ACCOUNTING ELEVEN. thssbusiness.com

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1 ACCOUNTING ELEVEN thssbusiness.com

2 13 In this course, there are prescribed assignments, throughout the entire school year. Yes you read that right. It is very important for one not to fall behind - there is just too much content, with all the requisite concepts and terminology, for one to think one can cram it at the end of the school year. The freedom to choose in this course is the choice to be successful and do what needs to be done when it needs to be done. Hence the deadlines. I have tried to organize the course materials to aid you in being organize. Besides the guide package, there are individual guide packages The "how-to-do this" overview will be discussed more in our first few seminars. I m confident you will enjoy this course as long as you do the following: 1. Plan to be successful. Being a Self-directed Learner means you are in control of your time so don't be someone else's "time slave". 2. Decide and be able to clearly articulate to your teachers what it is you need to be successful. You must reflect on your interests and your long term personal objectives. Then try to make them happen. Often others will want to help. 3. Talk to your teachers even when it s hard - like when you ve dug yourself a hole it happens. But what is actually important is what one stops digging and starts talking. YOUR teachers are here to help and we expect students to be challenged by trying to balance their school, work, and other time obligations. But if you don t communicate those challenges or your needs teachers won't know your personal circumstances. page 2

3 COURSE CALENDAR September 2015 Monday Tuesday Wednesday Thursday Friday 14 This Week s Class: Learning Guide 1,Intro to Accounting LG NID Learning Guide 1, Learning Guide Test 28 This Week s Class: Learning Guide 2,The Balance Sheet October Monday Tuesday Wednesday Thursday Friday 7 Learning Guide 3 Check Your Reading, DUE 12 Thanksgiving Day Learning Guide 4, Learning Guide Test 19 Learning Guide 4 Check Your Reading, DUE 23 NID 26 Learning Guide Test page 3

4 November Monday Tuesday Wednesday Thursday Friday 2 Learning Guide 4 DUE 9 Learning Guide Test 11 Remembrance Day 16 Learning Guide 5 DUE 23 Learning Guide Test 24 Y Day 27 Term 1 Ends 30 Guide 6 DUE December Monday Tuesday Wednesday Thursday Friday Learning Guide 7, DUE 14 Learning Guide Test Christmas Vacation December 19 to January 4 page 4

5 January 2016 Monday Tuesday Wednesday Thursday Friday 4 School Reopens NID 19 Learning Guide 8 and 9, Check Your Reading, DUE February Monday Tuesday Wednesday Thursday Friday 1 8 Learning Guide 10, DUE 15 Learning Guide Test 18 NID 22 Learning Guide 11, DUE 29 Learning Guide Test March Monday Tuesday Wednesday Thursday Friday Learning Guide 13 DUE Spring Break March 12 to March 28 page 5

6 April Monday Tuesday Wednesday Thursday Friday Y Day Learning Guide 14 DUE 18 Learning Guide Test 25 Learning Guide 15 DUE May Monday Tuesday Wednesday Thursday Friday 2 Learning Guide Test 9 Learning Guide 16 DUE 16 Learning Guide Test 20 NID 23 Victoria Day 19 Learning Guide 17 DUE 30 Learning Guide Test 31 June Monday Tuesday Wednesday Thursday Friday Learning Guide 18 DUE Learning Guides 19 and 20 Due 21 End of Classes page 6

7 GUIDE 1 INTRODUCTION TO ACCOUNTING Accounting is a system designed to provide decision makers financial information relating to business. You will also set up a computer account, if needed, and add Problem Solving spreadsheets to it. Finally, a seminar will be given on how to use your spreadsheets. Evaluation Introductory Seminar 20% Spreadsheet Seminar 20% Activity 3 60% Activity 1 (1 hour) Introductory Seminar Activity 2 (1 hour) Comprehension Read Chapter 1, pages 1-14 Activity 3 (2 hour) Accounting Practice NOTE: This will be marked in class at the start of the third seminar. page 7

8 Complete Problem Solving, 1, 3, 4, 5, 6, 7 and 8, pages 8-10 Resources The text for this course is: D'Amico, Vic, and Jane Magnan. Accounting: An Introduction. Toronto: Copp Clark Pitman, Print. Note: Most Problem Solving spreadsheets are provided, either as an Excel document. They will be available on a flash drive made available to you to add to your Accounting Folder. Handouts: Line Master 5, The Accounting Equation Line Master 6, The Accounting Equation: Applications Line Master 7, Calculation of Personal Net Worth Line Master 12, Spreadsheet No.1 page 8

