WAYNESBORO AREA SCHOOL DISTRICT CURRICULUM ACCOUNTING I

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1 COURSE NAME: Accounting I UNIT: Service Business Organized as a Proprietorship NO. OF DAYS: 70 KEY LEARNING(S): Analyzing, journalizing, and posting transactions; preparing financial reports; analyzing reports and financial data for a service business organized as a proprietorship UNIT ESSENTIAL QUESTIONS: Why is Accounting necessary? What do all the numbers mean and how can they help a business? How will your financial choices and recordkeeping affect your future? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on chapter tests; complete a project based on a service business organized as a proprietorship. STANDARD E A A B F B F E B G E A D F A A B A B C D E F G H I CONCEPTS Eligible Content & Skills Accounting terms pertaining to the accounting cycle Accounting equation Steps in analyzing and journalizing a transaction Normal balances of assets, liabilities, and owner s equity General Journal and General Ledger Posting from journals to ledgers Worksheets Income Statement and Balance Sheet Component percentages Adjusting and closing entries Post-closing trial balance Complete accounting cycle project based on # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking What would happen if you ignored GAAP? 2. How will business ethics impact your daily life? 3. What would be the result to your income if you overlooked some transactions? 4. How does using the terms debit and credit organize your records? 5. What would happen if you incorrectly analyzed a transaction for an expense and treated it as an asset? 6. Why do you support or not support selling services on account? 7. Why is it important to have individual accounts and to classify these accounts? 8. How does using the terms debit and credit organize your records? RESOURCES/ MATERIALS Accounting Textbook Accounting Working Papers Accounting Recycling Papers Computers Software for Accounting projects Vision Projector Tests Ten-key Printing Calculators TIER 2 VOCABULARY Accounting Asset Liability Ethics Account Capital Withdrawals Journal Journalizing Entry Check Memorandum Code of Conduct Endorsement Work sheet Adjustments Stakeholders TIER 3 VOCABULARY Accounting system Accounting records Financial statements Service business Proprietorship Equities Owner s equity Accounting equation Business ethics Transaction Accounting title Account balance Revenue Sale on account Expense T account Debit Credit Normal balance Chart of accounts General Journal Double-entry accounting Source document Invoice Sales Invoice Receipt

2 K M N P Q A a service business organized as a proprietorship 9. What would happen if you incorrectly analyzed a transaction for an expense and treated it as an asset? 10. Why do you support or not support selling services on account? 11. Why is a chart of accounts designed the way it is? 12. What would you do differently if you were designing a chart of accounts for your company? 13. What would happen if you used the same account number for a new account that was previously used by another account? 14. What would happen if you don t follow a prescribed procedure for posting? 15. What benefits do you receive from posting? 16. Why do you feel correcting entries are important? 17. What is your opinion of accepting only cash for a sale? 18. Do you believe that allowing customers to use credit cards as payment is beneficial or Ledger General Ledger Account number File maintenance Opening an account Posting Proving cash Correcting entry Checking account Blank endorsement Special endorsement Restrictive endorsement Postdated check Bank statement Dishonored check Electronic funds transfer Debit card Petty cash Petty cash slip Fiscal period Trial balance Balance Sheet Income Statement Net income Net loss Component percentage Adjusting entries Permanent accounts Temporary accounts Closing entries Post-closing trial balance Accounting cycle

3 harmful for a business? Defend your answer. 19. How would you improve the cash control in your business? 20. What could happen if someone stole your book of blank checks? 21. What is your opinion of electronic banking? 22. If you were responsible for the Petty Cash Fund, what would you do differently to ensure there would be no theft? 23. Why would the concept Consistent Reporting be so important to you if you owned a business? 24. If you were in a position to choose a fiscal period, what period would you choose and why? 25. What would happen if you did not plan adjustments? 26. Why bother doing a worksheet? 27. What would happen if the numbers on an Income Statement or Balance Sheet were incorrect? 28. Why do some companies intentionally alter the numbers of their financial statements?

4 29. What impact does it have on you when companies prepare inaccurate financial statements? 30. How can component percentages help you? 31. Why is it important for companies to prepare financial statements? 32. What would happen if you did not record adjusting and closing entries? 33. What is the relationship between the Trial Balance on the Work Sheet and the Post- Closing Trial Balance?

5 COURSE NAME Accounting I UNIT: Merchandising Business Organized as a Corporation NO. OF DAYS: 110 KEY LEARNING(S): Analyzing, journalizing, and posting transactions; preparing financial reports; analyzing reports and financial data for a merchandising business organized as a corporation. UNIT ESSENTIAL QUESTIONS: How does a proprietorship compare with a partnership and a corporation? How do the additional accounts involved in a merchandising business help with decision making from management s perspective? How do you handle payroll? What are the responsibilities of the employer for payroll? Why is the accuracy of payroll records so important? What are the advantages of using special journals? How will the accounting information help with operating a business? COMPETENCY: Complete daily accounting assignments; earn a minimum score of 70% on chapter tests; complete a project based on a merchandising business organized as a corporation. STANDARD E A A B F B F E B G E A D F A A B A B C D E F G H I CONCEPTS Eligible Content & Skills Special journals sales, purchases, cash receipts and cash payments, plus general journal Posting from special journals and general journal to general ledger and subsidiary ledgers Time cards, payroll register, employee s earnings record and payroll checks Payroll accounting, taxes, and reports Dividends Worksheet for a merchandising business Financial statements for a corporation Income Statement, Stockholders Equity Statement and Balance Sheet Adjusting and closing entries for a corporation Post-closing trial balance for a corporation # OF DAYS ESSENTIAL QUESTIONS A = Acquisition ET = Extended Thinking Why are service businesses easier to start up vs. a merchandising business? 2. How does using a special journal compare to a general journal? 3. If you were designing a cash payments journal, what would you take into consideration? 4. Why would your Purchases Returns and Allowances increase from one year to the next and what questions should you be asking? 5. What would happen if you did not use contra accounts? 6. What is your opinion about purchasing merchandise on account? RESOURCES/ MATERIALS Accounting Textbook Accounting Working Papers Accounting Recycling Papers Computers Software for Accounting projects Vision Projector Tests Ten-key Printing Calculators TIER 2 VOCABULARY Merchandise Merchandising business Retail merchandising business Corporation Share of stock Stockholder Special Journal Cost of merchandise Markup Vendor Purchase invoice Terms of sale Cash discount Purchase discount List price Trade discount Purchases return Purchases allowance Customer Sales Tax Cash sale TIER 3 VOCABULARY Capital stock Purchase on account Purchases journal Special amount column Cash payments journal General amount column Contra account Cash short Cash over Debit memorandum Sales journal Point-of-sale terminal Terminal summary Batch report Batching out Cash receipts journal Credit memorandum Subsidiary ledger

