Teachers Notes.docx

Teachers Notes.docx

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TeachersNotes

Introductiontoaccounting&finance

Vocabulary1.2Teachersnotes

Inthissessionyouwill:

∙readashortpassagetolearnnewaccountingvocabulary

∙usebasicaccountingterminologyincontext.

Timing:

30Minutesand30MinutesHomework

Yourbusinessasabox

Beforegettingstudentstoreadthearticle,drawaboxonthewhiteboard.Illustratetheconceptofthereadingbyaddingandsubtractingmoneytotheboxtorepresentcapital,ownersequity,profit,andcreditors.Timing:

10minutes

1.Readthroughthefollowingarticle.

Yourbusinessasabox

Pictureyourbusinessasabox.Theboxhascontents,soyou,astheownerhavearightoraclaimtothevalueofthecontents.

Othersmayalsohaveaclaim,forexampleiftheyhavelentmoneytothebusiness,orsuppliedgoodsandservicesforwhichtheyhavenotbeenpaid.Thesepeopleareknownascreditors.

Asthebusinessbuysorsellsgoodsandservices,thevalueofthecontentsoftheboxwillincreaseordecrease,accordingtowhetherthebusinessmakesaprofitoraloss.

Thesechangesinthevalueofcontentsmustbeequaltothechangestothevalueofownersorthecreditors’claimsoncontents.Theclaimsoftheownerswillalsochangesothatthetotalvalueofclaimsisalwaysequaltothevalueofthecontents.

Abalancesheetissimplyalistofthevalueofcontentsthatisbalanced（equal）tothelistoftheclaimsbytheownersandthecreditors.Inaccountingtermsthisbecomes:

（1）ASSETS=LIABILITIES+EQUITY

Assetsareitemsofvalueownedbythebusiness.Equityistheclaimoftheowners,andliabilitiesareclaimsofthecreditors.

Owners’equityincludesthecapital（money）thatwasoriginallyputintothebusinessandreserves.Reservesareprofitswhichhavebeenkeptinthebusiness.

Vocabulary

Afterreadingthetext,givethestudents10minutestomatchthewords1-12intheboxwiththeirdefinitions.Tellthemtousethecontexttohelpthemmaketheirchoicesandpreventthemfromusingdictionaries（asthesemaygivethemthewrongdefinitionsanditwillalsotakeuptoomuchtimeinclass.）Circulatearoundtheroommonitoringstudentsworkandhelpingthemwhereneeded.Timing:

10minutesCheckanswerswithstudents.

2.Usingthetextonthepreviouspage,matchtheaccountingterms1-12withthecorrectdefinitionsa-l.

Answers

1.Claim

d

a.Whenthemoneyearnedbyabusinessaremorethanthemoneyowedbythebusinessinafinancialyear

2.Goods

i

b.Moneythatacompanyowestoitscreditors.

3.Services

f

c.Aplacetorecordwhatacompanyowns（assets）andwhatitowes（liabilitiesandequity）overasetperiodoftime

4.Creditors

l

d.Therighttogetsomethingthatbelongstoyou

5.Profit

a

e.Incomeearnedthatiskeptinthebusinesstobeusedinthefuture.

6.Loss

j

f.Doingsomethingforsomeoneinreturnforpayment

7.Balancesheet

c

g.Theowners’claimontheassetsofabusiness

8.Assets

k

h.Moneygivenbytheownerstoabusiness

9.Equity

g

i.Productswhichcanbetradedorsold

10.Liabilities

b

j.Whentheexpensesofabusinessaremorethantheincomeearnedbyitinafinancialyear

11.Capital

h

k.Thingsofvaluethatacompanycontrols

12.Reserves

e

l.Peoplewhoareowedmoneyinexchangeforprovidinggoodsand/orservices

Comprehension

3.Usethewordsfromactivity2tofillinthegapsinthefollowingsentences.

Givethestudents10minutestocompleteactivity3.Tellthemtousethecontexttohelpthemmaketheirchoicesandpreventthemfromusingdictionaries（asthesemaygivethemthewrongdefinitions）Circulatearoundtheroommonitoringstudentsworkandhelpingthemwhereneeded.Checkanswerswithstudents.Ifthisactivityisnotcompletedinclassgetstudentstocompleteitforhomework.Drawstudents’attentiontothesectiononrecordingvocabularyandremindstudentstoupdatetheirvocabularylistsonacontinualbasis.

Usethewordsfromactivity2tofillinthegapsinthefollowingsentences.Allow10minutes

Accountingterms

equity,capital,goods,profits,balancesheet,service,assets,claim,loss,reserves,creditors,liabilities.

a.Bycarefullyexaminingthebalancesheettheaccountantwasableto

understandwhatcompanyownedandwhatitowed.

b.Aserviceiswhenacompanydoessomethinginexchangeforpayment.

c.Iftheliabilitiesarealwaysgreaterthantheassetsthenthebusinesswillfail.

d.Liabilities,owners’equityandassetsarealwaysshownonabalancesheet.

e.Ifthemoneyowedbyabusinessisgreaterthattheincomeearned,thecompany

willmakealoss.

f.Profitsthatarekeptinthebusinessforfutureusearealsoknownasreserves.

g.Wepurchasedthousandpens,sonowweoweourcreditorsthreethousand

dollars.

h.Thebusinesshasearnedmoremoneythanitowedlastfinancialyearsoits

profitshaveincreased.

i.Theownersprovidedthecapitalinvestmenttostartupthenewbusiness.

j.Goodsareobjectsofvaluethataresoldinexchangeformoney.

k.Theowners’claimonabusinessisalsoknownasowners’equity.

