LESSON PLAN #1
Subject: Accounting 20
Materials/Aids Required:
Business Type handout, mini-quiz and activity handout for each student
Unit
Module 8A - Comparisons of Partnerships and Corporations
Learning
To identify and list the various forms of business ownership.
Objectives To identify and outline certain characteristics of partnerships and
corporations.
Content
Students will complete a mini-quiz that will assess what they already
know about partnerships and corporations. This will give them an
introduction to the types of things about the forms of business that
they will be learning about in subsequent lessons, as well as allow
them to be in the proper mind set for the following activity. Students
will participate in an activity which will demonstrate some differences
between the two forms of businesses.
CELs
Independent Learning
Critical and Creative Thinking
Communication
Personal and Social Values and Skills
Time
50 Minutes
Objectives:
1
ASWBAT demonstrate their current knowledge regarding business types
given a pre-assessment mini-quiz.
2
ASWBAT identify some differences between partnerships and corporations
and reflect on advantages and disadvantages of each after completing an
activity.
Pre Requisite Learning:
Module 1: Accounting Cycle: Service Firm - 1.5 To distinguish and explain the
advantages and disadvantages of each form of business ownership.
Module 2: Accounting Cycle: Merchandising Firm
Presentation:
Set:
 Give students the characteristics handout. Ask students to individually
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
read over the two lists of characteristics and see if they can identify the
type of business that the words describe. Give them a few minutes to do
this, and then ask for volunteers to share with the class what the answers
are. Tell the students that if they don’t know what some of the
characteristics in the lists are, we will be learning these in subsequent
lessons.
Development:
 Students will be given 15 minutes to complete a mini-quiz or preassessment. This is to review a few of the concepts regarding
partnerships and corporations covered in Modules 1 and 2 and also give
an idea of the concepts that will be taught in subsequent lessons in this
unit.
 Hand out the activity and go over the directions with the class.
o Give the students 10 minutes to complete part 1 of the activity (predetermined groups)
o Give the students 15 minutes to complete part 2 of the activity (split
class into 2 groups)
o Take the rest of the class time to discuss part 3 (reflection) of the
activity as a group. Write class answers on the board.
o Ask students to fill in the reflection questions based on their feelings of
the activities as the discussion occurs. Ask students to hand in their
activity sheet at the end of class.
Closure:
 Tell students that next class we will be reviewing and expanding on the
characteristics of and the differences between partnerships and
corporations. Tell them that what they have learnt in previous modules
and through today’s activity is a beginning knowledge to these types of
business, but we will define all the technical terms that are associated with
each type.
Evaluation:
Obj. #1
Students will complete the pre-assessment mini-quiz. This quiz will
not be for marks. It is a refresher of what they learned in previous
modules and an indicator of what types of concepts they will be
learning in this unit.
Obj. #2
Students will participate in the partner and group activity and then
be able to participate in the class discussion of their ideas and
feelings around the characteristics and differences between working
with a partner and in a group and how that can relate to how
businesses are run.
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
Adaptations
o Strategically group students for activity
o Give some students longer for pre-assessment, or allow
them to hand it in next class
Target for Professional Growth:
Giving Clear and Effective Instructions
Data Collection:
Were my instructions given to students clear when I wanted them to perform a
task during class?
1
2
3
4
5
Were students able to follow my directions effectively, with minimal confusion?
1
2
3
4
5
Additional Comments regarding giving instructions?
Assessment: I would like to achieve at least a 4 on both questions
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
Accounting 20
What type of business?
Partnership or Corporation
After reading the lists of characteristics in each column, write the name of the
type of business you think the list describes on the top line.
Unlimited Liability
One owner allowed
Lack of mutual agency
Continuous Life
Ownership rights easily transferable
Business is taxed
Limited Liability
One owner not allowed
Mutual agency
Lack of continuous life
Ownership rights not easily
transferable
Owners are taxed
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
Accounting 20 – Mini Quiz
Name: __________________
Date:__________________
Match the following terms with the correct descriptions
(Answer matching questions below in the space given)
__Limited Liability
a. the rights of all partners in a partnership to
act as agents for the normal business
operations of the partnership, and their
responsibility for their
partner’s business related actions
__Unlimited Liability
b. type of investment in which a partner cannot
loose more than the amount invested
__Mutual Agency
c. a type of investment in which a partner or
investor can loose an unlimited amount of
money
__Partnership Act
d. a partnership in which some of the partners
have a limited liability to the firms creditors
__Limited Partnership
e. a share of profits received by a stockholder
__Dividends
f. documentation that outlines the legal
obligations of a partnership
True or False
(Answer below on the space given)
_______
Articles of incorporation is the document that sets out the basic
structure of the corporation
_______
Members of an organization that is not incorporated can be
individually responsible for any debts of the organization
_______
A shareholder is a term that is normally associated with a
partnership
_______
Board of directors is a group of individuals elected by the
corporation shareholders
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
_______
A partnership pays income taxes
Multiple Choice
(Circle the best answer)
a. In terms of partnerships, which of the following is NOT a disadvantage?
a. unlimited liability
b. shared profits
c. limited liability
d. conflict between partners
b. Which of the following is a term associated with corporations?
a. unlimited liability
b. limited liability
c. mutual agency
d. partnership act
c. Which of the following is a benefit of incorporation?
a. unlimited life
b. unlimited liability
c. lower taxes
d. easier to receive financial capital
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
Accounting 20 Activity
Business Ownership – Creating Commercials
Name __________________________
Date ___________________________
Objective: Students will understand the difference between the different types
of businesses by creating something for a business in three different ways:
1) With a partner (Partnership)
2) With a large group (Corporation)
Directions:
Part 1: Partner Work - You have decided to go into business with a friend of
yours to sell cookies. You and your partner have decided to advertise using a
commercial on the local popular music radio station. They have requested that
you send them a 30 second radio spot that they can read over the air.
With a partner create a 30 second Radio Commercial
Part 2: Group Work - You are the marketing director for a corporation that sells
computers. The Board of Directors has put you in charge of gathering a team to
create a radio advertisement for the local radio markets.
Get together a team of students to discuss ideas and create a 30 second radio
commercial.
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert
Part 3 – Reflection
What worked well when working with a partner to create the radio commercial?
What did not work well?
What worked well when working in a group to create the radio commercial? What
did not work well?
Which method of creating a commercial did you prefer and why?
How does each way of creating the radio commercial relate to the two different
ways of business ownership?
Adapted from Teaching Strategies and Methods for Student Centered Instruction, Lang, McBeath, Hebert