Grade Level/Course: Content Area: Accounting Business Education Accounting (AC).pdf · 2015-04-10 · Grade Level/Course Overview: ... Students will know and demonstrate the steps

Grade Level/Course: Accounting

Content Area: Business Education

Grade Level/Course Overview: This course will introduce students to basic accounting concepts and allow students to explore accounting and related career opportunities. Students will develop an in-depth understanding of accounting procedures and techniques utilized in solving business problems and making financial decisions for various types of business ownerships. Strands/Domains Financial Services Elements of Management Workplace Readiness

Interdisciplinary Themes Critical Thinking Problem Solving Communication

Program Understandings (pk-12)

• Oral and written communication skills are imperative in the world of work and throughout life • Effective electronic documents enhance communication. • The ability to work independently as well as in a group is imperative in the world of work and throughout life • Technology skills facilitate problem solving. • Technological tools and skills aide in the ability to locate, select, and evaluate data in order to make informed

decisions.

Units of Study Changes that Affect the Accounting Equation Recording & Posting Transactions Cash Control Systems Creating a work sheet and completing adjusting entries Financial statements for a Proprietorship Closing Entries & Post-Closing Trial Balance Corporate Accounting for Purchases and Cash Payments Corporate Accounting for Sales and Cash Receipts Corporate Accounting for Transactions Using a General Journal Accounting for Payroll Accounting for Uncollectible Accounts Adjusting Entries and Trial Balances in Corporate Accounting Financial statements and closing entries in corporate accounting Accounting for Plant Assets, Depreciation, and Intangible Assets Accounting for Inventory Accounting for Accruals, Deferrals, and Reversing Entries

Strand/Domain* Financial Services Elements of Management Work Readiness

Cluster* Changes that Affect the Accounting Equation

CROSSWALK TO STANDARDS:

Grade/Course Level Expectations ACT Readiness Standards

Common Core State Standards Missouri Show-Me Standards

National Standards

Standards (listed by organization of Strand/Domain and Cluster) Identified as Essential or not

GLE/CLE’s ACT CCSS MO National

E Students will know and demonstrate accounting concepts as they apply to business operations.

2.1, CA1

A.II.A.3-4 A.II.A.3-418

E Students will know and demonstrate the steps in completing the accounting cycle process.

2.1, CA1

Students will know and utilize computerized accounting systems.

1.4, 1.7, MA3, MA4

A.I.3-4.16

Students will demonstrate employability skills pertaining to the professional workforce.

2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Recording & Posting Transactions




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Cash Control Systems




National Standards



E Students will know and demonstrate cash control procedures.

2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16

Students will demonstrate employability skills pertaining to the professional workforce. 2.3, CA7,

SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Creating a work sheet and completing adjusting entries




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Financial statements for a Proprietorship




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Closing Entries & Post-Closing Trial Balance




National Standards




2.1, CA1

A.I.3-4.15


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Corporate Accounting for Purchases and Cash Payments




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16

Students will demonstrate employability skills pertaining to the professional workforce 2.3, CA7,

SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Corporate Accounting for Sales and Cash Receipts




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Corporate Accounting for Transactions Using a General Journal




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Accounting for Payroll




National Standards



E Students will know and demonstrate the payroll process.

2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Accounting for Uncollectible Accounts




National Standards



E Students will know and demonstrate the procedures to follow when accounting for uncollectible accounts.

2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Adjusting Entries and Trial Balances in Corporate Accounting




National Standards




2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Financial statements and closing entries in corporate accounting




National Standards




2.1, CA1

A.I.3-4.3

Students will know and utilize computerized accounting systems. 1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Accounting for Plant Assets, Depreciation, and Intangible Assets




National Standards



E Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation.

2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Accounting for Inventory




National Standards



E Students will now and demonstrate the procedures to follow when accounting for inventory.

2.1, CA1

A.I.3-4.3


1.4, 1.7, MA3, MA4

A.I.3-4.16


SS6

C.II.A.3.5,

C.II.B.3.8


Cluster* Accounting for Accruals, Deferrals, and Reversing Entries




National Standards



E Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables.

2.1, CA1

A.I.3-4.3

Students will know and demonstrate the steps in completing the accounting cycle process.

2.1, CA1

A.I.3-4.3

Students will know and utilize computerized accounting systems 1.4, 1.7, MA3, MA4

A.I.3-4.16


2.3, CA7, SS6

C.II.A.3.5,

C.II.B.3.8

Strand/Domain: Financial Services

Cluster: Changes that Affect the Accounting Equation

Understand: Accounting interpretations impact business decisions.

Standard: Students will know and demonstrate accounting concepts as they apply to business operations.

Learning Targets DOK Know

(Factual) Do

(Reasoning/Performance/Product)

Students will know… Students will… • The purpose of accounting

systems • Terminology related to

accounting concepts and principles

• The three forms of ownership as they apply to accounting

• The double entry system of accounting

• Global/international concerns related to accounting (i.e. monetary conversions)

• Apply the accounting equation to business transactions

• Classify accounts • Utilize a chart of accounts • Explain the importance of following the

Generally Accepted Accounting Principles (GAAP)

• Apply GAAP principles and concepts • Apply debit and credit rules to business

transactions

☐Level-1 Recall

☐Level-2 Skill/Concept

☐Level-3 Strategic-Thinking

☐Level-4 Extended Thinking




Standard: Students will know and demonstrate the steps in completing the accounting cycle process.


