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Lesson PLAN ON Introduction to Accounting

Accounting Principles (Covenant University)

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LESSON PLAN FOR 1st WEEK OF FIRST TERM ENDING: 09/09/2022

Class: YEAR 10 Time

Subject: Principles of Financial Accounting

Topic: Introduction to Accounting

Sub-topics: i. Introduction to Accounting; and

ii. Accounting Information
Tutor: ADEGBOYE, B. A. (Mr.)

Biblical 1 Corinthians 16:2: Upon the first day of the week let every one of you
lay by him in store, as God hath prospered him, that there be no gatherings
Integration:
when I come.
LESSON ONE:

Sub-topic: Introduction to Accounting

Duration: 80 minutes

Period: Double Periods

Behavioural By the end of the lesson, the students should be able to:
Objectives: i. define accounting;
ii. explain the meaning of bookkeeping;
iii. differentiate between accounting and bookkeeping;
iv. realise the importance of Accounting knowledge to the
employee;
v. highlight accounting functions;
vi. mention limitations of Accounting;
vii. state features of Financial Accounting; and
viii. draw schematic diagram to show branches of accounting
Previous The students have been taught book keeping as a major branch of
Knowledge: Business Studies in the Junior School

Instructional Chart showing the branches of Accounting

Materials:

References: 1. Ibrahim, R. A and Kazeem, R. A (2020) Essential Financial Accounting

for Secondary Schools. Lagos, Tonad Publishers. Pp.
2. Coucom, A. (2018) Cambridge IGCSE and O Level Accounting.
Cambridge University Press. Pp.
3. Longe, F. (2016) Simplified and Amplified Bookkeeping and
Accounting for SSCE. Lagos, Longe Ventures. Pp.
4. https://openstax.org/books/principles-financial-accounting/pages/1-
multiple-choice
5. http://www.wikipedia.com/accounting.html

Presentation

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Starter The teacher sits at a well arranged desk displaying his computer 3 min
device, file, calculator and pen to show an office setting.
Students are allowed to wonder for 2 minutes while the teacher observes their
reaction in silence

Step I: The students suggest possible work setting as shown by the teacher. 2 min

The teacher writes the subject and topic on the board after the class has
prayed.
The students name the 5 branches of Business Studies
The teacher highlight bookkeeping as a major branch of Business
Studies learnt in junior school.
The students are allowed 5 minutes to read their textbook in the class, the reading 5 min
is based on relevant pages in line with objectives stated on the board

Step II: The teacher leads a class discussion on the meaning, importance and 8 min
differences between Accounting and Bookkeeping.
Book keeping is the recording phase of the accounting process.
Accounting includes designing forms and records to be used, designing
accounting systems, data analysis for decision making, report and financial
statement preparation and the interpretation of these reports and statements.

Step III: The students suggest the major functions of an accountant. 10 min
Question: What are the duties or responsibilities of an accountant (from the
definition of accounting)?
(students are likely to state more of the duties of a banker)
The teacher explains accounting functions as the core duties of an
accountant:
Accounting functions can be summarized by the following:
i. Identifying events which are financial in nature and which are to be recorded
ii. Recording includes writing by hand, use of typewriter, bookkeeping machine
and machine for recording information on magnetic tape paper or card
iii. Classifying or grouping of similar events or items together in order to bring
about a more efficient handling of many different items
iv. Summarizing of various group of data in concise form by way of explanations
and through development of significant relationship
v. Interpretation of financial statements

Step IV: The students discuss the need for accountants in business organisations 5 min
and the benefits of accounting knowledge:
i. Accounting knowledge promotes better understanding of the corporate goal of
the enterprise
ii. It helps in the preparation of budgets
iii. It enables the employee fit properly into the organization's system and make
them officially interact freely with accounts department
iv. It enables employees appreciate the organization better
v. It helps employees realise the implication of wages negotiation because they
can fairly interpret the financial statements
The teacher leads a class discussion on the benefits of accounting
Step V: The students look through the chart on Branches of Accounting. 5 min
Question: Name 5 branches of accounting
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The teacher briefly describes each branch of accounting as a major

future career prospect for the students
Step VI: The students are allowed to ask questions 5 min

Summary: Book keeping is about making record of business transactions in a formal

manner while accounting is about measuring the profit or loss by a business
over a period of time and reporting these summary and facts to interested
parties so that they can make informed business decisions.

