Palmyra Area School District 1125 Park Drive Palmyra, 17078

Transcription

1 Palmyra Area School District 1125 Park Drive Palmyra, Planned Instruction for: Grade Levels: 11, 12 Authors:

2 PALMYRA AREA SCHOOL DISTRICT Overview Grade Levels: 11, 12 Course Description This course is a continuation of the first-year course, offering additional highly desirable general accounting procedures not covered in the first year course. Departmentalized accounting methods and systems for partnerships and corporations are included. Specific accounting principles and various methods of adjustments are presented involving "uncollectible accounts," and "depreciation of plant assets." Other accounting principles included are "accrued expenses," "accrued revenues" and the analysis and interpretation of financial statements. PREREQUISITE: Accounting I. * Juniors may apply credit earned in to the general elective graduation requirement. * Seniors may apply credit earned in to the math or general elective graduation requirement. Course Big Idea Accounting is the language of business and an integral aspect of all business activities. Mastery of fundamental accounting concepts, skills, and competencies is essential to making informed business decisions. Regardless of students' chosen course of study or career path, accounting prepares them to be educated business professionals and informed consumers. Course Essential Questions How is the accounting cycle utilized by successful businesses? Why is it essential for successful businesses and executives to be aware of their financial situation? Course Skills Summative Assessments: Common Assessments Cornerstone Assessments: Assignment #1: Unit #: Assignment #2: Unit #: Assignment #3: Unit #: Assignment #4: Unit #: Page 2 of 21 Overview

3 PALMYRA AREA SCHOOL DISTRICT Curriculum Map Planning Chart Grade Levels: 11, 12 Curricular Concepts Pacing Resources Unit #1: Adjustments and Valuation 44 Day(s) Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Unit #2: Additional Accounting Procedures Unit #3: Departmental Accounting Unit #4: Business Operating Activities 7 Day(s) Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Whiteboard Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Page 3 of 21 Curriculum Map Planning Chart

4 Curricular Concepts Pacing Resources Laptop/Excel/Word Moodle Page 4 of 21 Curriculum Map Planning Chart

5 PALMYRA AREA SCHOOL DISTRICT KUD Grade Levels: 11, 12 Unit 1: Adjustments and Valuation Know Writing off an Account calculations Straight-line deprecation Plant asset records Calculating gain/loss on plant assets Double-Declining Balance Method of Depreciation FIFO, LIFO, and Weighted Average Inventory Costing Methods Inventory and Stock Records Maturity Value of Notes Payables and Notes Receivable Interest Income and Interest Expense on Notes Receivables and Notes Payables Accrued interest income and accrued interest exp Understand It's important to understand that... Not all customers pay their account balances, businesses must write off these accounts Equipment value decreases each year that it is owned Businesses must calculate depreciation, gain, and losses on plant assets Companies use different methods for the costing of merchandise inventory : LIFO, FIFO, and Weighted Average Inventory Costing Methods Companies will sometimes allow customers to pay past due accounts with interest by signing a Notes Receivable and charging interest over a specific period of time Companies will sometimes sign Notes Payables in order to pay their debt at a later time with interest charged over a specific period of time At the end of the fiscal period, companies must record partial revenue and expenses incurred on Notes Receivables and Notes Payables through the use of adjusting entries At the beginning of the next fiscal period, companies must reverse the previous adjusting entries for Notes Receivable and Notes Payables in order to create more accurate records Students will be able to... Calculate estimated uncollectible accounts expense Record uncollectible accounts (written off and re-opened) Depreciate plant assets using the straight line method and double-declining balance method Record data on plant asset records Record the gain/loss on plant assets Calculate the Maturity value of a Notes Payable/Notes Receivable Calculate the Interest on a portion of a Notes payable/notes receivable Do Page 5 of 21 KUD - Unit 1: Adjustments and Valuation

