SLAFS General Meeting Quiz

What does SLAFS stand for?

• Student Leaders in Accounting and Financial Services

• Student Leaders of Acronymns and Financial Squirrels

• Something Leaders of Antonyms and Food and Stuff

• Student Leaders of Accounting and Financial Services

How would an accountant record an increase in sales?

• Debit

• Credit

How would an accountant record an increase in cash?

• Debit

• Credit

What does having a negative net worth mean?

• Assets exceed assets

• Liabilities exceed assets

• I am broke :(

• Assets equal liabilities

Which of the following increases liabilities but not assets?

• Using your student loan money to buy a $10,000 gaming laptop for "studying"

• Taking out a loan to go on vacation because you deserve it :^)

• Buying hotdog using your hard earned money because you are hungry :^(

• Using your credit card to buy that lamboghini you always dreamed about :^o

Mr. Bob wanted a high-tech smart fridge to store his rice and found one valued at $60,000 on sale for $50,000. Bob decided to use all of his savings (an amount of $10) and took out a loan to pay the remaining balance. Please choose the correct statement.

• Mr. Bob's assets increased by $59,990

• Mr. Bob's assets did not increase at all

• Mr. Bob is very smart to get a high-tech smart fridge while only having $10 in his savings account

• Mr. Bob's assets increased by $60,000

Answer explanation

The fridge fair value is $600,000. Mr. Bob's asset will increase by $600,00 but he used $10 of his asset (his savings) to acquire it. Hence, asset increased by $59,990.

Quick! Click SLAFS!

• Cat

• 
• Dog

• Penguin

Which of the following is an example of a Tangible Asset

• Goodwill

• Credit Cards

• Your skills and talents

• Cows

What kind of gift card will you win?

• Starbucks Gift Card

• Roblox Gift Card

• Wendy's Gift Card

• McDonalds Gift Card

:^))

• 
• 

Answer explanation

Both cat and dog are cute. No disrimination only equality :^(