Accounting Vocabular Squares - crislipmd-cirg644

UBD Lesson Plan Template
Lesson Title:
Introduction to Accounting
Prior knowledge needed for lesson:
Educator should understand the concepts of accounting. He or she should be
able to understand/comprehend critical accounting terms, their use in
accounting, and their definitions in order to properly teach an introduction
class on accounting and accounting vocabulary.
CSOs and ELTS/21st Century Skills to be addressed in this lesson:
(include all applicable)
1401.1.1 Define the purpose of accounting and the role it plays in our
1401.1.2 Use appropriate accounting terminology.
(Key concepts that support students in coming to understand the lesson enduring
1. Students should be able to correctly define each accounting term
presented to them through this lesson.
2. Students should be able to apply the same accounting terms to real-life
scenarios through examples, demonstrations, and visual representation.
Essential Questions for Lesson
1. What is accounting?
2. What are the main elements of accounting?
3. How are these main elements of accounting applied to real life (through
4. How do these accounting terms/principles affect your life?
Lesson Knowledge and Skills
(Identify vocabulary and skills addressed in this lesson that support
understanding of the concept)
The students/participants will know…
The following definitions:
Account -- a record of financial transactions; usually refers to a specific
category or type, such as travel expense account or purchase account.
Accountant -- a person who trained to prepare and maintain financial records.
Accounting -- a system for keeping score in business, using dollars.
Accounting period -- the period of time over which profits are calculated.
Normal accounting periods are months, quarters, and years (fiscal or
Accounts payable -- amounts owed by the company for the goods or services
it has purchased from outside suppliers.
Accounts receivable -- amounts owed to the company by its customers.
Assets -- things of value owned by a business. An asset may be a physical
property such as a building, or an object such as a stock certificate, or it may
be a right, such as the right to use a patented process.
Balance sheet -- a statement of the financial position of a company at a single
specific time (often at the close of business on the last day of the month,
quarter, or year.)
Bond -- a written record of a debt payable more than a year in the future. The
bond shows amount of the debt, due date, and interest rate.
Cash -- money available to spend now. Usually in a checking account.
Cash flow -- the amount of actual cash generated by business operations,
which usually differs from profits shown.
Chart of accounts -- a listing of all the accounts or categories into which
business transactions will be classified and recorded. Each account usually
has a number. Transactions are coded by this number for manipulation on
Credit -- an accounting entry on the right or bottom of a balance sheet.
Usually an increase in liabilities or capital, or a reduction in assets. The
opposite of credit is debit. Each credit in a balance sheet has a balancing
debit. Credit has other usages, as in "You have to pay cash, your credit is no
good." Or "we will credit your account with the refund."
Debit -- an accounting entry on the left or top of a balance sheet. Usually an
increase in assets or a reduction in liabilities. Every debit has a balancing
Dividend -- a portion of the after-tax profits paid out to the owners of a
business as a return on their investment.
Equity -- the owners' share of a business.
Fixed cost -- a cost that does not change as sales volume changes (in the
short run.) Fixed costs normally include such items as rent, depreciation,
interest, and any salaries unaffected by ups and downs in sales.
Invested capital -- the total of a company's long-term debt and equity.
Journal -- a chronological record of business transactions.
Ledger -- a record of business transactions kept by type or account. Journal
entries are usually transferred to ledgers.
Liabilities -- amounts owed by a company to others.
The students/ participants will be able to…
1. Students should be able to properly define each accounting vocabulary
term presented to them through this lesson.
2. Students should be able to apply these same terms to real-life examples
and influences of accounting.
2. ASSESSMENT/EVIDENCE of lesson desired results (formative and/or summative)
Evidence/Criteria for
Assessment tools and methods
Completion of
Vocabulary Squres
Group Discussion
Informal Observation
Group Work Activity
Class Participation
Informal Observation
Vocabulary Squares Worksheet
Lesson Introduction (hook):
To begin class, we will show this short video on the importance of
Accounting in today’s business world.
(I’m going to have to look for some better videos.. I don’t think these are the
best we can find)
Activity Procedures:
(e.g. Identify the ways you will provide students with information, the
opportunity for practice and application.)
Activity 1: For the beginning of this lesson, we will conduct a guided
discussion with the students on different accounting vocabulary words and
their relevance.
Throughout discussion, we will take each word mentioned and apply that
term, its definition, an example, and a visual representation to a vocabulary
square set aside for each term.
Educators will keep their own notes from the discussion on a Smart Board
notepad so the students will have no trouble following along with discussion.
This will also ensure better understanding of what a “Vocabulary Square” is
and how it can be applied to accounting terms.
Activity 2: Following class discussion, students will break off into groups of
2-3 and complete the list remainder of vocabulary terms given, each
completed with its own vocabulary square.
Educators will roam around the room completing informal observations,
assisting and answering questions when needed, and keeping students on task
and learning throughout the activity.
Lesson Closure/Summary:
As a wrap up to the day’s lesson, students will be asked to write and
informative 1 page paper on accounting. They are required to use at least 8 of
the accounting terms described in the day’s lesson and elaborate on their
purpose, use, and function in accounting.
Smart Board
Paper, Pencil
Vocabulary List
Vocabulary Square Handout Sheet
Video (and components –tv, computer, SmartBoard)
Glencoe Accounting Essentials Textbook
Extra support
Enrichment or early finishers
Various learning styles
Limited English proficiency
• Were my students talking about the subject, or was I doing all of the talking
and students were just listening to me?
• Were my students engaged at the beginning of the lesson?
• How much time did I spend reviewing homework, and how much time did I
spend on new material?
• Did the students respond to “How” and “Why” questions?
• Did my students have an opportunity to discuss and/or write about the topic?
• What changes would I make next time the lesson is taught?
• What steps do I need to take next in this topic?