COURSE: Accounting I GRADE(S): 9-12 UNIT: Understanding a Proprietorship and its TIMEFRAME: 90 Days Transactions NATIONAL STANDARDS: NATIONA L BUSINESS EDUCATION ASSOCIATION STANDARDS: Accounting Cycle Complete the various steps of the accounting cycle and explain the purpose of each step. Lev el 3-4 Performance Expectations Define accounting and explain the purpose of accounting system Define the concept of generally accepted accounting principles and ascertain the source of t hese standards Demonstrate an understanding of the fundamental accounting equation Classify items as assets, liabilities, or owner's equity Describe the purposes of the revenue, expense, and drawing accounts and illustrate the effect on owner's equity Analyze business transactions using source documents and describe the effect on the accounting equation Explain the double- entry system of accounting and apply debit and credit rules when analyzing business transactio ns Accounting Process Determine the value of assets, liabilities, and owner's equity according to generally accepted accounting principles, explaining when and why they are used. Level 3-4 Performance Expectations Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership Apply appropriate accounting techniques to account for investments and withdrawals of owners Financial Statement Prepare, interpret, and analyze financial statements using manual and computerized systems for se rvice, merchandising, and manufacturing business. Level 3-4 Performance Expectations Explain the importance of high ethical standards in the preparation of financial statements CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin 1
O CT Kno oun in nol la o an oun in st fo a busin o niz d as p pri orship Und and and u h oun in qua ion Anal n ion usin T oun s Und and h la ionship of T oun s o h oun in qua ion and o h individual accoun D n h of ransac ion on h oun in qua ion Anal n ion in o d bi and di p s a balan sh and und and i s la ionship o h oun in u ion abl o p h oun in u ion CT T Guid d p i D in h no al balan in and d sid fo oun s nal ransac ion in o d bi and di p s pa finan ial s s Appli i bl s appl p du and p o n Enrich n and Chall p bl s T T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n upin i h pu po Vari d ins ru ional mod CE Accounting textbook In n and Rela oo Si Au o d oun in T h d no handou s and ivi i 2
COURSE: Accounting I GRADE(S): 9-12 Unit: Journalizing and Posting Transactions TIMEFRAME: 90 Days NATIONAL STANDARDS: NATIONA L BUSINESS EDUCATION ASSOCIATION STANDARDS: Accounting Cycle Complete the various steps of the accounting cycle and explain the purpose of each step. Lev el 3-4 Performance Expectations Journal business transactions using various journal formats Explain the purpose of a journal and its relationship to the ledger Explain the purpose of a ledger account and post information from the journal to the ledger Classify items as assets, liabilities, or owner's equity Describe the purposes of the revenue, expense, and drawing accounts and illustrate the effect on owner's equity Analyze business transactions using source documents and describe the effect on the accounting equation Explain the double- entry system of accounting and apply debit and credit rules when analyzing business transactio ns Accounting Process Determine the value of assets, liabilities, and owner's equity according to generally accepted accounting principles, explaining when and why they are used. Level 3-4 Performance Expectations Apply appropriate accounting techniques to account for investments and withdrawals of owners CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin 3
O CT r zi g g Tr c f service e rg r r e r Kno oun in nol la o an oun in st fo a busin o ized a p opri orship Und and and u h oun in qua ion Anal n ion f f sou do u usin T oun s Journaliz n ion in mul i olumn jou nal o and rul jou nal p and balan fo ard o ash a h of oun and und and i numb n st Op and pos individual and sp al olu n o al o al l d oun s Und and and u o monl oun in p i and p du fo co in o 4
CT T Guid d p i n oun in a l d and p p a Cha of oun s sou do u o anal ransac ions ou nalizin ri s in ovin h journal p ovin ash Appli i bl s appl p du and p o n Enrich n and Chall p bl s T T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod Accounting textbook In n and Rela oo Si Au o d oun in T h d no handou s and ivi i CE 4
COURSE: Accounting I GRADE(S): 9-12 Unit: The Worksheet and Financial Statements TIMEFRAME: 90 Days NATIONAL STANDARDS: NATIONA L BUSINESS EDUCATION ASSOCIATION STANDARDS: Accounting Cycle Complete the various steps of the accounting cycle and explain the purpose of each step. Lev el 3-4 Performance Expectations Prepare a trial balance and explain its uses and limitations Analyze the trial balance to determine the necessary adjustments to prepare financial statements Prepare and explain the purposes of each financial statement and describe the way they articulate with each other Explain the purposes of the closing process, journalize and post- closing entries, and prepare a post- closing trial balance Classify items as assets, liabilities, or owner's equity Describe the purposes of the revenue, expense, and drawing accounts and illustrate the effect on owner's equity Accounting Process Determine the value of assets, liabilities, and owner's equity according to generally accepted accounting principles, explaining when and why they are used. Level 3-4 Performance Expectations Apply appropriate accounting techniques to account for investments and withdrawals of owners Financial Statements Prepare, interpret, and analyze financial statements using manual and computerized systems for se rvice, merchandising and manufacturing businesses Explain the importance of high ethical standards in the preparation of financial statements CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin O CT Wor ee c teme Kno oun in nol la o o sh and finan ial st s of busin o niz d a p opri o hip a rial balan o p o h uali of h n l l Plan and alcul adjust amoun s Ext d amoun o h n o S and alan Sh Se ion of sh D n n in o o n loss 5
