WAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING

COURSE NAME: Advanced UNIT: Departmentalized (4 Chapters plus a simulation project) NO. OF DAYS: 60 KEY LEARNING(S): Recording Departmental Purchases, Cash Payments, Sales, and Cash Receipts; Calculating and Recording Departmental Payroll; Financial Reporting for a Departmentalized Business UNIT ESSENTIAL QUESTIONS: Why does a business decide to keep their accounting records by department? How can management most effectively use the financial information derived from financial statements? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on chapter tests; complete a project based on a STANDARD 1.2.11.E 1.6.11.A 1.6.12.A 1.5.11.F 1.5.12.F 2.3.11.E 2.5.11.B 11.1.12.E 13.1.11.A 13.1.11.D 13.1.11.F 13.3.11.A 13.4.11.A 13.4.11.B 15.1.12.A 15.1.12.B 15.1.12.C 15.1.12.D 15.1.12.E 15.1.12.F 15.1.12.G 15.1.12.H 15.1.12.I 15.1.12.J 15.1.12.K 15.1.12.L 15.1.12.M 15.1.12.N 15.1.12.P 15.1.12Q CONCEPTS Eligible Content & Skills terms pertaining to a Identify accounting concepts pertaining to a Steps in analyzing, journalizing and posting a transaction in a Define accounting terms related to a departmental payroll system. Identify accounting concepts and practices related to a departmental payroll system. Prepare a commissions record and calculate commission on net sales. Complete payroll records. Journalize payroll transactions. # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking 40 1. What impact would it have on decision making if you did not use the Purchases Returns contra account and the Sales Returns contra account? 2. How will departmentalizing cash payments and cash receipts, sales and purchases help management in the operating of the business? 3. What are the benefits of a petty cash fund? 4. How do discounts affect a business? 5. What are the positive and negative points for allowing credit card sales? 6. Why must detailed payroll records be kept? 7. Why should a business RESOURCES/ MATERIALS Textbook Working Papers Recycling Papers Software for projects Projector Tests Ten-key Printing Calculators TIER 2 Asset Liability Account Journal Special journal Account Ledger Posting Work sheet Dividends TIER 3 Equities Owners equity equation Source Documents Double-entry accounting Trial Balance General ledger Subsidiary ledger Controlling account File maintenance Departmental accounting system Merchandising business Debit Memorandum Contra account Cash discount Purchases discount Petty cash Credit Memorandum Sales discount Point-of-sale (POS) terminal Terminal summary Salary Pay Period Payroll Payroll taxes Withholding allowance Tax base Payroll register Employee earnings record

15.4.12.A Define accounting terms related to cost accounting and financial reporting for a merchandising Identify accounting concepts and practices related to cost accounting and financial reporting for a merchandising Distinguish between direct and indirect expenses. Prepare an interim departmental statement of gross profit. Prepare a work sheet for a merchandising Prepare financial statements for a merchandising Analyze financial statements using selected component percentages. Complete end-of-period work for a merchandising WAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING prepare financial statements by department? 8. Why should a company distinguish between direct and indirect expenses? Automatic check deposit Electronic Funds Transfer Fiscal period Responsibility accounting Direct expense Indirect expense Departmental margin Departmental margin statement Gross profit Departmental statement of gross profit Periodic inventory Perpetual inventory Gross profit method of estimating an inventory Component percentage Schedule of accounts receivable Schedule of accounts payable Plant assets Depreciation expense Responsibility statements Income statement Statement of stockholders equity Capital stock Retained earnings Balance sheet Adjusting entries Closing entries Post-closing trial balance cycle

