Lesson Notes By Weeks and Term - Senior Secondary 1
Transactions: meaning and classification
Transactions: meaning and classification
Term: 1st Term
Week: 2
Class: Senior Secondary School 1
Age: 15 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Financial accounting
Topic:- Transactions: meaning and classification
SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to
INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source
INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures
INSTRUCTIONAL PROCEDURES
PERIOD 1-2
|
PRESENTATION |
TEACHER’S ACTIVITY |
STUDENT’S ACTIVITY |
|
STEP 1 INTRODUCTION |
The teacher reviews the previous lesson on introduction to book keeping and accounting |
Students pay attention |
|
STEP 2 EXPLANATION |
She defines transactions
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
She lists and explains the classes of transactions |
Students pay attention and participate |
|
STEP 4 NOTE TAKING |
The teacher writes a summarized note on the board |
The students copy the note in their books |
NOTE
TRANSACTIONS
A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
CLASSES OF TRANSACTIONS
1. Cash Transactions: This occur whenever goods are received by a person or business and payment is made immediately for such goods or services received. Payment in this sense could be either by cash, cheque, bankdrafts, postal orders etc.
2. Credit Transactions: This occur whenever goods are received by a person or business and the payment for such goods received (or services enjoyed) is postponed or deferred to a future time.
EVALUATION: 1. Define transactions
2. State and explain the two classes of transactions
3. Identify whether the following are cash or credit transactions
a. Dec 15: Sold goods and received cheque in payment N14, 000
b. Dec 20: Bought a toaster paying by cheque N9, 000
c. Dec 25: Paid salary of sales girls by cheque N1, 000
d. Dec 28: Sold goods to Mrs Chinwe Nwachukwu N7, 000
e. Dec 31: Bought plastic chairs for cash N3, 000
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively