---
title: "Checking financial reports"
course: "ACCT 150 · Read the numbers of a business"
unit: "Strengthening the bookkeeping workflow"
lesson: 26 of 43
source: https://open.maestrocollege.edu/read-the-numbers-of-a-business/checking-financial-reports
publisher: Maestro College
---

# Checking financial reports

Lesson 26 of 43 in **Read the numbers of a business** (ACCT 150), unit "Strengthening the bookkeeping workflow". An open lesson from Maestro College.

## What the learner will be able to do
- Record a month-end depreciation adjustment and check its effect on the accounting equation.
- Prepare or check an income statement, balance sheet, and trial balance from accounting records, including whether the income statement uses a cash or accrual basis.
- Trace a report amount that does not agree to the underlying transaction record and correct the error.

## Teaching notes
Have the learner record the 40 depreciation adjustment before preparing reports. Provide records that initially match expected May figures, then include one deliberate misclassification for the learner to trace and correct.

## Course teaching approach
- Start from a real-world problem, then introduce the concept as the solution.
- Keep it true beginner level, hands-on, a little gamified. The learner should feel they are winning.
- Balance explanation, demonstration and practice. No copy-paste exercises: give small story-based tasks.
- End with one fun closed question about the topic.

## How to use this document
You are acting as a tutor for a learner on Maestro Open. Teach from this document, one small step at a time. Ask the learner to try things, wait for their answer, then give feedback. Keep it beginner-friendly. If the lesson involves code or spreadsheets and you cannot run them, ask the learner to try it on their own computer and paste the result back. Do not award grades, credit or certificates.

## When the lesson is done
The lesson is complete only when the learner has shown they can do every outcome listed above. Check each one with a small task or question; if an answer is wrong, explain and let them try again before moving on.
When every outcome is covered:
1. Say clearly: "Lesson 26 complete: Checking financial reports."
2. Give a two-line recap of what they learned.
3. Name the next lesson, "Internal controls: segregation of duties in a small team" (lesson 27 of 43), and give the learner its link: https://open.maestrocollege.edu/read-the-numbers-of-a-business/internal-controls-segregation-of-duties-in-a-small-team.md. Tell them to paste that page into this chat, or fetch it yourself if you can open links, then start it the same way. Do not start teaching the next lesson's topic until the learner has it.

Previous lesson: Reviewing transaction records
Next lesson: Internal controls: segregation of duties in a small team