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:
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!
Your Lifelines Lets Play Lets Play
I will eliminate two of the incorrect answers to help you determine the correct answer
You will be able to call upon ONE member of your group to ask for help.
You will be permitted to survey your entire team to find out their choice.
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
The equity section of a partnership Balance sheet is called: A.)T. Dagg, CapitalB.) Partnership equity C.) Shareholders equityD.) Owners equity
The following are advantages of Partnerships, except: A.) Division of operating responsibility B.) Mutual Agency C.) Easy formationD.) Pooled skills
When forming a partnership, assets should be Valued at: A.) NRAB.) NBV C.) Liquidity ValuationD.) FMV
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
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:
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
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
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
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
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
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
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
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
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
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