Page 111…Intro

Title: School-on-the-Air for Grade 12 ENTREPRENEURSHIP

Topic: Income Statement and Balance Sheet

Format: School-on-the-Air

Length: 30 minutes

Scriptwriter: INITAO DISTRICT

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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3 RADIO TEACHER: Good afternoon Misamis Oriental! Good afternoon studentpreneurs!

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.

Manlupig. So, mga estudyanteng negosyante, Welcome for another lesson in

Entrepreneurship.

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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?

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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.

(PAUSE) Ready? Here it goes.

 As a review, write down what is being asked in each sentences. You have 30 seconds

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

a certain period arranged according to the rules of debit and credit.

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9 RADIO TEACHER: Number 2 (PAUSE) It I s a group of accounts directly associated from the

general ledger.

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9 RADIO TEACHER: Number 3 (PAUSE) It is a grouping of all accounts directly traceable to

chart of accounts..

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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

and credit entries.

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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

engaged merchandising type of business to records business transactions

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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

learn better! Ok?

11 Let us check! Here are the correct answers: Number Trial Balance(PAUSE), Number

2 Subsidiary Ledger (PAUSE), Number 3 General Ledger (PAUSE), Number 4

General Journal (PAUSE), and Number 5 Book of Account (PAUSE).

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!

⁽PAUSE) Now, you are ready to move on!

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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!

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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

modules and get ready to be with me all throughout this lesson.

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 7 RADIO TEACHER: What is an income statement? (PAUSE) This statement is one of the

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.

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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.

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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

sales for merchandising

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12 RADIO TEACHER: Second is Expenses (PAUSE) It is the money spent during the conduct of

business operations.

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12 RADIO TEACHER: And last is Net income or net loss (PAUSE) It is the outcome of business

operations.

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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

business on a specific date. The balance sheet is composed of Permanent accounts.

Permanent in nature because their balances remain intact and will be forwarded from one

period to another.
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1 RADIO TEACHER: The different parts of balance sheet are: the heading or title of report

(PAUSE) name of the company (PAUSE), and date or period covered.

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1 RADIO TEACHER: The major parts are (PAUSE) Assets (PAUSE) Assets can be Current

and Non-current. (PAUSE)

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1 RADIO TEACHER: Current Assets are assets that can be realized or collected, sold, used up

one year after year-end date.

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1 RADIO TEACHER: Noncurrent Assets are assets that cannot be realized or collected, sold,

used up one year after yearend date.

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1 RADIO TEACHER: Next major part of balance sheet is Liability. (PAUSE) Like Assets, this

can also be Current and Non-current.

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1 RADIO TEACHER: Current Liabilities are liabilities that fall due or paid, recognized as

revenue within one year after year end date.

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1 RADIO TEACHER: Noncurrent Liabilities are liabilities that do not fall due or paid,

recognized as revenue within one year after year-end date.

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1 RADIO TEACHER: Students, Noncurrent assets and noncurrent liabilities are also called

long term assets and long-term liabilities.

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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

as a deduction to the capital balance.

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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!

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RADIO TEACHER: Did you learn a lot? ⁽PAUSE) Very good! We will review what you

have learned after the short break! Stay tuned!

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RADIO TEACHER: Welcome back to School-on-the-Air for Entrepreneurship twelve!

Let us review what I have just discussed with you! Get your notes!

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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

balances of assets, liabilities and owner’s equity.

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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.

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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.

PAUSE) Are you ready? Let’s start!

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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.

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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

paper! We will answer your questions on air!

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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

questions you send us.

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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

high! See you then!

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