### 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
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### 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.
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**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.
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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.