6 Unit Essential Question(s) PALMYRA AREA SCHOOL DISTRICT Unit Map Grade Levels: 11, 12 Unit 1: Adjustments and Valuation Day(s): 44 How does a corporation calculate and record entries for uncollectible accounts, plant assets and depreciation, inventory, notes and interest, and accrued revenue and expenses? Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Vocabulary Writing off an Account Real Property, Personal Property, Assessed Value, Plant asset record, Gain on plant assets, Loss on plant assets, Declining-balance method of depreciation Periodic inventory, Perpetual inventory, Inventory record, Stock record, Stock ledger, Last-in first out inventory costing method, First-in first-out inventory costing method, Weighted-average inventory costing method, Gross-profit method of estimating inventory Number of a note, Date of a note, Payee of a note, Time of a note, Principal of a note, Interest rate of a note, Maturity date of a note, Maker of a note, Promissory note, Creditor, Notes payable, Interest, Maturity value, Current liabilities, Interest expense, Notes receivable, Interest income, Dishonored note Accrued revenue, Intellectual property, Accrued interest income, Reversing entry, Accrued expenses, Accrued interest expense Long-term liabilities, Working Capital, Current Ratio Unit Assessment(s) Reinforcement Activity 3 Parts A and B Launch Activities Review of Basic Accounting Concepts Students will review the Chart of Accounts, Debits and Credits, transactions, posting, and basic definitions Students should complete the following: (teacher created materials for review) Review of Debits and Credits Worksheet Page 6 of 21 Unit Map - Unit 1: Adjustments and Valuation

7 Review of transactions and posting assignment Standards D - Analyze, journalize, and post transactions to general & subsidiary ledgers E - Perform accounting functions using technology as a tool E - Perform accounting functions using technology as a tool E - Perform accounting functions using technology as a tool F - Analyze and journalize transactions for short- and long-term assets G - Analyze and journalize transactions involving short- and long-term liabilities H - Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements J - Analyze the various methods for maintaining and valuing inventory (FIFO, LIFO, etc.) and describe their effect on financial statements O - Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements P - Analyze and perform the reconciliation of accounts Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each S - Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios U - Assess capital structure by calculating and interpreting financial ratios V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure Y - Determine and calculate taxable income and tax liability for both personal and business taxes Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate. Lesson/Topic(s) Lesson/Topic #1: Uncollectible Accounts Receivable Students will record accounting activities related to uncollectible accounts receivable; including writing off an account and reopening an account. Lesson/Topic #2: Plant Assets and Depreciation Students will perform accounting functions related to plant assets and depreciation. Lesson/Topic Essential Question(s) Essential Question(s): What has to be done in order to record uncollectible accounts expense at the end of the year? How is a customer's account affected when it is written-off/re-opened? Essential Question(s): How does a corporation record buying plant assets and paying property tax? How is a plant asset affected by straight-line depreciation? How is the plant asset record affect by depreciation? How does a corporation record gains/losses of plant assets? How is a plant asset affected by double-declining method of depreciation? Lesson/Topic #3: Accounting for Inventory Students will use the various methods to calculate and compare the costs of inventory. Methods used will include FIFO, LIFO, and Weighted Average. Lesson/Topic #4: Notes and Interest Students will perform accounting related activities for Notes Essential Question(s): Explain the various methods used to keep an accurate inventory. What are the different methods used by companies to record and report their inventory costs? How are the different inventory costing methods calculated? Essential Question(s): How are interest and maturity dates calculated for notes payables/notes receivables? Page 7 of 21 Unit Map - Unit 1: Adjustments and Valuation

8 Lesson/Topic(s) Receivables and Notes Payables. Lesson/Topic #5: Accrued Revenue and Expenses Students will record adjusting, closing, and reversing entries for accrued revenue and expenses. Lesson/Topic #6: End of Fiscal Period Work Students will complete a Work Sheet, Income Statement, Statement of Stockholders Equity, Balance Sheet, and complete the Adjusting, Closing, and Reversing entries. Lesson/Topic Essential Question(s) How are transactions for notes payable recorded in the journals? How are transactions for notes receivable recorded in the journals? Essential Question(s): How do companies record adjusting, closing, and reversing entries for accrued revenue? How do companies record adjusting, closing, and reversing entries for accrued expenses? Essential Question(s): How are adjustments planned on the worksheet? What information is recorded on an Income Statement? How is it prepared? How is the Statement of Stockholder's Equity prepared? How is the Balance Sheet prepared? What information is recorded on it? How do companies record adjusting, closing, and reversing entries at the end-of-fiscal period? Page 8 of 21 Unit Map - Unit 1: Adjustments and Valuation

