High School Business Accounting I Curriculum Essentials Document

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1 High School Business Accounting I Curriculum Essentials Document Boulder Valley School District Department of CTEC October 2011

2 Introduction The number one college major for both men and women is Business. As a result, the Boulder Valley School District offers a number of comprehensive college-oriented business classes which allow students the opportunity to begin evaluating a potential career in business and the selection of business as a major or minor in college. For those students who complete a specified three course sequence of business classes, during their high school career, the Boulder Valley School District also offers a Business Pathways Completion Certificate. Based on the knowledge that over 70% of college students state that they wish they had more financial literacy education in high school, the Accounting course sequence is designed to provide students with the most comprehensive accounting literacy education in the Boulder Valley School District. This course meets the personal money management graduation requirement for BVSD. This hands-on, eighteen week course offers the following units of study: Accounting Careers, Ethics in Accounting, Basic Accounting Cycle, Accounting for a Payroll System, Accounting Legalities, and Generally Accepted Accounting Procedures. The material covered is reinforced and enhanced through the use of technology, guest speakers, videos and hands-on, project-based activities, possibly Denver Post Stock Market Game, whenever possible. In addition, because experiential learning is an important aspect of this course, a field trip to an accounting firm, the Federal Reserve Bank of Denver or other finance related business or destination may also be offered. Students may also have the opportunity to take the National Financial Capability Challenge which is a standardized online test offered each year by the U.S. Department of the Treasury in cooperation with the U.S. Department of Education and the President s Advisory Council on Financial Literacy. Historically, the BVSD Finance students who have taken this standardized test have consistently had some of the highest scores in the state and have averaged approximately 15% higher scores than the National average for the test. 6/25/2012 BVSD Curriculum Essentials 2

3 Business Accounting 1 Overview Course Description This is a one semester introductory course in double entry accounting procedures. Students will learn to keep financial records for a service or retail business. Principles covered include the bookkeeping cycle, debit/credit theory, financial statements, use of various journal and ledgers, worksheets, accounts receivable and payable, and payroll systems. Computers will be used for simulation and projects. This course is also available to be taken in an online format. Assessments Pre-test/Post-test Student Restatement of Material Covered Problems Tests Quizzes Selected Readings Teacher and Student Designed Modified Personal Assessments Topics at a Glance Read, interpret, and analyze financial information/terms Apply generally accepted accounting principles Understand how the accounting system provides business information Understand the dynamic nature of the business environment in which accounting information is used Recognize the various users of accounting information Identify career opportunities in accounting Demonstrate ethical practices The Future Business Leaders of America (FBLA) organization is the Career and Technical Student Organization (CTSO) which Accounting students may join. Evidence Outcomes: a. Prepare, analyze and interpret financial statements b. Describe career opportunities in the accounting profession c. Identify and describe generally accepted accounting principles d. Complete the steps in the accounting cycle in order to prepare the financial statements e. Use a spreadsheet or accounting software to prepare charts and graphs useful in analyzing the financial condition of a business. f. Describe career opportunities in the accounting profession Inquiry Questions: 1. What are financial statements and how do they impact business decisions? 2. What career opportunities are available? 3. Why do businesses follow generally accepted accounting principles (GAAP)? 4. Why do I need to learn this for life-long learning? Relevance and Application: 1. Accounting statements provides information to the business concerning operation 2. Prepare students for entering into the workforce Nature of Business: 1. Understanding and preparing financial information assists a business/person in making viable decisions. 6/25/2012 BVSD Curriculum Essentials 3

