Lesson Plan – Unit 7 - Accounting for a Corporation
Course Title – Accounting I
Behavioral Objectives
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Research characteristics of a corporation.
Analyze differences between a merchandising and manufacturing
business.
Record transactions related to discounts and returns and allowances
for both purchases and sales.
Identify terms related to a corporation and specialized transactions for
a corporation.
Open, replenish and prove petty cash funds.
Journalize correcting entries.
Calculate and record adjustments to uncollectible accounts as well as
write-off uncollectible accounts.
Record buying a long-term asset; calculate depreciation expense,
prepare long-term asset records and record the disposal of a plant
asset.
Calculate inventory using the periodic and perpetual method.
Calculate inventory using first-out inventory costing, last-out inventory
costing and weighted-average inventory costing.
Estimate inventory cost.
Calculate interest on interest-bearing notes and non-interest bearing
notes.
Record discounted notes and other types of note transactions.
Record adjustments for accrued revenue and expense.
Calculate and record dividend distribution for a corporation.
Calculate net income or loss and income tax for a corporation.
Complete all phases of the accounting cycle for a corporation.
Follow accounting procedures for the forming and dissolving a
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.b. analyze transactions relating to
purchase and sale of merchandise;
2.c. record transactions in special
journals;
4.a. calculate and record depreciation
of plant assets;
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
4.c. – journalize and post entries to
establish and replenish petty cash;
5. – The student performs accounting
functions specific for a merchandising
business. The student is expected to
explain the nature of special journals
Unit 7 – Intro Lesson/Overview
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
4.b. prepare depreciation schedules;
4.c. determine and record uncollected
accounts receivable;
4.d. record inventories;
4.e. calculate and record notes
payable and notes receivable;
4.f. open and replenish a petty cash
fund and journalize transactions;
4.g. calculate interest due and
payable and journalize transactions
involving notes payable and
receivable;
4.h. calculate interest due and
payable and journalize transactions
involving uncollecte3d accounts;
5.a. compare the various forms of
business organizations;
5.b. list advantages and
disadvantages of each form of
business organization;
5.c. identify the various accounting
functions involved with each form of
business organization;
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.
and recording transactions in special
journals.
6.e. – prepare an accounts payable
schedule;
7.h. – prepare an accounts receivable
schedule;
7.i. – determine uncollectible accounts
receivable;
10.a. – process notes payable and
receivable;
10.b. – determine the book value of a
plant asset;
10.c. – prepare depreciation
schedules
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.
Unit Overview:
Introduce students to specialized accounting procedures for a corporation,
Unit 7 – Intro Lesson/Overview
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
including
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recording purchases discounts and purchases returns and allowances
recording sales discounts and sales returns and allowances
calculating and recording depreciation on long-term assets
preparing depreciation schedules
determining and recording uncollected accounts receivable
recording inventories using various methods
calculating and recording various types of notes payable and notes
receivable
opening and replenishing a petty cash fund and journalizing related
transactions
calculating interest due and payable and journalizing transactions
related to notes payable and receivable
calculating bad debts expense and journalizing transactions related to
uncollected accounts
Unit 7 – Intro Lesson/Overview
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1