9 Calculate initial investments by partners Calculate the distribution of earnings to partners Calculate the end of fiscal period Capital Account Balance Determine the Gain or Loss on Realization Determine the share of the Realization Time drafts v. trade acceptance Internet Credit Card Sales PALMYRA AREA SCHOOL DISTRICT KUD Grade Levels: 11, 12 Unit 2: Additional Accounting Procedures Know Understand It's important to understand that... Partners share all losses, gains, debts, and assets of a business During the dissolution process, assets must be sold, debts are to be paid, and partners share any remaining debt or gain Internet sales are treated in a similar manner as most other transactions There is a difference between a contract of sale and a letter of credit Businesses use Time Drafts to accept International sales/payments Do Students will be able to... Identify accounting concepts and practices related to forming, dissolving, and distributing the earnings of a partnership Journalize entries related to forming, dissolving, and distributing the earnings of a partnership Calculate the distribution of earnings Prepare a distribution of net income statement for a business organized as a partnership Prepare an owners' equity statement for a business organized as a partnership Identify accounting concepts and practices related to international and internet sales Record transactions for international sales Record transactions for Internet sales Page 9 of 21 KUD - Unit 2: Additional Accounting Procedures

10 Unit Essential Question(s) PALMYRA AREA SCHOOL DISTRICT Unit Map Grade Levels: 11, 12 Unit 2: Additional Accounting Procedures Day(s): 7 What accounting procedures are used in partnerships, international, and Internet sales? Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Vocabulary Partnership, Partner, Partnership agreement, Distribution of Net Income Statement, Owners' Equity Statement, Liquidation of a partnership, Realization, Limited Liability Partnerships Exports, Imports, Contact of sales, Letter of Credit, Bill of Lading, Commercial invoice, Draft, Sight draft, Time draft, Trade acceptance Unit Assessment(s) Unit Exam Launch Activities Have students pair with a partner and look through the chapters in the new unit and make a chart listing the following: Familiar Concepts v. New Concepts Discuss the various student created lists. Standards D - Analyze, journalize, and post transactions to general & subsidiary ledgers E - Perform accounting functions using technology as a tool K - Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts N - Explain how the different forms of business ownership and business operations are reported on financial statements. Lesson/Topic(s) Lesson/Topic #1: Accounting for Partnerships Students will perform accounting activities for the formation, dissolution, and distribution of partnership earnings as well as create financial statements for a Lesson/Topic Essential Question(s) Essential Question(s): How are forming, dissolving, and distributing the earnings of a partnership recorded in the journals? How is the distribution of partnership earnings calculated? Page 10 of 21 Unit Map - Unit 2: Additional Accounting Procedures

11 partnership. Lesson/Topic(s) Lesson/Topic #2: International and Internet Sales Students will record international and internet sales. Lesson/Topic Essential Question(s) How are the financial statements for a business organized as a partnership prepared? Essential Question(s): How does a company record transactions for international sales? How are Internet Sales recorded by businesses? Page 11 of 21 Unit Map - Unit 2: Additional Accounting Procedures

12 PALMYRA AREA SCHOOL DISTRICT KUD Grade Levels: 11, 12 Unit 3: Departmental Accounting Know Accounting Equation Normal Balances of Accounts Posting to General and Subsidiary Ledgers Journalizing to Special Journals (Sales Journal, Purchases Journal, General Journal, Cash Receipts Journal, Cash Payments Journal) Calculate Sales Tax Calculate Sales Discounts Calculate Taxes and Deductions associated with Payroll Calculate Commission Calculate Component Percentages The relationship of accounts on financial statements (Worksheet, Interim Departmental Statement of Gross Profit, Departmental Margin Statements, Income Statement, Statement of Stockholders' Equity, Balance Sheet) Accounting Cycle It's important to understand that... Understand Transactions are journalized in various Special Journals Businesses and customers will take advantage of discounts in order to save money Businesses and customers return merchandise when it is damaged Businesses with departments must separate departmental functions from company functions Not all employees are paid just a salary: commission + salary Benefits and taxes affect employee pay Employees and Employers pay taxes; employers have additional taxes to pay Page 12 of 21 KUD - Unit 3: Departmental Accounting

13 Understand Businesses with various departments have to prepare additional financial statements for each different department There are different type of expenses: direct and indirect and they have different affects on the various departments in a business Students will be able to... Do Journalize and post departmental: purchases and purchases returns/allowances, cash payments, sales on account and sales returns/allowances, cash receipts Prepare a commission record and calculate commission on net sales Complete payroll records (Payroll Register, Employee Earnings Records) Journalize payroll transactions Distinguish between direct and indirect expenses Prepare an interim departmental statement of gross profit Prepare a work sheet for a departmentalized merchandising business Prepare financial statements for a departmentalized merchandising business Analyze financial statements using selected component percentages Complete end-of-period work for a departmentalized merchandising business Page 13 of 21 KUD - Unit 3: Departmental Accounting

14 Unit Essential Question(s) PALMYRA AREA SCHOOL DISTRICT Unit Map Grade Levels: 11, 12 Unit 3: Departmental Accounting Day(s): What are the various differences of a departmental accounting system to that of a regular accounting system? Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Vocabulary Asset, Liability, Equities, Owners' equity, Stockholders' equity, Accounting equation, Source documents, Double-entry accounting, Journal, Special journal, Account, Ledger, General ledger, Subsidiary ledger, Controlling account, File maintenance, Departmental accounting system, Merchandising business, Posting, Debit memorandum, Contra account, Cash discount, Purchases discount, Petty cash Credit memorandum, Sales discount, Point-of-sale terminal, Terminal summary Salary, Pay period, Payroll, Payroll taxes, Withholding allowance, Tax base, Payroll register, Employee earnings record, Automatic check deposit, Electronic funds transfer Fiscal period, Responsibility accounting, Direct expense, Indirect expense, Departmental margin, Departmental margin statement, Gross profit, Departmental statement of gross profit, Periodic inventory, Perpetual inventory, Gross profit method of estimating an inventory, Component percentage, Schedule of accounts receivable, Schedule of accounts payable, Work sheet, Trial balance, Plant assets, Depreciation expense, Responsibility statements, Income statement, Statement of stockholders' equity, Capital stock, Retained earnings, Dividends, Balance sheet, Adjusting entries, Closing entries, Post-closing trial balance, Accounting cycle Unit Assessment(s) Unit Exam Launch Activities Have students compare the Chart of Accounts to see the similarities/differences. Discuss. Standards D - Analyze, journalize, and post transactions to general & subsidiary ledgers E - Perform accounting functions using technology as a tool F - Analyze and journalize transactions for short- and long-term assets G - Analyze and journalize transactions involving short- and long-term liabilities K - Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts. Page 14 of 21 Unit Map - Unit 3: Departmental Accounting