(Factual) Do


Students will know… Students will… • Terminology related to the

accounting cycle process • Analyze source documents • Analyze transactions • Journalize transactions using various journal

formats • Post transactions to the appropriate ledger • Create a trial balance • Create a worksheet • Prepare an income statement for a service

business • Prepare and income statement for a

merchandising business • Prepare a balance sheet for a sole

proprietorship • Prepare a balance sheet for a partnership • Prepare a balance sheet for a corporation • Prepare a schedule of accounts receivable • Prepare a schedule of accounts payable • Prepare a statement of owner’s equity • Prepare a statement of distribution of net

income • Prepare a statement of stockholders’ equity • Journalize adjusting entries • Post adjusting entries • Journalize closing entries • Post-closing entries • Prepare a post-closing trial balance • Complete a manual/automated accounting

simulation

☐Level-1 Recall


☐Level-3 Strategic-Thinking



Cluster: Cash Control Systems


Standard: Students will know and demonstrate cash control procedures.


(Factual) Do


Students will know… Students will… • Terminology related to cash

control and banking activities • Cash control procedures • The process for proving cash

• Write checks • Maintain a check register or stubs • Endorse checks • Prove cash • Reconcile a bank statement • Journalize transactions to establish and

replenish petty cash • Post journal entries to establish and replenish

petty cash • Journalize entries related to banking activities • Post entries related to banking activities • Journalize entries related to cash short or over • Post entries related to cash short or over

☐Level-1 Recall


☒Level-3 Strategic-Thinking



Cluster: Accounting for Payroll Understand: Accounting interpretations impact business decisions.

Standard: Students will know and demonstrate the payroll process.


(Factual) Do


Students will know… Students will… • Terminology related to

payroll • Calculate time cards • Calculate gross earnings • Calculate net earnings • Prepare a payroll register • Prepare payroll checks • Maintain an employee earnings record • Calculate employer’s payroll taxes • Journalize entries related to payroll • Post entries related to payroll • Prepare federal, state, and local payroll reports

☐Level-1 Recall





Cluster: Accounting for Inventory


Standard: Students will know and demonstrate the procedures to follow when accounting for inventory.


(Factual) Do



special accounting procedures

• Calculate the cost of goods sold using the First In, First Out (FIFO) method

• Calculate the cost of goods sold using the Last In, First Out (LIFO) method

• Calculate the cost of goods sold using the weighted average method

• Journalize inventory entries • Post inventory entries

☐Level-1 Recall





Cluster: Accounting for Plant Assets, Depreciation, and Intangible Assets


Standard: Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation.


(Factual) Do




• Calculate depreciation using the various methods

• Calculate book value • Journalize plant assets inventory entries • Post plant assets inventory entries

☐Level-1 Recall





Cluster: Accounting for Uncollectible Accounts


Standard: Students will know and demonstrate the procedures to follow when accounting for uncollectible accounts.


(Factual) Do




• Calculate the estimated uncollectible accounts expense

• Write-off uncollectible accounts using direct write-off and allowance methods

• Reinstate previously written-off accounts • Journalize uncollectible accounts entries • Post uncollectible accounts entries

☐Level-1 Recall





Cluster: Accounting for Accruals, Deferrals, and Reversing Entries


Standard: Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables.


(Factual) Do




• Calculate interest and maturity dates • Calculate accrued interest • Journalize notes payable and receivable entries • Post notes payable and receivable entries • Journalize reversing entries • Post reversing entries

☐Level-1 Recall







Standard: Students will know and utilize computerized accounting systems.


(Factual) Do



computerized accounting systems

• The difference between manual and computerized accounting systems

• Use spreadsheets and/or software to complete the accounting cycle

• Use spreadsheets and/or software to maintain cash control

• Use spreadsheets and/or software to prepare payroll

• Complete a computerized accounting simulation

☐Level-1 Recall







Standard: Students will demonstrate employability skills pertaining to the professional workforce.


(Factual) Do


Students will know… Students will… • Employment

opportunities and job responsibilities available in private, public, government, and not-for-profit sectors

• Certification requirements for accounting careers

• The importance of ethical business decisions

• Apply problems-solving methods • Demonstrate time management skills • Exhibit appropriate interpersonal skills for

the workplace (e.g. teamwork, communication, attitude, punctuality, and cultural sensitivity)

• Demonstrate the concepts of integrity and confidentiality related to the accounting profession

• Present accounting topics (e.g. oral, visual, written, and group)

☐Level-1 Recall




Proficiency Levels Standard: Students will know and demonstrate accounting concepts as they apply to business operations.

4 3 2 1 Demonstrates

advanced knowledge and application of

the essential academic standards.

Demonstrates proficient knowledge

and application of the essential

academic standards.

Demonstrates developing

knowledge and application of the essential academic

standards.

Demonstrates minimal knowledge and application of


The student is able to know and demonstrate accounting concepts as they apply to business operations.

The student is able to know and demonstrate some accounting concepts as they apply to business operations.

The student is able to know and demonstrate a few accounting concepts as they apply to business operations.

Proficiency Levels Standard: Students will know and demonstrate the steps in completing the accounting cycle process.






academic standards.



standards.



The student is able to know and demonstrate the steps in completing the accounting cycle process.

The student is able to know and demonstrate some of the steps in completing the accounting cycle process.

The student is able to know and demonstrate a few of the steps in completing the accounting cycle process.

Proficiency Levels Standard: Students will know and utilize computerized accounting systems.






academic standards.



standards.



The student is able to know and utilize computerized accounting systems.

The student is able to know and utilize some computerized accounting systems.

The student is able to know and utilize a few computerized accounting systems with great teacher assistance.

Proficiency Levels Standard: Students will demonstrate employability skills pertaining to the professional workforce.






academic standards.



standards.



The student is able to demonstrate employability skills pertaining to the professional workforce.

The student is able to demonstrate some employability skills pertaining to the professional workforce.

The student is able to demonstrate a few employability skills pertaining to the professional workforce.







academic standards.



standards.












academic standards.



standards.












academic standards.



standards.






Proficiency Levels Standard: Students will know and demonstrate cash control procedures.






academic standards.



standards.



The student is able to know and demonstrate cash control procedures.

The student is able to know and demonstrate some cash control procedures.

The student is able to know and demonstrate a few cash control procedures.







academic standards.



standards.