COURSE NAME: Advanced UNIT: Departmentalized (4 Chapters plus a simulation project) UNIT: Departmentalized (4 Chapters plus a simulation project) KEY LEARNING(S): Recording Departmental Purchases, Cash Payments, Sales, and Cash Receipts; Calculating and Recording Departmental Payroll; Financial Reporting for a Departmentalized Business UNIT ESSENTIAL QUESTIONS: Why does a business decide to keep their accounting records by department? How can management most effectively use the financial information derived from financial statements? CONCEPT terms pertaining to a business Identify accounting concepts pertaining to a business Steps in analyzing, journalizing and posting a transaction in a business Define accounting terms related to a departmental payroll system Identify accounting concepts and practices related to a departmental payroll system Prepare a commissions record and calculate commission on net sales Complete payroll records Journalize payroll transactions Define accounting terms related to cost accounting and financial reporting for a merchandising business Identify accounting concepts and practices related to cost accounting and financial reporting for a merchandising Distinguish between direct and indirect expenses. Prepare an interim departmental statement of gross profit. Prepare a work sheet for a merchandising Prepare financial statements for a merchandising COMMON FORMATIVE Daily practice assignments Homework assignments Discussions Observations COMMON SUMMATIVE Chapter Tests (total of 4 tests Chapter 1-4) Quizzes Projects (1 simulation based on a business) TECHNOLOGY RESOURCES Computer Software

Analyze financial statements using selected component percentages. Complete end-of-period work for a merchandising WAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING

COURSE NAME Advanced UNIT: Inventory Planning and Valuation (1 Chapter) NO. OF DAYS: 10 KEY LEARNING(S): Merchandise inventory and various methods of costing inventory UNIT ESSENTIAL QUESTIONS: Why must companies use accounting principles to determine the amount and value of inventory? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on the chapter test STANDARD 1.2.11.E 1.6.11.A 1.6.12.A 1.5.11.F 1.5.12.F 2.3.11.E 2.5.11.B 15.1.12.C 15.1.12.E 15.1.12.J 15.1.12.L 15.1.12O 15.4.12.A CONCEPTS Eligible Content & Skills Define accounting terms related to planning and costing inventory. Identify accounting concepts and practices related to planning, counting, and costing inventory Describe the nature of merchandise inventory Determine the cost of merchandise inventory using selected costing methods. Estimate the cost of merchandise inventory using selected estimating methods. Calculate merchandise inventory turnover ratio and average number of days sales in merchandise inventory. # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking 10 1. Why is it so important for a business to keep accurate records of the value of its inventory? 2. What are the effects on a business if an inventory is overstated or understated? RESOURCES/ MATERIALS Textbook Working Papers Recycling Papers Software for projects Projector Tests Ten-key Printing Calculators TIER 2 Consignment Consignee Consignor TIER 3 Stock record Stock ledger Purchase order Inventory record First-in, First-out inventory costing method Last-in, First-out inventory costing method Weighted-average inventory costing method Lower of cost or market inventory costing method Retail method of estimating inventory Merchandise inventory turnover ratio Average number of days sales in merchandise inventory

COURSE NAME Advanced UNIT: Inventory Planning and Valuation (1 Chapter) KEY LEARNING(S): Merchandise inventory and various methods of costing inventory UNIT: Inventory Planning and Valuation (1 Chapter) UNIT ESSENTIAL QUESTIONS: Why must companies use accounting principles to determine the amount and value of inventory? CONCEPT COMMON FORMATIVE COMMON SUMMATIVE TECHNOLOGY RESOURCES Define accounting terms related to planning and costing inventory. Identify accounting concepts and practices related to planning, counting, and costing inventory Describe the nature of merchandise inventory Determine the cost of merchandise inventory using selected costing methods. Estimate the cost of merchandise inventory using selected estimating methods. Calculate merchandise inventory turnover ratio and average number of days sales in merchandise inventory. Daily practice assignments Homework assignments Discussions Observations Chapter Test (1 total test Chapter 6) Quizzes Computer Software

