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Definitions
Assets
Liabilities
General Questions
Bonus Questions about Mr. Taylor
100
What are assets?

Things of value that a business or person owns

100
Give at least three examples of assets.
Cash, temporary investments, accounts receivable, inventory, supplies, prepaid insurance, building, land, etc.
100
What are current liabilities?
Current liabilities are those obligations that will mature and must be paid within 12 months.
100
What is the accounting equation?
Assets = Liabilities + Owner's Equity
100
What school does Mr. Taylor go to?
University of Winnipeg or Red River College
200
What are liabilities?
Debts or financial obligations payable to suppliers or creditors.
200
Name two examples of a capital asset.
Buildings, real estate, equipment, furniture, fixtures, machines, vehicles
200
Which liability typically has the longest life?
Mortgage Payable
200
Why is it called a balance sheet?
Because the two sides balance out.
200
Where is Mr. Taylor is from.
Portage la Prairie, MB
300
What is Equity?

The net value of property or assets after subtracting any mortgage or liabilities

300
Difference between current assets and capital assets?
Current assets consist of cash and other resources (assets) that are expected to be converted into cash within one year or less. Long-term assets are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.
300
What are accounts payable?
Money that is owed to another business
300
What is included in a balance sheet?
Assets, Liabilities and Owner's Equity
300
What is Mr. Taylor's title at St. James Collegiate.
Student Teacher
400
What is a transaction?

The process of exchanging something of value for something else that has value

400
True or False... Land is commonly view as the most valuable asset.
False
400
What are long-term liabilities?
Liabilities that are carried over a number of years or at least more than one accounting cycle. Examples of long-term liabilities are mortgages payable, bonds payable, and long-term notes.
400
What are Balance sheets used for?
The balance sheet presents a company's financial position at the end of a specified date. It’s a “snapshot” of a company’s financial position at a certain point in time.
400
How old is Mr. Taylor?
21
500
What is revenue?

The money a business receives for products and/or services it sells from its investments

500
Which asset has the longest life?
Land 
500
Name three items in the liabilities section of a balance sheet.
Accounts payable, Bank loan Payable, Mortgage Payable, Car Payment Payable
500
What is liquidity and what account is the most liquid?

The ability for a company to turn an asset into cash.

Cash
500
What is Mr. Taylor's first name?
Gavin