Lesson Notes By Weeks and Term - Senior Secondary 1

Transactions: meaning and classification

Get it on Google Play
Get it on the Apple App Store
  1. Home
  2. Lesson Notes By Weeks and Term
  3. Senior Secondary 1
  4. 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

  1. Define transaction
  2. State and explain the types of transactions

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