COURSE NAME Advanced UNIT: General Adjustments (4 Chapters) NO. OF DAYS: 45 KEY LEARNING(S): for Uncollectible Accounts, Plant Assets, Notes Payable, Prepaid Expenses, Accrued Expenses, Notes Receivable, Unearned Revenue, and Accrued Revenue UNIT ESSENTIAL QUESTIONS: What differences do adjustments make in the accounting records? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on the chapter tests STANDARD 1.2.11.E 1.6.11.A 1.6.12.A 1.5.11.F 1.5.12.F 2.3.11.E 2.5.11.B 11.1.12.E 13.1.11.A 13.1.11.D 13.1.11.F 13.3.11.A 13.4.11.A 13.4.11.B 15.1.12.A 15.1.12.B 15.1.12.C 15.1.12.D 15.1.12.E 15.1.12.F 15.1.12.G 15.1.12.H 15.1.12.I 15.1.12.K 15.1.12.L 15.4.12.A CONCEPTS Eligible Content & Skills Define accounting terms and identify accounting concepts and practices related to uncollectible accounts. Calculate and record estimated uncollectible accounts expense using the direct write-off method. Calculate and record estimated uncollectible accounts expense using the allowance method. Calculate and analyze accounts receivable turnover ratios. Define accounting terms and identify accounting concepts and practices related to accounting for plant assets and depreciation. Journalize entries for buying plant assets. Calculate and record property tax expense. Calculate and record depreciation expense for a plant asset using straight-line depreciation. Journalize entries for disposing of plant assets. Calculate depreciation expense using other methods. Define accounting terms and identify accounting concepts and practices related to notes payable, prepaid expenses, and accrued # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking 30 1. Why is important for companies to account for uncollectible accounts? 2. Why does a business bother recording depreciation? 3. Why are there different methods of depreciation and under what circumstances would you use each one? 4. What must a company consider when borrowing money? 5. Why would companies prepay expenses? 6. What does a reversing entry do for the accountant? 7. In what circumstances would a company have unearned revenue? 8. What must a company consider if they choose to loan money? RESOURCES/ MATERIALS Textbook Working Papers Recycling Papers Software for projects Projector Tests Ten-key Printing Calculators TIER 2 Real property Personal property Interest TIER 3 Uncollectible accounts Writing off an account Direct write-off method of recording losses from uncollectible accounts Allowance method of recording losses from uncollectible accounts Aging accounts receivable Accounts receivable turnover ratio Book value of accounts receivable Assessed value Straight-line method of depreciation Book value of a plant asset Declining-balance method of depreciation Sum-of-the-years digits method of depreciation Production unit method of depreciation Modified Accelerated Cost Recovery System Depletion Promissory note Notes payable

expenses. Journalize transactions for notes payable. Journalize adjusting and reversing entries for prepaid expenses initially recorded as expenses. Journalize adjusting and reversing entries for accrued expenses. Define accounting terms and identify accounting concepts and practices related to notes receivable, unearned revenue and accrued revenue. Journalize transactions for notes receivable. Journalize adjusting and reversing entries for unearned revenue initially recorded as revenue. Journalize adjusting and reversing entries for accrued revenue. WAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING Date of a note Principal of a note Maturity date of a note Interest rate of a note Interest expense Maturity value Prepaid expenses Reversing entry Accrued expenses Notes receivable Dishonored note Unearned revenue Accrued revenue

COURSE NAME Advanced UNIT: General Adjustments (4 Chapters) UNIT: General Adjustments (4 Chapters) KEY LEARNING(S): for Uncollectible Accounts, Plant Assets, Notes Payable, Prepaid Expenses, Accrued Expenses, Notes Receivable, Unearned Revenue, and Accrued Revenue UNIT ESSENTIAL QUESTIONS: What difference do adjustments make in the accounting records? CONCEPT Define accounting terms and identify accounting concepts and practices related to uncollectible accounts. Calculate and record estimated uncollectible accounts expense using the direct write-off method. Calculate and record estimated uncollectible accounts expense using the allowance method. Calculate and analyze accounts receivable turnover ratios. Define accounting terms and identify accounting concepts and practices related to accounting for plant assets and depreciation. Journalize buying plant assets. Calculate and record property tax expense. Calculate and record depreciation expense for a plant asset using straight-line depreciation. Journalize entries for disposing of plant assets. Calculate depreciation expense using other methods. Define accounting terms and identify accounting concepts and practices related to notes payable, prepaid expenses, and accrued expenses. Journalize transactions for notes payable. Journalize adjusting and reversing entries for prepaid expenses initially recorded as expenses. Journalize adjusting and reversing entries for COMMON FORMATIVE Daily practice assignments Homework assignments Discussions Observations COMMON SUMMATIVE Chapter Tests(4 total tests Chapters 7-10) Quizzes TECHNOLOGY RESOURCES Computer Software

accrued expenses. Define accounting terms and identify accounting concepts and practices related to notes receivable, unearned revenue and accrued revenue. Journalize transactions for notes receivable. Journalize adjusting and reversing entries for unearned revenue initially recorded as revenue. Journalize adjusting and reversing entries for accrued revenue.

