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| Renee Stava - Ch.7
5-Day Lesson Plan Accounting I Chapter 7 Worksheets Objectives: Upon completion of this chapter, students will be able to… 1. Define all accounting terms related to worksheets. 2. Identify the three parts of the header. 3. Prepare the trial balance to prove that debits equal credits. 4. Determine how and when to make adjustments. 5. Separate general ledger balances to prepare the balance sheet and financial statement. 6. Calculate net income or net loss. 7. Determine how to correct errors. Week Schedule: Day 1 -introduce the worksheet -identify three parts to header -make adjustments -prepare financial statements -determine net income or net loss -assign homework Day 2 -correct homework assignments -review concepts learned day 1 -learn how to correct errors -work on problems in class -assign homework Day 3 -correct homework assignments -review concepts learned day 1 & 2 -practice problems in-class -begin working on study guide -assign homework Day 4 -correct study guide -answer any questions students have -play accounting trivia -tell students to study for test
Day 5 -quick review -hand out test -assign reading for next chapter Day 1 Lesson Plan Objectives: After today’s lesson, students will be able to…
1. Define accounting terms related to a worksheet. 2. Identify the three parts of a header on a worksheet. 3. Understand how to figure out a trial balance. 4. Determine how to make necessary adjustments. Course Materials: Seating Chart, Attendance Sheet, Century 21 Accounting Book, Pen, Ruler, Grade Book, Transparencies (1-3, 4a, 4b, 5a, 5b, 6), Overhead Projector, Wet Cloth, M&M’s, Hand Outs, Working Papers Key, Transparency Pens, Calculator Lesson: I. Introduction (3 min) A. Greet class B. Get their attention C. Take attendance and record absences in grade book *have seating chart and attendance sheet ready D. Have students open their books to chapter 7 page 154, and take out notebooks II. Begin chapter 7 (3 min) A. Worksheet 1. Ask class if anyone can give a definition of a worksheet 2. Go over definition of a worksheet a. Reveal definition on transparency 1 b. Give quilt example to help the class remember what a worksheet is -Each piece of cloth in a quilt can be thought of as a general ledger. When all the pieces (general ledgers) are put together a quilt is formed. The worksheet can be thought of as the quilt. B. 4 Main purposes of a worksheet -reveal transparency 1 while going over the 4 purposes 1. To summarize the general ledger accounts to prove that debits equal credits 2. To plan needed changes to the general ledger accounts to bring account balances up-to-date 3. To separate general ledger account balances according to the financial statements to be prepared 4. To calculate the amount of net income or net loss for a fiscal period III. Trial Balance (7 min) A. Review the 1st main purpose on transparency 1 B. Header 1. Go over the three main parts a. Name of the company b. Name of the report c. Date of the report *show transparency 2 while going through the parts and make up a company name (using one of the student’s names) and date to write on the header 2. Tell about who, what, and when to help them remember the parts 3. Distribute hand out 1, identical to transparency 2, to the rest of the class 4. Tell students that they will need to bring the sheet back to class tomorrow *(Although the transparency is completely filled in right now with balance sheet numbers, net income, etc., that information will not already be filled out on the student’s hand out. They will have to fill in that info while we go through it in class.) C. Fiscal Period 1. Length of time for which a business summarizes and reports financial information (also called accounting period) 2. Can be prepared for any time period (usually varies between 1 month and 1 year) 3. New businesses usually have a shorter fiscal period a. Explain why this is D. Preparing the trial balance 1. Go through the 6 steps -Alternate between transparencies 2 & 3 -After explaining a step, point it out on the transparency a. Step 1- Write the general ledger account titles in the work sheet’s Account Title column b. Step 2- Write the general ledger debit account balances in the Trial Balance Debit column. Write the general ledger credit account balances in the Trial Balance Credit column. If an account does not have a balance, the space in the Trial Balance column is left blank. c. Step 3- Rule a single line across the two Trial Balance columns below the last line on which an account title is written. This single line show that each column is to be added. d. Step 4- Add both the Trial Balance Debit and Credit columns. e. Step 5- Write each column’s total below the single line. f. Step 6- Rule double lines across both Trial Balance columns. The double line means that the Trial Balance column totals have been verified as correct. IV. Adjustments (10 min) A. Refer back to transparency 1, purpose 2 B. Describe what an adjustment is C. Why would they need to be made D. Why aren’t the expenses recorded as they occur 1. M&M example a. The owner of a candy store sells M&M’s. His supply of M&M’s is 500 trillion. Every few minutes the owner snacks on a couple of M&M’s. If the account would record every M&M that was eaten, he would not have any time to do anything else. (Eat M&M’s while giving example) E. Explain matching expenses with revenues concept as it relates to adjustments F. Adjustment Amounts 1. Trial balance amount minus amount on hand 2. Hand out work sheet #2 3. Give students time to complete part A 4. Call on students for answers and show correct answers on transparency 4 5. Go over sample adjustments for supplies and prepaid insurance a. Show transparency 5a, 5b b. Determine adjustment amount c. Analyze transaction with T account d. Record amounts to transparency 2 e. Have students record amounts to their handout f. Label adjustments (a), (b), etc. V. Financial Statements (5 min) A. Refer back to purpose 3 on transparency 1 B. Identify two financial statements 1. Balance sheet a. Assets, liabilities, and owner’s equity 2. Income statement a. Revenues and expenses C. Show how to extend balances into the appropriate columns 1. Make necessary changes for adjustments 2. Demonstrate on transparency 2 VI. Net income or net loss (5 min) A. Show how to determine net income or net loss B. Have students complete part B of the handout 2 C. Go over answers with transparency 4 b D. Demonstrate figuring out net income or loss on transparency 2 VII. Sample problem (5 min) A. Go over problem 7-1 from book B. Use transparency 6 C. Call on students for answers VIII.Seat work (7 min) A. Have students begin to work on 7-2 B. Go around and check on progress C. Answer any student questions IV. Assign homework (5 min) A. Finish 7-2 and 7-3 for tomorrow Evaluation: Did I cover all the material I had planed? What did the students have most questions about? Are there any concepts that should be explained differently next time? What explanations worked best? Day 2 Lesson Plan Objectives: After today’s lesson, students will be able to… 1. Locate errors on a work sheet. 2. Correct errors on a work sheet. Course Materials: Seating Chart, Attendance Sheet, Century 21 Accounting Book Answer Key, Pen, Ruler, Grade Book, Transparencies (4c, 6,7), Overhead Projector, Wet Cloth, Red Pen, Transparency Pens, Hand Outs, Flash Cards, Working Papers, Calculator Lesson: I. Introduction (5 min) A. Greet class B. Get their attention C. Take attendance and record absences in grade book D. Have students take out homework assignment (7-2 & 7-3) E. Trade papers- pass two seats to the right F. Get out red pen 1. Sign your name at the bottom of the paper you are correcting II. Homework (5 min) A. Call on students for answers B. Show correct answers on transparency 6 C. Have students write number correct on the top of the paper they corrected D. Hand back corrected papers to their owner E. Ask for any questions III. Review (5 min) A. Go over any concepts that students are having difficulty with IV. Flash Cards (5 min) A. Show flash cards to students B. Have them say the answers out loud C. Repeat any cards that the students missed the first time V. Errors (15 min) A. Why errors may occur 1. Information transferred incorrectly from general ledger accounts to work sheet trial balances. 2. Recording adjustments information incorrectly 3. Adding columns incorrectly 4. Extending amounts incorrectly to the income statement and balance sheet B. Typical errors - have examples for each error on transparency 7 1. The difference is 1 a. If debit and credit column totals differ by 1 (.01, .10, 1.00, 10.00), the error is most likely in addition. 2. Difference can be divided evenly by 2 a. Look for the difference amount in the trial balance columns b. Most likely put in the wrong column 3. Difference can be divided by 9 a. Look for transposed numbers b. Check for slide- numbers moved to the right or left in the column 4. Difference is an omitted amount a. Find the difference between the debits and credits b. Look for that same amount somewhere on the work sheet C. Sample problem 1. Have students take out work sheet from yesterday -I will have extra copies for anyone who may have forgotten 2. Complete part C on work sheet 3. Go over answers on transparency 4c VI. Seat Work (10 min) 1. Work on 7-4 2. Go around and answer questions VII. Assignment (5 min) 1. Finish 7-4, if not completed 2. Assign 7-5 #1 3. Announce that the test will be in three days Evaluation: Was an adequate amount of homework assigned from the day before? What questions did the students have from the homework? What concepts needed to be reviewed today? Was there anything that should have been done differently? Day 3 Lesson Plan Objectives: After today’s lesson, students should… 1. Understand all the elements of a work sheet. 2. Begin to work on the study guide for the chapter. Course Materials: Seating Chart, Attendance List, Pen, Grade Book, Century 21 Accounting Book Answer Key, Transparencies (8a-e, 9, 10), Overhead Projector, Transparency Pens, Wet Cloth, Hand Outs, Red Pen, Working Papers, Study Guide, Graded Homework from Day 1, Word Scramble, Flash Cards, Calculator Lesson: I. Introduction (3 min) A. Greet the class B. Get their attention C. Take attendance and record absences in grade book D. Have students take out their homework (7-4 & 7-5) and red pen 1. Trade papers with person 2 seats to your left 2. Write your name at the bottom of the paper you are correcting II. Homework (5 min) A. Call on students for the answers B. Show correct answers on the transparency 8a-e, 9 C. Have students write the number correct on the top of the paper D. Hand corrected paper back to owner E. Go over any problems F. Collect homework G. Return homework from day 1 (7-2 & 7-3) III. Word Scramble (10 min) A. Have students pass out word scramble to the class B. Give seat time for students to complete word scramble C. Go over answers to word scramble D. Ask if there are any questions about the items in the scramble E. Review any other question from yesterday’s material IV. Flash Cards (5 min) A. Show flash cards B. Review any students miss first time through V. Sample Problems (15 min) A. Have students work on problems 1-3 from part 3 on the study guide 1. Call on students for answers 2. Post correct answers on a transparency 10 B. Assign problems 14-16 from part 4 on the study guide 1. Call on students for answers 2. Post correct answers on a transparency 10 VI. Seat Work (10 min) A. Have students continue to work on part 3 & 4 of the study guide B. Walk around the room and answer questions VII. Assignment (2 min) A. Complete the rest of the study guide for tomorrow Evaluation Was the amount of homework assigned adequate? What section did students have the most questions about? What material should more time be spent on?
