Wethersfield Public Schools Course Outline

Transcription

1 Course Name: Accounting Department: Business Grade(s): Level(s): Unleveled Course Number(s): Credits: 1 Wethersfield Public Schools Course Outline Course Description: This course is a study of how and why financial records are kept in most social and business organizations. It provides an introduction to accounting principles, concepts and techniques used in sole proprietorships, partnerships and corporations. It includes preparation of various documents, simulations and spreadsheet projects demonstrate the language of business by recording, analyzing, and interpreting financial information. Students interested in the field of Computer Science and/or Computer Programming will also benefit from taking the course. Required Instructional Materials: Century 21 Accounting: General Journal, 9th Edition Gilbertson, Lehman South Western 2007 Revised/Approval Date: June 18, 2012 Approved Administrative Team 10/10/12 Approved Student Programs & Services Committee 3/6/13 Authors/Contributors: Joanna Griswold Accounting Page 1

2 Overarching Skills Students will understand basic accounting principles and more knowledgeable manage companies financial resources. They will prepare, interpret and analyze financial information by applying the conceptual framework of accounting principles and assumptions. Through guided process and cooperative activities, students will identify, research and learn factual knowledge as well as identify problems and develop solutions. Students will use technology as a tool to research, organize, evaluate and communicate information. Students will utilize time and manage workload effectively. They will demonstrate commitment to learning as life long process. They will also work collaboratively and be open and responsive to new and diverse perspectives. Enduring Understandings Accounting interpretations impact business decisions. The accounting system of a business summarizes data to produce financial information. The accounting system is an integral aspect of all business activities. Profit is the motive of business. Careers in the accounting field vary in skill level; therefore, varied opportunities exist for employment and career advancement. Effective use of technology enables us to live, learn and work. Learning is a lifelong process. Collaboration is integral part of learning. Essential Questions What is an accounting system? In what ways do accounting interpretations impact business decisions? Why is accounting an integral process of all business activities? What governs the accounting process? How is financial information used to make business decisions? What constitutes business activities? How does profit motivate business? Why is learning a lifelong process? What are effective uses of technology? What are the benefits of working together? Who is responsible for the financial system of a business? Why do accounting careers present unlimited possibilities? Objectives (skills) (Show link to standards in parenthesis after objective) The student will: S.1. Complete and explain the purpose of the various steps in the accounting process. S.2. Apply generally accepted accounting principles and prepare, interpret and analyze financial statements using manual and computerized systems for service, merchandising and manufacturing businesses. S.3 Work collaboratively with individuals representing diverse cultures and lifestyles in a spirit of mutual respect and open dialogue. S.4. Develop, implement and communicate ideas to others effectively. S.5. View failure as an opportunity to learn; understand that creativity and innovation is longterm, cyclical process of small successes and frequent mistakes. Accounting Page 2

3 S.6. Use various types of reasoning such as inductive and deductive as appropriate to the situation. S.7. Reflect critically on learning experiences and processes. S.8 Evaluate information critically and competently. S.9 Use technology as a tool to research, organize, evaluate and communicate information. S.10 Demonstrate commitment to learning as a lifelong process. S.11 Monitor, define, prioritize and complete tasks without direct oversight. S. 12 Utilize time and manage workload efficiently. S.13 Identify accounting careers. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. A1 Describe career opportunities in the accounting profession. A2. Explain the need for a code of ethics in accounting and ethical responsibilities required of accountants. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C.20 Describe the purpose of a uniform accounting system. C21. Describe the purpose of journals and ledgers and their relationship. C22. Describe the impact of technology on the accounting process. C23. Analyze and describe how basic business transactions impact the accounting equation. C24. Apply the double-entry system of accounting to record basic transactions and prepare a trial balance. C25. Explain the need for adjusting entries and record basic adjusting entries. C26. Complete the closing process. C27 Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. C28 Explain the need for adjusting entries and record complex adjusting entries. D29 Identify sources of information to prepare basic financial reports. D30 Describe the users and uses of financial information. D31 Describe the information provided in each financial statement and how the statements relate. E.1 Apply appropriate accounting principles to payroll. E.2 Prepare and maintain payroll records. E.3 Calculate and record transactions related to employee payroll. E.4 Calculate and record employer s payroll taxes. E.5Calculate and record payroll accruals. 36. Journalize payroll transactions. F37. Calculate component percentages. Instructional Support Materials Microsoft Office Automated Accounting Software Websites Book Companion Site; www. Cengage.com Century 21 Accounting: General Journal, 9th Edition Accounting Page 3

4 Suggested Instructional Strategies Think/Pair/Share Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Cooperative Activities Problems Presented in Context Classification Charts Semantic Maps Computer Simulations Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Web Quests Presentations Projects Performance Based Assessment School wide rubrics Accounting Page 4

5 Unit 1: In this unit, students will learn about the accounting industry, explore accounting career opportunities and the methods of communicating accounting information. They will also learn about how ethical decisions are made and the laws that govern compliance. Time Frame: September Length of Unit:2 Weeks Enduring Understandings Accounting is governed by general accounting principles. Jobs in the accounting field vary in skill level; therefore, varied opportunities exist for employment and career advancement. Accounting is the language of business. It is important for businesses to keep track of their money and be honest in their financial records. The accounting system of a business summarizes data to produce financial information. A code of ethics in an essential element of accounting and accountants are required to follow ethical responsibilities. Accountants play a major role in business and society. Essential Questions Why is Accounting considered the language of business? How is accounting information used to make business decisions? Why are financial records important? Why is it important to understand different methodologies in the accounting process? What do Accountants do? Who is responsible for the financial system of a business? What are the legal consequences of unethical and dishonest business behavior? How does the accounting system of a business summarize data to produce financial information? What are the different careers in Accounting? How do current events impact the accounting profession? What kind of business fraud can be committed? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 1.1 Explore accounting career opportunities and describe the areas of specialization within the accounting profession. 1.2 Describe how current events impact the accounting profession. 1.3 Describe methods of communicating accounting information. 1.4 Evaluate how ethical decisions are made. 1.5 Identify the general principles and guidelines which govern the process of accounting. 1.6 Recognize why accounting is the language of business. 1.7 Explain why it s important for businesses to keep track of their money. 1.8 List the various skills required in Accounting. Accounting Page 5

6 1.9 Describe what is required to be a CPA Research information about the Accounting Industry Apply technology to accounting process Debate the consequences of unethical and fraudulent behavior Demonstrate understanding of accounting profession through role play. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. C20. Describe the purpose of a uniform accounting system. A1. Describe career opportunities in the accounting profession. A2. Explain the need for a code of ethics in accounting and ethical responsibilities required of accountants. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C22. Describe the impact of technology on the accounting process. D30. Describe the users and uses of financial information. Instructional Support Materials Microsoft Office Automated Accounting Websites Book Companion Site; www. Cengage.com Accounting Conference Suggested Instructional Strategies Think/Pair/Share Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Cooperative Activities Problems Presented in Context Classification Charts Semantic Maps Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Web Quests Presentations Accounting Page 6

