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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

### Topic Overview

Topic Strategies and Management

E4: Resources Management – Accounting Equation

Level S3

Duration 3 lessons (40 minutes per lesson)

Learning Objectives:

1. Understand the concept of assets, liabilities and capitals in accounting sense, 2. Understanding basic accounting equation,

3. Use the accounting equation to describe the financial position of an organization, and 4. Use the accounting equation to analyse business transactions.

Overview of Contents:

Lesson 1 Concepts and Characteristics of Assets

Lesson 2 Concepts and Characteristics of Liabilities and Capitals

Lesson 3 Understanding and Use of Accounting Equation.

Resources:

 Topic Overview and Teaching Plan

 PowerPoint Presentation

Suggested Activities:

 Class Discussion

 Group Discussion

 In-class exercise

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

### Lesson 1

Theme Concepts and Characteristics of Assets Duration 40 minutes

Expected Learning Outcomes:

Upon completion of this lesson, students will be able to:

1. describe what are assets in business situations.

Teaching Sequence and Time Allocation:

Activities Reference Time

Allocation Part I: Introduction

 Teacher starts the lesson with a discussion.

 Students share their ideas, teacher then explains the need of accounting.

PPT #2 5 minutes

 Teacher explains the concept of accounting and five elements of financial statements.

PPT #3 - 4 5 minutes

Part II: Content

 Teacher explains the definition and characteristics of assets. PPT #5 – 6 5 minutes

 Activity 1: Class discussion

 Students are invited to suggest examples of assets in their daily lives.

 Teacher explains whether these items meet the definition of asset and makes conclusion.

PPT #7

PPT #8

5 minutes

 Teacher provides examples of assets in business PPT #9 3 minutes

 Activity 2: Group discussion

 Students are divided into groups of four to five and then discuss whether the items in questions are assets of a company or not.

 Students are invited to present their ideas.

 Teacher goes through the answer with students and make conclusion.

PPT 10

PPT #11 – 14

10 minutes

5 minutes

Part III: Conclusion

 Teacher concludes the lesson by reviewing the key points covered.

2 minutes

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

### Lesson 2

Theme Concepts and Characteristics of Liabilities and Capitals Duration 40 minutes

Expected Learning Outcomes:

Upon completion of this lesson, students will be able to:

1. describe liabilities and capitals in business situations, and 2. explain when a company will incur a liability.

Teaching Sequence and Time Allocation:

Activities Reference Time

Allocation Part I: Introduction

 Teacher starts the lesson by a question.

 Students share their ideas, teacher then explains the concept of borrowings.

PPT #2 3 minutes

Part II: Content

 Teacher explains the definition and characteristics of liabilities PPT #3 – 5 5 minutes

 Activity 1: Group discussion

 Students are divided into groups of three to four and then discuss whether the situation in question incurs liability or not.

 Students are invited to present their ideas.

 Teacher goes through answers and makes conclusion.

PPT #6

PPT #7

5 minutes

2 minutes

 Teacher provides examples of liabilities in business PPT #8 3 minutes

 Activity 2: In-class exercise

 Students are required to differentiate items between assets and liabilities.

 Teacher goes through answers and makes conclusion.

PPT 9

PPT #10

3 minutes

2 minutes

 Teacher explains the definition and characteristics of capitals PPT #11 – 14 8 minutes

 Activity 3: In-class exercise

 Students are required to identify the items which belong to capital.

 Teacher goes through answers and makes conclusion.

PPT #15

PPT #16

5 minutes

2 minutes Part III: Conclusion

 Teacher concludes the lesson by reviewing the key points covered.

2 minutes

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

### Lesson 3

Theme Understanding and Use of Accounting Equation Duration 40 minutes

Expected Learning Outcomes:

Upon completion of this lesson, students will be able to:

1. explain the concept of accounting equation, and

2. explain the financial position of an organisation by using the accounting equation.

Teaching Sequence and Time Allocation:

Activities Reference Time

Allocation Part I: Introduction

 Teacher starts the lesson by recapping the concepts of assets, liabilities and capitals.

PPT #2 3 minutes

Part II: Content

 Teacher explains the concept of accounting equation.

 Teacher further explains the concepts with examples and illustrations in business transactions

PPT #3 – 5 PPT #6 – 10

8 minutes 8 minutes

 Activity 1: In-class exercise

 Students are required to record the business transactions provided.

 Teacher goes through the answers with students and make conclusion.

PPT #11

PPT #12

5 minutes

3 minutes

 Teacher explains the effects of transactions on accounting equation.

PPT #13 2 minutes

 Activity 2: In-class exercise

 Students are required to complete the table by filling in the missing numbers.

 Teacher goes through the answer and makes conclusion.

PPT #14

PPT #15

3 minutes

2 minutes

 Teacher further explains the concept of capital by introducing the concept of contributed/ paid-in capital and retained earnings.

PPT #16 – 17 4 minutes

Part III: Conclusion

 Teacher concludes the lesson by reviewing the key points covered.

2 minutes

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Since assets, liabilities and capital are the elements of financial statements, it is  important to let students know what is accounting and what is financial statement (as  discussed in previous slide) before introducing assets as one of the five elements in a  financial statement.

