Financial Statements Unit | Income Statement & Balance Sheet | Accounting Curriculum
 
Want additional materials? Check out our Accounting Semester Course.
The unit can be taught in the classroom or online
Google, Windows, & Mac-friendly!
All documents are editable to meet your classroom needs.
National Business Education Standards Included.
 
Help your students master the Income Statement and Balance Sheet with this 8-day, no-prep unit designed for high school accounting or business classes. This standards-aligned resource walks students through the structure, purpose, and preparation of financial statements using hands-on activities, real-world practice, and collaborative games.
From analyzing adjusted trial balances to correcting common financial errors, this unit equips students with the knowledge and confidence to interpret business financial health like a pro.
 
What’s Included:
✔️ 8 Days of Lesson Plans with Daily Instructions ✔️ Editable Presentations + Student Note Pages ✔️ Group & Independent Income Statement & Balance Sheet Practice ✔️ Correct-the-Statement Error-Finding Activities ✔️ Financial Health Assessment Case Study ✔️ Balance Sheet Bingo Game ✔️ Daily Bell Work + Review Options ✔️ Unit Test + Answer Key
 
Skills Covered:
Reading and Preparing Income Statements
Creating and Interpreting Balance Sheets
Understanding Revenue, Expenses, Assets, Liabilities & Equity
Connecting Adjusted Trial Balances to Financial Statements
Identifying & Correcting Errors in Financial Reporting
Evaluating a Business’s Financial Health
Perfect For:
✅ High School Accounting Courses
✅ Business & Finance CTE Pathways
✅ Financial Literacy Lessons
✅ Trial Balance & Statement Reinforcement
 
Give your students a real-world understanding of financial statements—without spending hours planning. Interactive, engaging, and aligned to NBEA standards, this unit is ready to plug and play.
 
Unit Goals:
By the end of this unit, students will:
Understand the structure and purpose of both the Income Statement and the Balance Sheet.
Be able to classify and categorize financial data (revenues, expenses, assets, liabilities, and equity).
Prepare and interpret basic Income Statements and Balance Sheets using real-world examples.
Recognize the importance of these financial statements in business decision-making and financial analysis.
Learn the relationships between the Income Statement and the Balance Sheet and how changes in one can affect the other.
Understand how the Adjusted Trial Balances connect to the Income Statement and Balance sheet. 
Be able to find errors within an Income Statement and Balance Sheet. 
Learn about current and non-current assets and liabilities.
Objectives:
What students will learn in this unit:
Comprehension: Students will describe the key components of Income Statements and Balance Sheets, explaining how each section relates to a company’s financial health.
Skill Development: Students will practice preparing Income Statements and Balance Sheets from given financial data, ensuring accuracy in categorizing revenues, expenses, assets, and liabilities.
Analysis: Students will analyze the financial health of a business by interpreting the Income Statement and Balance Sheet, understanding how profit, loss, and equity are calculated and presented.
Error Identification: Through interactive exercises, students will identify and correct common mistakes in financial statements, thereby improving their understanding of accurate reporting.
Real-World Application: Students will apply their knowledge to real-life scenarios and engage in group activities such as role-playing, case studies, and scavenger hunts to make the concepts relatable and engaging.
 
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