Unit 1 Lesson Plan, Day 7 Teacher: Miss Courtney J. Skemp Course: Accounting I I.

Objectives: At the end of this lesson, students will be able to: Define accounting terms related to starting a service business organized as a proprietorship. Identify accounting concepts and practices related to starting a service business organized as a proprietorship. Classify accounts as assets, liabilities, or owners equity. Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation. Grade Level: 10-12 Lesson Title: Starting a Proprietorship (Ch.2)

II. Standards: PENNSYLVANIA STANDARDS Reading, Writing, Speaking, and Listening Standards 1.6.11. A Listen critically and respond to others in small and large group situations. 1.9.11. A Use media and technology resources for research, information analysis, problem solving, and decision making in content learning. 1.1.11.B Use context clues, knowledge of root words, and word origins as well as reference sources to decode and understand new words 1.8.11.B Locate information using appropriate sources and strategies

NATIONAL STANDARDS FOR BUSINESS EDUCATION Accounting Principles Define assets, liabilities, equity, revenue, expenses, gains and losses. Describe and explain the conceptual framework of accounting and generally accepted accounting principles and assumptions.

Accounting Process Describe the purpose of the accounting system.

III. Beginning Activities: (3 min) Preliminary Activities o Identify and test required resources: Computer with Internet, PowerPoint, and speakers. Test equipment: Internet connectivity, Overhead Projector, Speakers, and PowerPoint Presentation Turn off screensaver/energy saver

o Review handouts number of copies o Greet the class as they enter the room Materials Needed: o Computer with Internet access and speakers o Whiteboard with dry erase markers o PowerPoint presentation o Handouts http://www.uen.org/Lessonplan/preview.cgi?LPid=11057

IV. Introduction

To begin the lesson and peak interest, students will be asked if they know anything about the different types of business ownership: sole proprietorship, partnership, and corporation. The students will be given a few minutes to brainstorm and to write down their answers. o *While the students are doing this, hand out the provided handouts. On the board, the teacher will make three columns for each of the three types of business ownership and write the students answers on the board. o The answers will be reviewed and clarified as to why they belong under the appropriate heading. o If students are not volunteering, use the seating chart to call on them for answers. The teacher will then explain that for the next several weeks, we will be focusing on accounting procedures for someone who starts a (sole) proprietorship. Give the students the objectives for Chapter 2. PPT #1-2

V. Development

Encourage students to take notes on the handouts provided! The outline guides the lesson as well as the PowerPoint presentation. The highlighted portion of the teachers outline are the portions that are missing from the student outline. Define for students: service business, proprietorship (sole proprietorship). PPT #3 Explain that when any business is started, an accounting system must be designed. o REVIEW: What is an accounting system? a planned process for providing financial information that will be useful to management o Remind students that an individuals personal accounting records must be kept separate from those of their business. Explain what The Accounting Equation is, define: asset, equities, liability, owners equity, and accounting equation. PPT #4-9 o The accounting equation should be in balance to be correct the left side should equal the right side. o Before a business actually is started, the equation is: Assets ($0) = Liabilities ($0) + Owners Equity ($0) How business activities change the accounting equation? PPT #10-21 o Define for students: transaction, unit of measurement, account, account title, account balance, and capital. o The following business activities will be illustrated using the accounting equation. Each activity will build on the one previously listed. Use the outline provided to work through the exercises with the class. Received cash from owner as an investment and its effect on the accounting equation. Paid cash for supplies and its effect on the accounting equation. Paid cash for insurance and its effect on the accounting equation. Bought supplies on account and its effect on the accounting equation. Paid cash on account and its effect on the accounting equation.

VI. Application

Ask students if they have any questions about the material covered in class. Students will begin the Chapter 2 worksheets provided in their Century 21 Accounting Workbook. o Students will be allowed to use their textbooks and the examples provided from class to complete the worksheets. The teacher will circulate to answer questions. Any worksheets that are not finished by the end of class will not be assigned for homework. The students may finish them for homework if they so choose. The students will have time during tomorrows class to complete the worksheets. This lesson will take longer than the time provided, so two days will be allotted for Chapter 2.

VII. Review (next class Introduction)

Open discussion o Did the students have any questions from the previous lesson? o A summary of the previous lesson will be given via question/answer time between teacher and students before the next lesson is started.

VIII. Evaluation

The students will be evaluated on: o Completion of the in-class activities and the worksheets o Class participation

IX. Anticipated Difficulties

Computer and software are malfunctioning PowerPoint presentation is missing Network is not operational Failure to make copies of worksheets/ did not bring worksheets Students did not bring text/workbooks Limited time due to lengthened/unanticipated class discussion

X. Solutions

If the computers or PowerPoint is malfunctioning, the following solutions may be applied to the lesson: o The instructor will have already printed out a copy of the PowerPoint presentation; the print-out will be copied and handed out in lieu of the overhead presentation. The dry erase board can be used as well. The topic will be discussed at length to ensure that the students understand the information. Upon completion, the students will be offered a period of open discussion, where they can ask questions and get misunderstandings clarified. Students will also be encouraged to follow along in the text. o The PowerPoint will be made available on the class web page, so students can access it from home or when the computers/network is working properly. If class time is a factor, the lesson will continue next class period.

XI. Reflection of Lesson