Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Accounting
Lesson Topic: understand the effect of correction of errors on a statement of financial position
Learning Objective/s:
  • Describe common types of accounting errors and their impact on the balance sheet.
  • Analyse how errors affect assets, liabilities, and equity for current and prior periods.
  • Apply the correcting‑entry process to adjust the statement of financial position.
  • Evaluate the effect of corrections on opening balances and ensure the accounting equation remains balanced.
Materials Needed:
  • Projector or interactive whiteboard
  • Printed worksheet with error scenarios
  • Sample trial balance and balance‑sheet handouts
  • Calculator
  • Whiteboard markers
  • Accounting journal template
 Introduction:
Begin with a quick question: “What would happen to a business’s reported financial health if a purchase was omitted from the books?” Students recall the accounting equation that underpins the balance sheet and are told they will identify how different errors distort assets, liabilities, or equity. By the end of the lesson they will be able to correct those errors and show the revised statement of financial position.
Lesson Structure:
  1. Do‑now (5’) – List any errors previously encountered and predict their impact on the balance sheet.
  2. Mini‑lecture (10’) – Review omission, commission, transposition, principle, and posting errors and their effects on assets, liabilities, and equity.
  3. Guided practice (12’) – In pairs, identify the error type in a sample trial balance and complete the correcting journal entry.
  4. Whole‑class walkthrough (8’) – Teacher demonstrates adjusting opening balances for a prior‑period error and updates the statement of financial position.
  5. Check for understanding (5’) – Quick quiz (Kahoot/handout) matching error types to balance‑sheet effects.
  6. Independent application (10’) – Students correct a new scenario, produce the revised statement of financial position, and document the steps.
  7. Exit ticket (5’) – Write one key takeaway about maintaining the accounting equation after corrections.
Conclusion:
Summarise how each error type alters the balance sheet and why accurate correcting entries are essential. Learners complete an exit ticket stating the first step they will check when spotting an error. For homework, they audit a sample set of transactions and prepare a brief report on any corrections needed.