Basic accounting skills are a necessity in today’s world. Even if your students do not enter the field of economics or business, Personal Accounting skills are necessary to manage their own finances.
Monopoly is a classic board game that simulates miniature capitalism, making it a perfect model for accounting records. Have the students play in groups of no more than four people. Give each student two newspapers, one to record transactions and another for notes on each transaction. The students recorded each time you earn or spend money in the game, taking careful control over taxes and profits of the letters of “possibilities”. The game can take several class periods or even several days, so that each student should be responsible for their own funds while playing. At the beginning of each class, must ensure that its liquid assets (cash in hand) is the same as that of their records. If not, record the difference.
Build a business plan
The students will create small business scenarios in small groups of three to five people. Each student will be responsible for one aspect of business management. Investigate the costs of production or, if they are making something futuristic that can not be produced by traditional research methods, should provide estimates with explanations for everything listed. Then they should create a business plan with the intention of receiving a loan for starting your business. Do you guys talk to financial experts for advice . Or try to arrange for a certified public accountant or a loan specialist will borrow some of your time and visit the class.
“Accounting Career” is an activity that involves a lot of research but can be a fun project for students preparing for greater career choice. Have each student choose a career to study, as well as a city and a state in which they wish to live. They can choose to live in another country, but warn that it could hinder the investigation. Instruct the students to find the average salary of the profession in that city. With that information in hand, may investigate and calculate the cost of living of a full year. They must find an apartment or house and create budgets for food, entertainment, insurance and savings. Give them a simplified tax rate to incorporate into their spreadsheets.
Small Business Project
If your accounting lesson is part of a general economic lesson, make your students start a small business can be a rewarding project. Give the students simple tasks such as a bake sale. Make form committees to focus on different aspects of the production: chefs, promoters, marketers and accountants. Each group will receive a small amount of seed money from a lender to spend on production. The cooks spend money on ingredients, developers and vendors create brochures rented tables. Make careful records kept groups on the expenses. Once you have completed all costs, accountants compare the records with the proposals and complete all information in a presentation to the other groups. After deducting the loan repayment will use the profits to reward with a feast of pizza or a trip.