High School Accounting II Curriculum Map

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1 High School Accounting II Curriculum Map Rev. 6/16/2014

2 Harrison School District Two Curriculum Map Pacing Guide The curriculum map is a paced guide to the curriculum. It is a planning tool to help align the curriculum to assessment and instruction and details the skills and concepts being taught over the course of the instructional year. The maps list the Evidence Outcomes of student learning based on Career and Technical State and National Standards. are what students have to learn at a proficiency level at each grade level. are the content (what students should know), processes, and skills (what students should be able to do) that lead to proficiency of. The possible lesson objectives have been prioritized with the most important objectives in red, the next most important in blue, and the least critical objectives in black (see example). The curriculum map uses a labeling system that corresponds to the ones used by State or National Standards. The numbering system for CTE curriculum maps are an abridged reference to the standards: The Colorado or National Achievement Standards Standard FIAC FIAC Describe career opportunities in the accounting profession. 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. 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 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. The District-wide use of these curriculum maps provides all Harrison students an equal opportunity to learn the same viable content. The implementation of the curriculum will ensure our students are poised for future academic success and are college or career ready. Harrison Curriculum & Assessment Department HSD2 Curriculum Map Introduction:

3 Curriculum Map Pacing Guide

4 Harrison School District Two High School Accounting II QUARTER 1 Standards FIAC FIAC A.V.B.II.B A.V.B.II.C A.V.B.III. A.V.B.IV. A.IV.B. Develop an understanding and working knowledge of Complete the steps in the accounting cycle in order to LIABILITIES- Apply generally accepted accounting OWNER S EQUITY- Apply generally accepted accounting Prepare, interpret, and analyze financial statements using manual and computerized systems for service, merchandising, and manufacturing businesses. Apply appropriate accounting principles to payroll, income taxation, managerial systems, and various forms of ownership. Identify and describe generally accepted accounting principles, explain how the application of GAAP impacts the recording of financial transactions, and the preparation of financial statements. Describe the relationship between the closing process, the financial statements, and the post-closing trial balance. Define and identify current and long-term assets and explain their impact on financial statements. Explain the purpose of depreciation Apply appropriate accounting techniques for uncollectible accounts. Apply appropriate accounting concepts and techniques for acquisition, depreciation, and disposal of property, plant, and equipment. Compare and contrast straight-line and effective interest amortization methods for bond premiums and discounts. Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership. Explain the purpose of the capital stock and retained earnings accounts for a corporation. Apply appropriate accounting techniques to account for investments and withdrawals by owners. Applying the revenue realization and matching principles in the preparation of an income statement or statement of operations for service and merchandising businesses. Calculate deductions including federal income tax, Social Security tax, Medicare tax, state income tax, and other deductions to determine net pay Calculate employer s payroll taxes (e.g. Social Security, Medicare, federal unemployment, and state unemployment) and employee benefits paid by the employer. Prepare federal, state, and local payroll reports. Record transactions for accounts receivable, including uncollectible accounts, write-offs, and recoveries. Identify, calculate, and record depreciation. Determine the impact on the financial statements when assets are sold, disposed, or rendered obsolete. HSD2 High School Accounting II Curriculum Map: Page 1

5 Harrison School District Two High School Accounting II QUARTER 2 Standards FIAC FIAC FIAC FIAC FIAC A.V.B.II.B Develop an understanding and working knowledge of Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions. 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. Complete the steps in the accounting cycle in order to Use planning and control principles to evaluate the performance of an organization and apply differential analysis and present-value concepts to make decisions. LIABILITIES- Apply generally accepted accounting Identify the sections in an annual report and the purpose for each section. Analyze cash flow from operating activities to assess profitability and liquidity. GAINS AND LOSSES: Distinguish between revenue and gains between expenses and losses and record transactions resulting in gains and losses. Explain and compare the behavior of fixed, variable, and mixed costs. Apply cost-volume-profit and contribution margin analyses in planning operations. Apply responsibility accounting concepts to evaluate cost, profit, and investment centers. Establish and maintain accounts for receivables and related interest. Compare and evaluate inventory concepts and costing procedures and apply these concepts and procedures to merchandising and manufacturing businesses. Explain purpose for notes payable, establish and maintain accounts for payables and related interest. HSD2 High School Accounting II Curriculum Map: Page 2

6 Standards Harrison School District Two High School Accounting II QUARTER 3 FIAC Develop an understanding and working knowledge of FIAC Complete the steps in the accounting cycle in order to FIAC Develop a working knowledge of individual income tax procedures and requirements to comply with tax laws and regulations. FIAC Distinguish between generally accepted accounting principles and income tax law. FIAC Apply appropriate accounting practices to payroll Calculate net pay. Calculate employer s payroll taxes. Prepare payroll reports. A.V.B.II.B A.V.B.IV. LIABILITIES- Apply generally accepted accounting Apply appropriate accounting principles to payroll, income taxation, managerial systems, and various forms of ownership. Complete the applicable individual income tax forms. Identify, discuss, and apply strategies for minimizing taxable income. Identify permanent and temporary difference in net income and taxable income. Calculate permanent and temporary differences in net income and taxable income. Use appropriate accounting concepts and techniques to analyze and record mortgage and lease obligations and subsequent principal and interest payments. Prepare and maintain payroll records using manual and computerized systems. Calculate earnings at an hourly and piece rate and on a salary, commission, and salary/commission basis. Calculate deductions including federal income tax, Social Security tax, Medicare tax, state income tax, and other deductions to determine net pay Calculate employer s payroll taxes (e.g. Social Security, Medicare, federal unemployment, and state unemployment) and employee benefits paid by the employer. Prepare federal, state, and local payroll reports. HSD2 High School Accounting II Curriculum Map: Page 3

7 Harrison School District Two High School Accounting II QUARTER 4 Standards FIAC FIAC FIAC FIAC A.V.B.II.C A.V.B.III. A.V.B.IV. A.IV.B. Develop an understanding and working knowledge of Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions. Complete the steps in the accounting cycle in order to Use planning and control principles to evaluate the performance of an organization and apply differential analysis and present-value concepts to make decisions. OWNER S EQUITY- Apply generally accepted accounting Prepare, interpret, and analyze financial statements using manual and computerized systems for service, merchandising, and manufacturing businesses. Apply appropriate accounting principles to payroll, income taxation, managerial systems, and various forms of ownership. Identify and describe generally accepted accounting principles, explain how the application of GAAP impacts the recording of financial transactions, and the preparation of financial statements. 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. Apply differential analysis to make decisions o Make or buy a product o Lease or buy an asset o Discontinue a department, plant or product o Offer discount prices on special orders o Replace or repair equipment Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership. Explain the purpose of the capital stock and retained earnings accounts for a corporation. Apply appropriate accounting techniques to account for investments and withdrawals by owners. Analyze the income statement and balance sheet of a business by comparing a vertical analysis with industry standards. Determine gross profit for a merchandising business. Apply the revenue realization and matching principles. Determine gross profit for a manufacturing business. Explain the advantages and disadvantages of the three forms of business ownership-proprietorship, partnership, and corporation. Determine the cost of inventory for merchandising and manufacturing businesses and apply appropriate valuation methods HSD2 High School Accounting II Curriculum Map: Page 4

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