Objectives:
- Students will be able to define and differentiate between the classifications of assets, liabilities, and equity.
- Students will be able to identify examples of each classification within a financial statement.
- Students will understand the importance of accurate classification for financial reporting purposes.
Age Level: Late secondary school/junior college
National Standards: Complies with NBEA Accounting 2023 Standard III.3.5. State and explain the classifications within assets, liabilities, and equity.
Materials:
- Whiteboard
- Markers
- Paper
- Pens
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