NESHAMINY SCHOOL DISTRICT LANGHORNE, PENNSYLVANIA. Course Title ACCOUNTING II

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1 NESHAMINY SCHOOL DISTRICT LANGHORNE, PENNSYLVANIA Course Title ACCOUNTING II

2 Month: September ESSENTIAL QUESTIONS THAT THE COURSE CONTENT ANSWERS: Why is it essential for businesses to follow the accounting process? How are financial statements used to assess the financial status of a business? K Chapter 1 - Recording Departmental Purchases and Cash Payments Using Accounting Principles and Records Journalizing Purchases and Purchase Returns Journalizing Cash Payments Apply debit and credit rules when analyzing and journalizing business transactions for a departmentalized business Explain the relationship beween the accounting equation and accounting records Explain the purpose of a departmental accounting system Journalize departmental purchases, purchases returns and allowances and cash payments Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students Chapter 2 - Recording Departmental Sales and Cash Receipts Departmental Sales on Account and Sales Returns and Allowances Journalizing Cash Receipts Journalize departmental sales on account and sales returns and allowances Explain the impact of sales discounts on the collection of accounts receivable Journalize departmental cash receipts End of chapter comprehensive recycle and mastery problems Formally graded summative assessment (chapter test)

3 Month: October/ November F, G, L M, Q, S, T Chapter 3 - Calculating and Recording Departmental Payroll Data Completing Payroll Records for Employee Earnings and Deductions Recording a Payroll and Payroll Taxes Identify the different types of compensation that are paid by employers and the rationale for different methods of compensating employees Calculate employee earnings Prepare payroll reports Journalize the payment of a payroll Journalize the payment of payroll taxes Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students Chapter 4 - Financial Reporting for a Departmentalized Business Preparing Financial Information for a Departmentalized Business Responsibiltiiy Statements for a Merchandising Business Identify the steps necessary to prepare for endof-period financial reporting Journalize adjusting entries Prepare an adjusted trial balance Distinguish between direct and indirect expenses of a departmentalized business Prepare a departmental margin statement Calculate and analyze vertical analysis ratios End of chapter comprehensive recycle and mastery problems Formally graded summative assessment (chapter test) Financial Statements for a Departmental Merchandising Business Prepare financial statements Complete end-of-period work (closing entries)

4 Month: November F, G, K, L M, Q, S, T Reinforcement Activity 1 This activity reinforces chapters 1 through 4. The complete accounting cycle is for a departmentalized merchandising business organized as a corporation. Recording transactions in special journals and a general journal Calculating and recording departmental payroll data Proving and ruling journals Planning adjustments and completing a work sheet Formal assessment of assigned segments of the reinforcement activity 1 students submit using Google Classroom Preparing departmental margin statements Preparing financial statements Visual evaluation of collaboration among students Journalizing adjusting and closing entries Visual monitoring of project activity Formally graded Reinforcement Activity 1

5 Month: December F, G, J, K, L, T Chapter 5 Inventory Planning and Valuation Describe the importance of merchandise inventory and its role in profitability Determining Merchandise Inventory Quantities Inventory Costing Methods Estimating the Inventory Account for the quantity of merchandise inventory Determine the cost of merchandise inventory Determine the reported cost of merchandise inventory Estimate the cost of merchandise inventory Calculate the inventory turnover ratio and days sales in inventory Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students Chapter 6 Accounting for Uncollectible Accounts Direct Write-Off Method of Recording Uncollectible Accounts Calculate and record uncollectible accounts expense using the direct write-off method Calculate and record estimated uncollectible accounts expense using the allowance method End of chapter comprehensive recycle and mastery problems Allowance Method of Recording Uncollectible Accounts Expense Write off an uncollectible account receivable Account for the collection of an account receivable that was written off Formally graded summative assessment (chapter test) Financial Analysis of Accounts Receivable Calculate and analyze accounts receivable turnover ratios

