JEFFERSON TOWNSHIP PUBLIC SCHOOLS COURSE OF STUDY ACCOUNTING II HONORS

Transcription

1 JEFFERSON TOWNSHIP PUBLIC SCHOOLS COURSE OF STUDY ACCOUNTING II HONORS June 2011

2 TABLE OF CONTENTS Course Overview Units of Study Sample Student Learning Activities Suggested Teaching Strategies and/or Activities Teacher Assessment of Student Learning Bibliography and Resources

3 ACCOUNTING II HONORS COURSE OVERVIEW Accounting II Honors is a business education course designed to challenge the business student through focused applications of the principles of accounting combined with the responsibility of college level analyses and interpretations of financial accounting products. Students will further develop their ability to comprehend the world of business through an advanced level accounting approach. The course offers students the ability to apply specialized accounting procedures through the unique perspectives of the soleproprietor entrepreneur. Accounting II Honors introduces the student to the Accounting Information Systems field through advanced spreadsheet creation, spreadsheet/database manipulation, and business plan development. Students will be introduced to and continue the development of leadership skills and analytical tools necessary for success at executive level business employment positions. These skills and tools will be honed through the synthesis of college level accounting problems, corporate accounting procedures, and the executive business writing and decision-making processes. Students will be given the opportunity to fill leadership roles that will analyze and evaluate the effectiveness and efficiency of accounting reports developed by the College Preparatory Accounting I students. Students will be held responsible for the reporting and interpretation of specific accounting products and for related accounting problems and solutions made while marketing and bookkeeping for the school store. Successful completion of the Accounting II Honors course will prepare students for the ever-increasing reliance on technology in the business world and for the advanced study of general business, accounting, and other business disciplines at the high education level.

4 UNITS OF STUDY I. Careers and Financial Accounting Foundations Big Idea: Accounting is the foundation of the business world 1. Accounting Careers Update What education and skills are needed to be successful in the field of accounting? What can be done during high school to get an edge on future competition? 1. Research, identify, and decipher the educational and professional requirements and opportunities inherent of the accounting and business industries. NJCCCS 8.1 [A1, A2, A3, B1, F2], 9.2 [A1, A2, A5, B1], 9.3 [C1, C2, C3, C4, C5, C6, C7, C8, C9, C10] 2. Review, update, and reformat a professional resume according to researched resume models. NJCCCS 8.1 [A1, A2, A3], 9.2 [A1, A2, A5, B1], 9.3 [C1, C2, C3, C4, C5, C6, C7, C8, C9, C10] 2. Accounting and Business: The Changing Role of Accounting How has Accounting changed? Are there any accounting changes on the horizon? 1. Identify and discuss the changing role of the accounting discipline within the context of the overall business environment. NJCCCS: 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10] 3. Pathways to a Career in Business A. Essential Question What path should be taken to prepare for a career in accounting?

5 1. Analyze, research, and develop a post-high school educational and/or career plan. NJCCCS: 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10] 4. Financial Accounting and the Cycle: A Comprehensive Review What is done with accounting reports? What decisions are made using accounting reports? 1. Dissect, interpret, and account for complex business transactions utilizing the accounting cycle and financial statement production and analysis. NJCCCS: 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E1, E1, E4] 5. Introduction to Financial Management: The School Store Laboratory What is Financial Management? How does a business make decisions? 1. Incorporate the basic principles of management into the accounting cycle through managing the school store laboratory. NJCCCS 9.1 [A2, A2, B1], 9.2 [A7, B2, B3, C1, E1] 2. Understand, play the role, and fulfill the responsibilities of executive leadership for the School Store Laboratory. NJCCCS 9.1 [A2, A2, B1], 9.2 [A7, B2, B3, C1, E1] II. Advanced Accounting Information Systems (AIS) Comparative Analysis Big Idea: Technology is affecting how the accounting records are kept. 1. The Role of Information Systems in Business How has technology affected how business records are kept? What technological advances have been made in the field of accounting?

