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→Key Idea #
*Question Corner
*Question Corner
==Key Idea #==
==Key Idea # 2 Types and examples of 'account heads'==
What are the key ideas to be covered
What are the key ideas to be covered
Accountancy is the maintenance of financial records. These need to be systematically maintained with least subjectivity (since objectivity is necessary for easy common understanding).This requires clear definition of accounting heads as well as types of accounts.
===Learning objectives===
===Learning objectives===
To understand what an 'account head' is
To understand what are the kinds of 'account heads'
===Notes for teachers===
===Notes for teachers===
===Activity No # ===
The fundamental 'unit' of accounting is an 'account head'- also called 'head of account' or 'line item'. This is nothing but the label / name for which the financial transaction is incurred. For example if a teacher purchases books, the account heads are 'books' and 'cash' (which is paid in exchange or books)
Each transaction can have 2 or more account heads.
Each account can be one of three types - personal (of persons),real (assets and liabilities) and nominal (expenses and incomes).
===Activity No # 1 - List popular / commonly used account heads ===
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|<div style="width:150px;border:none; border-radius:10px;box-shadow: 5px 5px 5px #888888; background:#f5f5f5; vertical-align:top; text-align:center; padding:5px;">
''[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
The information can be collected from different sources - financial statements / annual reports of companies, newspapers, magazines as well as from the Internet
*Prerequisites/Instructions, if any
*Estimated Time - one period
*Materials/ Resources needed - annual report/magazines/newspapers
*Prerequisites/Instructions, if any - Introduction to accountancy (background/purpose) must be complete
*Multimedia resources
*Multimedia resources
*Relevant local connections - people, places and materials
*Relevant local connections - people, places and materials
*Website interactives/ links
*Website interactives/ links
[https://www.google.co.in/#q=annual+report+of+indian+companies&revid=878717395 Internet search for company annual reports]
*Process
*Process
Ask students to look through these resources and make a list of popular account heads. Let them identify the account type (personal/real/nominal)for each account and give their reasons
*What questions can you ask
*What questions can you ask
Which kind of accounts (personal/real/nominal) are more common in company balance sheets? Is there any pattern?
*Assessments - incorporating elements of CCE
*Assessments - incorporating elements of CCE
*Question Corner
*Question Corner