4 Prepared Graduates The preschool through twelfth-grade concepts and skills that all students who complete the Colorado education system must master to ensure their success in a postsecondary and workforce setting. 1. CTE Essential Skills: Academic Foundations ESSK.01: Achieve additional academic knowledge and skills required to pursue the full range of career and postsecondary education opportunities within a career cluster. Prepared Graduate Competencies in the CTE Essential Skills standard: Complete required training, education, and certification to prepare for employment in a particular career field Demonstrate language arts, mathematics, and scientific knowledge and skills required to pursue the full range of post-secondary and career opportunities 2. CTE Essential Skills: Communications Standards ESSK.02: Use oral and written communication skills in creating, expressing, and interrupting information and ideas, including technical terminology and information Prepared Graduate Competencies in the CTE Essential Skills standard: Select and employ appropriate reading and communication strategies to learn and use technical concepts and vocabulary in practice Demonstrate use of concepts, strategies, and systems for obtaining and conveying ideas and information to enhance communication in the workplace 3. CTE Essential Skills: Problem Solving and Critical Thinking ESSK.03: Solve problems using critical thinking skills (analyze, synthesize, and evaluate) independently and in teams using creativity and innovation. 6/25/2012 BVSD Curriculum Essentials 4

5 Prepared Graduate Competencies in the CTE Essential Skills standard: Employ critical thinking skills independently and in teams to solve problems and make decisions Employ critical thinking and interpersonal skills to resolve conflicts with staff and/or customers Conduct technical research to gather information necessary for decision-making 4. CTE Essential Skills: Safety, Health, and Environmental ESSK.06: Understand the importance of health, safety, and environmental management systems in organizations and their importance to organizational performance and regulatory compliance Prepared Graduate Competencies in the CTE Essential Skills standard: Implement personal and jobsite safety rules and regulations to maintain safe and helpful working conditions and environment Complete work tasks in accordance with employee rights and responsibilities and employers obligations to maintain workplace safety and health 5. CTE Essential Skills: Leadership and Teamwork ESSK.07: Use leadership and teamwork skills in collaborating with others to accomplish organizational goals and objectives Prepared Graduate Competencies in the CTE Essential Skills standard: Employ leadership skills to accomplish organizational skills and objectives 6/25/2012 BVSD Curriculum Essentials 5

6 6. CTE Essential Skills: Employability and Career Development ESSK.09: Know and understand the importance of employability skills; explore, plan, and effectively manage careers; know and understand the importance of entrepreneurship skills Prepared Graduate Competencies in the CTE Essential Skills standard: Indentify and demonstrate positive work behaviors and personal qualities needed to be employable Develop skills related to seeking and applying for employment to find and obtain a desired job 6/25/2012 BVSD Curriculum Essentials 6

7 COLORADO COMMUNITY COLLEGE SYSTEM CAREER & TECHNICAL EDUCATION TECHNICAL STANDARDS REVISION & ACADEMIC ALIGNMENT PROCESS Colorado s 21st Century Career & Technical Education Programs have evolved beyond the historic perception of vocational education. They are Colorado s best kept secret for: Relevant & rigorous learning Raising achievement among all students Strengthening Colorado s workforce & economy Colorado Career & Technical Education serves more than 116,000 Colorado secondary students annually through 1,200 programs in 160 school districts, 270 High Schools, 8 Technical Centers, 16 Community Colleges & 3 Technical Colleges. One of every three Colorado high school students gains valuable experiences by their enrollment in these programs. ALIGNMENT REQUIRED BY SB Preschool through elementary and secondary education - aligned standards - adoption - revisions. 2(b): In developing the preschool through elementary and secondary education standards, the State Board shall also take into account any Career & Technical Education standards adopted by the State Board for Community Colleges and Occupational Education, created in Section , C.R.S., and, to the extent practicable, shall align the appropriate portions of the preschool through elementary and secondary education standards with the Career and Technical standards. STANDARDS REVIEW AND ALIGNMENT PROCESS Beginning in the fall of 2008, the Colorado Community College System conducted an intensive standards review and alignment process that involved: NATIONAL BENCHMARK REVIEW Colorado Career & Technical Education recently adopted the Career Cluster and Pathway Model endorsed by the United State Department of Education, Division of Adult and Technical Education. This model provided access to a national set of business and industry validated knowledge and skill statements for 16 of the 17 cluster areas. California and Ohio provided the comparative standards for the Energy cluster Based on this review Colorado CTE has moved from program-specific to Cluster & Pathway based standards and outcomes In addition, we arrived at fewer, higher, clearer and more transferrable standards, expectations and outcomes. 6/25/2012 BVSD Curriculum Essentials 7