Recordingvocabulary

4.Whenyourecordnewvocabularyinyourvocabularynotebookoronthewiki,aswellasthedefinitionoftheword,it’sagoodideatoincludeinformationsuchasthewordform,relatedwordforms,andsynonymsandantonyms.It’salsoagoodideatowriteyourownsentenceusingthatword.Lookatthefollowingexamplefortheword“expense”.

Expense:

（n.）Costorcharge

Sentence:

Owningacarisagreatexpense.

Antonym:

inexpensive

Relatedwords:

expensive（adj.）expenditure（n.）expensively（adv.）

Synonyms:

charge,cost,disbursement,outlay,payment

Differentaccountingentities

Summarising2.1–Teacher’snotes

Inthissessionyouwill:

∙extractkeypointsfromatext

∙practicewritingasummary

∙understanddifferencesbetweenthefourfinancialstatements

Timing:

30minutes

Howtosummariseatext

1.Completethesesentencesusingthekeywordsbelowtohelpyoutorememberhowtosummariseatext.Havethestudentscompletethisexerciseveryquicklyandgothroughtheanswers.Allow3minutesforthisactivity

Answers

a.Readthetextthroughcarefullytomakesureyouunderstandit.

b.Checkiftheparagraphhasa‘topicsentence’containingthemainideathatcouldbethebasisofagoodsummary.

c.Asyouread,underlineanykeywordsthatrelatetothemainidea.

d.Deletewordsnotrelatedtothemainidea（repetitionsormaybeadjectives）.

e.Constructsentenceswhichsummarisethemainideaby‘pullingtogether’thekeywordsyouhaveidentified.

f.Checkagainanddeleteanyunnecessarywordstomakethemessageasdirectaspossible.

Write“thefourmainfinancialstatements”onthewhiteboardandasktheclassiftheyknowwhattheyareandwritetheanswersontheboard.BrieflymentionthatinAustraliaweusethetermsontheleftofthetablebutthatinAmericaothertermscanbeusedtodescribethestatements.

Allow5minutes.

Australia/UK

USA

Balancesheet

Statementoffinancialposition

ProfitandLossstatement/IncomeStatement

Statementofearnings

CashFlowStatement

StatementofChangesinOwners’Equity.

Summarisingpractice

2.Readthefollowingsectiontakenfromyourtextbookandunderlinethekeywords.

Answers–Thefourfinancialreports

Thefourmainfinancialreportstakentogetherprovideanoverallpictureofthefinancialhealthofthebusiness.Perhapsthebestwaytointroducethefinancialreportsistolookatanexampleofaverysimplebusiness.Fromthisweshallbeabletoseewhatsortofusefulinformationeachofthestatementscanprovide.

Eachfinancialreportprovidespartofthepictureofthefinancialperformanceandpositionofthebusiness.Webeginbyshowingthecashmovementsinthecashflowstatement.Cashisvitalforanybusinesstofunctioneffectively:

tomeetobligations1,toacquireotherresources（suchasstock/inventory2）tosatisfyoperatingexpenses,andtomeetownershipdistributions.Cashhasbeendescribedasthe“lifeblood”ofabusinessandmovementsincashareusuallygivenclosescrutiny3byusersoffinancialstatements.

However,itisclearthatreportingcashmovementsalonewouldnotbeenoughtoportraythefinancialhealthofthebusiness.Thestagesincashovertimedonotfullyrevealtheprofitgenerated4.Theincomestatementprovidesaninsightintothisaspectofperformance.Forday1forexample,wesawthatthecashbalanceincreasedby$10buttheprofitgenerated,asshownbytheincomestatement,was$35.Theincreaseinwealth（$35）wasrepresentedby$10cashand$25intheformofstock（inventory）.

Todeterminethetotalwealthofthebusinessabalancesheetisdrawnupattheendoftheday.Cashisonlyoneforminwhichwealthcanbeheld.Inthecaseofthisbusiness,wealthisalsoheldintheformofinventory（stockofgoodsforresale）.Drawingupthebalancesheetinvolveslistingbothformsofwealthheld.Inthecaseofalargebusiness,theremaybemanyotherformsofholdingwealth,suchaslandandbuildings,equipmentandmotorvehicles.

Source:

Atrill,P.,McLaney,E.,Harvey,D,&Jenner,M.2009.Accounting:

anIntroduction4E.PearsonEducationAustralia,p.11.

Summary

3.Summarisethemainideausingabout5sentences.Teachertocirculatearoundtheroomassistingstudents.Timing:

15-20Minutes

Compareyoursummarywithapartner.

Note

Thisactivitymighthavetobedeletedifthereisnotenoughtime.

4.Nowcompareyoursummarywiththemodelyourteacherwillshowyouandwriteitdown.

Teacherwritesmodelanswerontheboard.Ifthereisnotenoughtimeforstudentsto