1

COURSE: Accounting I GRADE(S): 9-12 UNIT: Understanding a Proprietorship and its Transactions

TIMEFRAME: 90 Days

NATIONAL STANDARDS: NATIONAL 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

• 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 transactions

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 service, 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

2

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

M T T

T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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

3

COURSE: Accounting I GRADE(S): 9-12

Unit: Journalizing and Posting Transactions TIMEFRAME: 90 Days

NATIONAL STANDARDS: NATIONAL 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 • 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 transactions

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

4

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

M T

T

T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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

CE Accounting textbook

In n and Rela oo Si

Au o d oun in

T h d no handou s and ivi i

5

COURSE: Accounting I GRADE(S): 9-12

Unit: The Worksheet and Financial Statements TIMEFRAME: 90 Days

NATIONAL STANDARDS: NATIONAL 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 service, 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

6

• 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

M T

T

T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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

CE Accounting textbook

In n and Rela oo Si

Au o d oun in

T h d no handou s and ivi i

7

COURSE: Accounting I GRADE(S): 9-12

UNIT: Cash Control Systems TIMEFRAME: 90 Days

T O TT 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 idif 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 asp 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

8

M T T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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

CE

Accounting textbook

In n and Rela oo Si

Au o d oun in

T h d no handou s and ivi i

9

COURSE: Accounting I GRADE(S): 9-12 UNIT: Understanding the Transactions of a Merchandising Business Organized

TIMEFRAME: 90 Days

NATIONAL STANDARDS: NATIONAL 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 • 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 transactions

• 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 managerial 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

10

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

In d i no l i h hni al omp i fo fu h du i nd lif lon l rnin

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

M T T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

11

RESOURCES:

• Accounting textbook • Internet and Related Book Site

• Automated Accounting Program

• Teacher created notes, handouts and activities

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

12

COURSE: Accounting I GRADE(S): 9-12 UNIT: The Worksheet and Financial Statements for a Merchandising Business

TIMEFRAME: 90 Days

NATIONAL STANDARDS: NATIONAL 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 service, 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

13

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

M T

T

T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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

14

CE Accounting textbook

In n and Rela oo Si

Au o d oun in

T h d no handou s and ivi i

15

COURSE: Accounting I GRADE(S): 9-12

UNIT: Payroll Records TIMEFRAME: 90 Days

T O TT 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 andman 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 busino 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

16

RESOURCES:

• Accounting textbook • Internet and Related Book Site

• Automated Accounting Program

• Teacher created notes, handouts and activities

M T T h ob ion

Quizz

Wo sh s/Handou

i and p bl s

T s

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