Accounting: How Business Transactions Impact the Accounting Equation

Objectives:

• To explain and analyze how business transactions impact the accounting equation
• To complete the steps in the accounting cycle to prepare financial statements

Age Level: Early/late secondary school

National Standards: Complies with NBEA Accounting 2023 Standard III.2.2. Explain and analyze how business transactions impact the accounting equation.

Materials:

• Whiteboard or chalkboard
• Markers or chalk
• Student handouts
• Hat or bucket
• Index cards