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QR Challenge: Completing the Accounting Cycle for a Sole Proprietorship

Created using the ClassTools QR Treasure Hunt Generator

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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. In what step in the accounting cycle are closing entries made?Eight
2. What is the normal balance of the Income Summary account?It does not have one
3. What is the debit side of the Income Summary account used for?Closing expense accounts.
4. What is the credit side of the Income Summary account used for?Closing revenue accounts
5. What is an entry called that has two or more debits or two or more credits?Compound entry
6. What is the purpose of recording closing entries for temporary accounts?To reduce the balances to zero and prepare the accounts for the next period.
7. Which ledger accounts do not appear on the post-closing trial balance?Temporary capital accounts
8. Is the post-closing trial balance dated for a point in time or for a period of time? Why?for a point in time - one date - because it identifies ledger balances at the specific date named on the form
9. What is the eight step in the accounting cycle?to journalize and post closing entries
10. After all closing entries have been posted, what are the balances of the temporary capital accounts?zero
11. What is the ninth step in the accounting cycle?preparing a post-closing trial balance
12. Temporary account balances equal zero at the beginning of an accounting period. Why do temporary accounts need zero balances to start a new accounting period?because their balances apply to only one accounting period

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 1 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 2 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 3 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 4 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 5 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 6 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

https://www.classtools.net/QR/decode.php?text=Which_ledger_accounts_do_not_appear_on_the_post-closing_trial_balance?

Question 7 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

https://www.classtools.net/QR/decode.php?text=Is_the_post-closing_trial_balance_dated_for_a_point_in_time_or_for_a_period_of_time?_Why?

Question 8 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 9 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

https://www.classtools.net/QR/decode.php?text=After_all_closing_entries_have_been_posted,_what_are_the_balances_of_the_temporary_capital_accounts?

Question 10 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

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

Question 11 (of 12)

 


Completing the Accounting Cycle for a Sole Proprietorship: QR Challenge

https://www.classtools.net/QR/decode.php?text=Temporary_account_balances_equal_zero_at_the_beginning_of_an_accounting_period._Why_do_temporary_accounts_need_zero_balances_to_start_a_new_accounting_period?

Question 12 (of 12)