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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