6 1. Discern the overlap and functionality of information technology into the core business disciplines. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] 2. Introductory Excel Basics Can technology be used to manipulate financial data? Can time be saved using technology 1. Understand and be able to create and manipulate basic Microsoft Excel spreadsheet mathematical functions within a proper business format. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] 3. Spreadsheet Utilization How is excel used for accounting? What excel functions are helpful when manipulating financial data? 1. Develop and test specific Microsoft Excel spreadsheets for the purpose of solving accounting problems. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] 4. Accounting Information Systems The Cycle Computerized How can excel be used to manage the school store financials? Can reports be generated electronically that will help the marketing student make business decisions? 1. Brainstorm, develop, test, revise and finalize a comprehensive Accounting Information System that encompasses all previously learned phases of the accounting cycle. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] 2. Translate skills and understanding of the creation, manipulation, and output of an Accounting Information System to the School Store laboratory. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

7 5. Advanced Accounting Applications in Excel A. Essential Question Does excel have functions that will make financial information easier to understand for the end users? 1. Evaluate, revise, and computerize as part of the management team of the basic financial accounting products as created by the College Preparatory Accounting I students and Accounting II students. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] 6. Advanced AIS Comparison What information systems are available for use in accounting today? How do off the shelf accounting products compare? 1. Identify, decipher, and describe the similarities and differences between spreadsheet software and accounting systems software, specifically Microsoft Excel, Peach Tree Accounting, and QuickBooks. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3] III. Entrepreneurship in an Accounting Framework Big Idea: Accounting business structures (Entrepreneur, Proprietorship, Partnership, Corporation) 1. Entrepreneurial Basics A. Essential Question What does it take to become a successful entrepreneur? B. Learning objectives 1. Comprehend, research, self-reflect, and develop basic skills sets common to the entrepreneur. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

8 2. Introduction to Corporate Accounting A. Essential Question What are the advantages/disadvantages to forming a partnership? B. Learning objectives: 1. Compare and contrast accounting for sole-proprietorships, accounting for partnerships and accounting for corporations. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] 2. Brainstorm, develop and apply new and previously acquired financial accounting skills and knowledge to an entrepreneurial project. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] 3. Entrepreneurial Applications The Capstone Project A. Essential Question How do concepts and lessons taught come together? B. Learning objectives: 1. Design, test, revise and finalize a working accounting information system for the newly developed entrepreneurial project NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]. 2. Identify, describe, create and present the elements of a professionally developed business plan. NJCCCS: 8.1 [A1], 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] 4. Managerial Accounting An Executive Perspective What is managerial accounting? How does managerial accounting compare to financial accounting? B. Learning objectives: 1. Read, study, be able to identify and incorporate the basic tenets of effective business leadership. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] 5. Administering the School Store Laboratory A. Essential Question How can accounting support/impact the administration of the school store?

9 B. Learning objectives: 1. Properly apply the skills and knowledge of executive level business leadership to the workers, products, and services provided by the school store laboratory. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] IV. Expanding the Books Big Idea Accounting is not just crunching numbers, it s understanding their impact 1. Accounting for a Merchandising Corporation What is a merchandising business? Why is accounting for a merchandising business different than a service business? 1. Decipher the distinguishing accounting characteristics of forming, operating and leading a successful corporation. NJCCCS 8.2 [C1], 9.1 [B2, B3], 9.2 [A1, A2, A3, A5] 2. Sales and Cash Receipts Journals Why are records kept separately for sales? Why are records kept separately for cash received? 1. Identify the advantages of accounting for a merchandising business utilizing specialized cash receipts and sales journals. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 2. Incorporate the usage of specialized journals into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 3. Purchases and Cash Payments Journals Why are separate records kept for purchases?

10 Why do we keep track of cash payments? 1. Identify the advantages of accounting for a merchandising business utilizing specialized cash payments and purchases journals. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 2. Incorporate the usage of specialized journals into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 4. General and Subsidiary Ledgers What is the difference between a general and subsidiary ledger? Why are different ledgers used? 1. Recognize the appropriate usage of subsidiary ledgers in conjunction with the general ledger NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 2. Identify defining characteristics between the accounts payable, accounts receivable, and general ledgers. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 3. Incorporate the usage of subsidiary ledgers into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 5. The Final Statement: Cash Flows What is Cash Flow? Why does a business infer from the cash balance? 1. To create and interpret the final of the four financial statements, the statement of cash flows. NJCCCS 8.1 [A1], 9.2 [A1, A2] 6. Merchandising Consulting and Leadership: The School Store Laboratory A. Essential Question How will the reports supplied to the school store benefit them?