7 Projects Performance Based Assessment School Wide Rubrics Accounting Page 7

8 Unit 2: In this unit, students learn about starting a proprietorship, changes that affect the accounting equation and analyzing transactions into debit and credit parts. They will learn how to records transactions in a General Journal and how to post from the Journal to General Ledger. *This unit is comprised of 8 chapters. In the first part of the unit, chapters 1-4 are covered. Time Frame: September to October Length of Unit:5 weeks Enduring Understandings Business owners and managers use financial statements to make important business decisions. Business organization dictates accounting practices. The accounting system of a business summarizes data to produce financial information. GAAP/IFRS principles impact the recording of financial transactions and the preparation of financial statements. The accounting system is an integral aspect of all business activities. Accounting interpretations impact business decisions. Accounts classification drives the accounting system. Essential Questions Why are proprietorships the easiest way to organize a business? Do managers and business owners need financial statements to make business decisions? Who is responsible for the accounting system of a business? What changes affect accounts in the accounting equation? How does accounting show what property belongs to who? Why does business organization dictate accounting practices? What is the relationship between the accounts on the left side of the T and the right side of the T? What takes place when journalizing? How are accounts classified? Why is balance important between accounts? What are the reasons for posting? In what ways do GAAP/IFRS principles impact recording of financial transactions and the preparation of financial statements? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 2.1. Describe how a proprietorship is started and the transactions that occur when the business is organized Classify accounts as assets, liabilities or owner s equity. Accounting Page 8

9 2.3. Analyze how transactions affect the accounting equation Differentiate between transactions and how they affect owner s equity Use T accounts to analyze transactions and show which accounts are debited or credited Match expenses with revenue Relate the double-entry system of accounting to record transactions using technology Describe the purpose of journals and ledgers and their relationship Prepare a chart of accounts for a service business Apply accounting practices while posting from General Journal to General Ledger Prove cash Analyze and journalize correcting entries Demonstrate how account classification drives the accounting system. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. B3. Describe and explain the conceptual framework of accounting principles and assumptions. B4. Define assets, liabilities, equity, revenue, expenses, gains and losses. B12. Record transactions for accounts payable and other short-term debt. B14. Describe the criteria used to determine revenue recognition. B17. Describe and record expense-related transactions. C20. Describe the purpose of a uniform accounting system. C21. Describe the purpose of journals and ledgers and their relationship. C22. Describe the impact of technology on the accounting process. D30. Describe the users and uses of financial information. Instructional Support Materials Microsoft Office Automated Accounting Websites Book Companion Site; www. Cengage.com Suggested Instructional Strategies Think/Pair/Share Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Cooperative Activities Problems Presented in Context Semantic Maps Accounting Page 9

10 Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Web Quests Presentations Projects Performance Based Assessment School Wide Rubrics Accounting Page 10

11 Unit 3: Accounting for Service Business Organized as a Proprietorship In this unit, students learn about cash control systems for a service business organized as a proprietorship. They learn how to prepare a worksheet and financial statements. At the end of the fiscal period, students will perform the closing process and analyze business performance. Students will also reflect on the accounting process for a service business organized as a proprietorship and its integral part of all business activities. *This unit is comprised of 8 chapters and is split into two parts. This is the second part of the unit and chapters 5-8 are covered. Time Frame: November to December Length of Unit: 7 weeks Enduring Understandings Financial statements provide essential information to help business owners and managers make important business decisions. The accounting system is an integral aspect of all business activities. It is important for businesses to have good control systems for cash. Without consistent reporting, it would be difficult for businesses to compare results from year to year. Accounting interpretations impact business decisions. Every business must complete the closing process at the end of fiscal period. Essential Questions What kind of cash control systems do businesses use? Why do banks dishonor a check? What financial statements do accountants prepare? How are income statements justified? What are the consequences of inadequate disclosure? Why is a worksheet considered a planning tool? Is it important to be consistent when reporting financial information? How do businesses generate revenue? How do you determine financial condition of a business? Why is it necessary to adjust the balances of certain accounts? What are the steps for recording closing entries? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 3.1 Specify the practices related to using a checking account. 3.2 Reconcile a bank statement. 3.3 Establish and replenish a petty cash fund. 3.4 Analyze the pros and cons of using Electronic Funds Transfer. 3.5 Prepare a worksheet and plan adjustments. 3.6 Explain why matching expenses with revenue is important. 3.7 Describe how disclosure requirements impact financial reporting. 3.8 Complete the closing process. 3.9 Use Automated Accounting Software and Excel to record transactions and prepare financial statements Discuss the relationship between the accounting equation and balance sheet. Accounting Page 11

