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Definitions
Assets
Liabilities
Easy(ish) Questions
Random
100
What are assets?
The economic resources, either tangible or intangible, that a company posses.
100
Give at least three examples of assets.
Cash, petty cash, temporary investments, accounts receivable, inventory, supplies, prepaid insurance, land, land
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 animal kills the most people every year?

Mosquito

200
What are liabilities?
Debts or financial obligations payable to suppliers or creditors.
200
Name one example of a fixed asset.
Buildings, real estate, equipment, furniture, fixtures, machines, vehicles
200

Give an example of a non-current liability

Answers will vary

200

What informal accounts or "charts" accompany a balance sheet

T Accounts

200

What is my high school's mascot?

Admirals

300
What is Equity?
On a company's balance sheet, the amount of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses). Also referred to as "shareholders' equity.
300

Difference between current assets and non-current assets?

Current assets consist of cash and other resources (assets) that are expected to be converted into cash within one year or less. non-current assets are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

300

Liabilities = ___________ (+/-) ___________

Liabilities = Assets - Equity

300

Who uses accounting information (3)

Government, Shareholders, management

300

What is the national animal of Scotland?

Unicorn

400

What is double entry accounting?

Informal accounting method to "double check" work

400

What is Accounts Receivable?

Money that you have yet to receive for a product or service you already performed

400

A loan for a house or a building has this name

Mortgage
400

Create a T chart based on the following transaction:

A company pays off its short term debt of $5000 with cash

Credit = Cash $5000

Debit = Short term debt $5000

400

Name one sticker on my water bottle (specific as possible)

Answers vary

500

What is liquidity?

How easily something can be converted into cash

500

What is the most liquid asset?

Cash

500

This liability occurs when a company collects cash in advance for goods or services to be provided later

Unearned Revenue

500

What are the 3 main financial statments?

Balance Sheet, Income Statement, Cash Flow Statement

500

What country has the most pyramids

Sudan