Unit 1: Introduction to Accounting (Chapters 1 4)
BBI2O: Introduction to Business
Learning Goals
Learning Goals (LG): “Your overall objective: what you are learning”
Success Criteria (SC): “What you need to do in order to achieve your objective”
Think of Traveling … LG = Your Final Destination
SC = How you know that you are there
Unit 1: Business Fundamentals
1.A Economic Basics
Curriculum Expectations:
1.A.1– describe the concepts of, and conditions that affect, supply and demand;
1.A.2– explain how needs and wants create opportunities for business;
1.A.3– compare the ways in which different industries, sectors, and competitors address similar consumer needs and wants.
Learning Goals:
• Define: Business, Needs, Wants, Consumer, Community, Trend, Fad
• Explain Maslow’s Hierarchy of Needs
• Define: Market, Interdependence, Supply, Demand, Equilibrium
• Create a Price-Quantity (PQ) graph to determine equilibrium price
• Determine how changes to supply and demand can impact prices
Success Criteria
← I can define Business, Needs, Wants, Consumer, Community, Trend, Fad
← I can diagram and explain Maslow’s Hierarchy of Needs
← I can define: Market, Interdependence, Supply, Demand, Equilibrium
← I can correctly create a PQ graph in order to determine equilibrium price
← I can explain how price is affected by changes to supply and demand
1.B Types of Businesses
Curriculum Expectations:
• demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
Learning Goals:
• List and Define the types of accounts: Assets, Liabilities and Owner’s Equity
• Understand the fundamental accounting equation: A = L + OE
• Use proper accounting procedures to prepare a Balance Sheet
Success Criteria
← I can list and define ‘Assets’, ‘Liabilities’, and ‘Owner’s Equity’
← I can use the fundamental equation to properly set up a balance sheet
← I can make a balance sheet that follows all proper accounting procedures
Chapter 3: Analyzing Changes in Financial Position
Curriculum Expectations:
• assess the effects that transactions have on the accounts and financial statements of a service business;
Learning Goals:
• Define: Source Document
• Analyze a business transaction and show how account values change, while maintaining “balance” (A=L+OE)
Success Criteria
← I can describe what a ‘Source Document’ is
← I can analyze a transaction, and use the equation analysis form to show how overall financial position is affected.
Unit 2: The Ledger (Chapters 4 & 5)
Chapter 4: The Simple Ledger
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
• Define: Accounting, Ledger
• Understand the concepts of Debit/Credit, and Normal Side
• Describe the effect of debiting/crediting a certain account
• Apply the proper accounting procedures for maintaining a ledger of accounts
• Create a trial balance
• Describe the limitations of a trial balance
Success Criteria
← I can define ‘Account’ and ‘Ledger’
← I can state whether debiting or crediting increases or decreases a type of account (asset, liability, owner’s equity)
← I can create a trial balance
← I can describe why a trial balance that balances still may be incorrect
Chapter 5: The Expanded Ledger
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
• Define: Revenues, Expenses, Drawings
• Be able to use the expanded equation (A=L+C-D+R-E)
• Create an income statement
• Understand the chart of accounts numbering system
• Understand how net income and drawings effect equity
Success Criteria
← I can define ‘Revenues’, ‘Expenses’, ‘Drawings’
← I can state the debit/credit rules for the new accounts
← I can create an income statement
← I can follow the protocol for numbering accounts
← I can explain how both net income and drawings effect equity
Unit 3: Journalizing and Posting
Chapter 6: The Journal and Source Documents
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
• describe the accounting practices particular to sales tax (e.g., accounts required, financial statement presentation);
Learning Goals:
• Describe what a ‘journal’ is and why it is necessary in accounting
• Be able to journalize a transaction, using proper accounting procedures
• Summarize the different types of Source Documents and their corresponding journal entries
• Be able to journalize transactions that include sales tax (HST)
Success Criteria
← I can explain what a journal is and why it is used
← I can journalize a transaction
← I understand proper journal form
← I can journalize a transaction based on the type of Source Document
← I can properly journalize transactions involving HST
Chapter 7: Posting
Curriculum Expectations:
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
• Describe what “posting” is and why it is necessary in accounting
• Describe the steps in the posting process
• Use a three column account proficiently
• Use the 4 ‘Quick Tests’ to solve an out-of-balance trial balance
Success Criteria
← I can explain what posting is
← I can outline the steps in the posting process
← I understand how to use a three column account in the ledger
← I know the 4 ‘Quick Tests’ to solve an out-of-balance trial balance and can apply each step with success
Unit 4: The Work Sheet and Financial Statements
Chapter 8: The Work Sheet and Financial Statements
Curriculum Expectations:
• prepare a trial balance and the financial statements for a service business;
• evaluate the financial status of a business by analyzing performance measures and financial statements;
• demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
Learning Goals:
• Proper completion of a 6 column Work Sheet
• Comparative Income Statements: Trend Analysis and Common-Size
• Classified Balance Sheet
• Comparative Balance Sheets: Trend Analysis and Common Size
Success Criteria
← I can properly complete a 6 column work sheet, under a net income or net loss situation
← I can state the purpose of a work sheet and how it is used by accounting professionals
← I can use trend analysis to show financial data of a company in a meaningful way
← I can create common size income statements and common size balance sheets to compare the finances of two companies
← I can proper classify balance sheet accounts (Current/Fixed Assets, Current/Long-Term Liabilities)
← I can create a Classified Balance Sheet in Report Form
Chapter 9: Completing the Accounting Cycle
Curriculum Expectations:
• record adjusting and closing entries for a service business (e.g., prepaid expenses, amortization, accruals);
• describe the impact of year-end procedures, including adjusting and closing entries, on the financial statements of a service business;
Learning Goals:
• create the adjusting entries for supplies, prepaid expenses and late arriving invoices
• complete the 8 Column Work Sheet
• state why closing entries are necessary
• journalize the closing entries
• post the closing entries to the ledger
• create a post closing trial balance
Success Criteria
← I can properly journalize the adjusting entry for supplies
← I can properly journalize the adjusting entry for prepaid expenses
← I can properly journalize the adjusting entry for late arriving invoices
← I can properly complete the 8 Column Work Sheet
← I can state the difference between real and nominal accounts
← I can describe the end-of-period procedure
← I can create the proper closing journal entries (using REID)
← I can post the closing entries to a ledger
← I can create a post closing trial balance
Chapter 10’s Learning Goals
Can you?
( Define Merchandising Business
( Define Merchandise Inventory
( Determine cost of goods sold using the formula
beg inv + purchases – end inv = COGS
( Define Gross Profit
( Determine Gross Profit using a formula
(net) Sales – COGS = Gross Profit
( Define Purchases
( Determine Net Purchases
( Determine Net Sales
( Journalize the Purchase of inventory
( Journalize the Sale of inventory
( Complete a Work Sheet for a Merchandising Business
( Create the closing entries for a Merchandising Business
( Create a Multi-Step Income Statement
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