4 3 2 1

Demonstrates advanced knowledge


academic standards.



academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.












academic standards.



standards.






Proficiency Levels Standard: Students will know and demonstrate the payroll process.






academic standards.



standards.



The student is able to Students will know and demonstrate the payroll process.

The student is able to Students will know and demonstrate some the payroll process.

The student is able to Students will know and demonstrate a few of the payroll process.

Proficiency Levels Standard: Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation.






academic standards.



standards.



The student is able to know and demonstrate the procedures to follow when accounting for plant assets and depreciation.

The student is able to know and demonstrate some of the procedures to follow when accounting for plant assets and depreciation.

The student is able to know and demonstrate a few of the procedures to follow when accounting for plant assets and depreciation.

Proficiency Levels Standard: Students will know and demonstrate the procedures to follow when accounting for inventory.






academic standards.



standards.



The student is able to know and demonstrate the procedures to follow when accounting for inventory.

The student is able to know and demonstrate some the procedures to follow when accounting for inventory.

The student is able to know and demonstrate a few of the procedures to follow when accounting for inventory.

Proficiency Levels Standard: Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables.






academic standards.



standards.



The student is able to know and demonstrate the procedures to follow when accounting for notes payables and receivables.

The student is able to know and demonstrate some of the procedures to follow when accounting for notes payables and receivables.

The student is able to know and demonstrate a few of the procedures to follow when accounting for notes payables and receivables.

COURSE/GRADE LEVEL: Accounting UNIT TITLE: Changes that Affect the Accounting Equation

SUGGESTED UNIT TIMELINE: 3 weeks

ESSENTIAL QUESTION(S): 1. Why is understanding the accounting equation crucial to understanding the condition of any business? 2. How do you use T-Accounts to analyze transactions involving assets, liabilities, and owner’s equity?

WHAT DO WE WANT STUDENTS TO KNOW, UNDERSTAND, AND BE ABLE TO DO?

REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate accounting concepts as they apply to business operations. X

BS.01.01.02 Students will know and demonstrate the steps in completing the accounting cycle process. X

BS.02.01.01 Students will know and utilize computerized accounting systems. X

BS.03.01.01 Students will demonstrate employability skills pertaining to the professional workforce. X

UNIT DESCRIPTION: Students will be introduced to the accounting concepts as they apply to business operation.

UNIT VOCABULARY Academic and content specific terms included in the unit Account, Account Balance, Account Title, Accounting, Accounting Equation, Accounting Records, Accounting System, Asset, Business Ethics, Capital, Equities, Ethics, Expense, Financial Statements, Liability, Owner’s Equity, Proprietorship, Revenue, Sale on Account, Transaction, Withdrawals, Chart of Accounts, Credit, Debit, Normal Balance, T-Account, Accounting Period Cycle, Adequate Disclosure, Business Entity, Consistent Reporting, Going Concern, Historical Cost, Matching Expenses with Revenue, Materiality, Objective Evidence, Realization of Revenue, Unit of Measurement

HOW DO WE KNOW STUDENTS HAVE LEARNED? UNIT ASSESSMENT BLUEPRINT

Curriculum Strand/Domain

Curriculum Cluster

Learning Target (Standard)

Type of Target/DOK Level

Assessment Method

Number of Items Notes

Financial Services Accounting Equation

Students will know and demonstrate accounting concepts as they apply to

3 Written

business operations. Financial Services Accounting

Equation Students will know and demonstrate the steps in completing the accounting cycle process.

3 Written

Elements of Management

Accounting Equation

Students will know and utilize computerized accounting systems

3 Performance Event

Work Readiness Accounting Equation


3 Written

UNIT SCORING GUIDE A compilation of the proficiency levels and exemplars for the unit that defines mastery of the standards.

FACILITATING ACTIVITIES Strategies and methods for teaching and learning

HOW WILL WE RESPOND WHEN STUDENTS HAVE

NOT LEARNED?

HOW WILL WE RESPOND WHEN STUDENTS HAVE ALREADY LEARNED?

STANDARD #

TEACHER INSTRUCTIONAL STRATEGIES

STUDENT LEARNING TASKS

INTERVENTIONS EXTENSIONS

Students will know and demonstrate accounting concepts as they apply to business operations.

• Discuss/present Accounting Concepts key to operating a business (Accounting Period Cycle, Adequate Disclosure, Business Entity, Consistent Reporting, Going Concern, Historical Cost, Matching Expenses

• Students will define and explain the relevance of the Accounting Concepts of : Accounting Period Cycle, Adequate Disclosure, Business Entity,

Extended time 1 on 1 time with teacher Additional examples

with Revenue, Materiality, Objective Evidence, Realization of Revenue, and Unit of Measurement)

Consistent Reporting, Going Concern, Historical Cost, Matching Expenses with Revenue, Materiality, Objective Evidence, Realization of Revenue, and Unit of Measurement

• Students will classify accounts as assets, liabilities, or owners’ equity

• Students will classify accounts as revenue or expense

• Students will apply debits and credits to accounts in the correct manner

• Students will identify normal balances in T-Accounts for specific types of accounts

• Analyze how transactions impact the Accounting Equation

• Complete practice problems on

completing the accounting equation

• Complete practice problems determining normal balance of accounts and how debits and credits impact the accounts


• Present the steps of the accounting cycle focusing on Step 1: Analyzing Transactions

• Students will apply step 1 of the accounting cycle: Analyzing Transactions

• Complete practice problems analyzing transactions for their impact on the accounting equation

• Complete practice problems analyzing transactions into debit and credit parts



• Teacher demonstrates how to use computerized systems to complete accounting problems.

• Students will utilize computerized software for completion of accounting practice problems.


Students will demonstrate employability skills pertaining

• Teacher demonstrates professionalism and sets expectations for professional behavior

• Maintain good attendance record.

