Lesson 1: #1 Simulation/Reinforcement Activity 2 Part A
Duration of Days: 7
Lesson Objective
Students will be able to accurately journalize and post transactions related to a corporation's business activities, including but not limited to:
Purchasing assets
Incurring liabilities
Recognizing revenues
Recording expenses
What are the components of a journal entry (date, account titles, debit/credit amounts)?
What are the common types of transactions that corporations record (e.g., issuing stock, purchasing assets, incurring liabilities, recognizing revenue, recording expenses)?
CTE Business & Finance Technology
B. Accounting Principles: Identify and describe generally accepted accounting principles (GAAP/IFRS) and explain how the application of these principles impacts the recording of financial transactions and the preparation of financial statements.
11. Describe and record equity-related transactions.
12. Describe and record revenue-related transactions.
13. Analyze transactions involving accruals.
14. Describe and record expense-related transactions.
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 fundamental principles of double-entry bookkeeping and apply them to record various business transactions for a corporation.
Purpose:
primary purpose of this lesson for students to apply their foundational knowledge and skills necessary to accurately record and classify financial transactions for a corporation.
DOK Level 1: Recall and Reproduction What are the two sides of a journal entry?
DOK 2 Skills/Concepts: Given a business transaction, journalize the transaction into debit and credit parts
DOK 3: Strategic Thinking: Analyze a transaction and its effect on the account
DOK 4: Extended Thinking: Determine a way you can check your work for accuracy
Discuss current economic trends, industry news, and accounting regulatory changes.
Students may misclassify expenses as assets or fail to recognize expenses in the correct period.Students may struggle to navigate the software interface and input data correctly.
Paper or or online assignments, online instructional tools, videos, textbook or online textbook for reference, cloud-based real world application of information, Spanish version available for ELL students
Assessing students' ability to successfully navigate the simulation and produce accurate financial records and statements.
Century 21, Accounting General Journal, 11th edition, online/paper edition.Paper or Online working papers (MindTap), class notes, Cloud Based Simulation