Financial Record Keeping

Do you think the principles of accounting followed by are different?Why?

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Slide 1: Mind map

EntrepreneurshipSecondary Education

This lesson contains 20 slides, with interactive quizzes and text slides.

Lesson duration is: 60 min

Items in this lesson

Do you think the principles of accounting followed by are different?Why?

Slide 1 - Mind map

Chapter 20

Section 1:Financial Record Keeping

Pages 462-470

Slide 2 - Slide

Objectives

1. Describe the maintenance of records .

2. Compare the terms given

3. Discuss the impact of using different accounting systems

Slide 3 - Slide

Accounting

Accounting plays a vital role in the day-to-day activities of every

business. Accounting records and reports encourage efficiency and profitability by keeping track of how much is earned and how much is spent.

If all businesses use the same system of recording and reporting
financial information, anyone interested in examining a business’s records will be able to understand its financial reports.U.S. business follow GAAP system.

Slide 4 - Slide

Activity 1:Write the financial records maintained by you or your parents for the expenses of your family.

Slide 5 - Open question

What are the different records maintained by a firm?

Slide 6 - Mind map

Why do we need to keep track of our finances early in life?

Slide 7 - Mind map

Differences between journal and journalizing

Slide 8 - Slide

Activity 2: In pairs compare the difference between journal and journalizing

Slide 9 - Open question

What is the difference between general journal and journal?

Slide 10 - Mind map

What is the importance of having a general journal and journalising?

Slide 11 - Open question

What are the 3 things you knew?
What are the 2 things you wish to know?
What is one thing you learnt?

Slide 12 - Mind map

Accounting System

Accounting principles and procedures are universal. All U.S. businesses, large and small, use the same system, which follows established accounting guidelines called “generally accepted accounting principles,” or GAAP.