11 1. Apply newly acquired knowledge of the efficiencies of the proper accounting for the merchandising process to the school store laboratory. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] 2. Provide a detailed analysis, interpretation, and consult on the problems and potential solutions for the current school store merchandising operations with the executive level account team. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5] V. Specialized Accounting Procedures Big Idea: The many faces of accounting, other applications 1. Inventory Accounting What is inventory? Why does the accountant care about inventory? 1. Compare, contrast, and employ the most appropriate method of inventory valuation and accounting between First-In-First-Out, Last-In-Last-Out, Weighted Average, and Gross profit methods. NJCCCS: 9.1 [B1, B2, B3], 9.2 [A1, E1, E2, E4] 2. Accounting for Plant Assets and Depreciation What are plant assets and depreciation? How is depreciation determined? 1. Calculate and analyze the most advantageous depreciation method for specific business situations between straight-line, sum-of-the-year s-digits, double-declining, and the Modified Accelerated cost Recovery System (MACRS). NJCCCS 9.1 [B1, B2, B3], 9.2 [A1, E1, E2, E4]

12 3. Accounting for Uncollectible Accounts Receivables How does a business ensure it gets paid? What happens when a business doesn t get paid from a customer? 1. Understand and be able to account for bad debt expense related to uncollectible accounts receivable transactions. NJCCCS 9.2 [A4, E1, E3, E4, E7] 4. Understanding and Accounting for Notes and Interest How does borrowing/lending money affect a business? When and how does a business decide that a note should be established? 1. Decipher between the accounting processes for notes payable and notes receivable transactions. NJCCCS: 9.1 [B1, B2], 9.2 [A4, A7] 5. Payroll Accounting I The Employee How is an employee compensated? What deductions must be made from employee payroll? 1. Understand and be able to incorporate within an Accounting Information System the payroll responsibilities of a business in relation to the employee. NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4] 6. Payroll Accounting II The Employer How to journalize the employer taxes and post the employer payroll taxes? 1. Understand and be able to create within an Accounting Information System the payroll responsibilities of a business in relation to the employer. NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4]

13 7. Benefits, Retirement, and Personal Financial Management Basics What benefits can be expected from an employer? At what cost? How have benefit/compensation packages changed over time? : 1. Research, identify, and be able to disseminate detailed information about employee-employer benefit packages including medical, dental and vision insurances, retirement options, the social security systems, and continuing education/professional development requirements and opportunities. NJCCCS: 9.1[A1, A4, B1], 9.2 [B1,B2, B3, B4, B5, E1, E2, E3, E4, E5, E6]

14 SAMPLE STUDENTS LEARNING ACTIVITY Unit: Careers, Advanced Financial Accounting Foundations, and Leadership Lesson Plan Title: Preparing for an advanced career in Accounting Concept/Topic to Teach: Preparing for a career in Accounting begins with having a plan. Objective: 1. Students are to develop an educational/career plan identifying specific career goals and steps necessary to attain these goals Standards Addressed: NJCCCS: 8.1, [A1, B3] 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10] Required Materials: Princeton Review Best College Catalog College Board Internet Site Anticipatory Set (Lead-in): Discussion on Career aspirations and personal goals Step-by-Step Procedures: Students will be required to comprehensively research three educational institutions of higher or continued learning in each of three categories: reach, range and safety according to their current education status (GPA, class rank, SAT, career aspirations, etc.) Use of Princeton Review and Internet Plan for Independent Practice: Students will present information according to a formal, predetermined format. Closure (Reflect Anticipatory Set): Class discussion and sharing on findings Assessment Based on Objectives: Students will be assessed on the demonstrated understanding and presentation of career aspiration and future educational endeavors. A rubric detailing the specific project evaluation elements will be provided. Adaptations (For students with Learning Disabilities): Extended time for writing assignment Additional support in identifying specialized post-secondary offerings Extensions (For Gifted Students): Students to include information about individual College Honors programs

15 Possible Connections to Other Subjects: Office Technology Economics

16 SAMPLE STUDENTS LEARNING ACTIVITY Unit: Entrepreneurship in an Accounting Framework (The Capstone Entrepreneurial Project) Lesson Plan Title: Business Plan for the entrepreneur Concept/Topic to Teach: Developing a business plan for a new merchandising business Objective: 1. Students will research, understand, and incorporate the main components of a professional business plan, accounting information system, and specialized accounting procedures into their entrepreneurial projects. Standards Addressed: NJCCCS 8.1 [A1, A2], 8.2 [B1, B3, C1, C2, C3], 9.1 [A1, A2, A4, B1, B2, B3, C1, C4, C5, E1], 9.2 [A1, A2, A3, A5, B2, B4, C1, C2, E1, E2, E4, E5 ] Required Materials: Microsoft Office Excel Microsoft Office Word Microsoft Office Power Point Anticipatory Set (Lead-in): Class will review business plans developed by previous Accounting II Honors Students with discussion on the requirements. Step-by-Step Procedures: Through the study of class lessons and the U.S. Small Business Administration website ( students will piece together the various sections of their comprehensive professional business plan, including the marketing, management/human resource, financial, and accounting elements. Students will formally present their business ideas and business plans to the class, who is playing the role of small bank investors, in an effort to secure a specified loan amount. The final project, to be due at the end of the year, will incorporate an updated professional business plan, one month s worth of the complete accounting cycle and all accounting reports related to the specialized accounting procedures learned throughout the course. The entire entrepreneurial project will be completed through the application of the accounting information system developed in Unit II Plan for Independent Practice: Students will follow pre-determined schedule for completing each element of the business plans

