Bixby Public Schools Essential Elements Grade: 10-12

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1 Course: Accounting Essential Elements Grade: Weeks 1-6 Chapter 1 describes how a proprietorship is started & the transactions that occur when the business is organized. The accounting equation is used to analyze transactions Chapter 2 continues with additional transactions for starting a business, using T accounts to analyze transactions. Introduces the theory of debits & credits Chapter 3 begins the journalizing process using the transactions from Chapters 1 & 2 1. Define accounting terms & identify concepts & practices related to starting a service business organized as a proprietorship & to changes that affect the accounting equation. 2. Classify accounts as assets, liabilities, or owner s equity & demonstrate their relationship in the accounting equation. 3. Analyze how transactions affect accounts in an accounting equation. 4. Define accounting terms & identify concepts & practices related to analyzing transactions into debit & credit parts. 5. Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction. 6. Analyze how transactions to set up a business affect accounts. 7. Analyze how transactions affect owner s equity accounts. 8. Define accounting terms & identify concepts & practices related to journalizing transactions. 9. Record in a general journal transactions to set up a business. 10. Record in a general journal transactions to buy insurance for cash & supplies on account. 11. Record in a general journal transactions that affect owner s equity & receiving cash on account. 12. Start a new journal page. accounting, system, records, financial statements, service business, proprietorship, asset, equities, liabilities, owner's equity, accounting equation, ethics, business ethics, transactions, account, title, balance, capital, revenue, sale on account, expense, withdrawals, T account, debit, credit, normal balance, chart of accounts, journal, journalizing, entry, general journal, double-entry accounting, source document, check, invoice, sales invoice, receipt, memorandum

2 Weeks 7-12 Chapter 4 analyzes posting procedures Chapter 5 includes information on bank accounts & petty cash as they apply to proprietorship. Chapter 6 guides students through the preparation of a worksheet & adjusting entries 1. Define accounting terms & identify concepts & practices related to posting from a general journal to a general ledger. 2. Prepare a chart of accounts for a service business organized as a proprietorship. 3. Post amounts from a general journal to a general ledger. 4. Prove cash. 5. Analyze & journalize correcting entries. 6. Define accounting terms & identify concepts & practices related to using a checking account & a petty cash fund. 7. Prepare business papers related to using a checking account. 8. Reconcile a bank statement. 9. Journalize dishonored checks & electronic banking transactions. 10. Establish & replenish a petty cash fund. 11. Define accounting terms & identify concepts & practices related to a worksheet for a service business organized as a proprietorship. 12. Prepare a heading & a trial balance on a worksheet. 13. Plan adjustments for supplies & prepaid insurance. 14. Complete a worksheet for a service business. 15. Identify selected procedures for finding & correcting errors in accounting records. ledger, general ledger, account number, file maintenance, opening an account, posting, proving cash, correcting entry, code of conduct, checking account, endorsement, blank, special, restrictive, postdated check, bank statement, dishonored check, electronic funds transfer, debit card, petty cash, petty cash slip, fiscal period, work sheet, trial balance, adjustments, balance sheet, income statement, net income, net loss

3 Weeks Chapter 7 presents financial statements & basic financial statement analysis for critical thinking Chapter 8 completes the accounting cycle for a proprietorship & explains how to record adjusting & closing entries Chapter 9 present the daily transactions of a merchandising business. 1. Define accounting terms & identify concepts & practices related to financial statements for a service business. 2. Prepare an income statement for a service business & analyze an income statement using component percentages. 3. Prepare a balance sheet for a service business. 4. Define accounting terms & identify concepts & practices related to adjusting & closing entries for a service business. 5. Record adjusting entries for a service business. 6. Record closing entries. 7. Prepare a post-closing trial balance. 8. Define accounting terms & identify concepts & practices related to purchases & cash payments for a merchandising business. 9. Journalize purchases of merchandise using a purchases journal. 10. Journalize cash payments & cash discounts using a cash payments journal. 11. Prepare a petty cash report & journalize the reimbursement of the petty cash fund. 12. Total, prove, & rule a cash payments journal & start a new page. 13. Journalize purchases returns & allowances & other transactions using a general journal. stakeholders, component percentage, adjusting entries, permanent, temporary, closing entries, post-closing trial balance, accounting cycle, merchandise, merchandising business, retail, wholesale, corporation, share of stock, capital stock, stockholder, special journal, cost of merchandise, markup, vendor, purchase on account, purchases journal, purchase invoice, terms of sale, cash payments journal, cash discount, purchases discount, list price, trade discount, contra account, cash short, over, return, allowance, debit memorandum

