Starting a Business: Basic Accounting – Income Statement and Balance Sheet

Overview:

In this lesson, students are introduced to the basic accounting procedures and financial statements — income statements and balance sheets. The class starts with a brief discussion of the types of things a business owner might want keep track of in terms of accounting and measuring the well-being of a company. The class splits into two groups, one covering each of the financial statements. Each group learns about its respective statement, creates a fictitious business along with a sample of the statement, and prepares a presentation on the financial statement and its application for the rest of the class.

NBEA Standard(s):
  • Computation, I. Mathematical Foundations
  • Accounting, II. Financial Reports
  • Computation, II. Number Relationships and Operations

Lesson Plan Details:

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