Basics of Accounting
Accounting Essentials 30SCourse Outline 2020-2021Business & Technology DepartmentGeneral Outcomes for ACCESS30SStudents will be introduced to manual accounting procedures to provide an understanding of the accounting concepts, principles and processes used to complete the steps in the accounting cycle for a service business. These manual accounting procedures are used in a computerized accounting environment on an ongoing basis using Microsoft Excel. Sage and/or QuickBooks Accounting software will be introduced in the course.Course ContentChapter 1—Accounting and Business1.1 What is Accounting?1.2 Why Study Accounting?1.3 Characteristics of Business1.4 Nature of Accounting1.5 Becoming a Professional Accountant1.6 Roles of Accounting1.7 How Accountants Use Computer TechnologyChapter 2—The Balance Sheet2.1 Financial Position2.2 The Balance Sheet2.3 Claims against the Assets2.4 Accounting Standards2.5 A Spreadsheet for Balance SheetsChapter 3—Analyzing Changes in Financial Position3.1 Business Transactions3.2 Equation Analysis Sheet3.3 A Spreadsheet for Transaction AnalysisChapter 4—The Simple Ledger4.1 Ledger Accounts4.2 Debit and Credit Theory4.3 Account Balances and Terminology4.4 Trial Balance4.5 A Spreadsheet for Ledger Account and the Trial BalanceChapter 5—The Expended ledger: Revenue, Expenses, and Drawings5.1 The Expanded Ledger and Income Statement5.2 Equity Transactions and Accounting Principles5.3 Equity Relationships and the Balance Sheet5.4 A Spreadsheet for the Expended LedgerChapter 6—The Journal and Source Documents6.1 The Journal6.2 Source Documents6.3 Sales Taxes6.4 Building a Spreadsheet Model for Sales Tax DecisionsChapter 7—Posting7.1 Posting7.2 Overcoming Errors7.3 Comparing Accounting Software Programs to Manual AccountingChapter 8—Completing the Accounting Cycle8.1 The Adjustment Process8.2 Adjusting Entries and the Worksheet8.3 Preparing the New Fiscal Years8.4 Adjusting for Depreciation8.5 A Spreadsheet for WorksheetsAssessment StrategyAn important component of learning is the assessment and evaluation of student progress and achievement. A variety of strategies will be used to assess students, and these will include some or all of the following:Practice assignments – These will be assessed as part of the “for” and “as” learning. Teacher observation checklists - These will be assessed as part of the “for” and “as” learning.Projects – These will be assessed as part of the “of” learning. Quizzes and tests - These will be assessed as part of the “of” learning.Please note: If you miss a test, you need to email me (smcrae@pembinatrails.ca) to make me aware of your absence and your parent/guardian needs to call the attendance line to inform the school of your absence. Tests include both written and computer components. Grade BreakdownProjects, quizzes and tests make up 80% of the final grade.A final exam is held in class prior to exam week and is worth 20% of the final grade. Important Sites me: smcrae@pembinatrails.caSupplies for ClassBinder with loose-leaf or notebookPen/PencilPROFESSIONAL BEHAVIOUR (excerpt from) are expected to treat your classmates and your instructor professionally at all times, both inside the classroom and outside it. Your instructor is expected to do the same. A student who demonstrates a high level of professional in-class behaviour does the following: Arrives on time for class (does not leave during class for water/snacks, pack up and/or leave early) Listens – alert, eyes on the speaker, nonverbal signs of attention demonstrated (does not watch the clock, use cell phones and laptop computers, read non-class material, chat with neighbours, etc.) Volunteers – contributes to discussions without being asked Speaks to the issue being discussed Participates in classroom activities with energy and evident enthusiasm 10 Habits of Successful People : Organization?includes planning as well as setting priorities and goalRelaxation: by meditating?or simply avoiding distractions?Taking Action: Successful people act – quickly and oftenPersonal Care: diet, exercise, and hygiene?Positive Attitude: gratitude and positive self-talk?Networking: know the value of exchanging ideas with others through?networking and the value of collaboration and teamworkFrugality: is a habit of being thrifty, with money and resources. It is also a habit of being economical. Learning to be economical comes through avoiding waste, which automatically results in efficiencyRising Early: the more time devoted to being successful, the more likely success will resultSharing: Whether through donating to charity or the sharing of ideas, successful people have a habit of givingReading: While also reading for pleasure, most use their reading habit to gain knowledge or insight ................
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