High School Career Development & Occupational Studies Curriculum Introduction to Accounting

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VALLEY CENTRAL SCHOOL DISTRICT 944 STATE ROUTE 17K MONTGOMERY, NY 12549 Telephone Number: (845) 457-2400 ext.

1 VALLEY CENTRAL SCHOOL DISTRICT 944 STATE ROUTE 17K MONTGOMERY, NY Telephone Number: (845) ext Fax Number: (845) High School Career Development & Occupational Studies Curriculum Introduction to Accounting JULY 2015 Approved by the Board of Education JULY 27, 2015

2 TABLE OF CONTENTS UNIT 1: BOOKKEEPING UNIT 2: BANK ACCOUNTS UNIT 3: PAYROLL & TAXES UNIT 4: FINANCE UNIT 5: INVESTMENTS

3 STANDARDS FOR CAREER DEVELOPMENT & OCCUPATIONAL STUDIES STANDARD 1: STANDARD 2: STANDARD 3A: STANDARD 3B: Career Development Students will be knowledgeable about the world of work, explore career options and relate personal skills, aptitudes and abilities to future career decisions. Integrated Learning Students will demonstrate how academic knowledge and skills are applied in the workplace and other settings. Universal Foundation Skills Students will demonstrate mastery of the foundation skills and competencies essential for success in the workplace. Career Majors Students who choose a career major will acquire the career-specific technical knowledge/skills necessary to progress toward gainful employment, career advancement, and success in postsecondary programs.

4 UNIT 1: BOOKKEEPING (6 WEEKS) Define terms related to a standard bookkeeping system. Develop an understanding of common bookkeeping vocabulary terms required to function successfully in a business. using accounting as the universal language of business. Classify accounts as assets, liabilities and owner s equity. Categorize the accounts of a business into the accounting equation. Identify the effect of business operations on the equity of the owner. Explain how common business transactions change the accounting equation. Learn the basics of bookkeeping. Understand the concept of keeping records in balance. Master the basic concepts of a business s accounting system. Analyze transactions into debit and credit parts. Use the location of accounts within the equation to identify the normal, increase and decrease sides. Explain how the normal side balance of any account is determined. Use T accounts to show which accounts are debited and credited for each transaction. Interpret the debit and credit parts of business transactions and determine which accounts apply. Indicate how transactions influence the accounting equation by using debits and credits. Record common business transactions into a general journal. The general journal is a chronological listing of transactions recorded using debits and credits. Use generally accepted bookkeeping procedures to summarize transactions. Prepare basic financial statements at the end of a fiscal period. Explain what information is reported on an income statement, balance sheet and trial balance. Develop basic financial statement analysis skills.

5 UNIT 2: BANK ACCOUNTS (4 WEEKS) Define terms related to the use of bank accounts. Develop an understanding of common terms used to describe the nature and operation of bank accounts. using words related to establishing, using, and reconciling bank accounts. Become familiar with accounting concepts and practices involving the use and management of a checking account. Perform basic activities related to making deposits, writing checks and calculating the current account balance. Prepare a deposit slip, write a check and maintain an account balance. Prepare a bank statement reconciliation. Establish, operate, and replenish a petty cash fund. Identify outstanding items such as outstanding checks, outstanding deposits, interest, fees, and common errors that affect the balance. Prepare petty cash slips, identify cash short/over, and determine the amount required to replenish petty cash at month-end. Prepare a bank reconciliation form and record any journal entries that are required. Successfully manage a petty cash fund.

6 UNIT 3: PAYROLL (5 WEEKS) Define terms related to processing the payroll of a business. Develop an understanding of common vocabulary terms used in preparation of a periodic payroll. using words related to processing and reporting a company s payroll. Use accounting practices necessary to accurately summarize and record a periodic payroll. Calculate all taxes related to a periodic payroll. Prepare a payroll register. Enter the payroll entry and the payroll tax entry into the general journal. Calculate total earnings, use tax withholding tables, calculate FICA taxes and other deductions, calculate the net pay for the fiscal period. Determine the liability for a business that results from having employees. Calculate business payroll taxes including FICA and unemployment taxes. Analyze payroll data into a payroll register. Summarize the accounts affected by payroll and account for all deductions from total earnings. Use proper bookkeeping methods to accurately journalize the payroll and payroll taxes that the company is responsible to pay. Summarize the payroll data into a payroll register and record the journal entry accurately. Accurately calculate the amount of payroll taxes due for a specific pay period. Summarize and record the payroll for one pay period. Proper bookkeeping methods used to prepare and record a payroll and payroll taxes.

7 UNIT 4: FINANCE (2 WEEKS) Define terms commonly associated with the world of finance. Develop an understanding of common terms used to describe activities related to financing. using vocabulary related to notes, loans, credit cards, and interest calculations. Calculate the amount of interest due at maturity on a short-term note. Calculate monthly interest and principal payments on long-term loans. Explain how credit cards work and how a revolving credit account operates. Use the principal amount, APR and term of the notes in days or months to calculate the total interest that will accrue. Calculate the monthly interest charge for auto and home loans and the reduction of principal over the life of the loan. Determine the minimum monthly payment on an outstanding balance and calculate the revolving balance on the account. Accurately determine the due date and interest expense for the term of the note. Prepare a loan amortization schedule for auto loans and home mortgages. Prepare a financial analysis of the revolving balance on a credit card account.

8 UNIT 5: INVESTMENTS (3 WEEKS) Define terms commonly used in the investment field. Develop an understanding of common words associated with stocks, bonds, and mutual funds. ideas related to common investment vehicles. Explain what a share of corporate stock represents. Discuss two ways that stocks may serve as a successful investment capital appreciation and dividends. Identify factors that influence the market price of a share of stock. Calculate capital gains/losses. Explain how stock dividends are calculated. Prepare an investment analysis for a stock portfolio. Explain that corporate bonds represent long-term debt to a corporation. Calculate interest payments and the amount due at maturity for a bond series. Determine maturity dates using both days and months. Calculate periodic interest payments and the amount of expense incurred by the business. Accurately project the debt schedule of a series of corporate bonds. Define a mutual fund and identify the advantages to the common investor compared to stocks and bonds. Understand that mutual funds are a cooperative investment vehicle which allows many small investors to pool their funds and be able to experience better returns on their investment. Prepare an analysis of the components of a mutual fund and compare/contrast mutual fund investments to investments in stocks and bonds.

Curriculum Document for Business Education

Curriculum Document for Business Education Course Title: Accounting I Learner Objective #1: Students will learn the accounting equation and how business activities change the accounting equation. Identify