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Teacher can explain the term “trade receivables “ is used interchangeably with “trade  debtors”, while “accounts receivables "will be equal to trade receivables if there is no  other receivables.

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Students may raise so many ideas such as drawings from their bank savings, ask parents,  doing part‐time or borrow from friends, teacher then explains the concept of

borrowings.

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Teacher can explain the term “trade payables“ can be used interchangeably with “trade  creditors”, while “accounts payables” will be the same as “trade payables” when the  company has no other payables  .

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If total value of assets is \$100,000 and total value of  liabilities  is \$70,000, total value of capital will be 30,000

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Teacher can explain the term “stocks” can be used interchangeably with “inventories”

which “stocks” is the UK term whereas “inventories” is the US term.  International  Accounting Standards (IAS) 2 and Hong Kong Accounting Standards (HKAS) 2 use the  term inventory.

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Note: (+) means the increase in an element whereas (‐) means a decrease.

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

Classwork/Home Assignment P.1

Section A: Multiple Choice Questions (@1, total 10 marks)

1. Which of the following is not the characteristic of an asset?

A. Provide future economic benefits.

B. Value cannot be measured.

D. As a result of past event.

Level of difficulty: *

2. Which of the following items is not an asset of a company?

A. Computer.

B. Cash.

D. Motor car.

Level of difficulty: *

3. Which of the following statements is incorrect?

A. Non-current assets are held by the business for production purpose and will be used for more than 1 year.

B. Intangible assets are assets without physical substance.

C. Assets are resources that are possessed by the owner and expected to generate money for the company in the next year only.

D. Accounting is a systematic method of recording the economic transactions of a business.

Level of difficulty: **

4. Which of the followings is not a settlement method of a present obligation?

A. Paying cash.

B. Provision of service.

C. Delivery of goods.

D. Borrowing cash.

Level of difficulty: *

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

Classwork/Home Assignment P.2

5. Which of the followings is/are current liability?

II. Loan payable fall due in 1 year.

III. Loan payable fall due in 2 years.

IV. Mortgage loan.

A. I and II only.

B. I and III only.

C. II and IV only.

D. All of the above.

Level of difficulty: **

6. Which of the followings is the best description of capital?

A. It is the net assets of the business.

B. It is contributed by the owners.

C. It is earned by the business.

D. It is the amount owed by the owner.

Level of difficulty: *

7. Retained earnings can be increased by:

A. Owners investment.

B. Profitable operation.

C. Drawings.

D. Borrowing.

Level of difficulty: *

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

Classwork/Home Assignment P.3

8. Assets = \$5,000, Liability = \$3,000, Capital = ? A. \$2,000

B. \$3,000 C. \$5,000 D. \$8,000

Level of difficulty: *

9. According to the accounting equation, when there is an increase in assets, which of the following statements is correct?

A. There is a decrease in liabilities.

B. There is a decrease in capitals.

C. There is an increase in liabilities.

D. None of the above.

Level of difficulty: **

10. Mr. Lee started his business on 1 April and deposited \$50,000 into the company’s bank account. Which of the following statements is/are correct?

A. Asset will increase \$50,000.

B. Capital will increase \$50,000.

C. Both A and B are correct.

D. Neither A nor B is correct.

Level of difficulty: **

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

Classwork/Home Assignment P.4

Section B: Short Questions (20 marks)

*** 1. Explain whether a business trip to Europe is an asset of a company or not.

(7 marks)

*** 2. A company is being prosecuted for the violation of Employment Ordinance. The penalty is HK\$10,000 as according to the Ordinance which will be paid in next month. Should the company require to record a liability for this now? Why?

(7 marks)

* 3. Complete the below table:

Assets Liabilities Capital

\$ \$ \$

(a) 22,000 18,000 ?

(b) ? 33,000 11,000

(c) 23,400 ? 12,300

(d) 82,340 53,620 ?

(e) ? 31,330 18,920

(f) 117,200 ? 43,390

(6 marks)

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Resources for the TEKLA curriculum at Junior Secondary Topic 1 Accounting Equation Strategies and Management – Extension Learning Element

Module E4 Resources Management

Classwork/Home Assignment P.5

## Suggested Solutions

Section A: MCQs

1. B 2. C 3. C 4. D 5. A

6. A 7. B 8. A 9. C 10. C

Section B: Short Questions.

Question 1

A business trip can only fulfill one criteria of an asset:

1. must provide future economic benefits (not sure in this case);

2. must be possessed (controlled) by the entity (cannot be possessed in this case);

3. must be a result of past transactions or events (the travelling in this case).

Therefore it is not an asset.

(2 marks@

decision criteria, 1 mark for conclusion)

Question 2

The company is required to record a liability of \$10,000 because it meets all the characteristics of a liability:

A future giving up of economic benefits (i.e. \$10,000).

A present obligation to another entity (i.e. the payment of penalty to the government).

As a result of past event (i.e. the violation of law).

(2 marks@

decision criteria, 1 mark for conclusion)

Question 3

Assets Liabilities Capital

\$ \$ \$

(a) 22,000 18,000 4,000

(b) 44,000 33,000 11,000

(c) 23,400 11,100 12,300

(d) 82,340 53,620 28,720

(e) 50,250 31,330 18,920

(f) 117,200 73,810 43,390

(@1, total 6 marks)

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