9 GUIDE 2 THE SPREADSHEET Spreadsheets will help you to simplify your accounting computations and you present professionally your financial documents. Evaluation Seminar 20% Activities 2 and 3 50% Test 20% Activity 1 (2 hour) Comprehension (Seminar credit) Read Chapter 2, pages Complete Test Your Understanding Questions 1-7, page 21 Complete Problem Solving #4, Terry s Trucking, page 21 Activity 2 (1 hour) Accounting Practice Complete Problem Solving Questions 1-9, pages Activity 3 (1 hour) Computer Practice page 9

10 Using a Excel, set up a balance sheet and complete Case #5, page 33 Activity 4 (1 hour) Chapter Test NOTE: This will be written in class. Resources Activity 1: Problem Solving #4, Terry s Trucking, spreadsheet Activity 2: Problem Solving Questions 1-9, spreadsheets Excel is available on school computers if you do not own a copy. Other spreadsheet applications can also be used but first check with your instructor. Handouts: Line Master 10, The Balance Sheet Line Master 11, Transactions: A Definition page 10

11 GUIDE 3 INTRODUCTION TO DEBITS AND CREDITS In this guide you will learn to record these transactions using T-accounts, how to analyze transactions, and how to prepare a trial balance. Activity 1 (2 hour) Comprehension Read Chapter 3, Recording Changes in Financial Position, pages Complete Problem Solving Questions 2-6 and 8, pages Activity 2 (1 hour) Computer Practice Using a Excel, complete Case #1, pages Activity 3 (1 hour) Computer Practice Using a Excel, complete Case #2, page 59 Activity 4 (1 hour) Chapter Test NOTE: This will be written in class. page 11

12 Resources For activity 1: Problem Solving Questions 2-6 and 8, spreadsheet folder Handouts: Line Master 15, T-Account: Debit Side and Credit Side Line Master 16, The Balance Sheet and T-Accounts Line Master 17, Debit and Credit Theory: Assets Line Master 18, Debit and Credit Theory: Liabilities Line Master 19, Debit and Credit Theory: Owners Equity Line Master 20, Calculation of T-Account Balance page 12

13 GUIDE 4 PREPARING THE INCOME STATEMENT The purpose of this guide is to expand your knowledge of business transactions to determine whether a business has made a net profit or net loss, and to develop a second financial statement, the income statement. Activity 1 (1 hour) Comprehension Read Chapter 4, The Income Statement, pages Complete Check Your Reading Questions 1-10, page 68 Activity 2 (1 hour) Accounting Practice Complete Problem Solving Questions 1, 2, and 6 Activity 3 (1 hour) Computer Practice Using a Excel, complete an income statement as outlined in Problem Solving Problem #4, page 69 page 13

14 Activity 4 (0.5 hour) Accounting Practice NOTE: (Graded in Seminar) Complete Case Study #1, Locating Errors on an Income Statement, page 71 Activity 5 (0.5 hour) Accounting Practice Complete Case Study #2, How Well is this Company Doing?, page 71 Activity 6 (1 hour) Chapter Test NOTE: This will be written in class. Resources For activity 1: Problem Solving Questions 2-6 and 8, spreadsheet folder Handouts: Line Master 21, The Income Statement Format Line Master 22, The Income Statement: Determining Net Income (Net Loss) Line Master 23, Revenue and Expense Accounts Determine Net Income or Net Loss page 14

15 GUIDE 5 REVENUE AND EXPENSE ACCOUNTS You will learn to record transactions affecting Revenue and Expense Accounts, to discover how the balance sheet and income statement accounts are interrelated, and to prepare a trial balance. Activity 1 (1 hour) Comprehension Read Chapter 5, Recording Transactions: Revenue and Expense Accounts, pages Activity 2 (1 hour) Accounting Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-14, pages Activity 3 (1 hour) Accounting Practice Complete Problem Solving Questions 1, 3, 7, and 8 on pages Activity 4 (1 hour) Computer Practice Using a Excel, complete Exercise #1, page 99 Activity 5 (0.5 hour) Accounting Practice page 15

16 Complete Case Study #3, Comparing Net Income for Two Years, page 97 Activity 6 (1 hour) Chapter Test NOTE: This will be written in class. Resources For activity 3: Problem Solving Questions 1, 3, 7, and 8, spreadsheet folder Handouts: Line Master 24, The Income Statement Accounts Line Master 25, Summary of Debit and Credit Theory Line Master 26, Transaction Theory Line Master 27, The Owner s Drawing Account: What is it? Line Master 28, Calculating the New Capital: Net Income and Drawings, Drawings Smaller than Net Income Line Master 29, Calculating the New Capital: Net Income and Drawings, Drawings Larger than Net Income Line Master 30, General ledger Accounts Line Master 31, The Report Form of Balance Sheet page 16

