Office of Curriculum, Instruction, and Technology. Accounting I. Grade 9, 10, 11, or 12. Prerequisites: None. Credit Value: 5 ABSTRACT

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1 Office of Curriculum, Instruction, and Technology Accounting I Prerequisites: None Credit Value: 5 ABSTRACT The Accounting I course provides an introduction to the accounting processes and procedures of using worksheets to document all involved in various types of businesses. Students focus on starting a proprietorship, and recording, adjusting, and closing entries, general and subsidiary ledgers, payroll records, and financial statements. Adopted by the Somerville Board of Education on May 19, 2009

2 Month/ NJCCCS: Essential Question: Content: Accounting I September October November December January 4.1B1, 4.3B1, 4.3C1-2, 4.4C2-3, 4.5A1-4, 4.5B1-4, 4.4C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5A1, 6.5A4, 6.5B4, 8.1A3-4, 8.1B1-7, 8.1B11, 9.1A1-4, 9.1B1, 9.2A1, 9.2D1, 9.2D4 What accounting principles are required in business proprietorships? Starting a Proprietorship Skills and Topics: explore accounting career opportunities compare and contrast various accounting occupations describe methods of communicating accounting information evaluate how ethical business decisions are made prepare a personal chronological résumé explain and apply the accounting equation to real-world situations 4.1B1, 4.3B1, 4.3C1-2, 4.5D1-4, 4.5E2-3, 4.5F1-4, 8.1A3-4, 9.2A1, 9.2E2-3 How do affect accounts? Analyzing Transactions using accounting terms and practices analyze debit and credit analyze T accounts to differentiate between debit and credit verify the equality of debits and credits for each transaction identify accounting journalizing record selected in a general journal 4.1B1, 4.3B1, 4.3C1-2, 4.5D1-4, 4.5E2-3, 4.5F1-4, 8.1A3-4, 9.2A1, 9.2E2-3 Why is balance important between accounts? Financial Reporting of Cash Control Systems apply accounting practices while posting from a journal to a general ledger prepare a chart of accounts for a service business organized as a proprietorship post amounts from a journal to a general ledger define accounting using checking accounts and petty cash funds prepare business papers related to using a checking account 4.1B1, 4.3B1, 4.3C1-2, 4.5D1-4, 4.5E2-3, 4.5F1-4, 8.1A3-4, 9.2A1, 9.2E2-3 How are financial statements generated? Financial Statements and Worksheets define accounting worksheets for service business proprietorships plan adjustments for supplies and prepaid insurance complete a worksheet for a service business proprietorship identify selected procedures for finding and correcting errors in accounting records apply accounting financial statements prepare an income statement for a proprietorship 4.1B1, 4.3B1, 4.3C1-2, 4.5D1-4, 4.5E2-3, 4.5F1-4, 8.1A3-4, 9.2A1, 9.2E2-3 How are income statements justified? Recording, Adjusting, and Closing Entries apply accounting adjusting and closing entries prepare a post-closing trial balance for a proprietorship complete a trial balance on a worksheet compute and post adjusting and closing entries calculate an income statement, balance sheet, and post-closing trial balance

3 Month/ September October November December January Skills and Topics: define and apply classify accounts reconcile a bank analyze an income accounting terms, within specific statement statement using concepts, and practices businesses as assets, establish and replenish component related to the liabilities, or owner s a petty cash fund percentages organization of equity record selected prepare a balance business prepare a balance related to sheet for a service proprietorships sheet from information using checking proprietorship analyze how the in an accounting accounts and petty related to equation cash funds a business journalize proprietorship affect into a general journal accounts within an post from the general accounting equation journal to a ledger compare and contrast proof cash amounts at accounting changes the conclusion of the and practices that ledger affect owner s equity within a business proprietorship using the accounting equation describe the advantages and disadvantages of sole proprietorships explain how a partnership may be formed and dissolved identify the advantages and disadvantages of a partnership analyze the rights and duties of partners

4 Month/ September October November December January Skills and Topics: distinguish between a general partner and a limited partner explore the characteristics of small businesses evaluate the advantages and disadvantages of owning a business Assessments: Resources: Technology: South Western, South Western, South Western, South Western, Midterm examination South Western,

5 Month/ Writing: Careers: September October November December January of exploratory activities of exploratory activities of exploratory activities of exploratory activities of exploratory activities Applicable career options are discussed as they arise throughout the business education program. Career options include, but are not limited to, administration education and training, audio/video technology and communications, business, distribution, finance, government and public administration, health science, hospitality and tourism, human services, information technology, law, logistics, management, manufacturing, marketing, public safety and security, sales and service, and transportation.