Total and rule the worksheet Prepare financial statements including an Income Statement and a Balance Sheet Understand the relationship and use of component percentages Calculate owner's current capital Record and adjusting and closing entries Differentiate between permanent and temporary accounts Understand the need for closing entries and their relationship to temporary accounts Determine that only permanent accounts have remained open Prepare a post- closing trial balance Understand and use commonly accepted accounting practices and procedures for correcting Errors Explain the complete accounting cycle and its interrelationship ACTIVITIES: Guided practice - Arrange accounts in a General Ledger and prepare a Chart of Accounts - Use source documents to analyze transactions - Journalizing entries - Posting - Proving the journal page - Proving cash Application problems - apply procedures and processes necessary Enrichment and Challenge problems T T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod Accounting textbook In n and Rela oo Si Au o d oun in T h d no handou s and ivi i CE 6
COURSE: Accounting I GRADE(S): 9-12 UNIT: Cash Control Systems TIMEFRAME: 90 Days T O T T O EDUCAT O OC T O NDAR cc cle Compl h ous st p of h oun in l and explain h pu pos of h st p. eve Perf rm xpect D in ash p p ban on ili ion ablish and in ain p h and h oun id if h on l hniqu explain h b n i s of el ni fund ansf ransac ion and u of a d i ard CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin O CT r em Kno oun in nol la o ash on l st s busin o niz d as p pri orshi Id if oun in on and p i l d o usin a h in oun busin pap l d o usin h in oun Und and and u a ri f ndo n s on il ban s Journaliz ban in rans ion in ludin dishono d h an f l ni fund nsf Establish and l nish a p fund Und and and u o monl oun in p i and p du fo o in o CT T 7
T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod Accounting textbook In n and Rela oo Si Au o d oun in T h d no handou s and ivi i CE 8
COURSE: Accounting I GRADE(S): 9-12 UNIT: Understanding the Transactions of a TIMEFRAME: 90 Days Merchandising Business Organized NATIONAL STANDARDS: NATIONA L BUSINESS EDUCATION ASSOCIATION STANDARDS: Accounting Cycle Complete the various steps of the accounting cycle and explain the purpose of each step. Lev el 3-4 Performance Expectations Define accounting and explain the purpose of accounting system Define the concept of generally accepted accounting principles and ascertain the source of these s tandards Demonstrate an understanding of the fundamental accounting equation Journal business transactions using various journal formats Explain the purpose of a journal and its relationship to the ledger Explain the purpose of a ledger account and post information from the journal to the ledger Classify items as assets, liabilities, or owner's equity Describe the purposes of the revenue, expense, and drawing accounts and illustrate the effect on owner's equity Analyze business transactions using source documents and describe the effect on the accounting equation Explain the double- entry system of accounting and apply debit and credit rules when analyzing business transactio ns Use spreadsheet and accounting software to maintain accounting records and describe the differences between manual and computerized accounting systems Accounting Process Determine the value of assets, liabilities, and owner's equity according to generally accepted accounting principles, explaining when and why they are used. Level 3-4 Performance Expectations Create and maintain the accounts receivable subsidiary ledger, account for credit card sales, and apply appropriate accounting techniques for uncollectible accounts Create an maintain the accounts payable subsidiary ledger Explain the purpose of the capital and drawing accounts for a sole proprietorship, partnership and corporation Apply appropriate accounting techniques to account for investments and withdrawals of owners and stockholders Special Applications Apply appropriate accounting principles to various forms of ownership, payroll, income taxation, and m anagerial systems. CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n 9
In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin UNIT OBJECTIVES: Know accounting terminology related to the accounting system for a merchandising business organized as a partnership/corporation Understand and use the accounting equation Analyze transactions using T accounts Understand the relationship of T accounts to the accounting equation and to each individual account Determine the effects of transactions on the accounting equation Analyze transactions into debit and credit parts Differentiate between cash and on account transactions Understand the interrelationship of purchases and merchandise within the inventory of the Business/corporation Differentiate between cash and merchandise withdrawals Differentiate between cash and the variety of credit card sales Calculate sales tax Journalize transactions using an expanded or special journals Journalize correcting entries Prove and rule the journal Open and post individual and special column totals to general ledger accounts Open and post individual amounts to subsidiary ledgers Prove the subsidiary ledger by preparing a schedule of accounts receivable Prove the subsidiary ledger by preparing a schedule of accounts payable Statement of Stockholder Equity Explain controlling accounts Be able to prove the accounting equation CT T Guid d p i Anal z n ions in o d i and di p s ou naliz ransac ion st n ions p h ul Appli i bl s appl p du and p o n Enrich n and Chall p bl s T h ob ion Quizz Wo sh s/handou i and p bl s T s M T 10
