Lesson Plan 6.2 – End-of-Fiscal Period Activities
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Lesson Purpose – Demonstrate skill in completing the end-of-fiscal period
activities for a merchandising business.
Behavioral Objectives



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
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

Create a computer-generated Trial Balance after posting for the fiscal
period.
Find and correct any errors in a Trial Balance.
Create schedules of subsidiary ledgers.
Find and correct any errors in subsidiary ledgers.
Analyze and journalize adjusting entries for a merchandising business.
Create computer-generated financial statements for a merchandising
business.
Analyze closing entries for a fiscal period.
Close the accounting records for a fiscal period in preparation for a
new fiscal period.
Create a Post-Closing Trial Balance for a fiscal period.
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
2.d. prepare schedules for subsidiary
ledgers;
2.e. generate Trial Balances and endof-period adjustments;
2.f. prepare financial statements;
7.a. follow oral and written
instructions;
7.b. develop time management skills
by setting priorities for completing
work as scheduled
7.c. make decisions using appropriate
accounting concepts;
7.e. perform accounting procedures
using manual and automated
methods;
7.g. demonstrate use of the numeric
keypad by touch
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.
6.c. – post to an accounts payable
subsidiary ledger;
3.h. – prepare a trial balance;
3.i. – journalize and post adjusting
and closing entries;
Lesson Plan 6.2 – End of Fiscal Period Activities
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
TAKS Correlation:
READING
Objective 1: The student will demonstrate a basic understanding of culturally
diverse written texts.
MATH
Objective 10: The student will demonstrate an understanding of the
mathematical processes and tools used in problem solving.
Materials, Equipment and Resources:



Textbook
Accounting software
Journal input forms
Teaching Strategies:


Observation
Facilitation
Lesson Content:
Review the steps of the accounting cycle. Students complete all end-of-fiscal
period for a merchandising business independently.
Assessment:


Observation
Graded Assignments
Additional Resources:
Textbooks:
Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting RealWorld 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. SouthWestern 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. SouthWestern Educational and Professional Publishing, 2003.
ISBN/ISSN: 0-538-43529-1.
Lesson Plan 6.2 – End of Fiscal Period Activities
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Lesson 6.2 Activity –Creating a Trial Balance – 6.2.1
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Create a computer-generated Trial Balance for a
merchandising business after posting for the fiscal period.
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.
130.166.C.
3.h. – prepare a trial balance;
3.i. – journalize and post adjusting and
closing entries;
120.42.C
2.e. generate Trial Balances and end-ofperiod adjustments;
TAKS Correlation:
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:


Observation
Facilitation
Activity Outline:
Have your students print a Trial Balance report at the end of the fiscal period for The
Kewl Shoppe. Ask students to find any errors on the Trial Balance and correct them.
Check the Trial Balance before the student proceeds to the next step of the accounting
cycle.
Activity 6.2.1 – Creating a Trial Balance
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Assessment:


Observation
Graded Assignment
Quality Feature
Printed report of Trial Balance for The Kewl Shoppe
Corrects any errors in Trial Balance
Completes in a timely manner
Activity 6.2.1 – Creating a Trial Balance
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity – 6.2.2 - Creating Schedules of Subsidiary Ledgers
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Create a computer-generated Trial Balance for a
merchandising business after posting for the fiscal period.
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.
130.166.C.
6.c. – post to an accounts payable
subsidiary ledger;
120.42.C
2.d. prepare schedules for subsidiary
ledgers.
TAKS Correlation:
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:


Observation
Facilitation
Activity Outline:
Have students print a computer-generated report of the subsidiary ledgers. Ask them
to be sure they equal the controlling account.
Check the subsidiary ledger before students proceed to the next step of the accounting
cycle.
Activity 6.2.2 – Creating Schedules of Subsidiary LedgersCopyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Assessment:


Observation
Graded Assignment
Quality Feature
Printed report of Trial Balance for The Kewl Shoppe
Corrects any errors in Trial Balance
Completes in a timely manner
Score
Activity 6.2.2 – Creating Schedules of Subsidiary LedgersCopyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 6.2.3 – Analyze and Journalize Adjusting Entries
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Demonstrate skill in analyzing and journalizing adjusting entries
for a merchandising business.
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
2.e. generate Trial Balances and end-ofperiod adjustments;
7.a. follow oral and written instructions;
7.b. develop time management skills by
setting priorities for completing work as
scheduled
7.c. make decisions using appropriate
accounting concepts;
7.e. perform accounting procedures
using manual and automated methods;
7.g. demonstrate use of the numeric
keypad by touch
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.
3.h. – prepare a trial balance;
3.i. – journalize and post adjusting and
closing entries;
TAKS Correlation:
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:


Observation
Facilitation
Activity 6.2.3 – Analyze and Journalize Adjusting Entries Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Have your students analyze and journalize the adjusting entries using a General
Journal Input Form spreadsheet.
Merchandise Inventory: Beginning Inventory is 0 because this is a new business. The
count at the end of the fiscal period shows $2,013 in inventory.
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Office Supplies: End of fiscal period inventory $220
Store Supplies: End of fiscal period inventory $352
Value of Prepaid Insurance: 6 month policy at $600; the value is now $500
Ask students to enter the journal entries using their accounting software and print a
report.
.
Assessment:


Observation
Graded Assignment
Quality Feature
Adjusting entries analyzed correctly
General journal input form accurate
Report printed in correct format with correct total
Completes in a timely manner
Score
Activity 6.2.3 – Analyze and Journalize Adjusting Entries Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 6.2.4 –Reporting and Analyzing Financial
Statements
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Demonstrate skill in creating financial statements and analyzing
the results of those statements.
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.
2.f. prepare financial statements;
7.a. follow oral and written instructions;
7.b. develop time management skills by
setting priorities for completing work as
scheduled
7.c. make decisions using appropriate
accounting concepts;
7.e. perform accounting procedures
using manual and automated methods;
7.g. demonstrate use of the numeric
keypad by touch
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.
N/A
TAKS Correlation:
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.
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:

Observation
Activity 6.2.4 – Reporting and Analyzing
Financial Statements
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1

Facilitation
Activity Outline:
Have your students print financial statements using their accounting software.
Ask students to write an analysis of the financial statements answering the following
questions and using at least one chart visual in a spreadsheet or with their accounting
software:
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


What percent of sales is gross profit? In your opinion, is this a good
percent? How could it be better?
What percent of sales is the total expenses component? In your opinion is
this a good percent? How could it be better?
What was the highest expense amount? Is this a normal amount? Was
there an expense account that had a high balance for the fiscal period that
should not have had a high balance? What was it? How can you decrease
it next fiscal period?
How much did each partner receive in net income or net loss?
What is the ending capital for each owner? Is that more or less than their
initial investment of $20,000?
Is the business in good condition?
List three things you think the owners need to do to improve the condition of
their business.
List three ideas you have to improve sales.
Assessment:


Observation
Graded Assignment
Quality Feature
Financial Statement printouts accurate
Written analysis of financial statement demonstrates
understanding of the accounting concepts
Analysis thorough and well written
Visual appropriate and helps explain the financial progress or
condition of the business
No errors in the written analysis
Completes in a timely manner
Activity 6.2.4 – Reporting and Analyzing
Financial Statements
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 6.2.5 – Analyzing Closing Entries
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Demonstrate skill in analyzing closing entries.
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
7.a. follow oral and written instructions;
7.b. develop time management skills by
setting priorities for completing work as
scheduled
7.c. make decisions using appropriate
accounting concepts;
7.e. perform accounting procedures
using manual and automated methods;
7.g. demonstrate use of the numeric
keypad by touch
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.
3.i. – journalize and post adjusting and
closing entries;
TAKS Correlation:
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:


Observation
Facilitation
Activity Outline:
Have your students use a General Journal Input Form spreadsheet to analyze the
closing entries to demonstrate an understanding of the process.
Ask your students to perform period-end-closing for The Kewl Shoppe using their
accounting software.
Activity 6.2.5 – Analyzing Closing Entries
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Assessment:


Observation
Graded Assignment
Quality Feature
Analyzes closing entries accurately
Correct amounts in closing entries
Performs closing entries appropriately using the accounting
software
Completes in a timely manner
Activity 6.2.5 – Analyzing Closing Entries
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 6.2.6 – Create a Post-Closing Trial Balance
Course Title – Accounting I
Session Title – End-of-Fiscal Period Activities
Activity Purpose – Demonstrate skill in completing the accounting cycle for the
fiscal period by creating a post-closing Trial Balance.
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
2.e. generate Trial Balances and end-ofperiod adjustments;
7.a. follow oral and written instructions;
7.b. develop time management skills by
setting priorities for completing work as
scheduled
7.c. make decisions using appropriate
accounting concepts;
7.e. perform accounting procedures
using manual and automated methods;
7.g. demonstrate use of the numeric
keypad by touch
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.
3.h. – prepare a trial balance;
3.i. – journalize and post adjusting and
closing entries
6.c. – post to an accounts payable
subsidiary ledger
TAKS Correlation:
READING
Objective 1: The student will demonstrate a basic understanding of culturally diverse
written texts.
MATH
OBJECTIVE 10: The student will demonstrate an understanding of the mathematically
processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Accounting software
Teaching Strategies:


Observation
Facilitation
Activity 6.2.6 – Create a Post-Closing Trial Balance
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Have your students print a Post-Closing Trial Balance.
Ask them to answer these questions:





Is the Post-Closing Trial Balance in balance?
List the accounts in the debit column.
List the accounts in the credit column.
What accounts are missing from the Post-Closing Trial Balance? Why?
What financial statement does the Post-Closing Trial Balance look like
because it has the same amounts and accounts on it?
Assessment:


Observation
Graded Assignment
Quality Feature
Printout of Trial Balance accurate
Answers questions appropriately
Completes in a timely manner
Activity 6.2.6 – Create a Post-Closing Trial Balance
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1