• Interact effectively with others.


to the professional workforce.

• Work effectively in teams.

• Demonstrate positive behavior when given direction, criticism and comment.

• Exhibit positive attitude, initiative, punctuality, responsibility, dependability, honesty.

ADDITIONAL UNIT RESOURCES

COURSE/GRADE LEVEL: Accounting UNIT TITLE: Recording & Posting Transactions

SUGGESTED UNIT TIMELINE: 3 Weeks

ESSENTIAL QUESTION(S): 1. How do businesses keep permanent records of transactions? 2. Why is it useful to analyze business transactions before entering them in the formal accounting records? 3. Why is it important to construct and maintain an accurate chart of accounts? 4. What is the benefit of organizing the general ledger by classification and account number? 5. Why is it essential that transactions be posted from journals to ledgers?

WHAT DO WE WANT STUDENTS TO KNOW, UNDERSTAND, AND BE ABLE TO DO? REFERENCE/ STANDARD

#

STANDARDS: MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate the steps in completing the accounting cycle process.

X

BS.02.01.01 Students will know and utilize computerized accounting systems.

X

BS.03.01.01 Students will demonstrate employability skills pertaining to the professional workforce.

X

UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process for recording and posting transactions.

UNIT VOCABULARY Academic and content specific terms included in the unit Check, double-entry accounting, entry, invoice, general journal, journal, journalizing, memorandum, receipt, sales invoice, source document, account number, correcting entry, file maintenance, general ledger, ledger, opening an account, posting, proving cash



Curriculum Cluster



Assessment Method


Financial Services Recording and Posting Transactions

Students will know and demonstrate the steps in completing the

3 Written

accounting cycle process.


Recording and Posting Transactions


3 Written

Work Readiness Recording and Posting Transactions


3 Written

UNIT SCORING GUIDE A compilation of the proficiency levels and exemplars for the unit that defines mastery of the standards. FACILITATING ACTIVITIES Strategies and methods for teaching and learning


NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 2: Journalizing Transactions

• Teacher demonstrates the concept of journalizing transactions and why they are recorded in a specific way

• Present information

• Students will apply step 2 of the accounting cycle: Journalizing Transactions

• Students will complete practice problems journalizing various types of


regarding a chart of accounts and how and why it is created

• Present the steps of the accounting cycle focusing on Step 3: Posting Transactions to the general ledger (explaining the difference between the general journal and the general ledger)

• Teacher demonstrates the concept of posting transactions to the general ledger

transactions in a general journal (asset transactions, liability transactions, owners’ equity transactions, revenue transactions, expense transactions )

• Students will compete practice problems proving and ruling a journal

• Students will practice preparing a chart of accounts

• Students will complete practice problems posting journal entries to the general ledger










• Demonstrate positive behavior


when given direction, criticism and comment.



COURSE/GRADE LEVEL: Accounting UNIT TITLE: Cash Control Systems


ESSENTIAL QUESTION(S): 1. Why is it essential for a business to have a cash control system?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate cash control procedures. X


BS.03.01.01 Students will demonstrate employability skills pertaining to the professional workforce X

UNIT DESCRIPTION: Students will be introduced to the cash control procedures.

UNIT VOCABULARY Bank statement, blank endorsement, checking account, code of conduct, debit card, dishonored check, electronic funds transfer, endorsement, petty cash, petty cash slip, postdated check, restrictive endorsement, special endorsement



Curriculum Cluster



Assessment Method


Financial Services Cash Control System Students will know and demonstrate cash control procedures

2 Written Response


Cash Control System Students will know and utilize computerized accounting systems.

2 Written Response

Work Readiness Cash Control System Students will demonstrate employability skills pertaining to the professional

2 Written Response

workforce



NOT LEARNED?


STANDARD #




Students will know and demonstrate cash control procedures

• Teacher discusses the importance of cash control and the impact of ethics on business

• Teacher demonstrates a typical accounting system for cash control, including reconciling a checking account

• Introduce the concept of a Petty Cash Fund and why it exists within a company

• Students will practice writing and endorsing checks

• Students will practice reconciling a checking account

• Students will record transactions pertaining to dishonored checks

• Students will practice establishing and recording transactions associated with replenishing a petty cash fund















COURSE/GRADE LEVEL: Accounting UNIT TITLE: Creating a work sheet and completing adjusting entries


ESSENTIAL QUESTION(S): 1. How is the work sheet used as a planning tool? 2. What kinds of questions can be answered by a worksheet? 3. Why does the work sheet come before preparing financial reports? 4. What factors, other than transactions, can cause financial changes within a business?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process in creating worksheets and completing adjusting entries.

UNIT VOCABULARY Academic and content specific terms included in the unit Adjustments, balance sheet, fiscal period, income statement, net income, net loss, trial balance, work sheet



Curriculum Cluster



Assessment Method


Financial Services Adjusting Entries Students will know and demonstrate the steps in completing the accounting cycle process.

2 Written Responses


Adjusting Entries Students will know and utilize computerized

3 Performance Event

accounting systems.

Work Readiness Adjusting Entries Students will demonstrate employability skills pertaining to the professional workforce.

3 Performance Event




NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 4: Preparing a Work Sheet

• Discuss importance of a trial balance

• Discuss adjusting entries and why they happen at the time of the work sheet and trial balance

• Students will practice making a work sheet and calculating a trial balance

• Students will practice adjusting entries

• Students will analyze adjusting entries and explain what happened to cause the adjusting entry

• Students will practice finding and correcting errors based off of work


sheets and trial balances














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Financial statements for a Proprietorship


ESSENTIAL QUESTION(S): 1. Why is it important to calculate and analyze the financial progress and condition of a business? 2. How do financial statements help businesses make better financial decisions?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process for financial stamens for a proprietorship.

