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Students learn about trial balance and financial statement preparation.
 
 

TRIAL BALANCE AND
FINANCIAL STATEMENT PREPARATION

Topic:  Trial Balance and Financial Statement Preparation

Concept:  Using balances from the General Ledger accounts learn to prepare a trial balance and then an income statement and balance sheet.

Objectives

  • Learn how to prepare a trial balance
  • Understand what a trial balance says and does not say
  • Learn how to prepare an income statement
  • Understand why an income statement must be prepared before the balance sheet
  • Learn how to prepare a balance sheet
  • Learn the different formats of a balance sheet

Suggested Grades:

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

 
 

 

TRIAL BALANCE AND FINANCIAL STATEMENT PREPARATION ACCOUNTING LESSON PLAN

Teaching Materials

Lesson Activity

1. Review the purposes of the general journal and general ledger

2. Introduce the trial balance

  • Discuss importance of preparing before the financial statements
  • Discuss which accounts are expected to have a debit or credit balance

3. Using prepared examples, work through calculating balances for accounts

  • Include accounts that have a negative balance

4. Transcribe those account balances to a trial balance

  • Discuss proper format
  • Discuss the limitations of the trial balance
  • Discuss how to record negative account balances

5. Introduce the Income Statement

  • Talk about period of time
  • Discuss correct form

6. Discuss the concept of Net Income and how it relates to the equity section of the balance sheet.

7. Introduce the Balance Sheet

  • Discuss formatting options

 

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:

TRIAL BALANCE AND FINANCIAL STATEMENT PREPARATION LESSON

Trial Balance and Financial Statement Preparation *

This is a lesson on how to prepare the Trial Balance Worksheet and other Financial Statements.

 

ACCOUNTING WORKSHEET - STUDENT EXERCISE

Trial Balance and Financial Statement Preparation Worksheet *

Student worksheet based on the above lesson.

 

 

 

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