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The 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.

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Presentation on theme: "The 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."— Presentation transcript:

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3 The 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 teams remaining lifelines if they wish. Good Luck!

4 Your Lifelines Lets Play Lets Play

5 I will eliminate two of the incorrect answers to help you determine the correct answer

6 You will be able to call upon ONE member of your group to ask for help.

7 You will be permitted to survey your entire team to find out their choice.

8 Lets Play

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10 An association of two or more People who run a business is: A.) A bananaB.) A corporation C.) A partnershipD.) You cant have more than one person

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12 The equity section of a partnership Balance sheet is called: A.)T. Dagg, CapitalB.) Partnership equity C.) Shareholders equityD.) Owners equity

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14 The following are advantages of Partnerships, except: A.) Division of operating responsibility B.) Mutual Agency C.) Easy formationD.) Pooled skills

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16 When forming a partnership, assets should be Valued at: A.) NRAB.) NBV C.) Liquidity ValuationD.) FMV

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18 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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20 A) bonus to remaining partnersB.) Something fishy with the accounting C.) A bonus to the general partnersD.) A bonus to the existing partners When admitting a new partner, if the investment Is greater than the capital credit there is:

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22 The second step in liquidating a partnership is: A.) Pay liabilities in cashB.) Distribute remaining cash to partners C.) Allocate gains/losses to partnersD) Pay liabilities with liquid assets

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24 T. Dagg had beginning capital of $52000, drawings of $12000, net income of $44000 shared equally with one other partner, utility bill payment of $500, investments of $2000. What is her ending capital? A.) $86000B.)$64000 C.) $85500 D.) $63500

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26 LW 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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28 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.) 3:2B.) 3/5 and 2/5 C.) 2:1 D.) 6:4

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30 The partners drawing accounts are: A.) Closed to the partners capital accounts B.) Reported on the income statement C.) Reported on the balance sheetD.) Closed to Income Summary

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32 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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34 LW 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.) $97500B.) $65000 C.) $82500D.) $90000

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36 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.) $45000B.) $66000 C.) $51000D.) $54000

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38 LW Which of the following teachers favourite is your favourite business teacher at WOSS? A.) Mr. BhathalB.) Mr. Huitema C.) Ms. Ivey D.) Ms. Dagg

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40 LW Given the following information about ABC Company, what is their Quick Ratio? Cash = $1,000,000A/P = $1,200,000 GICs/Stocks/Bonds = $500,000N/P (3 month) = $800,000 A/R (net) = $500,000Bank Loan (5 yr) = $600,000 Supplies = $ 300,000 Mortgage (20 yr.) = $750,000 Merch. Inventory = $200,000 Land = $1,000,000 Building = $2,000,000 A.) 1.5:1 B.) 1.25 :1 C.) 1.15:1 D.) 1:1

41 Congratulations! Thank you for playing.


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