15 L - Describe and explain the criteria used to determine expenses and journalize the expense transactions M - Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate P - Analyze and perform the reconciliation of accounts Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each S - Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios U - Assess capital structure by calculating and interpreting financial ratios V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure Y - Determine and calculate taxable income and tax liability for both personal and business taxes. Lesson/Topic(s) Lesson/Topic #1: Departmental Purchases and Cash Payments Students will record departmentalized transactions in the purchases, cash payments, and general journals and then post to the appropriate ledgers. Lesson/Topic Essential Question(s) Essential Question(s): Explain the importance of file maintenance. Identify and explain how to journalize and post purchases and purchases returns. Identify and explain how to journalize and post payments of cash. Lesson/Topic #2: Departmental Sales and Cash Receipts Students will record departmentalized transactions in the sales, cash receipts, and general journals and then post to the appropriate ledgers. Essential Question(s): Identify and explain how to journalize and post departmental sales on account and sales returns and allowances. Identify and explain how to journalize and post cash receipts. Lesson/Topic #3: Departmental Payroll Students will calculate and record departmental payroll data for both the employee and employer. Essential Question(s): How are payroll records and deductions recorded and calculated for a departmental business? What journal entries are made in order to record payroll and payroll taxes? Lesson/Topic #4: Departmental Financial Reporting Students will complete financial statements for the departmental business. Essential Question(s): What features are required if responsibility accounting is to be successful? What are the two principal methods for determining amounts of merchandise on hand? What purpose do adjusting entries serve? Page 15 of 21 Unit Map - Unit 3: Departmental Accounting

16 Lesson/Topic(s) Lesson/Topic Essential Question(s) What two reports are prepared to prove the accuracy of posting to subsidiary ledgers? What conclusions can be obtained from an Income Statement? What function do Adjusting and Closing entries serve? How are they prepared? Page 16 of 21 Unit Map - Unit 3: Departmental Accounting

17 PALMYRA AREA SCHOOL DISTRICT KUD Grade Levels: 11, 12 Unit 4: Business Operating Activities Know The basic functions of business (marketing, human resources, production and operations, finance, accounting and information systems) The evolution of accounting in business The basic accounting concepts (business entity, monetary unit, going concern, periodicity) The elements of accounting The differences between GAAP and IFRS The information that belongs to each financial statement How to calculate the various financial ratios The four basic business processes (business organization and strategy process, operating process, capital resources process, performance measurement and management process) The perspectives of the balance scorecard Various types of internal control (proper authorization, separating incompatible duties, maintaining adequate documentation, physically controlling assets and documents, providing independent checks on performance) The elements of a bank reconciliation The goals of the revenue process and the expenditure process The differences between FOB destination and FOB shipping point Understand Accounting exists only because it is needed by businesses Accounting terms and concepts evolve over time as the needs of users change The relationship, organization, and importance of financial statements. The relationship between the four financial statements The need/interpretation of financial ratios Page 17 of 21 KUD - Unit 4: Business Operating Activities

18 Understand The basic business process and the importance of financial and non-financial performance measurement The importance of internal control and of a bank reconciliation The decisions to be made during the operating processes and the sources of information to be used to make these decisions The cost/revenue behavior and the two cost estimation methods Do Explain the basic functions of business and identify how each function uses accounting Explain and identify the basic elements of accounting (assets, liabilities, owners' equity, revenues, expenses) Calculate the following ratios: current ratio, debt to equity ratio, return on sales ratio Explain the similarities and differences between GAAP and IFRS Calculate a bank reconciliation Determine the functions of each of the business processes Explain/Identify the perspectives of the balanced scorecard Provide examples for each type of internal control Differentiate between FOB shipping point and FOB destination and the affects on income Calculate Fixed, Mixed, and Variable Costs/Revenue Use the high/low method to separate a mixed cost/revenue into its fixed and variable components Page 18 of 21 KUD - Unit 4: Business Operating Activities