12 CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. C23. Analyze and describe how basic business transactions impact the accounting equation. C24. Apply the double-entry system of accounting to record basic transactions and prepare a trial balance. C25. Explain the need for adjusting entries and record basic adjusting entries. C26. Complete the closing process. C27. Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. C28. Explain the need for adjusting entries and record complex adjusting entries. D29. Identify sources of information to prepare basic financial reports. D31. Describe the information provided in each financial statement and how the statements relate. F37. Calculate component percentages. Instructional Support Materials Microsoft Office Automated Accounting Websites Book Companion Site; www. Cengage.com Guest Speaker Suggested Instructional Strategies Active Learning Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Problems Presented in Context Case Studies Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Webquests Presentations Projects Performance Based Assessment School wide rubrics Accounting Page 12

13 Unit 4: Accumulative Review Project of the Accounting Cycle for a service business organized as a sole proprietorship. In this unit, students will complete a reinforcement project using Automated Accounting Software. The project encompasses the entire accounting cycle of a service business organized as a sole proprietorship. Time Frame: January Length of Unit:2 Weeks Enduring Understandings The accounting system is an integral aspect of all business activities. The accounting system of a business summarizes data to produce financial information. Without consistent reporting, it would be difficult for businesses to compare results from year to year. GAAP/IFRS principles impact the recording of financial transactions and the preparation of financial statements. Accounting interpretations impact business decisions. Essential Questions How are GAAP principles applied to the accounting process? Why is it necessary to adjust the balances of certain accounts? Why do businesses compare results from year to year? How is financial data summarized? What is the accounting process? How is technology used in the accounting process? What is the closing process? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 4.1. Apply the double-entry system of accounting to record basic transactions and prepare a trial balance. 4.2 Prepare a worksheet and plan adjustments. 4.3 Prepare financial statements including the balance sheet and income statement. 4.4 Explain and analyze the information provided in each financial statement and how the statements relate Calculate component percentages Assess the financial condition and operating results of a company. 4.7 Complete the closing process. 4.8 Apply technology to accounting process. 4.9 Self reflect on the accounting process. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C20. Describe the purpose of a uniform accounting system. C22. Describe the impact of technology on the accounting process. C23. Analyze and describe how basic business transactions impact the accounting equation. Accounting Page 13

14 C24. Apply the double-entry system of accounting to record basic transactions and prepare a trial balance. C25. Explain the need for adjusting entries and record basic adjusting entries. C26. Complete the closing process. C27. Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. C28. Explain the need for adjusting entries and record complex adjusting entries. D29. Identify sources of information to prepare basic financial reports. D31. Describe the information provided in each financial statement and how the statements relate. F37. Calculate component percentages. Instructional Support Materials Automated Accounting Software Excel Book Companion Website Suggested Instructional Strategies Computer Simulation Active Learning Data Analysis Focused Practice Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Formative and Summative Assessment Performance Based Assessment School wide rubrics Accounting Page 14

15 Unit 5: In this unit, students will learn about the accounting process for a merchandising business organized as a corporation. They will record transactions in special journals and post to General and Subsidiary Ledger. Students will identify accounting concepts and practices related to payroll accounting, taxes, and reports. They will analyze payroll transactions, record a payroll and calculate employer payroll taxes. Time Frame: January-March Length of Unit: 8 weeks Enduring Understandings The accounting system is an integral aspect of all business activities. Business organization dictates accounting practices. The accounting system of a business summarizes data to produce financial information. The needs of the business determine what journals are used to record transactions. Accounts classification drives the accounting system. Payroll information is used by individuals as well as state and federal agencies. Various factors affect the calculation of taxes. Payroll information must be properly recorded and reported to prevent fraud. Essential Questions What is the accounting process for a merchandising business organized as a corporation? How are accounts classified? How do the accounting practices of a merchandising business differ from a sole proprietorship? Why is account classification necessary? What journals are used to record transactions? How is technology used in the payroll process? What is the process of posting to general ledger? How are employer taxes calculated? How are payroll checks prepared? What payroll taxes do employers pay? Is it important to prepare payroll reports and record payroll taxes? What kind of business fraud can be committed? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 5.1. Identify accounting concepts and practices related to purchases, cash payments, cash receipts and sales for a merchandising business. 5.2 Record business transactions in special journals. 5.3 Journalize and post correcting entries affecting customer accounts. 5.4 Create a chart of accounts for merchandising business organized as a corporation. 5.5 Calculate totals, prove and rule all journals. 5.6 Specify and arrange accounts according to their classification. Accounting Page 15

