Lesson 17: Subsididary Ledgers & Controlling Accounts
Duration of Days: 2
Lesson Objective
Distinguish among services, retail merchandising, and whole-sale merchandising businesses and identity the differences between a sole proprietorship and a corporation.
How does a retail merchandising business operate, and what products do they sell?
What differentiates a wholesale merchandising business from a retail merchandising business
What are the primary differences between a sole proprietorship and a corporation?
How does the liability of the owner differ between a sole proprietorship and a corporation?
merchandise, merchandising business, retail merchandising business, wholesale merchandising business, corporation, capital, share of stock, stockholder, capital stock, articles of incorporation, charter, vendor, subsidiary ledger, accounts payable ledger, controlling accounts,
CTE Business & Finance Technology
C. Accounting Process: Complete the various steps of the accounting cycle in order to prepare financial statements.
15. Analyze and describe how basic business transactions impact the accounting equation.
HS.CTE.2C - 2C. Apply a solution using evidence and reasoning
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: To understand the different types of businesses and their organizational structures
Purpose: distinguish among services, retail merchandising, and wholesale merchandising businesses, and to understand the differences between a sole proprietorship and a corporation. Identify the unique characteristics and operational differences between these types of businesses, as well as the advantages and disadvantages of different business structures.
DOK 1:
Define terms
List the three characteristics of a corporation over a sole proprietorship
DOK 2:
Compare and contrast the operational differences between a sole proprietorship and a corporation.
DOK 3
Investigate the reasons why a business owner might choose a sole proprietorship over a corporation.
Assess the impact of business structure on liability and taxation for sole proprietorships and corporations.
For individuals looking to start a business, choosing the right structure can significantly affect personal financial risk
Business owners do not understand how their choice of structure affects their tax obligations
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
Century 21, Accounting, General Journal, 11th edition, online/paper edition.
Online working papers (Mindtap)
Microsoft Excel software
Online instructional tools