6 K M N P Q A 7. Why would you consider forming a business as a corporation? 8. What is your opinion of selling merchandise on account? 9. What advantages do you believe you receive by using a POS Terminal rather than a traditional cash register? 10. What is your opinion on offering a sales discount to customers for early payment? What benefits and drawbacks do you find? 11. What can your Sales Returns and Allowances account tell you? 12. Why would you support or not support the use of subsidiary ledgers? 13. How does a schedule of accounts receivable or accounts payable help the accountant? 14. What could happen if you do not accurately post to all of the general ledger and subsidiary ledger accounts? 15. What do you feel are the pros and cons of being a salaried employee and an hourly employee? 16. What would happen if you claimed 1 withholding allowance Credit card sale Sales discount Sales return Sales allowance Salary Pay period Payroll Total earnings Social security tax Medicare tax Tax base Net pay Dividends Book value Supporting schedule Accounts payable ledger Accounts receivable ledger Controlling account Schedule of accounts payable Schedule of accounts receivable Payroll taxes Withholding allowance Payroll register Employee earnings record Federal unemployment tax State unemployment tax Lookback period Retained earnings Board of directors Declaring a dividend Merchandise inventory Uncollectible accounts Allowance method of recording losses from uncollectible accounts Book value of accounts receivable

7 last year and 6 withholding allowances this year on your W-4? 17. Why do some states levy a tax on personal income while other states do not? 18. How would you go about solving the problem of your employer not providing you with a W-2 at the end of the year? 19. What other factors, aside from your pay, might you consider when two different companies are offering you a job? 20. What do you believe would be the problems if payroll records were not accurately kept? 21. How has technology changed the way payrolls and taxes are handled? 22. What would be the results if a corporation did not declare a dividend for 10 years? 23. What might be your concerns if the corporation was declaring a dividend that was more than the net income for the year? 24. What would happen if the corporation did not

8 match expenses with revenue? 25. Why do you believe that financial statements are necessary? 26. If your gross profit has dropped, what can you do to increase it? 27. How do the contra cost accounts and contra revenue accounts help an accountant? 28. If your component percentages are too high or too low when comparing to industry standards, what can you do about that? 29. What would happen if you did not record adjusting and closing entries? 30. What is the relationship between the Trial Balance on the Work Sheet and the Post- Closing Trial Balance?

9 COURSE NAME: Accounting I UNIT: Service Business Organized as a Proprietorship NO. OF DAYS: 70 KEY LEARNING(S): Analyzing, journalizing, and posting transactions; preparing financial reports; analyzing reports and financial data for a service business organized as a proprietorship. UNIT ESSENTIAL QUESTIONS: Why is Accounting necessary? What do all the numbers mean and how can they help a business? How will your financial choices and recordkeeping affect your future? CONCEPT COMMON FORMATIVE ASSESSMENTS COMMON SUMMATIVE ASSESSMENTS TECHNOLOGY RESOURCES Accounting terms pertaining to the accounting cycle Accounting equation Steps in analyzing and journalizing a transaction Normal balances of assets, liabilities, and owner s equity General Journal and General Ledger Posting from journals to ledgers Worksheets Income Statement and Balance Sheet Component percentages Adjusting and closing entries Post-closing trial balance Complete accounting cycle project based on a service business organized as a proprietorship Daily practice assignments Homework assignments Discussions Observations Chapter Tests Quizzes Projects Computers Computer Software Vision

10 COURSE NAME: Accounting I UNIT: Merchandising Business Organized as a Corporation NO. OF DAYS: 110 KEY LEARNING(S): Analyzing, journalizing, and posting transactions; preparing financial reports; analyzing reports and financial data for a merchandising business organized as a corporation. UNIT ESSENTIAL QUESTIONS: How does a proprietorship compare with a partnership and a corporation? How do the additional accounts involved in a merchandising business help with decision making from management s perspective? How do you handle payroll? What are the responsibilities of the employer for payroll? Why is the accuracy of payroll records so important? What are the advantages of using special journals? How will the accounting information help with operating a business? CONCEPT COMMON FORMATIVE ASSESSMENTS COMMON SUMMATIVE ASSESSMENTS TECHNOLOGY RESOURCES Special journals sales, purchases, cash receipts and cash payments, plus general journal Posting from special journals and general journal to general ledger and subsidiary ledgers Time cards, payroll register, employee s earnings record and payroll checks Payroll accounting, taxes, and reports Dividends Worksheet for a merchandising business Financial statements for a corporation Income Statement, Stockholders Equity Statement and Balance Sheet Adjusting and closing entries for a corporation Post-closing trial balance for a corporation Daily practice assignments Homework assignments Discussions Observations Chapter Tests Quizzes Projects Computers Computer Software Vision