4 Weeks Chapter 10 - present the daily transactions of a merchandising business Chapter 11 ties the previous 2 chapters together by describing posting to the general ledger & the accounts payable & accounts receivable subsidiary ledgers 1. Define accounting terms & identify practices related to sales & cash receipts for a merchandising business. 2. Journalize sales on account using a sales journal. 3. Journalize cash receipts using a cash receipts journal. 4. Record sales returns & allowances using a general journal. 5. Define accounting terms & identify practices related to ledgers. 6. Post separate items from a purchases, cash payments, & a general journal to an accounts payable ledger. 7. Post separate items from a sales, cash receipts, & general journal to an accounts receivable ledger. 8. Post separate items from a cash payments & general journal to a general ledger. 9. Post special journal column totals to a general ledger. 10. Journalize & post correcting entries affecting customer accounts. customer, sales tax, sales journal, cash sale, credit card sale, point-of-sale, terminal, batch report, cash receipts journal, sales discount, sale return, allowance credit memorandum, subsidiary ledger, accounts payable ledger, accounts receivable ledger, controlling account, schedule of accounts payable & receivable,

5 Weeks Chapter 12 & 13 guide students through payroll concepts Chapter 14 begins the end-of-fiscal period work by describing the worksheet & adjustments 11. Define accounting terms & identify practices related to payroll records. 12. Complete a payroll time card. 13. Calculate payroll taxes. 14. Complete a payroll register & an employee earnings record. 15. Prepare payroll checks. 16. Define accounting terms & identify practices related to payroll accounting, taxes, & reports. 17. Analyze payroll transactions & record a payroll. 18. Record employer payroll taxes. 19. Prepare selected payroll tax reports. 20. Pay & record withholding & payroll taxes. 21. Define accounting terms & identify practices related to distributing dividends & preparing a work sheet for a merchandising business. 22. Journalize the declaration & payment of a dividend. 23. Begin a worksheet for a merchandising business. 24. Plan worksheet adjustments for merchandise inventory, supplies, prepaid expenses, uncollectible accounts, & depreciation. 25. Calculate federal income tax & plan the worksheet adjustment for federal income tax. 26. Complete a worksheet for a merchandising business. salary, pay period, payroll, total earnings, payroll taxes, withholding allowance, social security tax, medicare tax, tax base, payroll register, net pay, employee earnings record, federal unemployment tax, state unemployment tax, lookback period, retained earnings, dividend, board of directors, declaring a dividend, merchandise inventory, uncollectible accounts, allowance methods, book value, current assets, plant assets, depreciation expense, estimated salvage value, accumulated depreciation,

6 Weeks Chapter 15 continues the end-of-fiscal-period work with the preparation of financial statements & introduces the stockholders equity Chapter 16 completes the accounting cycle with the recording of adjusting & closing entries & the preparation of a post-closing trial balance 1. Define accounting terms & identify accounting concepts & practices related to financial statements for a merchandising business organized as a corporation 2. Prepare an income statement for a merchandising business organized as a corporation. 3. Analyze an income statement using component percentages & financial rations. 4. Prepare a statement of stockholder s equity. 5. Prepare a balance sheet. 6. Identify accounting concepts & practices related to adjusting & closing entries. 7. Record adjusting entries. 8. Record closing entries for income statement accounts. 9. Record closing entry for dividends. 10. Prepare a post-closing trial balance. net sales, cost of merchandise sold, gross profit on sales, financial ratio, earnings per share, price-earnings ratio, statement of stockholder's equity, par value, current liabilities, long-term liabilities, supporting schedule,

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