16 5.7 Apply accounting practices while posting from journals to General Ledger. 5.8 Demonstrate how account classification drives the accounting system. 5.9 Organize, analyze and record payroll transactions Summarize the accounting practices related to payroll records Calculate employer payroll taxes Prepare payroll reports Justify the need of individuals and agencies for payroll information Self-reflect on the accounting process Apply technology tools to the accounting process. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C20. Describe the purpose of a uniform accounting system. C23. Analyze and describe how basic business transactions impact the accounting equation. C27. Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. E32. Prepare and maintain payroll records. E33. Calculate and record transactions related to employee payroll. E34. Calculate and record employer s payroll taxes. E35. Calculate and record payroll accruals. E36. Journalize payroll transactions. Instructional Support Materials Automated Accounting Software Excel Book Companion Website Suggested Instructional Strategies Active Learning Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Problems Presented in Context Case Studies Calculations Problem Solving Accounting Page 16

17 Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Web Quests Presentations Projects Performance Based Assessment School Wide Rubrics Accounting Page 17

18 Unit 6: In this unit, students will continue learning about the accounting process for a merchandising business organized as a corporation. They will learn how to distribute dividends and prepare a work sheet for a merchandising business. They will prepare financial statements and calculate component percentages. At the end of the fiscal period, students will perform the closing process and analyze business performance. Students will also reflect on the accounting process for a merchandising business organized as a corporation. Time Frame: April-May Length of Unit: 6 weeks Enduring Understandings The accounting system of a business summarizes data to produce financial information. Various factors affect the calculation of taxes. Assets depreciate over time. Management decisions about future business operations are based on financial information. At the end of the fiscal period, businesses have to be prepared for the closing process. Corporations have different organizational structures and may issue stock. Essential Questions What are the characteristics of a corporation? How do corporations distribute dividends? How are income statements justified? What are the consequences of inadequate disclosure? Why is a worksheet considered a planning tool? Why is consistency imperative when reporting financial information? Why is it important to calculate and analyze component percentages? Why is revenue matched with expenses? How is federal income tax calculated? What is the closing process at the end of the fiscal period? Why do assets depreciate? How are assets classified? Why are certain accounts considered uncollectible? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 6.1 Pretend to be a stockholder of a corporation. 6.2 Distribute dividends to stockholders. 6.3 List characteristics of a corporation. 6.4 Journalize the declaration and payment of a dividend. 6.5 Calculate federal income tax and plan the work sheet adjustment for federal income tax. 6.6 Plan work sheet adjustments for merchandise inventory, supplies, prepaid expenses, uncollectible accounts, and depreciation. 6.7 Estimate expenses based on objective information. 6.8 Appraise the allowance method of recording losses from uncollectible accounts. Accounting Page 18

