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Enumerate The Major Parts of
Enumerate The Major Parts of
Format: School-on-the-Air
Length: 30 minutes
Objective: After listening to the episode, the Grade 12 learners will be able to:
1. Know what is income statement and balance sheet; and
2. Enumerate the major parts of income statement and balance sheet.
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Welcome to the wonderful world of school-on- the-air where you learn as you listen
on air! Get ready to learn something big, with me your teacher Mr. Glenn S.
Entrepreneurship.
8 RADIO TEACHER: How are you today? ⁽PAUSE) Well, sit back and relax! Inhale, exhale! In this
lesson, you will start discovering a new world – the world of business. In today’s
lesson, you will learn about Income Statement and Balance Sheet. Are you ready?
RADIO TEACHER: Well… well… well, in the previous lesson, you learned some bookkeeping
tasks. This time, I want you to get your module, pen and paper for you answers.
to write your answer for each number. Are you ready? Let’s start!
Number 1 (PAUSE) It is a list of all ledger accounts with closed or final balances on
9 RADIO TEACHER: Number 2 (PAUSE) It I s a group of accounts directly associated from the
general ledger.
chart of accounts..
9 RADIO TEACHER: Number 4 (PAUSE) It is the most basic journal which provides columns
for date, account titles and explanations, folio or references and a separate column for debit
9 RADIO TEACHER: And number 5 (PAUSE) It is composed of the Journal and Ledger. It
depends on the type of business, some businesses used special journals when they are
9 RADIO TEACHER: It’s time to check your answer! I need you to be honest because we
want to find out what you already know and this is not graded. This will help you
11 Let us check! Here are the correct answers: Number Trial Balance(PAUSE), Number
17 How did you do? If you got all the correct answers, you have really learned from the
subject. If you got less than five, you have to listen very well to learn more!
1 RADIO TEACHER: It’s time to get your module 10, lesson 2. I hope you have read the
preliminary pages. Those are your guides on how to use the module. Have you read
it? ⁽PAUSE) If you haven’t, don’t worry because you can read them later. I, your
teacher will guide you in this lesson. So, listen carefully! Let’s begin!
6 BIZ: INSERT PLUG ⁽CUE IN: XXXXXX THEN CUE OUT: XXXXXX)
8 RADIO TEACHER: Our lesson is for this episode is all about Income Statement and a
Balance Sheet Yes, my dear learners, you heard it right. So, don’t let go of the
15 BIZ: LESSON ID
major financial report. Also known as profit and loss statement or statement of comprehensive
income. This statement summarizes the results of company’s operations for a specific period of time.
If the result of operation is positive, then the business earns net income otherwise, net loss.
7 RADIO TEACHER: The different parts of income statement are (PAUS the heading or title
of report, (PAUSE), Name of the company (PAUSE), and Date or period covered.
12 RADIO TEACHER: The major parts are (PAUSE) Income or revenues (PAUSE) It onsist of
all income received within the period upon provision of services for service-concern business and
12 RADIO TEACHER: Second is Expenses (PAUSE) It is the money spent during the conduct of
business operations.
12 RADIO TEACHER: And last is Net income or net loss (PAUSE) It is the outcome of business
operations.
12 RADIO TEACHER: What is a balance sheet? (PAUSE) Balance sheet is also known as the
statement of financial position. This statement summarizes the total balances of assets,
liabilities and owner’s equity. In general, it provides the financial condition of the
Permanent in nature because their balances remain intact and will be forwarded from one
period to another.
19 BIZ: MSC UP FOR 3 SECS AND UNDER
1 RADIO TEACHER: The different parts of balance sheet are: the heading or title of report
1 RADIO TEACHER: The major parts are (PAUSE) Assets (PAUSE) Assets can be Current
1 RADIO TEACHER: Current Assets are assets that can be realized or collected, sold, used up
1 RADIO TEACHER: Noncurrent Assets are assets that cannot be realized or collected, sold,
1 RADIO TEACHER: Next major part of balance sheet is Liability. (PAUSE) Like Assets, this
1 RADIO TEACHER: Current Liabilities are liabilities that fall due or paid, recognized as
1 RADIO TEACHER: Noncurrent Liabilities are liabilities that do not fall due or paid,
1 RADIO TEACHER: And last is Owner’s Equity or Capital (PAUSE) Capital is an item of
balance sheet wherein the capital or interest of the owner of the business is listed. Initial
withdrawal of capital will be recorded in a drawing account of the owner and will be reflected
RADIO TEACHER: I hope you enjoyed today’s lesson you did great by listening well! That will be
all for today’s episode! You will learn more about entrepreneurship in the next episodes! Don’t
forget what I taught you! It will help you answer the short assessment later!
BIZ: MSC UP FOR 5 SECS, CROSSFADE WITH THEME MSC THEN UNDER
RADIO TEACHER: Did you learn a lot? ⁽PAUSE) Very good! We will review what you
BIZ: INSERT PLUG ⁽CUE IN: XXXXXX THEN CUE OUT: XXXXXX)
Let us review what I have just discussed with you! Get your notes!
RADIO TEACHER: Income statement is one of the major financial report. It is also known as profit
and loss statement or statement of comprehensive income. This statement summarizes the
results of company’s operations for a specific period of time. On the other hand, balance sheet
is also known as the statement of financial position. This statement summarizes the total
RADIO TEACHER: We are done with the discussion. It is time to assess how much you
have learned! Get ready with your notes and pen! Let us have the assessment.
9 RADIO TEACHER: Write your answer on a separate sheet of paper. Do not forget to
write your complete name and the date today. Our module number is lesson number is 2.
RADIO TEACHER: Listen very carefully! Students, I want you to enumerate the major parts of
income sheet and balance sheet. You have 1 minute to write your answers.
RADIO TEACHER That ends the assessment! You will submit your answers on Friday. Just put it
in the designated drop box. You can also submit questions together with your assessment
RADIO TEACHER This has been a profitable episode of our Entrepreneurship class!
Time runs fast! I will see you again in the next episode and we will answer the
RADIO TEACHER: This has been your entrepreneurship teacher, Mr. Glenn Manlupig of the
school-on-the-air. We will learn more in our next episode! Remember to aim high senior
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