Lesson Note

Name	Sarah Wilson
School	Crestwood Middle School
Lesson	Principles, Transactions, and Financial Statements
Date	23rd February, 2050

Introduction

This lesson aims to cover a comprehensive understanding of the basic accounting principles, types of business transactions, and the basics of financial statements. This lesson is critical in building a foundational understanding in finance and accounting.

Objectives

• Understand the fundamental accountancy principles

• Identify and classify different types of business transactions

• Explain what financial statements are and their importance

• Analyse a basic balance sheet, income statement, and cash flow statement

Activities

Activity 1: Discussion (20 minutes)

We will kick off the lesson with a discussion on the basic accounting principles. We will delve into the various accounting concepts, their application, and implications in the field.

Activity 2: Group Activity (30 minutes)

Students will be divided into groups where each group will be given different types of business transactions which they will have to classify. This activity aims to engage the learners in a hands-on experience of dealing with real-life business transactions.

Activity 3: Demonstration and Practice (30 minutes)

A demonstration of a simplified financial statement will be presented. Students will be tasked to practice this activity with balance sheets, income statements, and cash flow statements.

Conclusion

With a thorough understanding of the basic accounting principles, types of business transactions, and financial statements, students will now be able to appreciate the importance of accounting in business. This knowledge forms the building blocks of advanced finance topics and is fundamental in business decision-making.

Assessment

Students will be assessed based on their participation in class discussions, the accuracy of classifying transactions in the group activities, and their ability to analyse basic financial statements.

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