Lesson 7: Worksheet: Adjustment Section
Duration of Days: 2
Lesson Objective
Calculate adjustments on worksheet to asset accounts for assets that are used during that fiscal period.
How do you account for the loss of value in assets that were used during the accounting period?
adjustments, fiscal period
CTE Business & Finance Technology
C. Accounting Process: Complete the various steps of the accounting cycle in order to prepare financial statements.
16. Explain the need for adjusting entries and record basic adjusting entries.
HS.CTE.2A - 2A. Recall and apply prior knowledge for intended purpose.
POG:
I am a LEARNER: Master fundamental skills in core subject areas
I am a THINKER: Critical thinking, independent thinking
The SAT measures student proficiency in math reading, language, and writing. With strong scores, accounting students set themselves up for successful entry into accounting and finance programs.
Description: This lesson will focus on the specific adjustments required for asset accounts at the end of a fiscal period.
Purpose: Enable students to make necessary adjustments to asset accounts on the worksheet, ensuring that financial statements reflect the true value of assets at the end of the fiscal period
DOK 1:
What are asset accounts, and why are they important in financial statements?
Define the term "fiscal period" in relation to financial statements.
recall of trial balance section of worksheet
DOK 2:
Calculate the new balance of the accounts in supplies and prepaid insurance.
Summarize the steps required to adjust asset accounts on a worksheet at the end of the fiscal period
Different cultures place varying levels of importance on transparency and financial integrity. For instance, in cultures where trust and honesty are deeply valued, accurate financial reporting is crucial for maintaining relationships with stakeholders.
Students may think that adjustments are the same as regular accounting entries, not realizing that adjustments are made specifically to reflect the true financial state at the end of the fiscal period
Sampling, modeling, one one instruction, Google classroom or Moodle. Paper or or online assignments, online instructional tools, videos, textbook or online textbook, excel real world application of information, Spanish version available for ELL students
Guided Notes worksheet
Guiding questions/term assignment
work together/on own assignment application or mastery working papers
Math assignment
Century 21, Accounting, General Journal, 11th edition, online/paper edition
Online working papers (Mindtap)
Microsoft Excel software
Online instructional tools