UNIT VOCABULARY Income Statement, Balance Sheet



Curriculum Cluster



Assessment Method


Financial Services Proprietorship Students will know and demonstrate the steps in completing the accounting cycle process.

3 Written Response


Proprietorship Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness Proprietorship Students will demonstrate employability skills pertaining to the

3 Performance Event

professional workforce.



NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 5: Preparing Financial Statements

• Introduce the income statement and balance sheet

• Discuss how financial statements are used to analyze a company’s operations

• Students will practice preparing income statements

• Students will practice preparing balance sheets

• Students will analyze companies’ financial statements to assess their operations












COURSE/GRADE LEVEL: Accounting UNIT TITLE: Closing Entries & Post-Closing Trial Balance


ESSENTIAL QUESTION(S): 1. Why are some accounts closed while others carry balances forward to the next accounting period? 2. Why is it critical to check the equality of the general ledger at the end of the accounting cycle? 3. What are some possible errors if the debits do not equal the credits on a post-closing trial balance?


#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process for closing entries and post-closing trial balance.

UNIT VOCABULARY Accounting cycle, adjusting entries, closing entries, permanent accounts, post-closing trial balance, temporary accounts



Curriculum Cluster



Assessment Method


Financial Services Trial Balance Students will know and demonstrate the steps in completing the accounting cycle process.

3 Written Response


Trial Balance Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness Trial Balance Students will 3 Performance Event

demonstrate employability skills pertaining to the professional workforce.



NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 6: Journalizing Adjusting and Closing Entries

• Present the steps of the accounting cycle focusing on Step 7: Posting Adjusting and Closing Entries

• Discuss temporary versus permanent accounts and why some must be closed at the end of an accounting cycle

• Present the steps of the accounting cycle focusing

• Students will practice journalizing adjusting entries from the work sheet and posting them to the general ledger

• Students will analyze accounts and explain why they may be temporary or permanent

• Students will practice journalizing closing


on Step 8: Preparing a Post-Closing Trial Balance

entries and posting them to the general ledger

• Students will practice creating a post-closing trial balance














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Corporate Accounting for Purchases and Cash Payments


ESSENTIAL QUESTION(S): 1. Why does a business decide to incorporate? 2. How does keeping special journals help businesses organize information about what a company purchases on account and what it pays out in cash?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle in corporate accounting for purchases and cash payments.

UNIT VOCABULARY Capital stock, cash discount, cash payments journal, contra account, corporation, cost of merchandise, debit memorandum, list price, markup, purchase invoice, purchase on account, purchases allowance, purchases discount, purchases return, share of stock, stockholder, terms of sale, trade discount, vendor



Curriculum Cluster



Assessment Method


Financial Services Purchases and Cash Payments


3 Written Response


Purchases and Cash Payments


3 Performance Event

Work Readiness Purchases and Cash Payments


3 Performance Event



NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Steps 1 and 2: Analyzing and Journalizing Purchases and Cash Payments Journal Entries

• Present the steps of the accounting cycle focusing on Step 3: Posting Purchases and Cash Payments Entries

• Discuss retail and wholesale merchandising businesses

• Discuss relationship between subsidiary and controlling accounts

• Discuss differences between sole proprietorship and

• Students will practice Analyzing and Journalizing Purchases and Cash Payments Journal Entries

• Students will practice Posting Purchases and Cash Payments Entries

• Students will distinguish between retail and wholesale merchandising businesses

• Students will analyze the relationship between subsidiary


corporation • Discuss the purpose of

the special journal • Discuss setting up and

replenishing a petty cash fund

and controlling accounts

• Students will distinguish between sole proprietorship and corporation

• Students will analyze the purpose of the special journal

• Students will demonstrate the steps for setting up and replenishing a petty cash fund











• Exhibit positive attitude, initiative, punctuality,

Extended time 1 on 1 time with teacher Additional example

responsibility, dependability, honesty.


COURSE/GRADE LEVEL: Accounting UNIT TITLE: Corporate Accounting for Sales and Cash Receipts


ESSENTIAL QUESTION(S): 1. What does a sale on account involve? 2. Why is it essential for a business to carefully track sales and cash receipts?


#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced the steps in completing the accounting cycle process for corporate accounting for sales and cash receipts.

UNIT VOCABULARY Batch report, batching out, cash receipts journal, cash sale, credit card sale, credit memorandum, customer, point-of-sale terminal, sales allowance, sales discount, sales journal, sales return, sales tax, terminal summary



Curriculum Cluster



Assessment Method


Financial Services Cash Receipts Students will know and demonstrate the steps in completing the accounting cycle process.

3 Written Response


Cash Receipts Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness Cash Receipts Students will demonstrate employability skills

3 Performance Event

pertaining to the professional workforce.




NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Steps 1 and 2: Analyzing and Journalizing Sales and Cash Receipts Journal Entries

• Present the steps of the accounting cycle focusing on Step 3: Posting Sales and Cash Receipts Entries

• Present steps of the accounting cycle focusing on Step 4 (for a Merchandising Business): Schedules of Accounts Payable/Receivable are prepared from the subsidiary ledgers

• Discuss the relationship

• Students will practice analyzing and journalizing sales and cash receipts journal entries

• Students will practice posting sales and cash receipts entries

• Students will practice creating schedules of accounts payable/receivable

• Students will analyze the relationship between the


between the accounts receivable ledger and its controlling account

accounts receivable ledger and its controlling account














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Corporate Accounting for Transactions Using a General Journal


ESSENTIAL QUESTION(S): 1. Why would customers return merchandise purchased previously and how would this impact the company? 2. How does a company decide whether to pay shareholders a dividend?


#

STANDARDS: MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will demonstrate the steps in completing the accounting cycle process for corporate accounting for transactions using a general journal.

UNIT VOCABULARY Accounting cycle, employability skills



Curriculum Cluster



Assessment Method


Financial Services General Journal Students will know and demonstrate the steps in completing the accounting cycle process.

