Lesson Plan Preparing Financial Statements

TEXAS CTE LESSON PLAN
www.txcte.org
Lesson Identification and TEKS Addressed
Career Cluster Finance
Course Name Accounting I
Lesson/Unit Title Preparing Financial Statements

130.187 (c) Knowledge and Skills
TEKS Student
(4) The student uses equations, graphical representations,
Expectations
accounting tools, strategies, and automated systems in real-world
situations to maintain, monitor, control, and plan the use of
financial resources. The student will complete an accounting cycle
for a service business
(J) The student is expected to prepare financial statements,
including income statements, balance sheets, statements of
stockholders' equity, and changes in owners' equity
Basic Direct Teach Lesson

(Includes Special Education Modifications/Accommodations and
one English Language Proficiency Standards (ELPS) Strategy)
Performance Objective:
Instructional Objectives
Upon completion of this lesson, students will prepare financial statements
for a fiscal period.
Behavioral Objectives:
 Prepare an income statement with neatness and 100% accuracy.
 Prepare a balance sheet with neatness and 100% accuracy.
 Create what-if scenarios using a spreadsheet and analyze the
results.
 Calculate ending capital.
 Calculate component percentages on an income statement.
Preparing financial statements, including the balance sheet, income
Rationale
statement, and statement of owner’s equity is the most important step in
the accounting cycle because it represents the purpose of financial
accounting. These statements are the end products of the accounting
system in any company. This lesson will demonstrate how to accurately
prepare financial statements for a sole proprietorship.
* Special Education Modifications or Accommodations, if applicable

Copyright © Texas Education Agency 2017. All rights reserved 1 of 4
Duration of Lesson Teacher’s Discretion
Word Wall/Key
Vocabulary
(ELPS c1a,c,f; c2b; c3a,b,d;
c4c; c5b) PDAS II(5)
Materials/Specialized Materials, Equipment and Resources:
Equipment Needed
 Textbook
 Spreadsheet Software
 Multimedia Presentation Software
Instructional Resources:
 Activity on component percentages, statement of owner’s equity,
income statement and balance sheet, and what-if statements
 Learner Preparation Assignment
 Assignment Rubrics
Anticipatory Set
Print a sheet of paper with “Income Statement” on the left, a line in the
(May include pre-
middle and “Balance Sheet” on the right. Give each student a copy.
assessment for prior
knowledge) Print a copy of the accounts below for each student. Cut along the lines
to separate the accounts into small pieces.
Rent Expense Repair Expense Advertising Sales

Expense
Cash Dunnel Supplies Equipment Supplies
Able Camacho, Prepaid Utilities Expense Petty Cash
Capital Insurance
Abel Camacho, Bank of Nueces Miscellaneous Insurance
Drawing Expense Expense
Have your students place the account pieces on the correct side of the
sheet of paper. Give them 1 minute. Reduce the time to 45 seconds and
then to 30 seconds. Ask them to compare their results to their neighbor’s
results to check whether they have them on the correct side.
Demonstrate proper procedures in preparing financial statements at the
Direct Instruction *
end of the fiscal period for a sole proprietorship. Present formulas for
calculating component percentages and ending capital. Have students
analyze income statements and balance sheets, given a projection.

Guided Practice *
 Demonstration
 Observation
Independent
Practice/Laboratory
Experience/Differentiate
d Activities *
Lesson Closure
Summative / End of 1. Observation

Lesson Assessment * 2. Verbal Checking for Understanding
3. Graded Assignments
Textbooks:
References/Resources/
 Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting Real-
Teacher Preparation
World 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. South-Western 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. South-Western
Educational and Professional Publishing, 2003. ISBN/ISSN: 0-538-
43529-1.
Websites:
 Financial Statements. QuickMBA.com, 1999-2003. Accessed 22
June 2003. http://www.quickmba.com/accounting/fin/statements/
 Income Statements: Small Business Accounting. BusinessTown.com
LLC, 2009. http://www.businesstown.com/accounting/basic-
statements.asp
Additional Required Components
English Language
Proficiency Standards
(ELPS) Strategies
College and Career

Readiness Connection1
1
Visit the Texas College and Career Readiness Standards at
http://www.thecb.state.tx.us/collegereadiness/CRS.pdf, Texas Higher Education Coordinating Board
Recommended Strategies
Reading Strategies
Quotes
Multimedia/Visual
Strategy
Presentation Slides +
One Additional
Technology Connection
Graphic
Organizers/Handout
Writing Strategies
Journal Entries + 1
Additional Writing
Strategy
Communication
90 Second Speech Topics
Other Essential Lesson Components

Enrichment Activity
(e.g., homework
assignment)
Family/Community
Connection
CTSO connection(s) Business Professionals of America

Future Business Leaders of America
Service Learning
Projects
Lesson Notes
(THECB), 2009.

Lesson Plan Preparing Financial Statements

Uploaded by

Copyright:

Available Formats

Lesson Plan Preparing Financial Statements

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Lesson Plan Preparing Financial Statements

Uploaded by

Copyright:

Available Formats

TEXAS CTE LESSON PLAN

Career Cluster Finance

Course Name Accounting I

Lesson/Unit Title Preparing Financial Statements

Basic Direct Teach Lesson

* Special Education Modifications or Accommodations, if applicable

Rent Expense Repair Expense Advertising Sales

* Special Education Modifications or Accommodations, if applicable

Summative / End of 1. Observation

Additional Required Components

College and Career

Other Essential Lesson Components

CTSO connection(s) Business Professionals of America

You might also like