19 Unit Essential Question(s) How is accounting used by businesses and individuals? PALMYRA AREA SCHOOL DISTRICT Unit Map Grade Levels: 11, 12 Unit 4: Business Operating Activities Day(s): Materials/Resources Whiteboard Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop/Excel/Word Moodle Vocabulary Assets, Balance sheet, Business, Business entity concept, cash basis accounting, corporation, current asset, current liability, current ratio, debt-to-equity ratio, double taxation, expense, finance function, Financial Accounting Standards Board, financial statements, generally accepted accounting principles, going concern concept, human resources function, income statement, international financial reporting standards, just-in-time, liability, limited liability, limited liability company, limited liability partnership, limited partnership, long-term asset, long-term liability, manufacturing firm, marketing function, merchandising company, monetary unit concept, mutual agency, net assets, net income, noncurrent asset, noncurrent liability, owners' equity, partnership, partnership agreement, periodicity concept, product life cycle, production and operations function, return on sales ratio, revenue, S corporation, service firm, sole proprietorship, stakeholders, statement of cash flows, statement of owners' equity, unlimited liability, XBRL (extensible business reporting language) appraisal cost, accounts payable turnover, accounts receivable turnover, balanced scorecard approach, bank reconciliation, bank statements, business process, customer response time, deposits in transit, efficiency strategy, external failure cost, financing processes/activities, flexibility strategy, gross margin ratio, internal control systems, internal failure cost, inventory turnover, investing processes/activities, lockbox system, mechanistic organizational structure, nonsufficient funds check, nonvalue-added time, operating processes/activities, organic oranizational structure, organizational strategy, outstanding checks, prevention cost, quick ratio, return on investment ratio, return on owners' equtiy ratio, service charge, value-added time activity drivers, bill of lading, conversion process, cost behavior, dependent variable, expenditure process, fixed cost, fixed revenue, FOB destination, FOB shipping point, independent variable, manufacturing overhead, mixed cost, mixed revenue, purchase allowances, purchase discounts, purchase order, purchase requisition, purchase return, relevant range, revenue behavior, revenue process, sales allowances, sales discounts, sales invoice sales returns, variable cost, variable revenue, X variable, Y Variable Unit Assessment(s) Launch Activities Standards A - Summarize professional designations, careers, and organizations within the field of accounting, including education and certification Page 19 of 21 Unit Map - Unit 4: Business Operating Activities

20 requirements E - Perform accounting functions using technology as a tool O - Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements P - Analyze and perform the reconciliation of accounts R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios U - Assess capital structure by calculating and interpreting financial ratios U - Assess capital structure by calculating and interpreting financial ratios V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure X - Analyze and perform breakeven and cost benefit analyses to support financial decisions. ACC.VI.I - Use planning and control principles to evaluate the performance of an organization and apply differential analysis and present-value concepts to make decision. Lesson/Topic(s) Lesson/Topic #1: Accounting and Business Students will be introduced to the history of business and accounting. They will learn about the basic concepts in accounting, various types of businesses and business organizations, and will learn to identify between the four financial statements and the report of the independent accountant. Lesson/Topic Essential Question(s) Essential Question(s): How did business and accounting develop? What are the elements of accounting? Explain the differences between the basic types of businesses and business organization structures. Identify the purpose and relationship among the four financial statements and the report of the independent accountant. Lesson/Topic #2: Business Processes and Accounting Information This chapter explores the business processes and the role of internal control. The four basic business processes will be studied, focusing on the business organization and strategy process and the performance measurement and management process. In addition, we will apply internal control principles to cash receipts and cash payments. Essential Question(s): What are the four basic business processes and the management cycle? What is the balanced scorecard approach and what are its four perspectives? What are internal controls and why are they important? Lesson/Topic #3: Operating Processes: Planning and Control The activities involved in each of the three sub-processes will be examined (1) marketing/sales/collection/customer service [revenue], (2) conversion, and (3) purchasing/human resources/payment [expenditure]. The relationship between activities and costs/revenues and defines this relationship as fixed, variable, or mixed will also be introduced/discussed. Essential Question(s): Explain the activities in three different operating subprocesses. Explain the differences between fixed, mixed, and variable costs and revenues. How is the linear regression method used to determine Page 20 of 21 Unit Map - Unit 4: Business Operating Activities

21 Lesson/Topic(s) Finally, methods that companies use to separate mixed costs/revenues into their fixed and variable components will be covered. Lesson/Topic Essential Question(s) fixed and variable costs and revenues? How is the high/low method used to determine fixed and variable costs and revenues? Page 21 of 21 Unit Map - Unit 4: Business Operating Activities