBV
C.) Liquidity Valuation D.) FMV
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To record a payment of a deficiency, the Journal entry would be:
A.) DR Capital, Non Deficient Partners CR Capital, Deficient Partner
B.) DR Cash CR Capital, Deficient Partner
C.) DR Cash CR Capital, Non Deficient Partners
D.) DR Cash CR Deficiency Expense
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A) bonus to remaining partners B.) Something fishy with the accounting
C.) A bonus to the general partners D.) A bonus to the existing partners
When admitting a new partner, if the investmentIs greater than the capital credit there is:
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The second step in liquidating a partnership is:
A.) Pay liabilities in cash B.) Distribute remaining cash to partners
C.) Allocate gains/losses to partners D) Pay liabilities with liquid assets
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T. Dagg had beginning capital of $52000, drawings of $12000, net income of $44000
shared equally with one other partner, utility billpayment of $500, investments of $2000. What is her
ending capital?
A.) $86000 B.)$64000
C.) $85500 D.) $63500
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L W
The partnership of Fehr and Selig reports net income of $30,000. The partners share equally in income and losses.
The entry to record the partners' share of net income will include a:
A.) credit to Income Summary
for $30,000 B.) debit to Selig, Capital for $15,000
C.) credit to Fehr, Drawings for
$15,000 D.) credit to Fehr, Capital
for $15,000
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Partner A receives $60,000 and Partner B receives $40,000 in a split of $100,000 net income. Which expression
does not reflect the income splitting arrangement?
A.) 3:2 B.) 3/5 and 2/5
C.) 2:1 D.) 6:4
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The partners’ drawing accounts are:
A.) Closed to the partners’ capital accounts
B.) Reported on the incomestatement
C.) Reported on the balance sheet D.) Closed to Income Summary
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The Cliff and Mohumad partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $40,000 for Cliff and $20,000 for
Mohumad. At the beginning of the year, Cliff's Capital account had a balance of $80,000, while Mohumad's Capital account had a balance of $70,000. Net income for the year was
$50,000. The balance of Mohumad's Capital account at the end of the year after closing is
A.) $85000 B.) $90000
C.) $95000 D.) $20000
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L W
Jane and Ping have partnership capital account balances of $120,000 and $90,000, respectively and share profits and
losses equally. Sue is admitted to the partnership by investing $50,000 for a one-fourth ownership interest. The balance
of Ping's Capital account after Sue is admitted is
A.) $97500 B.) $65000
C.) $82500 D.) $90000
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Partners A, B, and C have capital account balances of $60,000 each. The income and loss ratio is 5:2:3, respectively.
In the process of liquidating the partnership, noncash assets with a book value of $50,000 are sold for $20,000. The balance of
Partner B's Capital account after the sale is
A.) $45000 B.) $66000
C.) $51000 D.) $54000
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L W
Which of the following teachers is your favouritefavourite business teacher
at WOSS?
A.) Mr. Bhathal B.) Mr. Huitema
C.) Ms. Ivey D.) Ms. Dagg
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L W
Given the following information about ABC Company, what is their Quick Ratio?Cash = $1,000,000 A/P = $1,200,000GIC’s/Stocks/Bonds = $500,000N/P (3 month) = $800,000A/R (net) = $500,000 Bank Loan (5 yr) = $600,000Supplies = $ 300,000 Mortgage (20 yr.) = $750,000Merch. Inventory = $200,000Land = $1,000,000Building = $2,000,000
A.) 1.5:1 B.) 1.25 :1
C.) 1.15:1 D.) 1:1
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Congratulations!
Thank you for playing.