This lesson plan introduces basic accounting terms including transactions, assets, liabilities, capital, expenses, profit, loss, drawings, purchases, sales, debtors, and creditors. Assets are items of value owned by a business, like cash. Liabilities are amounts owed, while capital refers to the owner's investment. Expenses are costs to earn revenue, and the difference between revenue and expenses is either profit or loss. Purchases and sales refer to goods, while debtors and creditors are amounts owed to or owed by the business.

1. LESSON PLAN 40 (ICT)

2. WELCOME

3. UNIT:
INTRODUCTION OF
ACCOUNTING

4. TOPIC:
BASIC TERMS IN ACCOUNTING

5.  TRANSACTION
 ASSETS
 LIABILITIES
 CAPITAL
 EXPENSES
 POFIT
 LOSS
 DRAWINGS
 PURCHASES
 SALES
 DEBTORS
 CREDITORS

6. Transactions involving immediate receipt or
payment of money are called cash transaction

7. Cash or any valuables owned by the
business can be called an asset.

8. Liabilities are the obligation of the business. It
the amount which a business owes to others

9. Amount invested by the owner in
the firm is known as capital

10. Costs incurred by a business in the process
of earning revenue are known as expenses

11. The excess of revenues of a period over its related
expenses during an accounting year is profit .
Profit increases the investment of the owners.

12. The excess of expense of own revenue in an
accounting year. It decreases in owners equity.

13. Drawings is the amount of cash or other assets
withdrawn by the owner for his personal
purpose.

14. Purchases is an expense incurred for
procured of goods in a business.

15. Sales are total revenues from goods or
services sold or provided to customers.
Sales may be cash sales or credit sales.

16. Debtors are persons who money to the business.

17. Creditors are persons to whom
business owes money.

18. ASSETS CAPITAL EXPENSES LIABILITIES

19. THANK YOU