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!

Your Lifelines

Let’s PlayLet’s 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.

Let’s PlayLet’s Play

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

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

The following are advantages ofPartnerships, except:

A.) Division of operating responsibility

B.) Mutual Agency

C.) Easy formation D.) Pooled skills

When forming a partnership, assets should beValued at:

A.) NRA B.) NBV

C.) Liquidity Valuation D.) 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 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:

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

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

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

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

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

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

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

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

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

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

Congratulations!

Thank you for playing.