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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 5:
Explain the purposes of each financial statement, and describe the way the statements articulate with each other.
  • Accounting -- Financial Statements for a Partnership
    Introduction of financial statements for a partnership set up as a merchandising business. Review the need of financial statements and how to effectively read/use financial statements. Review of how to prepare the different sections of the Income Statement, the accounts to be included, and how to use the totals to figure the appropriate component percentages for the business. Introduction of the need for the distribution of net income/net loss statement and how to prepare each partners share of the business. Introduction of the need for the owner’s equity statement and how to prepare it. Review of how to prepare the balance sheets different sections, and the accounts to be included on the balance sheet. Review of how to prove the equality of debits equaling credits. Discussion of the supporting schedules that accompany the balance sheet.

UEN logo - 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 .  
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