The Accounting Equation Food Truck Activity is an awesome bundle of fun, interactive activities with a popular modern business that you can use to teach students the basic accounting equation, the key concept of financial position and the basic format of the balance sheet.
The activity contains 4 individual exercises for students:
Categorizing items typically found in a food truck business by placing them in their appropriate category on an accounting equation poster.
Assigning values to the items and calculating the total assets, liabilities and owner's equity for the food truck business.
Creating different scenarios with dramatically different values to show how financial position can change in different businesses and at different points in time.
Categorizing and formatting a simple balance sheet. Helping students learn how this statement mirrors the basic accounting equation. Teaching students how to categorize assets and liabilities on the balance sheet together with subcategories of current (short term) and non-current (long-term).
Want to test your students with a multiple-choice quiz? You can get our two popular quizzes from our website (advertising- and copyright-free) to use in your classroom:
a) Basic Accounting Equation Quiz - $3.45
A 10-15 minute multiple-choice quiz - 9 questions in total - to test the student's understanding of the basic accounting equation.
The quiz tests the student on what constitutes an asset or liability, as well as what owner's equity means. It also tests them on the accounting equation itself as well as what the equation indicates in terms of the financial position of a business (note that this quiz does not cover income and expenses - just assets, liabilities and owner's equity).
A 15-minute multiple-choice quiz - 10 questions - to test the student's understanding of a basic income statement and its components.
The quiz tests the student on the purpose and role of the income statement within the scope of the accounting records and financial statements. There are also several questions that cover cost of goods sold as well as calculations of gross and net profit.
Note that each quiz includes a separate questions document and solutions document, both in editable doc format, so you can copy and use whichever questions you want. The solutions sheets include full explanations of the correct answers.
3. Accounting Equation Exercises - $4.95
Three beginner-level exercises collected from our site (but now advertising- and copyright-free) to test the student's understanding of the basic accounting equation and its elements. These exercises test the student on how to use the accounting equation to calculate the value of assets, liabilities, owner's equity or changes to owner's equity during the year (capital investments, etc.).
The exercises can be handed out individually as classroom work or as homework assignments, or they can simply be given to students as part of a test or exam. They can also be combined with other questions and exercises on the same or similar topics.
The product includes a 5-page solutions document (separate document to the questions) with full answer key and explanations.
Both .doc and .pdf files are included, so you can copy individual questions and create your own worksheets or other documents for your students.
Hope you enjoy the teacher resources we developed and that they truly help enhance your students' understanding!
We would love to hear your feedback on any of the items you purchase! Please let us know how it went with them in your classroom and any suggestions to make them even more useful for other accounting educators.
All the best with your teaching!
Michael Celender Accounting-Basics-for-Students.com