6 Month: January F, G, H, J, K, L, M, Q, S, T Mid-Term Assessment Chapters 1 through 6 Refer to essential content, skills, knowledge entries from chapters 1 through 6 A segment of chapter problems will be reviewed. Concepts will be identified and reinforced with problem applications. Students have access to all problems and notes through Google Classroom. Review material will also be reinforced with cooperative activites. Summative assessment will be formally graded. Chapter 7 Accounting for Plant Assets Buying Plant Assets Calculating and Journalizing Depreciation Expense Disposing of Plant Assets Other Methods of Depreciation Journalize the purchase of plant assets Calculate and record depreciation expense using straight-line depreciation Journalize the disposal of plant assets Calculate depreciation expense using the declining-balance depreciation method Calculate depreciation expense using the unitsof-production method Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students End of chapter comprehensive recycle and mastery problems Formally graded summative assessment (chapter test)

7 Month: February F, G, K, L, O Chapter 8 - Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses Notes Payable Prepaid Expenses Accrued Epenses Journalize transactions for notes payable Journalize adjusting and reversing entries for prepaid expenses Compare and contrast prepaid expense accounting procedures Journalize adjusting and reversing entries for accrued expenses Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students Chapter 9 Accounting for Unearned Revenue, Accrued Revenue, and Installment Notes Receivable Unearned and Accrued Revenue Accounting for Gift Cards Accounting for Installment Notes Receivable Describe and illustrate the adjusting and reversing entries for unearned revenue Describe and illustrate the adjusting and reversing entries for accrued revenue Journalize transactions for gift cards Journalize transactions for installment notes receivable Describe and illustrate the reclassification and reversing entries for installment notes receivable End of chapter comprehensive recycle and mastery problems Formally graded summative assessment (chapter test)

8 Month: March Standards: BCIT D, E, F, G, H, J, K, L, P, Q, T Reinforcement Activity 2 This activity reinforces chapters 5 through 9 by processing accounting data for a corporation. Journalize transactions in special journals and a general journal Journalize adjusting entries for uncollectible accounts expense Calculate merchandise inventory Journalize adjusting entries for expense accounts, gift cards, interest revenue earned and installments on notes receivables Formal assessment of assigned segments of the reinforcement activity 2 students submit using Google Classroom Visual evaluation of collaboration among students Visual monitoring of project activity Formally graded Reinforcement Activity 2 Posting Project Demonstrates the posting procedures followed during the accounting cycle for a corporation Post from journals to the general ledger Post from journals to subsidiary ledgers Teacher will model accounting procedures to follow Maintain account balances in all ledgers Create the trial balance from the general ledger Prepare financial statements from the work sheet Visual monitoring of project activity Formal grading of Posting Project

9 Month: April F, G, I, L, M, N, P, Q, S, T Simulation This web-based accounting simulation models an automated accounting system. Lessons reinforce the entire accounting cycle and introduce students to forensic accounting. Students work independently to obtain simulation objectives through financial reporting activities. Accounting methods are reinforced through an automated simulation for journalizing, posting, completing a worksheet, and analyzing financial statements. Forensic accounting is introduced. Formal assessment of assigned segments of the accounting simulation Visual evaluation of collaboration among students Visual monitoring of project activity Chapter 10 Organizing a Corporation Starting a Corporation Accounting for Preferred Stock Describe the process for forming a corporation Describe the two basic kinds of stock Identify advantages and disadvantages of the corporate form of business Record the issuances of par-value, no-par-value, and stated-value common stock Record the issuance of preferred stock Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students End of chapter comprehensive recycle and mastery problems Explain how to account for convertible preferred stock Formally graded summative assessment (chapter test)