17 GUIDE 6 THE JOURNAL You will learn to use the book of original entr y, the journal, and how to record transactions into the journal. Activity 1 (1 hour) Comprehension Read Chapter 6, The Journal and Source Documents, pages Activity 2 (1 hour) Accounting Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-9, page 107 Activity 3 (1 hour) Accounting Practice Complete Problem Solving Questions 2, 5, and 8 on pages page 17

18 Activity 4 (1 hour) Computer Practice Using a Excel, complete Computer Exercise #1, page 135 Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources For activity 3: Problem Solving Questions 2, 5, and 8, spreadsheet folder Handouts: Line Master 32, The Journal: Where Transactions are First Recorded Line Master 33, A Completed Journal Line Master 34, A Cash Sales Slip Line Master 35, A Sales Invoice Line Master 32, A Computer-Prepared Journal page 18

19 GUIDE 7 POSTING TO THE LEDGERS You will learn to transfer data from the general journal; that is, data arranged in chronological order, to the ledger accounts, that is, data arranged according to similarity of accounted affected. This process of transferring data, called posting, will enable you to to draw accounts and calculate their balances. These accounts, the information contained in these accounts, and the account balances will enable you to make necessary financial statements and financial decisions required in the operation of a business. Activity 1 (1 hour) Comprehension Read Chapter 7, Posting to the Ledger, pages Activity 2 (1 hour) Accounting Practice Complete Problem Solving Question 3, pages Activity 3 (1 hour) Computer Practice Using a Excel, complete Computer Exercise #2, page 167 Activity 4 (1 hour) Accounting Practice Complete Case Study #1, pages page 19

20 Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources For activity 2: Problem Solving Questions 3, spreadsheet folder Handouts: Line Master 40, Posting to the Ledger Line Master 41, Balance-Column Form of Ledger Account Line Master 42, Determining Account Balances Line Master 43, Posting to the Ledger Line Master 44, Chart of Accounts Line Master 45, The Opening Entry Line Master 46, Introducing the Accounting Cycle Line Master 47, How to Locate Trial Balance Errors page 20

21 GUIDE 8 THE WORKSHEET These activities will introduce you to a six-column worksheet. You will also examine the worksheet s role in the accounting cycle. Activity 1 (1 hour) Comprehension Read Chapter 8, The Worksheet and Classified Statements, pages Activity 2 (1 hour) Accounting Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-15, pages Activity 3 (1 hour) Accounting Practice Complete Problem Solving Question 1, 2, and 6, pages page 21

22 Activity 4 (1 hour) Accounting Practice Complete Case Study #2, The Effect of Errors on the Worksheet page 192 Complete Case Study #5, Financial Condition page 193 Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources For activity 2: Problem Solving Questions 1, 2, and 6, spreadsheet folder Handouts: Line Master 48, Preparing Financial Statements Line Master 49, The Six-Column Worksheet Line Master 50, The Worksheet Added to the Accounting Cycle Line Master 51, Steps in the Manual Accounting System Line Master 52, Steps in a Computerized Accounting System Line Master 53, The Income Summary Account page 22

23 GUIDE 9 CLASSIFIED FINANCIAL STATEMENTS You will review the purpose of Classified Financial statements and gain additional familiarity with their use. Activity 1 (1 hour) Comprehension Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 16-18, pages 186 Activity 2 (1 hour) Accounting Practice Complete Problem Solving Question 1, 3, and 9, pages Activity 3 (1 hour) Accounting Practice page 23

24 Complete Case Study #1, How is the Business Doing? pages Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources Activity 2: Problem Solving Questions 1 and 3, spreadsheet folder Handouts: Line Master 54, Closing the Books Line Master 55, The Updated Accounting Cycle page 24

25 GUIDE 10 CLOSING THE BOOKS These activities will help you how to bring ledger accounts up to date to reflect the net increase (or decrease) in the owners equity s account for the accounting period. Activity 1 (1 hour) Comprehension Read Chapter 9, Closing the Books, pages Activity 2 (1 hour) Comprehension Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-14 pages page 25

26 Activity 3 (1 hour) Accounting Practice Complete Problem Solving Question 1, 2, and 4, pages Activity 4 (1 hour) Computer Practice Using a Excel, open a ledger and complete Question #76, pages Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources Handouts: Line Master 56, The Multi-Column Journal page 26

27 GUIDE 11 & 12 ACCOUNTING PROJECT 1: (THE ACCOUNTING CYCLE) These chapters are your opportunity to practice your skills and knowledge acquired in the first ten chapters. You will prepare a simple and basic set of records for a complete accounting job. Activity (5 hour) Accounting Practice Read the instructions as set out on page 234 of The Accounting Cycle, and complete parts A, B, C, and D. You may use accounting software to accomplish this project. page 27

