lesson plan 1.1 why accounting -...

Lesson Plan 1.1 – Why Accounting? Copyright © Texas Education Agency, 2011. All rights reserved. ACCOUNTING I

Lesson Plan 1.1 – Why Accounting? Course Title – Accounting I Lesson Title – Introduction to Accounting Specific Objective – Upon completion of this lesson, the student will understand the history and purpose of accounting and how it works with our free enterprise system. Performance Objectives:

• Define and discuss the purpose of accounting. • Explain the free enterprise system. • Demonstrate knowledge of the history of accounting. • Define basic terminology that makes up the language of accounting.

Preparation

Old TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 120.42.C: 1.a. describe the purpose of accounting;

2010 TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 130.166.C: 1.a. describe the purpose of accounting and financial reporting;

TAKS Correlations: WRITING

Objective 5: The student will produce a piece of writing that demonstrates a command of the conventions of spelling, capitalization, punctuation, grammar, usage, and sentence structure.

Objective 6: The student will demonstrate the ability to revise and proofread to improve the clarity and effectiveness of a piece of writing.

Materials Needed: • Textbook • Internet • Multimedia presentation software • Index cards • Hole punch • 3” ring


• Phone book • Quiz

Equipment Needed: • Computer with Internet access • Copier • Color printer, if available • 4. SmartBoard or Infocus


Teaching Strategies:

• Discussion • Observation

Learner Preparation: Have your students break into teams of three or four. Give each team a Web site for researching the history of accounting. Ask them to prepare a quick presentation to share at least five facts they learned about the history of accounting from their reading.

Team 1: http://www.acaus.com Team 2: http://acct.tamu.edu/giroux/history.html Team 3: http://alumni.iatp.aznet.org/alumni/doc/pub285_1.doc Team 4: http://www.coursework.info/i/11052.html

Lead a discussion on what they learned and emphasize any important facts or add other facts.

Introduction: Important Terms for this Lesson:

• accounting records • capital • for-profit business • going concern • partnership • accounting system • merchandising business • not-for-profit business • loss • profit • business entity • corporation • business entity • manufacturing business • service business • ethics • fiscal period • sole proprietorship

Assessment: § Observation § Graded Assignment § Quiz on Terms

http://acct.tamu.edu/giroux/history.html

http://alumni.iatp.aznet.org/alumni/doc/pub285_1.doc

http://www.coursework.info/i/11052.html


Additional Resources:

Textbooks: Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting Real-World

Applications and Connections. Glencoe McGraw-Hill 2000. ISBN/ISSN 0-02-815004-X.

Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 Accounting Multicolumn Journal Anniversary Edition, 1st Year Course. South-Western Educational and Professional Publishing, 2003. ISBN/ISSN: 0-538-43524-0

Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 General Journal Accounting Anniversary Edition, 7th Edition. South-Western Educational and Professional Publishing, 2003. ISBN/ISSN: 0-538-43529-1.

Websites: Trautmann, Carl. Dictionary of Small Business http://www.small-business-dictionary.org/. Accounting Equation Definition. Web Finance, Inc.

http://www.investorwords.com/49/accounting_equation.html.

Lesson 1.1 - Quiz on Terms Copyright © Texas Education Agency, 2011. All rights reserved.

ACCOUNTING I

Lesson 1.1 – Quiz on Terms

1. Business owned by one person is A. Merchandising business B. Sole proprietorship C. Service business C. Business entity

2. A person who plans, summarizes, analyzes, and interprets accounting information is A. accountant B. bookkeeper C. accounting clerk D. proprietor

3. The money invested in a business by an owner is A. business entity B. profit C. loss D. capital

4. A business owned by two or more persons is called a A. small business B. partnership C. corporation D. merchandising business

5. A business that is expected to continue to operate in the future is called A. business entity B. liquidation C. going concern D. profit

6. The use of personal ethics in making business decisions is called A. ethics B. standards C. business ethics D. ethical behavior

7. Organized summaries of a business’ financial records is called

A. accounting B. accounting records C. a nightmare C. public accounting

8. The amount of money earned over the money spent in the business is called A. going concern B. earnings C. profit D. loss

Lesson 1.1 - Quiz on Terms Copyright © Texas Education Agency, 2011. All rights reserved.

ACCOUNTING I

Lesson 1.1 – Quiz on Terms – KEY

1. Business owned by one person is A Merchandising business *B. Sole proprietorship C. Service business D. Business entity

2. A person who plans, summarizes, analyzes, and interprets accounting information is *A. accountant B. bookkeeper C. accounting clerk D. proprietor

3. The money invested in a business by an owner is A. business entity B. profit C. loss *D. capital

4. A business owned by two or more persons is called a a. small business *B. partnership C. corporation D. merchandising business

5. A business that is expected to continue to operate in the future is called A. business entity

B. liquidation *C. going concern D. profit

6. The use of personal ethics in making business decisions is called A. ethics B. standards *C. business ethics D. ethical behavior

7. Organized summaries of a business’ financial records is called

A. accounting *B. accounting records C. a nightmare D. public accounting

8. The amount of money earned over the money spent in the business is called A. going concern B. earnings *C. profit D. loss

Activity 1.1.1 - Free Enterprise Copyright © Texas Education Agency, 2011. All rights reserved. ACCOUNTING I

Activity 1.1.1 – Free Enterprise Course Title – Accounting I

Session Title – Why Accounting?