2 Written Response


General Journal Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness General Journal Students will demonstrate

3 Performance Event

employability skills pertaining to the professional workforce.




NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Steps 1 and 2: Analyzing and Journalizing General Journal Entries

• Present the steps of the accounting cycle focusing on Step 3: Posting General Journal Entries

• Discuss the purpose of the General Journal

• Discuss the purpose for sales returns and allowances

• Discuss the purpose for correcting entries

• Discuss relationship between retained

• Students will practice analyzing and journalizing sales and cash receipts journal entries

• Students will practice posting sales and cash receipts entries

• Students will practice creating schedules of accounts payable/receivable

• Students will analyze the relationship


earnings and dividends • Discuss the process of

declaring and paying dividends

between the accounts receivable ledger and its controlling account














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Accounting for Payroll


ESSENTIAL QUESTION(S): 1. Why is it critical for a business to withhold the correct amount of payroll taxes? 2. What safeguards do employers use to ensure that employee payrolls are accurate and protected? 3. How does a business determine when to pay payroll taxes to the government? 4. How does a business distinguish between payroll taxes paid by employee only, employer only, and both employee and employer?


#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate the payroll process. X



UNIT DESCRIPTION: Students will be introduced to the payroll process and utilize computerized accounting systems while demonstrating employability skills.

UNIT VOCABULARY Academic and content specific terms included in the unit Employee earnings record, medicare tax, net pay, pay period, payroll, payroll register, payroll taxes, salary, social security tax, tax base, total earnings, withholding allowance, W-4, W-2, unemployment tax



Curriculum Cluster



Assessment Method


Financial Services Payroll Students will know and demonstrate the payroll process.

3 Performance Event


Payroll Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness Payroll Students will demonstrate employability skills pertaining to the professional

3 Performance Event

workforce.




NOT LEARNED?


STANDARD #




Students will know and demonstrate the payroll process.

• Present the steps of the accounting cycle focusing on Steps 1 and 2: Analyzing and Journalizing Employee Payroll Entries

• Discuss how employees are paid

• Present steps in calculating hourly employee earnings

• Present steps in calculating federal income tax withholding

• Present steps in calculating social security and Medicare taxes

• Discuss the benefits of funding medical and retirement plans with pretax contributions

• Students will practice analyzing and journalizing payroll entries

• Students will analyze how employees are paid

• Students will practice calculating hourly employee earnings

• Students will practice calculating federal income tax withholding

• Students will practice calculating social security and Medicare taxes

• Students will analyze the


• Present steps in preparing payroll register and employee earnings record

• Discuss the importance of using a separate payroll checking account

• Present steps in preparing employee payroll checks

• Present the steps of the accounting cycle focusing on Steps 1 and 2: Analyzing and Journalizing Employer Payroll Entries

benefits of funding medical and retirement plans with pretax contributions

• Students will practice preparing payroll register and employee earnings records

• Students will analyze the importance of using a separate payroll checking account

• Students will practice preparing employee payroll checks

• Students will practice calculating employer payroll taxes

• Students will practice recording payment of withholding and payroll taxes





Students will demonstrate employability

• Teacher demonstrates professionalism and sets expectations for


• Interact effectively


skills pertaining to the professional workforce.

professional behavior with others. • Work effectively in

teams. • Demonstrate

positive behavior when given direction, criticism and comment.



COURSE/GRADE LEVEL: Accounting UNIT TITLE: Accounting for Uncollectible Accounts


ESSENTIAL QUESTION(S): 1. How does a business determine when to write off a customer account as uncollectible? 2. How does a business manage situations where customers pay a previously written off customer account?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate the procedures to follow when accounting for uncollectible accounts. X



UNIT DESCRIPTION: Students will be introduced to the procedures to follow when accounting for uncollectible accounts.

UNIT VOCABULARY Academic and content specific terms included in the unit Uncollectible accounts, allowance method, book value, book value of accounts receivable, net realizable value, percent of sales method, percent of accounts receivable method, aging of accounts receivable, writing off an account, direct write-off method, promissory note, note payable, note receivable, maker of a note, payee, principal, interest rate, maturity date, time of a note, maturity value, interest income, dishonored note



Curriculum Cluster



Assessment Method


Financial Services Uncollectable Accounts

Students will know and demonstrate the procedures to follow when accounting for uncollectible accounts.

3 Written Response


Uncollectable Accounts

Students will know and utilize

3 Performance Event

computerized accounting systems.

Work Readiness Uncollectable Accounts


3 Performance Event




NOT LEARNED?


STANDARD #




Students will know and demonstrate the procedures to follow when accounting for uncollectible accounts.

• Present the steps of the accounting cycle focusing on Step 6 (for a merchandising business organized as a corporation): analyzing and journalizing adjusting entry for allowance for uncollectible accounts

• Discuss purpose of allowance method for recording losses from uncollectible accounts

• Discuss how to estimate uncollectible accounts expense using an aging of accounts receivable

• Students will practice analyzing and journalizing an adjusting entry for allowance for uncollectible accounts

• Students will analyze the purpose of the allowance method for recording losses from uncollectible accounts

• Students will analyze how to estimate


• Present the steps of the accounting cycle focusing on Steps 1 and 2: analyzing and journalizing an entry to write off an uncollectible account receivable

• Present the steps of the accounting cycle focusing on Steps 1 and 2: analyzing and journalizing an entry to account for the collection of an account receivable that was previously written off

• Present the steps of the accounting cycle focusing on Steps 1 and 2: analyzing and journalizing an entry to record the acceptance of a note receivable

• Present the steps of the accounting cycle focusing on Steps 1 and 2: analyzing and journalizing an entry to account for the collection of a note receivable

• Present the steps of the accounting cycle focusing on Steps 1 and 2: analyzing and journalizing an entry to account for a dishonored note receivable

uncollectible accounts expense using an aging of accounts receivable

• Students will practice analyzing and journalizing an entry to write off an uncollectible account receivable

• Students will practice analyzing and journalizing an entry to account for the collection of an account receivable that was previously written off

• Students will practice analyzing and journalizing an entry to record the acceptance of a note receivable

• Students will practice analyzing and journalizing an entry to account for the collection of a note receivable

• Students will practice analyzing and journalizing an entry to account for a dishonored note receivable














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Adjusting Entries and Trial Balances in Corporate Accounting


ESSENTIAL QUESTION(S): 1. What are the essential questions that must be answered when analyzing adjusting entries? 2. Why does a business accrue income rather than record it when payment is received?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process for adjusting entries and trial balances in corporate accounting.

