Course Description
(1.0 math credit may be earned by taking this course if other math requirements are met.)
(Courseware Used in Course: Cengage-Mindtap)
Accounting is more than just another course! Since every career area, job, individual, and family is based on finance, this course is a life skill not just a career choice. Accounting I will give you a good background in generally accepted accounting concepts. You will study the accounting cycle and then apply those principles to various situations and organizational types--sole proprietorships, corporations, service businesses, and merchandising businesses. This course will also give you an opportunity to learn how to keep your personal records and how to maintain and reconcile your own checking account.
This course is important if you would like an entry-level full-time or part-time position OR if you plan to attend a two-year or four-year school in a business-related field. REMEMBER, even if accounting is not in your career plans, the material you learn will have valuable personal use.
Core Curriculum Content Standards
Business, Computer and Information Technology (2012)
Accounting
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)
- Analyze and perform breakeven and cost benefit analyses to support financial decisions.(15.1.12.X)
- 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 - Starting a Proprietorship - Transactions
Unit #2 - Cash Control Systems
Unit #3 - Proprietorship - Completing Year End Financials
Unit #4 - Corporations - Recording in Multiple Journals
Unit #5 - Preparing Payroll and Payroll Taxes
Unit #6 - Corporations - Completing Year End Financials
Course Resources
Book - Century 21 Accounting 11e General Journal
Working Papers (online)- Cengage-Mindtap
Google Sheets
Your Checking Account Packet
Documentary "All The Queens Horses"
Profit episode on Profit/Loss
