Session 3 - Distinction between balance sheet and statement of affairs

Practice/Practical/Practicum Session Plan : Distinction between balance sheet and statement of affairs

1️⃣ 0–5 min: Introduce the meaning of Balance Sheet and Statement of Affairs.
2️⃣ 5–15 min: Explain the purpose, nature, and preparation methods of both statements.
3️⃣ 15–30 min: Teach major differences through a structured comparison table and an example.
4️⃣ 30–40 min: Solve one short illustration showing how each statement is prepared.
5️⃣ 40–45 min: Recap and ask 5 important exam-oriented questions.

Instruction for Practice/Practical/Practicum : (PDF, PPT)

Distinction_BalanceSheet_StatementOfAffairs.pptx

Practice Material (IV Quadrant Approach)

(Q1) : Practice Questions/Problems (PDF Formats)

Difference between single entry and double entry.pdf

(Q2) : Video Based Content (Youtube)

(Q3) : Formative Assessment (Google Form/Any Other Online Quiz Platform)

(Q4) : Further Reading

Recommended Books & Texts

Accounting for Business (3rd ed) — A textbook focused on how accounting supports business decision-making and is suitable for non-specialist managers and business students. Goodreads
Accounting for Business Studies by Aneirin Owen — Integrates accounting with business & management studies, emphasising the commercial context. Routledge
Business Accounting (v.2.0) (free online text) — Covers many fundamental accounting topics; good for self-study. 2012 Books
Accounting, The Language of Business by JoAnn Wood — Openly-licensed, explains accounting as a communication tool in business. Boise State Pressbooks

Useful Online Resources

Open Textbook Library: “Accounting Principles: A Business Perspective” and others — free downloadable textbooks covering core accounting topics. Open Educational Resources
Guides listing recommended books for accounting and business: e.g., “Business Recommended Reading by Subject: Accounting”. BYU Library Guides+1
Articles on accounting fundamentals: e.g., “What Is Accounting? | Introduction to Business” explains accounting as the language of business.

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