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At the end of a financial period (usually a year), the business or institution is required by law to prepare the 'financial statements' (comprising the Profit and Loss statement for a business and an Income and Expenditure Account for a non-profit body, as well as a Balance Sheet). This gives the reader an idea of the financial status of the entity.
At the end of a financial period (usually a year), the business or institution is required by law to prepare the 'financial statements' (comprising the Profit and Loss statement for a business and an Income and Expenditure Account for a non-profit body, as well as a Balance Sheet). This gives the reader an idea of the financial status of the entity.
−===Activity No # ===
+===Activity No # 1 - Exploring simple financial records maintained at home===
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''[http://www.karnatakaeducation.org.in/?q=node/305 Click to Comment]''</div>
''[http://www.karnatakaeducation.org.in/?q=node/305 Click to Comment]''</div>
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−*Estimated Time
+*Materials/ Resources needed
+In some homes, parents may be maintaining a record of household expenses. Ask the student to bring an old record from a previous month for discussions in the class. Or your own record can be shared and discussed, if you maintain
−*Prerequisites/Instructions, if any
+*Estimated Time - 1 period for discussions
+*Materials/ Resources needed - Register / record of expenses maintained at home
+*Prerequisites/Instructions, if any - Discussing how accounting (keeping records of monetary transactions)is a very old and also a common practice. Simplest records are of household expenses.
+*Multimedia resources
*Multimedia resources
+Short video which shows how we can use a spreadsheet (Video shows Excel, but same can be done with LibreOffice also) to keep a record of monthly expenses.
+{{#widget:YouTube|id=UvDulzibJBI}}
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*Relevant local connections - people, places and materials
*Relevant local connections - people, places and materials
*Website interactives/ links
*Website interactives/ links
−*Process
+*What questions can you ask
+*Process - Even at home, your parents may be maintaining a simple record of expenses by date. The total of expenses may be calculated each month, to keep a track against the income (which may be a monthly income)
−*Assessments - incorporating elements of CCE
+*What questions can you ask
+- Why is such a record being maintained at home?
+- How often is it recorded?
+- What kind of expenses are most common during the month?Which are heavy expenses?
+*Assessments - incorporating elements of CCE
+-Why is double entry system not maintained for home expense recording
+*Question Corner
*Question Corner