ACCOUNTING PROCESS LESSON PLAN

 

Teaching Materials

• Lesson - Record Keeping and the Accounting Process (see below for printable lesson)

• Record Keeping and the Accounting Process Worksheet

• General Journal Paper

• General Ledger Paper
• Prepared List of Transactions for Students to Analyze
• Projector

Lesson Activity

Accounting is a process-oriented task and this lesson details the steps involved in keeping track of and recording the accounting transactions of an entity. Use your prepared transactions and the projector/overhead/blackboard, etc. to work through the transactions and illustrate the formal record keeping process.

1. Review the t-account concept and basic transaction analysis.

2. Introduce the Chart of Accounts

• Discuss the numbering system
• Note the Income Summary account

3. Introduce the general journal

• Practice recording transactions in the general journal
• Discuss compound entries

4. Introduce the general ledger

• Discuss the posting process
• Note that this is a formal t-account that keeps track of the account balance and is as current as the latest round of posts

5. Discuss the accounting cycle from journalizing, to posting, to preparing a trial balance, to preparing the financial statements.

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:

 

RECORD KEEPING AND THE ACCOUNTING PROCESS LESSON
	Record Keeping and the Accounting Process * This is a lesson on record keeping and other principles of the accounting process.
ACCOUNTING WORKSHEET - STUDENT EXERCISE
	Record Keeping and the Accounting Process Worksheet * Student worksheet based on the above lesson.
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