19 6.9 Draw examples of current and plant assets Calculate depreciation expense for assets Prepare financial statements including the balance sheet and income statement Explain and analyze the information provided in each financial statement and how the statements relate Calculate component percentages Assess the financial condition and operating results of a company Complete the closing process Apply technology to accounting process Self-reflect on the accounting process for a business organized as a corporation Collaborate with peers during completion of the accounting system. CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C20. Describe the purpose of a uniform accounting system. C23. Analyze and describe how basic business transactions impact the accounting equation. C27. Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. C28. Explain the need for adjusting entries and record complex adjusting entries. D29. Identify sources of information to prepare basic financial reports. D30. Describe the users and uses of financial information. D31. Describe the information provided in each financial statement and how the statements relate. F37. Calculate component percentages. Instructional Support Materials Automated Accounting Software Excel Book Companion Website Suggested Instructional Strategies Active Learning Oral Descriptions Modeling Group Problem Solving Graphic Organizers Differentiated Tasks Guided Practice Vocabulary Reinforcement Problems Presented in Context Case Studies Calculations Problem Solving Accounting Page 19

20 Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Quizzes Chapter Tests Computer Simulations Web Quests Presentations Projects Performance Based Assessment School Wide Rubrics Accounting Page 20

21 Unit 7: Accumulative review project of the accounting cycle for a merchandising business organized as a corporation. In this unit, students will complete a reinforcement project using Automated Accounting Software. The project encompasses the entire accounting cycle of a merchandising business organized as a corporation. Time Frame: June Length of Unit:2 Weeks Enduring Understandings The accounting system is an integral aspect of all business activities. The accounting system of a business summarizes data to produce financial information. Without consistent reporting, it would be difficult for businesses to compare results from year to year. GAAP/IFRS principles impact the recording of financial transactions and the preparation of financial statements. Accounting interpretations impact business decisions. Various factors affect the calculation of taxes. Essential Questions Why is a worksheet considered a planning tool? Why do businesses compare results from year to year? How is financial data summarized? What is the accounting process for a merchandising business organized as a corporation? How is technology used in the accounting process? What is the closing process? How are accounts classified? In what ways are business decisions affected by accounting interpretations? Objectives (knowledge and skills) (Show link to standards in parenthesis after objective) The student will: 7.1 Apply the double-entry system of accounting to record transactions in special journals. 7.2 Prepare a worksheet and plan adjustments. 7.3 Prepare financial statements including the balance sheet and income statement. 7.4 Explain and analyze the information provided in each financial statement and how the statements relate. 7.5 Demonstrate how account classification drives the accounting system. 7.6 Organize, analyze and record payroll transactions. 7.8 Summarize the accounting practices related to payroll records. 7.9 Calculate employer payroll taxes Prepare payroll reports Calculate component percentages Collaborate with peers and make recommendations Assess the financial condition and operating results of a company Complete the closing process Apply technology to accounting process Self reflect on the accounting process for merchandising business organized as a corporation Prepare and analyze payroll information. Accounting Page 21

22 CT Career & Technical Education Performance Standards and Competencies 2011 E9. Use word processing, desktop publishing, database, spreadsheet, presentation, and multimedia software to improve academic achievement across the curriculum. B3. Describe and explain the conceptual framework of accounting principles and assumptions. C20. Describe the purpose of a uniform accounting system. C23. Analyze and describe how basic business transactions impact the accounting equation. C27. Apply the double-entry system of accounting to record complex transactions and prepare a trial balance. C28. Explain the need for adjusting entries and record complex adjusting entries. D29. Identify sources of information to prepare basic financial reports. D30. Describe the users and uses of financial information. D31. Describe the information provided in each financial statement and how the statements relate. E32. Prepare and maintain payroll records. E33. Calculate and record transactions related to employee payroll. E34. Calculate and record employer s payroll taxes. E35. Calculate and record payroll accruals. E36. Journalize payroll transactions. F37. Calculate component percentages. Instructional Support Materials Automated Accounting Software Excel Book Companion Website Suggested Instructional Strategies Computer simulation Active Learning Data Analysis Focused practice Suggested Assessment Methods (Include use of school-wide analytic and course specific rubrics) Formative and Summative Assessment Performance Based Assessment School wide rubrics Accounting Page 22