**Lesson Plan: Financial Accounting**
**Topic:** Manufacturing Accounts
**Grade Level:** Senior Secondary 2
**Duration:** 90 minutes
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**I. Objectives:**
By the end of the lesson, students will be able to:
1. Understand the purpose of manufacturing accounts.
2. Identify the components of manufacturing accounts.
3. Prepare a manufacturing account including cost of raw materials, work-in-progress, and finished goods.
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**II. Materials Needed:**
- Whiteboard and markers
- Projector and laptop
- Handouts with sample manufacturing account format
- Calculator
- Class textbook on Financial Accounting
- Sample data for manufacturing account exercises
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**III. Lesson Outline:**
**1. Introduction (15 minutes)**
a. Greetings and attendance check.
b. Start with a brief discussion on what manufacturing is and some examples of manufacturing businesses.
c. State the objectives of the lesson and provide a brief overview of the importance of manufacturing accounts in financial accounting.
**2. Presentation (20 minutes)**
a. Define Manufacturing Accounts:
- Explain the purpose and importance.
- Differentiate between manufacturing accounts and trading accounts.
b. Components of Manufacturing Accounts:
- Explain Direct materials, Direct labor, Manufacturing overheads.
- Discuss other key terms: Prime Cost, Factory Cost, Cost of Production.
c. Format of Manufacturing Accounts:
- Use a sample format on the whiteboard/projector.
- Go through each section and its significance.
**3. Activity/Practice (30 minutes)**
a. Distribute handouts with sample manufacturing account format and sample data.
b. Guided Practice:
- Work through an example of calculating the cost of raw materials used, total factory cost, and the cost of production using the sample data.
c. Individual Practice:
- Assign a different set of data and have students prepare their own manufacturing accounts in their notebooks.
- Walk around the class, giving individual support and feedback as needed.
**4. Review and Discussion (15 minutes)**
a. Collect a few completed accounts and review them on the board.
b. Common Errors:
- Address any common mistakes that were made.
- Provide additional examples if necessary.
c. Q&A Session:
- Allow students to ask questions.
- Clarify any doubts or confusion about the topic.
**5. Conclusion (5 minutes)**
a. Recap the key points covered in the lesson.
b. Explain the next steps and what to expect in the upcoming lessons.
c. Assign homework: Complete a manufacturing account with a new set of data provided in handout.
d. Encourage reading the next chapter in the textbook for the upcoming class.
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**IV. Assessment:**
- Monitor student participation during the activity.
- Review students' completed manufacturing accounts for accuracy.
- Evaluate student's homework for understanding and completeness.
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**V. Homework:**
Prepare a manufacturing account using the sample data provided in class. This includes calculating the cost of raw materials used, total factory cost, and the cost of production.
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**VI. Reflective Notes for Teacher:**
After the lesson, take some time to reflect on:
- What went well in the lesson?
- Did students grasp the main concepts of manufacturing accounts?
- Were there any areas where students struggled?
- What could be improved in future lessons?