8 COLORADO CONTENT TEAMS REVIEW The review, benchmarking and adjusting of the Colorado Cluster and Pathway standards, expectations and outcomes was through the dedicated work of Content Teams comprised of secondary and postsecondary faculty from across the state. Participation by instructors from each level ensured competency alignment between secondary and postsecondary programs. These individuals also proposed the draft academic alignments for math, science reading, writing and communication, social studies (including Personal Financial Literacy) and post secondary and workforce readiness (PWR.) 6/25/2012 BVSD Curriculum Essentials 8

9 ACADEMIC ALIGNMENT REVIEW In order to validate the alignment of the academic standards to the Career & Technical Education standards, subject matter experts in math, science, reading, writing and communication, and social studies were partnered with career & technical educators to determine if and when a true alignment existed. CURRENT STATUS One set of aligned Essential skills to drive Postsecondary and Workforce Readiness inclusion in all Career & Technical Education programs. 52 pathways with validated academic alignments 12 pathways with revised standards ready for alignment (currently there are no approved programs in these pathways) 21 pathways where no secondary programming currently exists. Standards and alignments will be developed as programs emerge. Available for review at: 6/25/2012 BVSD Curriculum Essentials 9

10 Colorado Career & Technical Education Standards Academic Alignment Reference System The Career & Technical Education standards have been organized by Career Cluster (17) and Pathway (81). In addition, a set of Essential Skills was developed to ensure the Postsecondary and Workforce Readiness within any cluster or pathway. These workforce readiness skills are applicable to all career clusters and should form the basis of each CTE program. Organization Essential Skills There exists a common set of knowledge and skills that are applicable to all students regardless of which cluster or pathway they choose. This set of standards, is meant for inclusion in each program to enhance the development of postsecondary and workforce readiness skills. Career Cluster A Career Cluster is a grouping of occupations and broad industries based on commonalities. The 17 Career Clusters organize academic and occupational knowledge and skills into a coherent course sequence and identify pathways from secondary schools to two- and four-year colleges, graduate schools, and the workplace. Students learn in school about what they can do in the future. This connection to future goals motivates students to work harder and enroll in more rigorous courses. Career Pathway Pathways are sub-groupings of occupations/career specialties used as an organizing tool for curriculum design and instruction. Occupations/career specialties are grouped into Pathways based on the fact that they require a set of common knowledge and skills for career success. Prepared Completer Competency This level targets the big ideas in each pathway. These are the competencies that all students who complete a CTE pathway must master to ensure their success in a postsecondary and workforce setting. Prepared Completer Competencies will not usually be course specific but grow with the student s progression through the sequence of courses. Concept/Skill The articulation of the concepts and skills that indicates a student is making progress toward being a prepared completer. They answer the question: What do students need to know and be able to do? Evidence Outcome The indication that a student is meeting an expectation at the mastery level. How do we know that a student can do it? Pathway Abbreviation (4 Letter) 6/25/2012 BVSD Curriculum Essentials 10

11 Academic Alignments Academic alignments, where appropriate in Math, Reading, Writing and Communication, Science and Social Studies (including Personal Financial Literacy) were defined by CTE and academic subject matter experts using the following criteria: It was a point where technical and academic content naturally collided; The student must demonstrate adequate proficiency with the academic standard to perform the technical skill; and It could be assessed for both academic and technical understanding. Colorado s CTE programs have had academic alignments dating back to the early 1990 s. While these alignments resulted in an increase in academic focus in CTE programs, the reality is that a true transformation in intentional teaching toward the academic standard was limited. With these alignments comes a new expectation: If a CTE instructor is teaching a CTE concept that has an identified alignment, they must also be intentional about their instruction of the academic standard. CCCS will be providing professional development and instructional resources to assist with the successful implementation of this new expectation. In addition, this expanded expectation will require increased collaboration between CTE and academic instructors to transform teaching and learning throughout each school. For each set of Cluster and Pathway standards, the academic alignments have been included and are separated by academic area. CCCS chose to align at the Evidence Outcome level. The aligned academic evidence outcome follows the CTE evidence outcome to which it has been aligned. For a sample, see Illustration A. 6/25/2012 BVSD Curriculum Essentials 11

