Lesson Plan for Senior Secondary 3 - Financial Accounting - Contract Account Ii

### Lesson Plan: Contract Account II **Subject:** Financial Accounting **Level:** Senior Secondary 3 **Duration:** 80 minutes **Topic:** Contract Account II **Objectives:** By the end of this lesson, students will be able to: 1. Understand the concept of Contract Account. 2. Differentiate between Contract Account and Normal Trading Account. 3. Identify and record various transactions in a Contract Account. 4. Prepare Contract Account, Contractee's Account, and Balance Sheets. **Materials Needed:** 1. Whiteboard and markers 2. Projector and computer 3. PowerPoint presentation slides 4. Handouts with sample problems 5. Textbook references --- ### Lesson Outline: 1. **Introduction (10 minutes)** - **Greeting and Attendance:** Welcome students and mark attendance. - **Ice-breaker:** Ask students what they remember about Contract Accounts from their previous lessons. - **Objectives Overview:** Explain today's objectives and what they'll be learning about Contract Accounts. 2. **Review of Previous Lesson (10 minutes)** - **Quick Recap:** Summarize the key points from the last lesson on Contract Accounts, such as basic definitions and principles. - **Questions and Answers:** Allow students to ask questions to clarify any doubts. 3. **Direct Instruction (25 minutes)** - **PowerPoint Presentation:** Walk through the detailed explanation of a Contract Account, including: - Definition and components (Contract costs, Contract revenue, Subsequent certifications, and Retentions) - Differences between Contract Accounts and Trading Accounts. - Examples of special terms (Escalation clause, Notional profit, Work-in-progress (WIP), and Contractee’s account). - **Examples on the Board:** Solve a detailed example of a Contract Account, breaking down each step for the students. 4. **Guided Practice (12 minutes)** - **Problem Solving:** Hand out a worksheet with a few basic Contract Account problems. - **Group Work:** Have students work in pairs to solve these problems, offering guidance and hints as they work. 5. **Independent Practice (8 minutes)** - **Individual Exercise:** Assign another set of problems for students to solve individually. - **Assessment:** Walk around and check students’ answers, providing immediate feedback and help where necessary. 6. **Class Discussion (10 minutes)** - **Review Worksheet:** Discuss the answers to the worksheet problems as a class. - **Clarification:** Address any common mistakes or misconceptions that students had. 7. **Summary and Wrap-Up (5 minutes)** - **Key Takeaways:** Recap the main points covered in the lesson. - **Q&A Session:** Allow students to ask any final questions they might have. - **Homework Assignment:** Provide a handout with a more comprehensive problem set to reinforce the day's lesson. 8. **Closing (1 minute)** - **Next Lesson Preview:** Briefly mention what will be covered in the next lesson. - **Thank You and Dismissal:** Thank the students for their participation and dismiss the class. --- **Evaluation:** - **Formative Assessment:** Monitor students' participation during the class discussions, group work, and individual practice. - **Summative Assessment:** Evaluate the homework assignment for accuracy and understanding. - **Feedback:** Provide constructive feedback on students’ performance to help them improve. **Modifications for Diverse Learners:** 1. **Visual Learners:** Utilize visual aids like charts and diagrams in the presentation. 2. **Kinesthetic Learners:** Engage students in hands-on activities like solving problems on the board. 3. **Auditory Learners:** Focus on clear verbal explanations and encourage class discussions. **Follow-Up:** - Review students' homework and address any persistent issues in the next class. - Plan a short quiz at the end of the week to assess overall understanding of Contract Accounts. --- This lesson plan aims to build on students’ existing knowledge of Contract Accounts and promote a deeper understanding through a combination of direct instruction, collaborative learning, and independent practice.