6 Month/ NJCCCS: Essential Question: Content: Accounting I February March April May June 4.1B1, 4.1B5, 4.3A3, 4.3B1, 4.3B3, 4.3C1-2, 4.4A5, 4.5A1-4, 4.5B1-4, 4.5C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5B4, 8.1A3-4, 8.1B5-6, 9.2A1, 9.2E2-3 How are business justified? Sales and Cash Receipts Skills and Topics: define accounting purchases and cash payments for merchandizing businesses analyze purchases and cash payments total and rule a purchase journal prove and rule a cash payments journal apply accounting sales cash receipts for a merchandising business 4.1B1, 4.1B5, 4.3A3, 4.3B1, 4.3B3, 4.3C1-2, 4.4A5, 4.5A1-4, 4.5B1-4, 4.5C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5B4, 8.1A3-4, 8.1B5-6, 9.2A1, 9.2E2-3 How are accounts balanced? General and Subsidiary Ledgers use accounting to post purchases, cash payments, general sales, and cash receipts to journals establish accounts payable and accounts receivable ledgers post to a general ledger and subsidiary ledgers prepare schedules of accounts payable and accounts receivable 4.1B1, 4.1B5, 4.3A3, 4.3B1, 4.3B3, 4.3C1-2, 4.4A5, 4.5A1-4, 4.5B1-4, 4.5C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5A1-2, 6.5A4-5, 6.5A9-10, 6.5B1, 6.5B4, 8.1A3-4, 8.1B5-6, 9.2A1, 9.2E2-3 How is payroll determined? Payroll Records apply accounting practices to payroll records calculate employee earnings and deductions prepare payroll records use accounting concepts and practices related to payroll accounts, taxes, and reports analyze payroll journalize and post prepare selected payroll tax reports 4.1A1, 4.1A3, 4.1A5, 4.1B1, 4.1B4, 4.3A3, 4.3B1, 4.3B3, 4.3C1-2, 4.4A5, 4.5A1-4, 4.5B1-4, 4.5C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5A1-2, 6.5A4-5, 6.5A9-10, 6.5B1, 6.5B4, 8.1A3-4, 8.1B5-6, 9.2A1, 9.2E2-3 How is a partnership business unique? Partnership Financial Statements define accounting a worksheet for a merchandising business plan adjustments on a worksheet use accounting terms related to financial statements for a merchandising business organized as a partnership prepare income statements analyze income statements using component percentages 4.1B1, 4.1B5, 4.3A3, 4.3B1, 4.3B3, 4.3C1-2, 4.4A5, 4.5A1-4, 4.5B1-4, 4.5C1-6, 4.5D1-4, 4.5E2-3, 4.5F1-4, 6.5B4, 8.1A3-4, 8.1B5-6, 9.2A1, 9.2E2-3 How are adjustments journalized? Adjustments and Closing Entries use accounting concepts and practices to adjust closing entries for a partnership record adjusting and closing entries prepare a post-closing trial balance

7 Month/ Assessments: Resources: February March April May June analyze sales and cash receipts journalize sales and cash receipts justify a sales journal and cash receipts journal South Western, South Western, post entries into specific journals prove and rule all journals prepare a schedule of accounts receivable and accounts payable South Western, prepare the following: o distribution to net income statements o owner s equity statements o balance sheet statements evaluate the economic health of a merchandising business organized as a partnership describe the purpose of a business plan analyze the elements of a business plan use a cause and effect analysis to create a business plan South Western, Final examination South Western,

8 Month/ Technology: Writing: Careers: February March April May June of exploratory activities of exploratory activities of exploratory activities of exploratory activities of exploratory activities Applicable career options are discussed as they arise throughout the business education program. Career options include, but are not limited to, administration education and training, audio/video technology and communications, business, distribution, finance, government and public administration, health science, hospitality and tourism, human services, information technology, law, logistics, management, manufacturing, marketing, public safety and security, sales and service, and transportation.

9 Course Requirements Grade: 9, 10, 11, or 12 Prerequisite: None Credit Value: 5 Length of Course: Academic Year Course Description The Accounting I course provides an introduction to the accounting processes and procedures of using worksheets to document all involved in various types of businesses. Students focus on starting a proprietorship, and recording, adjusting, and closing entries, general and subsidiary ledgers, payroll records, and financial statements. Course Content This course will consist of the following units of study: Starting a Proprietorship Analyzing Transactions Financial Reporting of Cash Control Systems Financial Statements and Worksheets Recording, Adjusting, and Closing Entries Sales and Cash Receipts General and Subsidiary Ledgers Payroll Records Partnership Financial Statements Adjustments and Closing Entries Course Objectives The student will: distinguish between income and expenses. apply computation skills to real-world problems. analyze and financial reports. apply knowledge acquired in previous courses. develop problem-solving techniques. generate financial statements and worksheets. communicate finance concepts. manipulate accounts. recognize and solve problems in business. use technology.

10 Evaluation Process A final average of 65% or better is required. Throughout the length of this course, students will be evaluated on the basis of: Unit and quizzes (50% of grade) Performance Assessments (50% of grade) Class Participation Homework Midterm Examination (10% of course grade for the year) Final Examination (10% of course grade for the year)

11 Student Agreement STUDENT NAME: GRADE: Last Name First Name My signature below indicates that I have received my copy of the Somerville Public Schools Course Requirements for Accounting I. I acknowledge my responsibility to read and understand all of the information contained in the Accounting I Requirements information and syllabus packet. Student Signature Date Note: Be sure to share the course requirements for Accounting I with your parents.

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