Accounting I
Lesson Plans

Strand 5

Students will prepare, analyze and interpret financial statements.
• Accounting - Work Sheet For A Service Business
Introduction of a work sheet for a proprietorship set up as a service business. Introduction of what a fiscal period is, what a work sheet is, how to prepare the work sheet with a heading, the beginning of the fiscal period, trial balance amounts, planning and recording adjustments to supplies and prepaid insurance and proving the equality of debit and credit columns of a work sheet. Introduction of how to extend the balances on a work sheet, calculate and record the net income or net loss on a work sheet, as well, as total and rule a work sheet. Give ideas on how to locate and fix errors on a work sheet.
• Accounting - Work Sheet for a Merchandising Business
Introduction of a worksheet for a partnership set up as a merchandising business. Introduction of what a fiscal period is, what a worksheet is, how to prepare the worksheet with a heading, the beginning of the fiscal periods trial balance amounts, plan/record adjustments to supplies, prepaid insurance, merchandise inventory & prove the equality of debit and credit columns of a worksheet. Introduction of how to extend the balance sheet account balances and income statement account balances on a worksheet, calculate and record the net income or net loss on a worksheet, as well, as total and rule a worksheet. Give ideas on how to locate and fix errors on a worksheet.
• 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.
• 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.
• Accounting 1 - Simulation
Mt. Nebo Pumpkins, is a complete accounting simulation using source documents.
• Accounting 1 - Unit Lesson Plan
Students will play a game of Monolopoly and then prepare, analyze and interpret financial Statements.
• Accounting 1-Accounting Board Game & Career Unit
Students will play a board game and prepare financial statements. Students will connect this to possible accounting careers.
• Accounting 1-Annual Report Website
An extended activity used after playing the Accounting Monopoly game. Students will plan and create a Web version of their company of their annual reports that were prepared after playing the Monopoly game.
• Accounting 1-Annual Report Website
An extended activity used after playing the Accounting Monopoly game. Students will plan and create a Web version of their company of their annual reports that were prepared after playing the Monopoly game.

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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