COURSE NAME Advanced UNIT: Corporation (3 Chapters plus 1 simulation project) NO. OF DAYS: 65 KEY LEARNING(S): Organizing a corporation, acquiring additional capital, and financial statements UNIT ESSENTIAL QUESTIONS: What are the benefits for organizing a business as a corporation? Why are financial statements so important? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on the chapter tests; complete a simulation project based on a STANDARD 1.2.11.E 1.6.11.A 1.6.12.A 1.5.11.F 1.5.12.F 2.3.11.E 2.5.11.B 11.1.12.E 13.1.11.A 13.1.11.D 13.1.11.F 13.3.11.A 13.4.11.A 13.4.11.B 15.1.12.A 15.1.12.B 15.1.12.C 15.1.12.D 15.1.12.E 15.1.12.F 15.1.12.G 15.1.12.H 15.1.12.I 15.1.12.K 15.1.12.L 15.1.12.M 15.1.12.N 15.1.12.O 15.1.12.P 15.1.12.Q 15.1.12.R 15.1.12.S 15.1.12.T 15.1.12.U 15.1.12.V CONCEPTS Eligible Content & Skills Define accounting terms and identify accounting concepts and practices related to corporate accounting. Journalize transactions related to starting a corporation, stock subscriptions, declaring dividends, and paying dividends. Prepare a balance sheet for a newly formed Calculate dividends for a Define accounting terms and identify accounting concepts and practices related to acquiring capital for a Journalize entries for issuing additional capital stock, buying and selling treasury stock, and for bonds payable. Define terms and identify concepts and practices related to financial analysis and reporting for a Prepare a work sheet for a Calculate federal income tax for a Prepare and analyze financial statements for a Prepare selected end-of-fiscalperiod work for a # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking 65 1. Why is it important to thoroughly analyze your goals before forming a corporation? 2. What considerations should a corporation give to declaring dividends? 3. What are the different ways a corporation can raise additional capital and what factors should be considered in each case? 4. As an accountant, what information could you provide to upper management about the financial condition of the corporation? RESOURCES/ MATERIALS Textbook Working Papers Recycling Papers Software for projects Projector Tests Ten-key Printing Calculators TIER 2 Date of payment Charter Bond TIER 3 Corporation Board of directors Articles of incorporation Common stock Preferred stock Stock certificate Par value Par-value stock No-par-value stock Stated-value stock Organization costs Subscribing for capital stock Intangible assets Declaring a dividend Date of declaration Date of record Discount on capital stock Treasury stock Trustee Bond sinking fund Retiring a bond issue Term bonds Serial bonds Amortization Earnings per share Equity per share Market value Price-earnings ratio Rate earned on average stockholders equity Rate earned on average total assets

15.1.12.W 15.4.12.A WAYNESBORO AREA SCHOOL DISTRICT ADVANCED ACCOUNTING

COURSE NAME Advanced UNIT: Corporation (3 Chapters) KEY LEARNING(S): Organizing a corporation, acquiring additional capital, and financial statements UNIT: Corporation (3 Chapters) UNIT ESSENTIAL QUESTIONS: What are the benefits for organizing a business as a corporation? Why are financial statements so important? CONCEPT COMMON FORMATIVE COMMON SUMMATIVE TECHNOLOGY RESOURCES Define accounting terms and identify accounting concepts and practices related to corporate accounting. Journalize transactions related to starting a corporation, stock subscriptions, declaring dividends, and paying dividends. Prepare a balance sheet for a newly formed Calculate dividends for a Define accounting terms and identify accounting concepts and practices related to acquiring capital for a Journalize entries for issuing additional capital stock, buying and selling treasury stock, and for bonds payable. Define terms and identify concepts and practices related to financial analysis and reporting for a Prepare a work sheet for a Calculate federal income tax for a Prepare and analyze financial statements for a Prepare selected end-of-fiscal-period work for a Daily practice assignments Homework assignments Discussions Observations Chapter Tests(3 total tests Chapters 11-13) Quizzes Project (1 simulation project based on a company formed as a corporation) Computer Software