Objectives:
- Define assets, liabilities, equity, revenue, expenses, gains, and losses
- Understand the accounting equation and how it relates to financial statements
- Identify the different types of financial statements and their purpose
- Apply the basic accounting concepts to simple business transactions
Age Level: Late secondary school/junior college
National Standards: Complies with NBEA Accounting 2023 Standard III.3.4 Define assets, liabilities, equity, revenue, expenses, gains, and losses.
Materials:
- Whiteboard
- Markers
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