Business Studies - Junior Secondary 1 - Introduction to Book keeping

TERM: 2^ND TERM

WEEK TEN

Class: Junior Secondary School 1

Age: 12 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic:  INTRODUCTION TO BOOK KEEPING

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) State the Meaning of Book Keeping

II.) Explain the Importance of Book Keeping to Business

III.) Identify qualities of Book Keepers

IV.) Identify Common Book Keeping Practices

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

INTRODUCTION TO BOOK KEEPING

Bookkeeping is the systematic process of recording financial transactions of a business or organization. It involves maintaining accurate and detailed records of all financial activities, including purchases, sales, receipts, and payments, typically in ledgers or accounting software.

Importance of Bookkeeping to Business

Bookkeeping is crucial for several reasons:

1. It provides accurate and up-to-date financial information, such as cash flow, profitability, and expenses, which helps business owners and managers make informed decisions.
2. Proper bookkeeping ensures that the business complies with tax laws and regulatory requirements. It facilitates the preparation of tax returns and financial statements required by regulatory authorities.
3. Bookkeeping data helps in creating budgets, forecasts, and financial projections, aiding in strategic planning and goal setting for future growth and expansion.
4. It enables businesses to monitor their financial performance over time, identify trends, and evaluate the effectiveness of business strategies.
5. Well-maintained books make audits and financial reviews smoother and more efficient, reducing the risk of errors, discrepancies, or fraud.

Qualities of Bookkeepers

Effective bookkeepers typically possess the following qualities:

1. Accuracy: Attention to detail and ability to record financial transactions accurately.
2. Organizational Skills: Capability to maintain orderly and systematic records of financial data.
3. Analytical Skills: Ability to analyze financial information and identify trends or discrepancies.
4. Integrity: Commitment to ethical behavior and confidentiality in handling financial data.
5. Technical Proficiency: Familiarity with accounting principles, software, and tools used in bookkeeping.

Common Bookkeeping Practices

1. Double-Entry Bookkeeping: Recording each financial transaction with equal debits and credits in appropriate accounts to maintain balance and accuracy.
2. Recording Transactions: Documenting all financial transactions promptly and accurately in journals or accounting software.
3. Bank Reconciliation: Matching and reconciling bank statements with recorded transactions to ensure accuracy and detect discrepancies.
4. Financial Reporting: Preparing financial statements, such as balance sheets, income statements, and cash flow statements, to summarize the financial position and performance of the business.

 EVALUATION: 1. What is meaning of Book Keeping

2. Mention 5 the Importance of Book Keeping to Business
3. Identify 5 qualities of Book Keepers
4. Identify 4 Common Book Keeping Practices

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively