About This Chapter
Below is a sample breakdown of the Introduction to Accounting chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Overview of accounting||Definition of accounting, its purpose, the accounting-business relationship|
|Tuesday||Uses of accounting||How accounting is utilized, external and internal users, balance sheet, statement of cash flows|
|Wednesday||Generally Accepted Accounting Principles (GAAP)||The 10 basic principles, groups that influence GAAP, relevant and reliable information|
|Thursday||Accounting Ethics||Importance of ethical practices in accounting, Sarbanes-Oxley Act of 2002|
|Friday||Accounting Technology||Advances in technology for financial record-keeping, cloud computing|
1. What Is Accounting? - Purpose, Importance & Relationship to Business
Just as French is considered the language of love, accounting is considered the language of business. In this lesson, you will learn exactly what accounting is. You will also learn the purpose of accounting, why it is important, and how it relates to the business world.
2. External and Internal Users and Uses of Accounting
Accounting has many uses. In this lesson, you will learn not only who accounting users are but also what types of accounting information is used. You will also learn the uses of that accounting information.
3. What Is GAAP? - The Generally Accepted Accounting Principles
Rules and regulations are a part of life for everyone, including those in the accounting industry. In this lesson, you will learn about GAAP standards, what they mean to accounting, and who establishes them.
4. The Importance of Ethics in Accounting
Ethics - are they really important in accounting? In this lesson, we will discuss what ethics are and what role they play in accounting; we'll also review a case that is deeply rooted in ethics. In the end, we will decide whether or not ethics are important in accounting.
5. Technology in Accounting: The Growing Role of Technology in Accounting
Change and technology go hand in hand, especially in the accounting industry. In this lesson, we will take a walk back in time and discuss some of the technological advances in accounting through the years. We will also discuss how these changes have affected the accounting process.
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Other chapters within the Financial Accounting Syllabus Resource & Lesson Plans course
- Financial Statements in Accounting Lesson Plans
- Mechanics of the Accounting Cycle Lesson Plans
- Adjusting Accounts and Preparing Financial Statements Lesson Plans
- Internal Controls in Accounting Lesson Plans
- Merchandising Operations and Inventory in Accounting Lesson Plans
- Receivables in Accounting Lesson Plans
- Current and Long-Term Liabilities in Accounting Lesson Plans