12 The academic standard number used in the alignments matches the Colorado Department of Education standards numbering convention. 6/25/2012 BVSD Curriculum Essentials 12

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17 FIAC.01 Develop the knowledge, financial acumen, and competencies needed to make informed decisions in business and personal life. FIAC The Accounting Profession: Understand the role that accountants play in business and society. FIAC a FIAC b FIAC c FIAC d Describe the current and historical regulatory environment of the accounting profession. Describe how current events impact the accounting profession. Explain the need for a code of ethics in accounting and the ethical responsibilities required of accountants. Explain how accounting information is used to allocate resources in the business and personal decision-making process. FIAC The Accounting Profession: Describe career opportunities in the accounting profession. FIAC a FIAC b FIAC c FIAC d FIAC e Identify student and professional accounting organizations and associations. Identify professional designations and certifications in the accounting profession. Describe the educational requirements for various careers, professional designations, and certifications in the accounting profession. Describe the skills and competencies needed to be successful in the accounting profession. Describe the areas of specialization within the accounting profession and careers that require knowledge of accounting. FIAC The Accounting Profession: Demonstrate the skills and competencies required to be successful in the accounting profession. FIAC a FIAC b FIAC c Perform research and communicate in writing the results of the research. Apply analytical and critical decision-making skills. Identify and use information technology productively. 6/25/2012 BVSD Curriculum Essentials 17

18 FIAC d Demonstrate the ability to work within a team concept. FIAC Financial Reports: Develop an understanding and working knowledge of an annual report and financial statements. FIAC a FIAC b FIAC c FIAC d FIAC e FIAC f Identify the sections in an annual report and the purpose for each section. Describe the information provided in each financial statement and how the statements articulate with each other. Identify the classifications in an income statement and explain their relationship to each other (revenue, expense, gains, losses). Explain how and why the conceptual frameworks of accounting and generally accepted accounting principles provide guidance and structure for preparing financial statements. Identify and explain the business activities reported in a statement of cash flows (operating, inventing, financing). Define comprehensive income and describe its relationship to operating results. FIAC Financial Analysis: Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions. FIAC a FIAC b FIAC c FIAC d FIAC e Recognize the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and explain the information that can be obtained from each type of analysis. Perform a horizontal and vertical analysis of the income statement and balance sheet. Compare and contrast debt and equity financing and explain the impact on the financial statements. Use the statement of cash flow to analyze business activities (operating, investing, financing). Analyze cash flow from operating activities to assess profitability and liquidity. FIAC Accounting Principles: Identify and describe generally accepted accounting principles (GAAP), explain how the application of GAAP impacts the recording of financial transactions, and the preparation of financial statements. FIAC a FIAC b FIAC c Describe and explain the conceptual framework of accounting and generally accepted accounting principles and assumptions. Assets: Explain the accounting methods used to determine the value of accounts receivable to be reported on the balance sheet and describe the effect on the income statement. Liabilities: Determine the initial valuation of long-term debt instruments and their impact on the financial statements. 6/25/2012 BVSD Curriculum Essentials 18

19 FIAC d FIAC e FIAC f FIAC g Equity: Explain how operating results, capital contributions, and distribution of earnings affect equity for the various types of ownership structures. Revenue: Describe the criteria used to determine revenue recognition and record revenue related transactions. Expense: Describe the criteria used to determine expense recognition and record expense-related transactions. Gains and Losses: Distinguish between revenue and gains between expenses and losses and record transactions resulting in gains and losses. FIAC Accounting Process: Complete the steps in the accounting cycle in order to prepare the financial statements. FIAC a FIAC b FIAC c FIAC d Identify and explain the advantages and disadvantages of different types of accounting systems. Apply the double-entry system of accounting to record business transactions and prepare a trial balance. Prepare the financial statements for the different types of business operations and ownership structures. Describe the relationship between the closing process, the financial statements, and the post-closing trial balance. FIAC Compliance, Personal Finance: Develop a working knowledge of individual income tax procedures and requirements to comply with tax laws and regulations. FIAC a FIAC b FIAC c Describe the history and purpose of tax law in the United States and the process by which tax laws are created. Complete the applicable individual income tax forms. Identify, discuss, and apply strategies for minimizing taxable income. FIAC Compliance, Payroll: Apply appropriate accounting practices to payroll. FIAC a FIAC b FIAC c Calculate net pay. Calculate employer s payroll taxes. Prepare payroll reports. ESSK.03 Problem Solving and Critical Thinking: Solve problems using critical thinking skills (analyze, synthesize, and evaluate) independently and in teams. Solve problems using creativity and innovation. ESSK Employ critical thinking skills independently and in teams to solve problems and make decisions (e.g., analyze, synthesize and evaluate). ESSK a ESSK b Identify common tasks that require employees to use problem-solving skills. Analyze elements of a problem to develop creative solutions. 6/25/2012 BVSD Curriculum Essentials 19