T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod RESOURCES: Accounting textbook Internet and Related Book Site Automated Accounting Program Teacher created notes, handouts and activities 11
COURSE: Accounting I GRADE(S): 9-12 UNIT: The Worksheet and Financial Statements TIMEFRAME: 90 Days for a Merchandising Business NATIONAL STANDARDS: NATIONA L BUSINESS EDUCATION ASSOCIATION STANDARDS: Accounting Cycle Complete the various steps of the accounting cycle and explain the purpose of each step. Level 3-4 Performance Expectations Prepare a trial balance and explain its uses and limitations Analyze the trial balance to determine the necessary adjustments to prepare financial statements Prepare and explain the purposes of each financial statement and describe the way they articulate with each other Explain the purposes of the closing process, journalize and post- closing entries, and prepare a post- closing trial balance Classify items as assets, liabilities, or owner's equity Describe the purposes of the revenue, expense, and drawing accounts and illustrate the effect on owner's equity Accounting Process Determine the value of assets, liabilities, and owner's equity according to generally accepted accounting principles, explaining when and why they are used. Level 3-4 Performance Expectations Apply appropriate accounting techniques to account for investments and withdrawals of owners Financial Statements Prepare, interpret, and analyze financial statements using manual and computerized systems for se rvice, merchandising, and manufacturing businesses Use a spreadsheet or accounting software to evaluate the impact of changes in operating procedures, accounting methods, and estimates on the financial statements and ratios Explain the importance of high ethical standards in the preparation of financial statements Apply the revenue realization and matching principles in the preparation of income statements for service and merchandising businesses Determine cost of goods sold and gross profit for a merchandising business CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin 12
UNIT OBJECTIVES: Know accounting terminology related to a worksheet and financial statements of a merchandising business organized as a partnership Prepare a trial balance to prove the equality of the general ledger Plan and calculate adjustment amounts Extend amounts to the Income Statement and Balance Sheet Sections of a Worksheet Determine net income or net loss Total and rule the worksheet Prepare financial statements including an Income Statement, Distribution Statement, Owner's Equity Statement/Stockholder Equity Statement and a Balance Sheet Understand the relationship and use of component percentages Calculate the distribution of net income/net loss among the partners Calculate owner's current capital Record and adjusting and closing entries Differentiate between permanent and temporary accounts Understand the need for closing entries and their relationship to temporary accounts Determine that only permanent accounts have remained open Prepare a post- closing trial balance Understand and use commonly accepted accounting practices and procedures for correcting errors Explain the complete accounting cycle and its interrelationship CT T Guid d p i Anal z n ions in o d i and di p s ou naliz ransac ion st n ions p h ul Appli i bl s appl p du and p o n Enrich n and Chall p bl s T T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod 13
Accounting textbook In n and Rela oo Si Au o d oun in T h d no handou s and ivi i CE 14
COURSE: Accounting I GRADE(S): 9-12 UNIT: Payroll Records TIMEFRAME: 90 Days T O T T O EDUCAT O OC T O NDAR cc cle Compl h ous st p of h oun in l and explain h pu pos of h st p. ci Appl app opria oun in prin ipl o ou fo of o n hip payroll in o axa ion and man ial st s. eve Perf rm xpect and main ain payroll o d usin nual and ompu st s Cal ul rnin an hourl and pi and on sal ommission and sal o mission basis Cal ul d u ion in ludin f d l in o o ial Se uri i in o nd o h d du ion o d in n p Calculate employer payroll taxes including Social Security tax, Medicare, federal un pl n s un pl o h ax and o h plo b n i paid b h pl f ral s and lo al p oll po s CAD T ND e oun in p du D op n hoi and b ployabl in a f Sel and appl ool of nol Appl no l d and ill o simula ions and/o o exp n In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin O CT Kno oun in nol la o p oll d of a handisin busin o ized p n hip Id if oun in on and p i l d o payroll ds Id if if arnin du ion and b n fi s Cal ul pl nin nd d u ions Cal ul pl and pl payroll Und and and u o monl oun in p i and p du fo p oll ds CT V T 15
T h ob ion Quizz Wo sh s/handou i and p bl s T s M T T T T UCT O ommod ion as p Al n assign n s and/o n s upin i h pu po Vari d ins ru ional mod RESOURCES: Accounting textbook Internet and Related Book Site Automated Accounting Program Teacher created notes, handouts and activities 16