Lesson Objective – Understand the relationship between free enterprise and

accounting

Preparation

OLD TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed.

120.42.C: 1.a. describe the purpose of

accounting;

7.a. follow oral and written

instructions;

7.b. develop time management skills

by setting priorities for completing work as scheduled.

2010 TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed.

130.166.C: 1.a. describe the purpose of

accounting and financial reporting.

TAKS Correlation:

N/A

Materials Needed: Textbook

Internet

Multimedia presentation software

Index cards

Hole punch

3” ring

Phone book

Quiz

Materials and Equipment Needed: Computer with Internet access

Textbook

Activity Outline: 1. Write “free enterprise” on the board. 2. Have a team of 3 or 4 students compile a list of words that come to

mind when they think of free enterprise. They can use

Activity 1.1.1 - Free Enterprise Copyright © Texas Education Agency, 2011. All rights reserved. ACCOUNTING I

http://www.bartleby.com/65/ca/capitali.html or another web site for reference if they aren’t sure what it means.

3. Lead a short discussion about free enterprise explaining its connection to accounting.

Assessment: Discussion Observation

http://www.bartleby.com/65/ca/capitali.html

Activity 1.1.2 – Types of Businesses Copyright © Texas Education Agency, 2011. All rights reserved. ACCOUNTING I

Activity 1.1.2 – Types of Businesses

Course Title – Accounting I


Lesson Objective – Identify differences between service, manufacturing, and

merchandising businesses.

Preparation

OLD TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 130.166.C: 1.b. apply basic accounting concepts and terminology 2.a. contrast the characteristics of a service and a merchandising business.

2010 TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 130.166.C: 1.a. describe the purpose of accounting and financial reporting;

.

TAKS Correlation: N/A

Teaching Strategies: Observation

Discussion

Materials Needed: Flip chart, dry erase board, or butcher paper

Phone directories

Color markers

Activity Outline: 1. Discuss the difference between service businesses, manufacturing,

and merchandising businesses. 2. Divide students into teams and ask them to go through the yellow

pages and categorize as many businesses as they can until time is called. Have them attempt to get an equal amount of businesses in each type.

3. Have them write their business names on butcher paper with each type of business in a different color marker. Give them about six minutes.

4. Ask them to post their results on the wall. 5. Ask your students to help you check the results for each team. Make

any corrections.

Activity 1.1.2 – Types of Businesses Copyright © Texas Education Agency, 2011. All rights reserved. ACCOUNTING I

6. Close with calling on some students to tell you something about each of the types of businesses.

Assessment: Discussion

Verbal Assessment

Activity 1.1.3 – Language of Accounting Copyright © Texas Education Agency, 2011. All rights reserved.

ACCOUNTING I

Activity 1.1.3 – Language of Accounting Course Title – Accounting I


Specific Objective – Upon completion of this lesson, the student will

understand the history and purpose of accounting and how it works with our free enterprise system.

Performance Objectives: Learn basic terminology used in accounting

Preparation

OLD TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 120.42.C: 1.b.. apply basic accounting concepts and terminology 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled;

2010 TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. 130.166.C: 1.a. describe the purpose of accounting and financial reporting.

TAKS Correlations: WRITING: Objective 5: The student will produce a piece of writing that demonstrates a command of the conventions of spelling, capitalization, punctuation, grammar, usage, and sentence structure.

Objective 6: The student will demonstrate the ability to revise and proofread to improve the clarity and effectiveness of a piece of writing.

Materials and Equipment: Textbook

Internet

Hole punch

Index cards

3” rings

Activity 1.1.3 – Language of Accounting Copyright © Texas Education Agency, 2011. All rights reserved.

ACCOUNTING I

Teaching Strategies: Observation

Quiz

Activity Outline:

1. For each term listed, ask students to create an index card with the term on the front and the definition on the back.

2. Use hole punches and a ring to put the cards together so students can add more terms to the ring in each chapter.

3. Have students use the index cards as flash cards and study the terms with a partner.

4. Give a quiz to assess their understanding.

accounting records accounting system business entity ethics

capital merchandising business

corporation fiscal period

for-profit business not-for-profit business business entity sole proprietorship

going concern loss manufacturing business

partnership profit service business

Assessment:

Observation

Terms on a ring

Quiz

Quality Feature Score

Terms written legibly

Terms correct

Student participated in study time with partner

Terms placed on the ring and organized

lesson plan 1.1 why accounting -...

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