20 ESSK c ESSK d ESSK e ESSK f ESSK g ESSK h ESSK i ESSK j ESSK k Describe the value of using problem-solving and critical thinking skills to improve a situation or process. Create ideas, proposals, and solutions to problems. Evaluate ideas, proposals, and solutions to problems. Use structured problem-solving methods when developing proposals and solutions. Generate new and creative ideas to solve problems by brainstorming possible solutions. Critically analyze information to determine value to the problem-solving task. Guide individuals through the process of recognizing concerns and making informed decisions. Identify alternatives using a variety of problem solving and critical thinking skills. Evaluate alternatives using a variety of problem solving and critical thinking skills. ESSK.04 Information Technology Applications: Use information technology tools specific to the career cluster to access, manage, integrate, and create information. ESSK Employ spreadsheet applications to organize and manipulate data. ESSK a ESSK b Create a spreadsheet. Perform calculations and analyses on data using a spreadsheet. ESSK Employ computer operations applications to manage work tasks. ESSK a ESSK b ESSK c Manage computer operations. Manage file storage. Compress or alter files. ESSK.09 Employability and Career Development: Know and understand the importance of employability skills. Explore, plan, and effectively manage careers. Know and understand the importance of entrepreneurship skills. ESSK Identify and demonstrate positive work behaviors and personal qualities needed to be employable. ESSK a ESSK b ESSK c Demonstrate self-discipline, self-worth, positive attitude, and integrity in a work situation. Demonstrate flexibility and willingness to learn new knowledge and skills. Exhibit commitment to the organization. 6/25/2012 BVSD Curriculum Essentials 20

21 ESSK d ESSK e ESSK f ESSK g ESSK h Identify how work varies with regard to site, from indoor confined spaces to outdoor areas, including aerial space and a variety of climatic and physical conditions. Apply communication strategies when adapting to a culturally diverse environment. Manage resources in relation to the position (i.e. budget, supplies, computer, etc). Identify positive work-qualities typically desired in each of the career cluster's pathways. Manage work roles and responsibilities to balance them with other life roles and responsibilities. ESSK.11 Independent Living: Know and understand the skills, rights, resources, and responsibilities required to live independently in society. ESSK Demonstrate the financial knowledge and skills necessary for independent living. ESSK a ESSK b ESSK c ESSK d ESSK e ESSK f ESSK g ESSK h ESSK i ESSK j Develop a personal budget based on a given income level. Demonstrate the ability to open and maintain checking and savings accounts. Demonstrate an understanding of investments (types, purposes, rates of return, and compound interest). Demonstrate an understanding of credit (types, usage, and costs). Demonstrate the ability to calculate wages, overtime, and commission. Understand different types of insurance (auto, health, life, disability, renters) and how to compare costs. Demonstrate an understanding of taxes by calculating tax rates and completing personal income tax returns. Demonstrate an understanding of Social Security benefits and how to access them. Compare and calculate the costs of purchasing a car. Demonstrate an understanding of how to rent an apartment (compare features and costs, understand lease agreements). 6/25/2012 BVSD Curriculum Essentials 21