17 Closure (Reflect Anticipatory Set): Class will discuss business successes and failures at the end of presentations. Assessment Based on Objectives: Students will be assessed as each section of the project is completed. A comprehensive rubric will be provided to each entrepreneur prior to the beginning of the project detailing all requirements and evaluative measurements. Adaptations (For students with Learning Disabilities): Additional support from instructor and advanced students. Additional breakdown for each section of the project Extensions (For Gifted Students): None-advanced class and project Possible Connections to Other Subjects: Math Economics Office Technology

18 SAMPLE STUDENTS LEARNING ACTIVITY Unit: Specialized Accounting Procedures (Payroll Accounting/AIS) Lesson Plan Title: Preparing and Recording Company Payroll Concept/Topic to Teach: Class will determine Net Pay and employee/employer payroll taxes for a small business Objective: 1. Students will study, analyze, design and develop an accounting information system that calculates net pay through comprehensive total earnings less total deduction format that incorporates tax rates and tax thresholds Standards Addressed: NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4] Required Materials: Textbook Internet Microsoft Office - Excel Anticipatory Set (Lead-in): Students will review various pay stub (brought in by students) Step-by-Step Procedures: Students will be introduced to the basics of manually calculating employee/employer payroll. Students will model the less and incorporate the spreadsheet formulate into a preexisting, comprehensive accounting system Students will formulate the spreadsheet correctly utilizing advanced Micro-Soft Excel functions including the IF/THEN statements Plan for Independent Practice: Students will create staffing organizations and salaries for payroll use. Closure (Reflect Anticipatory Set): Class will discuss family dynamics and the impact on deductions and net pay Assessment Based on Objectives: The payroll AIS system will be assessed according to specific design and functionality requirements The technical accounting knowledge will be tested simultaneously with the systems testing An evaluation rubric will be provided at the onset of the learning activity detailing expectations and measurement criterion

19 Adaptations (For students with Learning Disabilities): Additional help provided by instructor Fewer employees Extensions (For Gifted Students): More complex payroll deductions Additional employees Possible Connections to Other Subjects: Office Technology Economics

20 SUGGESTED TEACHING STRATEGIES AND/OR ACTIVITIES 1. 3-minute pause 2. Class Discussions 3. Concept Attainment 4. Cooperative Learning 5. Cross-Curricular Connections 6. Different purposes for viewing/reading 7. Formal /Informal Writing 8. Graphic/Visual Organizers 9. Guest speakers 10. Independent/Group Project 11. Integration of Technology 12. Library research for data gathering 13. Modeling/Demonstration 14. Pairs Check/Review 15. Problem-solving with decision-making 16. Reciprocal Teaching 17. Roundtable 18. Scaffolded Questioning 19. Skill-Building Activities 20. Think Aloud 21. Use of Video Clip

21 TEACHER ASSESSMENT OF STUDENT LEARNING 1. Check for Completion 2. Checklist 3. Collect and Grade 4. Constructed Response 5. Cooperative learning 6. Group work 7. In-Class Check 8. Informal Assessment 9. Maintenance of a notebook 10. Open-ended questions 11. Oral participation/discussion skills 12. Oral presentations 13. Peer/Self Assessment 14. Performance Assessment 15. Projects 16. Quiz 17. Rubric 18. Student-constructed bulletin boards 19. Teacher observation 20. Test 21. Written homework

22 BIBLIOGRAPHY AND RESOURCES Textbook Series: Gilbertson, Lehman, Ross. Accounting: General Journal Approach, Eighth Edition. Thomson South-Western Publishing Company, Ross, Hanson, Gilbertson, Lehman, and Swanson. Century 21 Accounting: General Journal Approach, Sixth Edition.. South-Western Publishing Company/ItP, Cincinnati, Ohio: 1995 Technology: Microsoft Office: Word, Excel, PowerPoint Internet Resources: Payroll tax sites Job Engine Searches (New York Times/Star Ledger) Resume templates Supplemental Resources: Working Papers/Study Guide Various business/accounting Journal Articles Money Smart Money Fortune Textbook/working paper transparencies Videos