28 GUIDE 13 BANKING SERVICES There are a wide range of services and types of accounts offered by banks, trust companies, and credit unions. After being introduced to the various types of services offered, you will have an opportunity to demonstrate your understanding by completing a banking project, titled Ramjit s Sand and Gravel. Activity 1 (1 hour) Comprehension Read Chapter 11, Banking, pages Activity 2 (1 hour) Comprehension Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-14, pages page 28

29 Activity 3 (1 hour) Accounting Practice Complete Problem Solving Question 1, 2, 3, and 7, pages Activity 4 (1 hour) Accounting Practice Complete Case Study #1 and #3, page 291 Activity 5 (1 hour) Accounting Practice Complete Banking Project Ramjit s Sand and Gravel, Parts A and B, page Resources Handouts: Line Master 58, Personal Cheque Line Master 59, The Personal Cheque Register Line Master 61, Bank Reconciliation Statement Line Master 62, Bank Reconciliation Procedures page 29

30 GUIDE 14 BANKING: PROOFS We will examine additional cash control principals and determine how these principles contribute to accurate accountability of cash. Activity 1 (1.5 hours) Comprehension Read Chapter 12, Cash Control, pages Activity 2 (1 hour) Accounting Practice Complete Problem Solving Question 1, 2, 5, 6, and 9, page 315 Activity 3 (0.5 hour) Accounting Practice Note: Will be graded in Seminar. Date TBA. Complete Case Study #3, page 320 Activity 4 (1 hour) Computer Practice page 30

31 Using a Excel, complete Computer Exercise #1, page 323 Activity 5 (1 hour) Chapter Test NOTE: This will be written in class. Resources Handouts: Line Master 64, Petty Cash Voucher Line Master 65, Petty Cash Summary Line Master 66, The Payroll Accounting System Line Master 67, Payroll Journal page 31

32 GUIDE 15 PAYROLL RECORDS These activities will help you how to bring ledger accounts up to date to reflect the net increase (or decrease) in the owners equity s account for the accounting period. Activity 1 (1 hour) Comprehension Read Chapter 13, Payroll Accounting, pages Activity 2 (1 hour) Comprehension Practice Note: Will be graded in Seminar. Date TBA. Complete Check Your Reading Questions 1-9 page 344. NOTE: Some texts contain an error on page 337. See your teacher to check your text. page 32

33 Activity 3 (2 hours) Accounting Practice Complete Problem Solving Question 1, 2, 3, 4, 8, 9, and 10 pages Activity 4 (2 hours) Accounting Practice Read the instructions for payroll accounting project on page 363. Complete tasks 1-5 on pages page 33

34 GUIDE 16 SPECIAL JOURNALS This chapter introduces special journals which are used by larger companies to handle repetitive transactions. A purchases journal is used to record all purchases on account (credit purchases). A sales journal is used to record all sales on account (credit sales). Cash receipts and cash payment journals are used to record cash received or paid out. The general journal is still used to record transactions which do not fit into one of these categories, as well for adjusting and closing Activity 1 (0.5 hour) Comprehension Read Chapter 16, Special Journals, pages Activity 2 (1 hour) Accounting Practice Note: Will be graded in Seminar. Date TBA. Complete Problem Solving Question 1, General Journal exercise, page 481 Activity 3 (1 hour) Accounting Practice Complete Problem Solving Question 3, Cash Receipt Journal exercise, page 482 Activity 4 (0.5 hour) Accounting Practice Complete Problem Solving Question 6, Cash Payment Journal exercise, page 483 Activity 5 (1 hour) Accounting Practice Complete Problem Solving Question 12, Purchases Journal exercise, pages Activity 6 (1 hour) Accounting Practice Complete Problem Solving Question 13, Cash Receipts & Cash Payments Journal exercise, page 485 Activity 6 (1 hour) Accounting Practice page 34

35 486 Complete Problem Solving Question 15, Sales Journal & Payments Journal exercise, page Activity 7 (1 hour) Chapter Test NOTE: This will be written in class. Resources Handouts: Line Master 69, Income Statement for a Merchandising Business Line Master 70, Calculation of Net Income for a Merchandising Business Line Master 71, Cost of Goods Sold Section Line Master 72, Expanded Cost of Goods Sold Section Line Master 73, The Purchases Account Line Master 74, Summary of Debits and Credits for a Merchandising Business Line Master 75, Remittance of GST page 35

36 GUIDE 17 & 18 MERCHANDISING PROJECT You will learn to use the book of original entr y, the journal, and how to record transactions into the journal. Activity 1 (5 hours) Accounting Practice Read the directions for Project 4, completing the accounting Cycle for a merchandising company called The Toy Box, page 458. Complete Parts A, B, and C, pages page 36

37 GUIDE 19 & 20 HOW IS THE BUSINESS DOING? PROJECT page 37