10 Month: May F, G, I, L, N Chapter 11 - Corporate Dividends and Treasury Stock Account for the declaration and payment of a cash dividend Calculating and Journalizing Dividends for a Corporation Treasury Stock Transactions Purchasing and Selling Capital Stock of Other Corporations Account for the declaration and payment of a stock dividend Explain why a corporation would purchase its own stock Journalize entries for buying and selling treasury stock Journalize transactions for the purchase and sale of the capital stock of other corporations Formal assessment of textbook accounting problems students submit using Google Classroom Visual evaluation of cooperative activities among students Chapter 12 Accounting for Bonds Bonds Payable Transactions Explain why and how a corporation issues bonds Paying Interest on Bonds Bond Investments Journalize the issue of bonds at a discount and at a premium Account for the payment of bond interest Journalize the retiring of a bond issue Journalize the purchase and sale of an investment in bonds End of chapter comprehensive recycle and mastery problems Formally graded summative assessment (chapter test)

11 Month: June Standards: BCIT C, D, F, G, H, I, K, L, N, O, Q, T Final Exam Chapters 7 through 12 Refer to essential content, skills, knowledge entries from chapters 7 through 12 A segment of chapter problems will be reviewed. Concepts will be identified and reinforced with problem applications. Students have access to all problems and notes through Google Classroom. Review material will also be reinforced with cooperative activites. Summative assessment will be formally graded.

12 Common Core Standards Cross Referenced with Accounting Accounting 2 Grades PA Common Core Academic Standards for Reading in Science and Technology Key Ideas and Details: CC C Follow precisely a complex multistep procedure when carrying out experiments, taking measurements, or performing technical tasks; analyze the specific results based on explanations in the text. Application: Students by analysis of the data apply multistep procedure when recording entries to maintain a balanced general ledger. Grades PA Common Core Academic Standards for Writing in Science and Technical Subjects Production and Distribution of Writing: CC C CC C Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose and audience. Application: Students will write a critical response to real world questions linked to the content of the specific chapter. Transfer Tasks for Accounting Students will complete two Reinforcement Activities that require the financial reporting of business activities for a corporation for one month. Accounting 2 This is an authentic assessment which is realistic, has rigor and is relevant to the study of basic accounting. Advanced Accounting South-Western Textbook, Reinforcement Activities 1 and 2

13 Business, Computer and Information Technology Standards ACCOUNTING A Summarize professional designations, careers, and organizations within the field of accounting, including education and certifications B Analyze the roles of policy-setting bodies in the accounting profession, (AIPCA), (PICPA), (GAAP) and the (SEC) C Analyze business transactions using T-accounts to determine their impact on a business D Analyze, journalize, and post transactions to general & subsidiary ledgers E Perform accounting functions using technology as a tool F Analyze and journalize transactions for short and long-term assets G Analyze and journalize transactions involving short and long-term liabilities H Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements I Differentiate between and journalize entries for issuance or repurchase of stock and the declaration and payment of dividends J Analyze the various methods for maintaining and valuing inventory (FIFO), LIFO, etc.) and describe their effect on financial statements K Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts L Describe and explain the criteria used to determine expenses and journalize the expense transactions M Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate N Explain how the different forms of business ownership and business operations are reported on financial statements O Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements P Analyze and perform the reconciliation of accounts Q Prepare financial statements (including a balance sheet, profit & loss and owner s equity) and understand their relevance R Explain the primary areas of analysis (trends, profitability, liquidity, capital structure) and the information that can be obtained from each S Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet T Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios U Assess capital structure by calculating and interpreting financial ratios V Analyze the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure W Analyze business activities using cash flow statements X Analyze and perform breakeven and cost benefit analyses to support financial decisions Y Determine and calculate taxable income and tax liability for both personal and business taxes Z Demonstrate an auditing procedure that provides assurance that financial records are accurate. ENDURING UNDERSTANDING: Accounting represents formal record keeping in the business sector. It ensures that businesses can keep track of what they earn, manage input and outflow of monies, and evaluate how they spend and invest.

NESHAMINY SCHOOL DISTRICT LANGHORNE, PENNSYLVANIA. Course Title ACCOUNTING III

NESHAMINY SCHOOL DISTRICT LANGHORNE, PENNSYLVANIA Course Title ACCOUNTING III Month: September ESSENTIAL QUESTIONS THAT THE COURSE CONTENT ANSWERS: Why is it essential for accountants to analyze and evaluate