UNIT VOCABULARY Unadjusted trial balance, beginning inventory, ending inventory, accrued revenue, accrued interest income, current assets, plant assets, depreciation, depreciation expense, salvage value, useful life, straight-line method of depreciation, accumulated depreciation, book value of a plant asset, adjusted trial balance, tax bracket, marginal tax rate



Curriculum Cluster



Assessment Method


Financial Services Corporate Accounting


3 Written Response


Corporate Accounting


3 Performance Event

Work Readiness Corporate Accounting


3 Performance Event



NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 5 (for a merchandising business organized as a corporation): analyzing and preparing an unadjusted trial balance

• Present the steps of the accounting cycle focusing on Step 6 (for a merchandising business organized as a corporation): analyzing, recording and posting adjusting entries for

• Students will practice analyzing and preparing an unadjusted trial balance

• Students will practice analyzing, recording and posting adjusting entries for supplies, prepaid insurance, merchandise inventory, interest receivable, accumulated depreciation and


supplies, prepaid insurance, merchandise inventory, interest receivable, accumulated depreciation and federal income tax

• Present steps for calculating depreciation expense using the straight-line method

• Present the steps of the accounting cycle focusing on Step 8 (for a merchandising business organized as a corporation): analyzing and preparing an adjusted trial balance

federal income tax • Students will

practice calculating depreciation expense using the straight-line method

• Students will practice analyzing and preparing an adjusted trial balance











• Exhibit positive


attitude, initiative, punctuality, responsibility, dependability, honesty.


COURSE/GRADE LEVEL: Accounting UNIT TITLE: Financial statements and closing entries in corporate accounting


ESSENTIAL QUESTION(S): 1. Why are the financial statements for a corporation different from a proprietorship or partnership? 2. Why is it important to “clean the slate” from one accounting period to the next? 3. Why would a business want to compare the financial performance of a business to established benchmarks? 4. What is the difference between vertical and horizontal analysis of financial performance?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD




UNIT DESCRIPTION: Students will be introduced to the steps in completing the accounting cycle process with financial statements and closing entries in corporate accounting.

UNIT VOCABULARY Academic and content specific terms included in the unit Accumulated Depreciation, Allowance Method (for recording loss of uncollectibles), Board of Directors, Book Value (of plant asset, of accounts receivable), current assets, Declaring a Dividend, Depreciation Expense, Dividend, Estimated salvage value, Merchandise Inventory, Plant Assets, Retained Earnings, Straight-Line Method of depreciation, uncollectible accounts, Cost of Goods Sold, Current Liabilities, Earnings per share, Financial Ratio, Gross Profit, Long-Term Liabilities, Net Sales, Par Value, Price-Earnings Ratio, Statement of Stockholders’ Equity, Supporting Schedule,



Curriculum Cluster



Assessment Method


Financial Services Closing Entries Students will know and demonstrate the steps in completing the accounting cycle

3 Written Response

process. Elements of Management

Closing Entries Students will know and utilize computerized accounting systems.

3 Performance Event

Work Readiness Closing Entries Students will demonstrate employability skills pertaining to the professional workforce.

3 Performance Event



NOT LEARNED?


STANDARD #





• Present the steps of the accounting cycle focusing on Step 9 (for a merchandising business organized as a corporation): analyzing and preparing financial statements

• Present the steps of the accounting cycle focusing on Steps 10 and 11 (for a merchandising business organized as a corporation): analyzing, recording and posting closing entries

• Present the steps of the

• Students will practice analyzing and preparing financial statements such as income statement, statement of stockholders’ equity and balance sheet

• Students will practice analyzing, recording and posting closing entries

• Students will practice analyzing

1 one 1 time with teacher Extended time Additional Examples Additional readings

accounting cycle focusing on Step 12 (for a merchandising business organized as a corporation): analyzing and preparing a post-closing trial balance

and preparing a post-closing trial balance














COURSE/GRADE LEVEL: Accounting UNIT TITLE: Accounting for Plant Assets, Depreciation, and Intangible Assets


ESSENTIAL QUESTION(S): 1. How does the value of an asset change as it gets older? 2. Why are different methods of asset depreciation used? 3. What accounting is involved with depreciation?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation. X



UNIT DESCRIPTION: Students will be introduced to the procedures for accounting plant assets and depreciation.

UNIT VOCABULARY Assessed value, declining-balance method of depreciation, gain, gain on plant assets, loss, loss on plant assets, personal property, plant asset record, real property, return on investment, accelerated depreciation, double declining-balance method of depreciation, intangible asset, amortization



Curriculum Cluster



Assessment Method


Financial Services Assets, Depreciation, and Intangible Assets

Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation.

3 Written Response


Assets, Depreciation, and Intangible Assets

Students will know and utilize computerized

3 Performance Event

accounting systems.

Work Readiness Assets, Depreciation, and Intangible Assets


3 Performance Event



NOT LEARNED?


STANDARD #




Students will know and demonstrate the procedures to follow when accounting for plant assets and depreciation.

