Who lives in this fabulous house??
Who drives this stunning vehicle??
“Eli Manning was awarded the MVP honors and the
keys to a 2012 Corvette Grand Sport convertible”. Does
he own this?
Who fly’s in this private jet?
Who owns this NFL stud?
The Jets will reimburse the Broncos for half
of the $5 million salary advance the
Broncos paid under Tebow’s contract…
By: Jessica Cardillo and Jamie Gilbert
April 3rd, 2012
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What is ownership?
Do these money making individuals really
own these luxuries?
Does your family own your house? Car?
If you don’t own it, who does?
How do you think these ideas connect into a
business?
Assets are resources with economic value that an individual, corporation or
country owns or controls with the expectation that it will provide future benefits.
Balance sheet item representing what a firm essentially owns. (Ex: cash, accounts
receivable, inventory)
Current liabilities are those that are due within the present
accounting year; credit cards, payments due on a long term year
loan, accounts payable, taxes payable
Non current liabilities are those that are not due in the present
accounting year. Such things like long- term borrowings, lease
obligations and bonds payable.
Equity/ Net Worth is ownership is any asset after all debts associated with that
asset are paid off. Example: A car or house with no outstanding debt is considered
the owners equity because he or she can sell it for cash.
Stocks can also be represented as equity because it shows ownership in a company.
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Describe and explain conceptual framework of
accounting principles
Define assets, liabilities and equity
Prepare financial statements
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Definition of ownership
If you have it, you “own” it. But do you really
own it??
Ownership vs. liabilities; assets can be a
liability and vice-versa. (ex. student loans)
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Money
Balance
Debits/Credits
Ownership and title
Assets= liabilities + Equity
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Why is it essential that assets MUST equal
liabilities plus equity?
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Bottom line: Why does the money going in have to
have equal money going out??
What can it mean if the accounting equation
does now balance?
What responsibilities go along with being an
accountant in a corporation?
How do you essentially own something?
http://www.youtube.com/watch?v=0zMakNEMLg
You have been hired from an outside company to assess
the books of a company that has some sketchy activity
in their accounts. Your task is to analyze the journals,
balance sheet, and different accounts to see where the
company may have gone wrong and assist them in
fixing it. Take your knowledge of general accounting
principles and knowledge of Enron and their faulty
accounting and correct the ledge for this business. You
will need to create a clean journal for the company to
operate by and explain the impact an unbalance in the
books can have on a business.
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Goal: Identify incorrect operations in a general journal and a
balance sheet and assess how to fix them.
Role: You will act as an outside source to a company to help assess
their accounting books.
Audience: Company that you are auditing (doing the books for)
Situation: The challenge is going through the books of a company
and figuring out how and where they went wrong.
Product: You will need to develop the correct journal entries with
a brief explanation as to where they went wrong.
Standards: Your journals must have completed entries for the
accounts, labeling each account as an asset, liability and equity.
The proper accounts must be used for each transaction. Your
balance must PROVE the Assets= Liabilities + Equity.
GOODLUCK!!
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You have been hired by a local business as a new
accountant to keep track of daily operations. As
the accountant, you will be expected to keep track
of the general journal, making note of the
individual transactions and how they impact
different accounts on the balance sheet. In
addition, you will have to keep rack of the balance
sheet to ensure that the assets consistently equal
the liabilities and equity of the business. You will
journal the transactions of the business for a month
and assess how the business stands financially
based on your knowledge of assets, liabilities and
equity.
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Goal: As a new accountant for this business, you will need to
record the daily transactions into the journal for a quarter and
create a balance sheet.
Role: You have been hired as a new accountant
Audience: Your employer
Situation: A new business needs a new accountant to keep track of
their finances
Product: You will need to create a general journal displaying the
transactions of the business, how each transactions impacts the
assets, liabilities and equity, and then create a balance sheet that
reflects the essential accounting equations
Standards: Your journals must have completed entries for the
accounts, labeling each account as an asset, liability and equity.
The proper accounts must be used for each transaction. Your
balance must PROVE the Assets= Liabilities + Equity
HAVE FUN!!
 Where and Why
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We are going to make a K-W-L chart with the class;
 K- What the students know about ownership
 W- What the students want to know about ownership in
regards to business and their personal finances
 L- What the students are gong to learn about ownership and
how this effects a business on a daily basis
 Zoom- In project will assist the students with the
understanding of ownership
 Hook and hold
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Zoom- In project will grab their attention
because it involves subjects of interest and is
also in their age demographic
Hold- Constant reflection as to how it impacts
their lives. Relating new material to their own
personal lives
 Explore, experience and enable
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Viewing the movie Enron will give them a realistic
view of accounting and ownership and what really
can go on in some unethical companies
By completing the GRASPS projects, students will
get a glimpse of first hand accounting and a
realization of how important that accounting
equation is.
 Reflect, rethink, revise
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Students will reflect and rethink on the meaning
of ownership after viewing the movie and
learning about the real meaning of ownership.
As a class, we will ask the students their
meaning of ownership and have a discussion on
what it means to really own something.
 Evaluate work and progress
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At the end of the lesson, each student will be asked
to write down one thing they learned about the
lesson and where they could use this in real life.
Then as a class we will discuss for the last 5 minutes
so the teacher gets a sense of what needs to be
reiterated tomorrow or if it is safe to begin a new
lesson.
 Taylor and personalize work
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Naturally we are going to have many different
learning styles in the a class.
As a teacher, we are going to have a variety of
teaching styles that we will hopefully reach all of the
students needs
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PowerPoint lectures
Videos
Zoom-IN
Grasps projects
Assessments
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
1
2
3
4
5
6
K-W-L Chart
Continue intro to
accounting terms
and important
accounts/equation
Zoom- In
presentation
Continue discussion
on ownership
Continue discussion
on ownership
Introduce
“ownership”
Start journal entries
and T- accounts
Continue journal
entries
10
11
12
13
GRASPS Project
Continue with Film
Have students keep
a log throughout
the movie
Discussion about
the film
QUIZ
“The smartest guys
in the room:
ENRON”
Continue with
balance sheet;
Practice problems in
groups
16
17
18
19
20
Introduce the
income statement
Continue with
Income Statement
Review for exam on
Friday
Review for exam on
Friday
EXAM
23
24
25
26
27
Introduce
accounting cycle
Continue with cycle;
Continue with cycle;
Continue with cycle;
Last of the cycle;
The journal
Posting
Closing entries
The Trial Balance
Introduction to
Accounting
9
7
8
14
15
21
22
28
29
sdf
30
Introduction to
Financial
Statements
Present the balance
sheet and its
accounts