### Lesson Plan: Financial Accounting - Depreciation Account (Part II)
**Subject:** Financial Accounting
**Class:** Senior Secondary 1
**Duration:** 60 minutes
**Topic:** Depreciation Account (Part II)
#### Objective:
- Understand the different methods of computing depreciation beyond the straight-line method.
- Learn how to record depreciation using the reducing balance method.
- Understand the impact of depreciation on financial statements.
#### Materials Needed:
- Whiteboard and markers
- Projector and computer for presentation slides
- Handouts of practice problems
- Textbooks or course materials on depreciation
#### Lesson Outline:
### Introduction (10 minutes)
1. **Welcome and Attendance (2 minutes):**
- Greet the students and take attendance.
2. **Recap of Depreciation Account (Part I) (8 minutes):**
- Briefly review what depreciation is and why it is important.
- Revisit the Straight-Line Method covered in the previous lesson.
- Explain the purpose of today's lesson focusing on alternative depreciation methods.
### Instruction (25 minutes)
3. **Introduction to Depreciation Methods (5 minutes):**
- Introduce various depreciation methods: Reducing Balance Method, Sum-of-the-Years-Digits Method, and Units of Production Method.
- Explain which assets might be best suited for each method.
4. **Reducing Balance Method (10 minutes):**
- Define the Reducing Balance Method.
- Explain how to compute annual depreciation using this method.
- Provide an example calculation and show how it is different from the straight-line method.
5. **Recording Depreciation (10 minutes):**
- Show journal entries for recording annual depreciation using the reducing balance method.
- Demonstrate how depreciation impacts both the Income Statement (as an expense) and the Balance Sheet (reduces asset value).
### Activity (15 minutes)
6. **Practice Problems (15 minutes):**
- Distribute handouts with problems related to the Reducing Balance Method.
- Work through one problem collectively on the board, explaining each step in detail.
- Allow students to work on 2-3 additional practice problems in pairs or small groups.
### Review and Assessment (10 minutes)
7. **Review Key Points (5 minutes):**
- Summarize the key concepts covered: various depreciation methods, focusing on the Reducing Balance Method.
- Highlight the importance of accurate depreciation records for financial health and compliance.
8. **Quick Quiz / Q&A (5 minutes):**
- Administer a short quiz with 3-4 questions to assess understanding.
- Open the floor for any student questions and provide clarifications.
### Conclusion (5 minutes)
9. **Homework Assignment (2 minutes):**
- Assign problems from the textbook that cover the Reducing Balance Method and its application in financial records.
10. **Closing and Announcements (3 minutes):**
- Remind students of any upcoming assessments or important dates.
- Briefly preview the next class topic.
- Thank the students and conclude the class.
#### Additional Tips:
- Ensure that students understand the importance of selecting appropriate methods for different types of assets.
- Provide real-world examples related to various methods of depreciation.
- Encourage students to form study groups for better understanding and peer learning.
This lesson plan should build a solid understanding of depreciation methods beyond the basic straight-line method and equip students with the necessary skills to record depreciation accurately.