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:
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.
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
130.166.C:
1.a. describe the purpose of
accounting;
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
Lesson Plan 1.1 – Why Accounting?
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
·
·
Phone book
Quiz
Equipment Needed:
·
·
·
·
Computer with Internet access
Copier
Color printer, if available
4. SmartBoard or Infocus
Lesson Plan 1.1 – Why Accounting?
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
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:
Team 2:
Team 3:
Team 4:
http://www.acaus.com
http://acct.tamu.edu/giroux/history.html
http://alumni.iatp.aznet.org/alumni/doc/pub285_1.doc
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:
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·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
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
Lesson Plan 1.1 – Why Accounting?
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
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 Plan 1.1 – Why Accounting?
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
Lesson Plan 1.1 – Why Accounting?
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.
B.
C.
C.
accounting
accounting records
a nightmare
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
Lesson 1.1 - Quiz on Terms
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:
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.
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
130.166.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.
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.
2.
Write “free enterprise” on the board.
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
3.
http://www.bartleby.com/65/ca/capitali.html or another web site for
reference if they aren’t sure what it means.
Lead a short discussion about free enterprise explaining its connection
to accounting.
Assessment:


Discussion
Observation
Activity 1.1.1 - Free Enterprise
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
Activity 1.1.2 – Types of Businesses
Course Title – Accounting I
Session Title – Why Accounting?
Lesson Objective – Identify differences between service, manufacturing, and
merchandising businesses.
Preparation
OLD TEKS Correlations:
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.b. apply basic accounting concepts
and terminology
2.a. contrast the characteristics of a
service and a merchandising
business.
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.
2.
3.
4.
5.
Discuss the difference between service businesses, manufacturing,
and merchandising businesses.
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.
Have them write their business names on butcher paper with each
type of business in a different color marker. Give them about six
minutes.
Ask them to post their results on the wall.
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 1.1.2 – Types of Businesses
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I
Activity 1.1.3 – Language of Accounting
Course Title – Accounting I
Session Title – Why 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:

Learn basic terminology used in accounting
Preparation
OLD TEKS Correlations:
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.
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;
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
capital
for-profit business
going concern
partnership
accounting system
merchandising
business
not-for-profit business
loss
profit
business entity
ethics
corporation
fiscal period
business entity
manufacturing business
service business
sole proprietorship
Assessment:



Observation
Terms on a ring
Quiz
Quality Feature
Terms written legibly
Terms correct
Student participated in study time with partner
Terms placed on the ring and organized
Activity 1.1.3 – Language of Accounting
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING I