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CTE/Business and Marketing Education Curriculum
Accounting I
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Lesson Plans  
 
Strand 5
Students will prepare, analyze and interpret financial statements.
Standard 2:
Prepare a formal Income Statement.
 
  • Accounting -- Financial Statements For A Proprietorship
    Introduction of the financial statements for a proprietorship set up as a service business. Introduction of the need for financial statements at the end of each fiscal period. Introduction of the income statement, the different sections of the income statement, the accounts to be included on the income statement and how to use the totals from the income statement to figure the appropriate component percentages for the business. Review the balance sheet, the different sections of the balance sheet, the accounts to be included on the balance sheet, and making sure that debits equals credits. Introduction of the current capital in regards to owner's capital, how to use the total of the balance sheet to see if the company is keeping the accounting equation in check. Discussion on how to use the information from the income statement and the balance sheet to analyze the company's financial position.

UEN logo http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE).  Send questions or comments to USBE Specialist - Laura deShazo and see the CTE/Business and Marketing Education website. For general questions about Utah's Core Standards contact the Director - THALEA LONGHURST .  
Email:  thalea.longhurst@schools.utah.gov
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