Students apply basic accounting terminology to answer these 12 application questions. Topics covered include financial claims (assets, liabilities, owner's equity), financial statements (income statement, statement of cash flows, and balance sheet), ethics in accounting, the importance of accounting, auditing, and the career of an accountant.
This resource is easily EDITABLE in Microsoft PowerPoint. Suggested answers are provided and show up with the animation feature in PowerPoint. I use this activity in my Introduction to Business and Marketing course in the accounting unit. I have individual marker boards in my class and like to have students answer the questions in this activity on their dry erase board. After students have had time to answer the question we discuss each question as a class. Alternatively, you could also have students answer the questions on notebook paper or discuss in small groups and report each answer back to the class.
This activity is very versatile and ready to implement in your classroom.
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