Course Description
This course introduces students to the fundamental principles and practices of accounting. Students learn how to record financial transactions using journals and ledgers, complete the accounting cycle, and prepare key financial statements, including the income statement, balance sheet, and statement of owner’s equity. Emphasis is placed on accuracy, organization, and the use of accounting systems for both service and merchandising businesses, as well as individual financial records. Students also explore topics such as cash control, payroll fundamentals, and basic financial analysis to interpret business performance.
Core Curriculum Content Standards
Business, Computer and Information Technology (2012)
Accounting
GRADES 6 - 8
- Identify the parts of the accounting equation.(15.1.8.C)
- Describe the components of the accounting cycle.(15.1.8.D)
- Explore various technologies used in accounting.(15.1.8.E)
- Identify, recognize, and classify short- and long-term assets.(15.1.8.F)
- Identify, recognize, and classify short- and long-term liabilities.(15.1.8.G)
- Explain the concept of inventory and its role in business.(15.1.8.J)
- Identify and classify revenue.(15.1.8.K)
- Identify and classify expenses.(15.1.8.L)
- Identify and give examples of net pay and gross pay.(15.1.8.M)
- Identify and recognize financial reports and their purpose.(15.1.8.Q)
- Identify the importance of good record keeping for businesses.(15.1.8.Z)
GRADES 9 - 12
- Summarize professional designations, careers, and organizations within the field of accounting, including education and certification requirements.(15.1.12.A)
- Analyze the roles of policy-setting bodies in the accounting profession, e.g., American Institute of Certified Public Accountants (AICPA), Pennsylvania Institute of Certified Public Accountants (PICPA), Generally Accepted Accounting Principles (GAAP), and Securities and Exchange Commission (SEC).(15.1.12.B)
- Analyze business transactions using T-accounts to determine their impact on a business.(15.1.12.C)
- Analyze, journalize, and post transactions to general & subsidiary ledgers.(15.1.12.D)
- Perform accounting functions using technology as a tool.(15.1.12.E)
- Analyze and journalize transactions for short- and long-term assets.(15.1.12.F)
- Analyze and journalize transactions involving short- and long-term liabilities.(15.1.12.G)
- Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements.(15.1.12.H)
- Differentiate between and journalize entries for issuance or repurchase of stock and the declaration and payment of dividends.(15.1.12.I)
- Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts.(15.1.12.K)
- Describe and explain the criteria used to determine expenses and journalize the expense transactions.(15.1.12.L)
- Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate.(15.1.12.M)
- Explain how the different forms of business ownership and business operations are reported on financial statements.(15.1.12.N)
- Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements.(15.1.12.O)
- Analyze and perform the reconciliation of accounts.(15.1.12.P)
- Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner’s Equity) and understand their relevance.(15.1.12.Q)
- Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each.(15.1.12.R)
- Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet.(15.1.12.S)
- Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios.(15.1.12.T)
- Assess capital structure by calculating and interpreting financial ratios.(15.1.12.U)
- Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure.(15.1.12.V)
- Determine and calculate taxable income and tax liability for both personal and business taxes.(15.1.12.Y)
- Demonstrate an auditing procedure that provides assurance that financial records are accurate.(15.1.12.Z)
Units
Unit #1 - Introduction to the World of Accounting
Unit #2 - Accounting for a Service Business as a Proprietorship
Unit #3 - Cash Control Systems
Unit #4 - Proprietorship - Completing Year End Financials
Unit #5 - Accounting: Merchandise Business Organized as a Corporation
Unit #6 - Preparing Payroll and Payroll Taxes
Unit #7 - Corporations - Completing Year End Financials
Course Resources
Textbook: Century 21 Accounting General Journal, 12th edition, Gilbertson, Lehman & Gentene
Software: Cengage CNOWv2 Learning Platform, Google Suite (Docs, Sheets, Slides)
The Profit and Shark Tank episodes; Fruitcake Fraud documentary; All the Queen's Horses documentary