• Present the steps to recording the buying of a plant asset

• Discuss how to analyze the cost of individual assets bought as a bundle

• Present the steps for calculating and recording the payment of property tax

• Present the steps for calculating depreciation expense for whole and partial year

• Present steps for calculating accumulated depreciation and book value

• Students will practice recording the buying of a plant asset

• Students will analyze the cost of individual assets bought as a bundle

• Students will practice calculating and recording the payment of property tax

• Students will practice calculating depreciation expense for whole and partial year

Extended time 1 on 1 time with teacher Additional Examples

• Present the steps for preparing plant asset records

• Present the steps for journalizing annual depreciation expense, sale of a plant asset for book value, sale of a plan asset for more/less than book value and buying an intangible asset

• Present the steps for calculating depreciation using the double-declining balance method

• Present the steps for calculating and journalizing amortization expense

• Students will practice calculating accumulated depreciation and book value

• Students will practice preparing plant asset records

• Students will practice journalizing annual depreciation expense, sale of a plant asset for book value, sale of a plan asset for more/less than book value and buying an intangible asset

• Students will practice calculating depreciation using the double-declining balance method

• Students will practice calculating and journalizing amortization expense



• Students will utilize computerized software for completion of accounting practice


problems.










COURSE/GRADE LEVEL: Accounting UNIT TITLE: Accounting for Inventory

SUGGESTED UNIT TIMELINE: Approximate time frame

ESSENTIAL QUESTION(S): Why would a business choose to use periodic versus perpetual inventory valuations? Why do LIFO, FIFO, and weighted average methods result in different valuations of ending inventory?


#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will now and demonstrate the procedures to follow when accounting for inventory. X



UNIT DESCRIPTION: Students will be introduced to the procedures for accounting for inventory.

UNIT VOCABULARY First-in first-out inventory costing method (FIFO), gross profit method of estimating inventory, inventory record, last-in first-out costing method (LIFO), periodic inventory, perpetual inventory, stock ledger, stock record, weighted-average inventory costing method, market value, lower of cost or market inventory costing method (LCM),



Curriculum Cluster



Assessment Method


Financial Services Accounting for Inventory

Students will now and demonstrate the procedures to follow when accounting for inventory.

3 Written Response


Accounting for Inventory


3 Performance Event

Work Readiness Accounting for Students will 3 Performance Event

Inventory demonstrate employability skills pertaining to the professional workforce.



NOT LEARNED?


STANDARD #




Students will now and demonstrate the procedures to follow when accounting for inventory.

• Present the steps for preparing a stock record

• Present the steps for calculating the cost of merchandise inventory using first-in, first-out (FIFO) inventory costing method

• Present the steps for calculating the cost of merchandise inventory using the last-in, last-out (LIFO) inventory costing method

• Present the steps for calculating the cost of merchandise inventory using the weighted-

• Students will practice preparing a stock record

• Students will practice calculating the cost of merchandise inventory using first-in, first-out (FIFO) inventory costing method

• Students will practice calculating the cost of merchandise inventory using the last-in, last-out (LIFO) inventory

Extended time 1 one 1 time with teacher Peer tutoring Additional Examples

average inventory costing method

• Present the steps for calculating the cost of merchandise inventory using the gross profit method of estimating inventory

costing method • Students will

practice calculating the cost of merchandise inventory using the weighted-average inventory costing method

• Students will practice calculating the cost of merchandise inventory using the gross profit method of estimating inventory











• Exhibit positive


attitude, initiative, punctuality, responsibility, dependability, honesty.


COURSE/GRADE LEVEL: Accounting UNIT TITLE: Accounting for Accruals, Deferrals, and Reversing Entries


ESSENTIAL QUESTION(S): 1. How do businesses borrow and lend money? 2. How does an accountant differentiate between accrued and deferred revenue and expenses?


REFERENCE/ STANDARD

#

STANDARDS:

MAJOR STANDARD

SUPPORTING STANDARD

BS.01.01.01 Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables. X




UNIT DESCRIPTION: Students will be introduced to the procedures to follow when accounting for notes payable and receivables.

UNIT VOCABULARY Accrual, Deferral, Accrued expenses, Accrued Interest Expense, Accrued Interest Income, Accrued Revenue, Reversing Entry, Deferred Expenses



Curriculum Cluster



Assessment Method


Financial Services Accruals, Deferrals, and Reversing Entries

Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables.

3 Written Response


Accruals, Deferrals, and Reversing Entries

Students will know and demonstrate the steps in completing the accounting cycle

3 Written Response

process.


Accruals, Deferrals, and Reversing Entries


3 Performance Event

Work Readiness Accruals, Deferrals, and Reversing Entries


3 Performance Event



NOT LEARNED?


STANDARD #




Students will know and demonstrate the procedures to follow when accounting for notes payables and receivables.

• Present the steps for recording reversing entry for accrued revenue and for receiving payment on a note receivable with accrued interest

• Discuss how to calculate accrued interest expense

• Present the steps for

• Students will practice recording reversing entry for accrued revenue and for receiving payment on a note receivable with accrued interest


recording the adjusting entry for an accrued expense, the reversing entry for an accrued expense, the entry to pay an installment on a note payable with accrued interest and the entry to receive cash on deferred revenue

• Discuss how to calculate the amount of deferred revenue when earned and deferred expense when incurred

• Present the steps for recording deferred revenue, to pay cash on a deferred expense and deferred expense when incurred

• Students will analyze how to calculate accrued interest expense

• Students will practice recording the adjusting entry for an accrued expense, the reversing entry for an accrued expense, the entry to pay an installment on a note payable with accrued interest and the entry to receive cash on deferred revenue

• Students will analyze how to calculate the amount of deferred revenue when earned and deferred expense when incurred

• Students will practice recording deferred revenue, to pay cash on a deferred expense and deferred expense when

incurred














Documents

Grade Level/Course: Content Area: Accounting Business Education Accounting (AC).pdf · 2015-04-10 · Grade Level/Course Overview: ... Students will know and demonstrate the steps