Evaluation: The students are asked the following questions to test their knowledge 20 min
and comprehension:
1. Define accounting
2. Explain the meaning of bookkeeping
3. Differentiate between accounting and bookkeeping
4. State two major importance of Accounting knowledge to the
employee
5. Highlight three accounting functions
6. What are three limitations of Accounting
7. Mention three features of Financial Accounting
8. Draw schematic diagram to show branches of accounting
Conclusion: The teacher marks and gives necessary correction 15 min

Assignment: Longe, F. (2016) 2 min

p. : Ex.
Next Accounting Information
Lesson:
LESSON TWO:

Sub-topic: Accounting Information

Duration: 80 minutes

Period: Double Periods

Behavioural By the end of the lesson, the students should be able to:
Objectives: i. define accounting information;
ii. name users of accounting information;
iii. realise specific purpose each of users of accounting information;
iv. explain the significance of accounting knowledge to effective
decision making by a manager;
v. name professional accounting bodies in Nigeria; and
vi. list career prospects in Accounting
Previous The students have been taught the meaning and importance of
Knowledge: Accounting and Bookkeeping.

Instructional Charts showing branches of Accounting, financial statement of

Materials: companies and a student’s termly statement of result.

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References: 1. Ibrahim, R. A and Kazeem, R. A (2020) Essential Financial Accounting

for Secondary Schools. Lagos, Tonad Publishers. Pp.
2. Coucom, A. (2018) Cambridge IGCSE and O Level Accounting.
Cambridge University Press. Pp.
3. Longe, F. (2016) Simplified and Amplified Bookkeeping and Accounting
for SSCE. Lagos, Longe Ventures. Pp.
4. https://openstax.org/books/principles-financial-accounting/pages/1-
multiple-choice
5. http://www.wikipedia.com/accounting.html

Presentation

Starter: A student is given a copy of a published financial statement of a 2 min

company to read to the class
The teacher notes the reactions of students

Step I: The students discuss reasons for the termly statement of result issued 3 min
to them by the school.
Question: Why does the school issue termly statement of result to students?

Step II: The students are allowed 5 minutes to read their textbook in the class, the reading 5 min
is based on relevant pages in line with objectives stated on the board

The teacher leads a class discussion on the meaning, significance and 10 min
users of accounting information and their users’ interests.
USERS AND PURPOSE OF ACCOUNTING INFORMATION
The users and purpose for which information they can prepare a financial
statement are stated below:
s/ User Purpose Information Needed
n
1. Management a For control over assets a Details of assets
. To ascertain the efficiency of . Details of cost
b management policy b revenue
. To ascertain the proportion of cost .
incurred to revenue generated Profitability level
c c
. .
2. Shareholders/ a To enable them make appropriate a Profitability level
investment . investment decisions such as buying and .
analyst selling of share
3. Lenders a To enable them decide whether more a Liquidity
including . facility can be granted . Interest coverage
banks b Ratio of debts to
. equity
c
.
4. Employees a To enable them decide whether more a Profitability
. facility can be granted . liquidity
To negotiate their emoluments b
.

5. Tax a To determine the amount of tax payable a Details of revenue and

authorities . by a company . expenses
6. Auditors a General audit and formation of opinion a Details of revenue and
. of the company’s state of affairs . expenses
7. Government a To formulate policies a Details of revenue and
. . expenses

Step III: The teacher explains the history of accounting with particular detail on 5 min
how accounting became renown in Nigeria with the establishment of
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The Institute of Chartered Accountants of Nigeria through Act of

Parliament No. 15 issued in September 1965.
Step IV: The students state what they like to become in future. 10 min

The teacher counsels the students and encourage the students to always
pay attention to (KASE):
Knowledge – by reading voraciously
Attitude – by being positive and progress minded
Skills – by using their head, heart and hands in positive ways
Experience – by aiming at becoming the best at all times

Step V: The students are allowed to ask questions 5 min

Summary: The importance of accounting as a means of control makes it desirable

for everyone occupying a responsible position in business entity to
understand accounting principles and practice. Promotion to a position
of higher administrative responsibility increases an individual's
contacts with accounting. More of the decisions of senior officers are
based on the accounting figures supplied by the accounts department
and as such basic understanding of the accounting principles will help
in quick understanding and interpretation of the accounting data for
decision making.
Evaluation: The students are asked the following questions to test their knowledge 20 min
and comprehension:
1. What is accounting information?
2. a.) Name 5 users of accounting information and
b.) state the interest of each of them
3. How does the knowledge of accounting affect decision making by
a manager?
4. Name 2 professional accounting bodies in Nigeria
5. Give 2 reasons you prefer your future career
Conclusion: The teacher marks and gives necessary correction 15 min

Assignment: Longe, F. (2016) 2 min

p. : Ex.
Next Accounting Professional Ethics
Lesson:

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