Day 4 Lesson Plan Objectives:
After today’s class, students will… 1. Have a complete and correct study guide. 2. Have reviewed the main concepts of the chapter. 3. Be prepared to take tomorrow’s exam. Course Materials: Seating Chart, Attendance Sheet, Grade Book, Black Pen, Red Pen, Old Homework Assignments (7-4 & 7-5), Trivia Questions, Chalk, Chalkboard, Paper, Flash Cards, Calculator, Chapter 7 Folder Lesson: I. Introduction (3 min) A. Greet Class B. Get their attention C. Take attendance D. Have them take out study guides and red pens E. Exchange paper with person in front of you F. Write your name at the bottom of their paper II. Homework (10 min) A. Read answers to homework B. Write score on top on page C. Pass back study guide to original owner D. Go over any questions E. Pass back old homework (7-4 & 7-5) F. Any problems in grading can be discussed with me after class III. Flashcards (5 min) A. Go over flash cards for entire chapter B. Review any cards students miss the first time through C. Ask if there are any questions IV. Accounting Trivia (27 min) A. Divide the class into two teams and have each team pick one person as a speaker B. Each team will take turns answering a question from the teacher C. If the 1st team I ask the question to gets the answer right, the team receives 2 points D. If the 1st team answers the question wrong, the second team gets a change to answer the same question E. If they answer it right, they receive 1 pt F. Even if team 2 answers the 1st team’s question correctly, the next question will still start with team 2, because each team takes turn being asked a question first G. Let students know that the winning team will receive 2 extra points on their test H. After all students understand the rules, begin the game I. The teacher will keep score on the chalk board J. The team with the most points in the end wins the game K. Right down the names of all the members on the winning team
V. Assignment (5 min) A. Study for the test 1. Look over notes and homework assignments 2. Reread any chapters if necessary B. Extra credit assignment 1. Students can receive 2 extra credit points by correctly completing problem 7-6 in the book 2. The problem is due tomorrow at the beginning of class Evaluation: What section of the study guide did the students have the most difficulty with? How effective was the trivia game in reviewing for the exam? What questions did the students not know?
Day 5 Lesson Plan Objectives: At the end of this class period, students should…
1. Have mastered the skills learned in chapter 7. 2. Display their knowledge of work sheets on the test. Materials: Seating Chart, Attendance Sheet, Grade Book, Pen, Corrected Study Guides, Blank Transparency Sheets, Overhead Projector, Century 21 Accounting Book Key, Tests, Overhead Pens, Calculator, Extra Pencils, Chapter 7 Folder Lesson: I. Introduction (3 min) A. Get the classes attention B. Take attendance II. Study Guides (5 min) A. Pass back corrected study guides B. Answer any last minute questions C. Collect extra credit problem III.Test (42 min) A. Tell students to put all materials under their desks, except for a pencil, calculator, and ruler B. Have students put test on my desk when done and quietly return back to their seats C. Work on homework assignment until the end of the class period 1. Read chapter 8 for next class period D. Pass out exams E. Go over directions F. Watch students while taking exam and answer questions G. Make sure all assignments are collected at the end of the class period Evaluation: Did the students have enough time to finish the exam? Did students seem to have a lot of questions on one section or question on the exam? Any overall comments about the week?
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