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Students learn about record keeping and other principles of the accounting process.

 

 

ACCOUNTING LESSON PLAN:
RECORD KEEPING AND THE ACCOUNTING PROCESS

Topic:  Record Keeping and the Accounting Process

Concept:  To introduce students to formal recording keeping and the steps involved in the accounting process.

Objectives

  1. Students will review transaction analysis
  2. Students will learn about the Chart of Account
  3. Students will learn about the general journal
  4. Students will learn about the posting process from the general journal to the general ledger
  5. Students will be introduced to the concept of the entire accounting process from journalizing to preparing financial statements

Suggested Grades:

Seventh Grade - Eighth Grade - Ninth Grade - Tenth Grade - Eleventh Grade - Twelfth Grade - Adult Education

 
 

 

ACCOUNTING PROCESS LESSON PLAN

 

Teaching Materials

Lesson Activity

Accounting is a process-oriented task and this lesson details the steps involved in keeping track of and recording the accounting transactions of an entity. Use your prepared transactions and the projector/overhead/blackboard, etc. to work through the transactions and illustrate the formal record keeping process.

1. Review the t-account concept and basic transaction analysis.

2. Introduce the Chart of Accounts

  • Discuss the numbering system
  • Note the Income Summary account

3. Introduce the general journal

  • Practice recording transactions in the general journal
  • Discuss compound entries

4. Introduce the general ledger

  • Discuss the posting process
  • Note that this is a formal t-account that keeps track of the account balance and is as current as the latest round of posts

5. Discuss the accounting cycle from journalizing, to posting, to preparing a trial balance, to preparing the financial statements.

Assessment/Evaluation

Have students complete worksheet. A suggested passing grade is 70% or greater.

 

 

 

Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:

 

RECORD KEEPING AND THE ACCOUNTING PROCESS LESSON

Record Keeping and the Accounting Process *

This is a lesson on record keeping and other principles of the accounting process.

 

 

 

ACCOUNTING WORKSHEET - STUDENT EXERCISE

Record Keeping and the Accounting Process Worksheet *

Student worksheet based on the above lesson.

 

 

Do you have a recommendation for an enhancement to this accounting lesson, or do you have an idea for a new lesson?  Then leave us a suggestion.

 

 

 

 

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