22 ACCOUNTING DICTIONARY 1 A Account a record summarizing all the information pertaining to a single item in the accounting equation Account balance the amount in an account Account number the number assigned to an account Account title the name given to an account Accounting planning, recording, analyzing, and interpreting financial information Accounting cycle the series of accounting activities included in recording financial information for a fiscal period Accounting equation an equation showing the relationship among assets, liabilities, and owner s equity Accounting period see Fiscal period Accounting records organized summaries of a business s financial activities Accounting system a planned process for providing financial information that will be useful to management Accounts expenses expenses incurred in one fiscal period but not paid until a later fiscal period Accounts payable ledger a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account Accounts receivable ledger a subsidiary ledger containing only accounts for charge customers Accounts receivable turnover ratio the number of times the average amount of accounts receivable is collected during a specified period Accrual basis of accounting the accounting method that records revenues when they are earned and expenses when they are incurred Accrued expenses expenses incurred in one fiscal period but not paid until a later fiscal period Accrued interest expense interest incurred but not yet paid Accrued interest income interest earned but not yet received Accrued revenue revenue earned in one fiscal period but not received until a later fiscal period Accumulated depreciation the total amount of depreciation expense that has been recorded since the purchase of a plant asset Acid-test ratio a ratio that shows the numeric relationship of quick assets to current liabilities Adjusting entries journal entries recorded to update general ledger accounts at the end of a fiscal period Adjustments changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period Administrative expenses budget schedule a statement that shows the projected expenses for all operating expenses not directly related to selling operations Aging accounts receivable analyzing accounts receivable according to when they are due Allowance method of recording losses from uncollectible accounts crediting the estimated value of uncollectible accounts to a contra account Amortization recognizing a portion of an expense in each of several years ACCOUNTING DICTIONARY 2 Appropriations authorizations to make expenditures for specified purposes Articles of incorporation a written application requesting permission to form a corporation Assessed value the value of an asset determined by tax authorities for the purpose of calculating taxes Asset anything of value that is owned 6/25/2012 BVSD Curriculum Essentials 22

23 Auditing the independent reviewing and issuing of an opinion on the reliability of accounting records Auditor a person who examines the records that support the financial records of a business to assure that generally accepted accounting principles (GAAP) are being followed Automatic check deposit depositing payroll checks directly to an employee s checking or savings account in a specific bank Average number of days sales in merchandise inventory the period of time needed to sell an average amount of merchandise inventory B Bad debts see Uncollectible accounts Balance sheet a financial statement that reports assets, liabilities, and owner s equity on a specific date Bank statement a report of deposits, withdrawals, and bank balances sent to a depositor by a bank Bill of exchange see Draft Bill of lading a receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise Blank endorsement an endorsement consisting only of the endorser s signature Board of directors a group of persons elected by the stockholders to manage a corporation Bond a printed, long-term promise to pay a specified amount on a specific date and to pay interest at stated intervals Bond issue all the bonds representing the total amount of a loan Bond sinking fund an amount set aside to pay a bond issue when due Book inventory see Perpetual inventory Book value the difference between an asset s account balance and its related contra account balance Book value of a plant asset the original cost of a plant asset minus accumulated depreciation Book value of accounts receivable the difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts Book value per share see Equity per share Breakeven point the amount of sales at which net sales is exactly the same as total costs Budget a written financial plan of a business for a specific period of time, expressed in dollars Budget period the length of time covered by a budget Budgeted income statement a statement that shows a company s projected sales, costs, expenses, and net income Budgeting planning the financial operations of a business C Capital the account used to summarize the owner s equity in a business Capital stock total shares of ownership in a corporation Cash basis of accounting the accounting method that records revenues when they are received and expenses when they are paid Cash budget a statement that shows for each month or quarter a projection of a company s beginning cash balance, cash receipts, cash payments, and ending cash balance Cash discount a deduction from the invoice amount, allowed by a vendor to encourage early payment Cash flows the cash receipts and cash payments of a company Cash over a petty cash on hand amount that is more than a recorded amount Cash payments budget schedule projected cash payments Cash payments journal a special journal used to record only cash payment transactions Cash receipts budget schedule projected cash receipts 6/25/2012 BVSD Curriculum Essentials 23

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