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QR Challenge: AS Accounting

Created using the ClassTools QR Treasure Hunt Generator

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Detailed Case Study Search the Archive Feedback

Teacher Notes

A. Prior to the lesson:

1. Arrange students into groups. Each group needs at least ONE person who has a mobile device.

2. If their phone camera doesn't automatically detect and decode QR codes, ask students to

3. Print out the QR codes.

4. Cut them out and place them around your class / school.

B. The lesson:

1. Give each group a clipboard and a piece of paper so they can write down the decoded questions and their answers to them.

2. Explain to the students that the codes are hidden around the school. Each team will get ONE point for each question they correctly decode and copy down onto their sheet, and a further TWO points if they can then provide the correct answer and write this down underneath the question.

3. Away they go! The winner is the first team to return with the most correct answers in the time available. This could be within a lesson, or during a lunchbreak, or even over several days!

C. TIPS / OTHER IDEAS

4. A detailed case study in how to set up a successful QR Scavenger Hunt using this tool can be found here.

Questions / Answers (teacher reference)

Question

Answer

1. Q1. When apportioning costs, using absorption costing, why do we use cost centres?A1. To allocate costs,that are not directly attributed to one product, across different parts of the business, that contribute to that cost.
2. Q2. Explain the 3 different cost drivers in job costing.A2. Materials, Labour and Overheads. These are the biggest contributors to costs for most businesses. If have many jobs on the go they need to keep a track of what they spend on each job so customers are correctly charged.
3. Q3. What are 3 things that could be included in a Partnership Agreement?A3. Capital contributions, P&L share ratio, Admission or Withdrawal of partners, Interest on Capital and Drawings and Partner Salaries.
4. Q4. In Partnerships, Why is Interest charged on drawings and paid on capital?A4. Interest on drawings is a deterrent for partners to withdraw money from the business and is paid on capital as a reward for partners investment.
5. Q5. When taking goodwill off the accounts on the admission of a new partner, what are the 3 debits and credits that need to be made to ensure that we can close this account?A5. open goodwill account, distribute goodwill via existing profit share ratio, write off goodwill via new profit sharing ratio to all partners.
6. Q6. What is the difference between ordinary shares, preference shares and debentures?A6. O.S. - part owner, vote, no fixed dividends, P.S - no vote, fixed dividend (%), paid before OS at liquidation, Deb - no vote, fixed interest, liability to be paid, paid first at liquidation, may req security.
7. Q7. What is the difference between Revenue and Capital Reserves?A7. Revenue Reserves are the most flexible forms of reserves and can be paid out as dividends eg retained earnings, general reserve and asset replacement. Capital reserves arise from capital transactions and can be used to purchase bonus shares. Revaluation, Share Premium, Capital redemption.
8. Q8. IAMAGENIUS sells drink bottles. Their Net sales last year were $100,000, COGS $45000, Expenses $35,000. Find Gross Profit and Net profit and work out GP %, Mark-up % and NP %. Is IAMAGENIUS profitable? and why? GP$55000, NP $20000, 55%, 122%, 20%.
9. Q9. IAMAGENIUS has current assets of $165,000, current liabilities of $76,000, $30,000 of trade receivables, inventory $95,000 and $200,000 net credit sales. Is IAMAGENIUS liquid? and why?A9. Using current ratio 2.17:1 means they can pay their current liabilities by at least $2 to every $1 they owe but would have to sell all their stock otherwise they only have 0.92c/ to every $1 they owe. Their trade receivables are slow to pay with 55 days turnaround.
10. Q10. Who is the best accounting teacher ever!!?Q10. Mrs Guthrie

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q1._When_apportioning_costs,_using_absorption_costing,_why_do_we_use__cost_centres?

Question 1 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q2._Explain_the_3_different_cost_drivers_in_job_costing.

Question 2 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q3._What_are_3_things_that_could_be_included_in_a_Partnership_Agreement?

Question 3 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q4._In_Partnerships,_Why_is_Interest_charged_on_drawings_and_paid_on_capital?

Question 4 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q5._When_taking_goodwill_off_the_accounts_on_the_admission_of_a_new_partner,_what_are_the_3_debits_and_credits_that_need_to_be_made_to_ensure_that_we_can_close_this_account?

Question 5 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q6._What_is_the_difference_between_ordinary_shares,_preference_shares_and_debentures?

Question 6 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q7._What_is_the_difference_between_Revenue_and_Capital_Reserves?

Question 7 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q8._IAMAGENIUS_sells_drink_bottles._Their_Net_sales_last_year_were_$100,000,_COGS_$45000,_Expenses_$35,000._Find_Gross_Profit_and_Net_profit_and_work_out_GP_%,_Mark-up_%_and_NP_%._Is_IAMAGENIUS_profitable?_and_why?

Question 8 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q9._IAMAGENIUS_has_current_assets_of_$165,000,_current_liabilities_of_$76,000,_$30,000_of_trade_receivables,_inventory_$95,000_and_$200,000_net_credit_sales._Is_IAMAGENIUS_liquid?_and_why?

Question 9 (of 10)

 


AS Accounting: QR Challenge

https://www.classtools.net/QR/decode.php?text=Q10._Who_is_the_best_accounting_teacher_ever!!?

Question 10 (of 10)