About the course
This course introduces students to the accounting cycle of a service business. Students will use computer applications software to record business transactions and to prepare financial statements. Students will also investigate banking and cash management, decision making, ethical behaviour, and career opportunities in the field of accounting.
Accounting Essentials
Course Credit
1
Course Price
$ 550.00
Course Developer
My Learning Oasis
Prerequisite(s) (Text)
None
Course Code
Department Head & Contact Information
BAI3E
Manisha Sharma (manisha@mylearningoasis.com)
Course Type
Workplace Preparation
Grade Level
Grade 11
Course Development Date
June 10th, 2021
Course Outline
Unit Titles and Descriptions
Time Allocated
Introduction to Accounting
This unit introduces the role of accounting in a service business. They will be introduced to various elements of an accounting system (journal, ledgers, forms, statements) and look at their benefits to the company. They will explore the need for an Accepted Accounting Principles (GAAP) and explore different types of business ownerships ( sole proprietorship, partnership, corporation, cooperative) . Students will research the sources of funds available to finance a service business (e.g., family, investors, banks, government); and the purpose of collateral in securing financing. They will look at the costs of different sources of financing for the operation of a service business (e.g., interest on loans, costs of leasing).
21 hours
Accounting Cycle
In this unit, students will examine the relationship between and the classifications used in the balance sheet (of assets, liabilities, and owner’s equity) and in an income statement (i.e., revenues and expenses). They will explore the relationship between debits, credits, and the balance sheet. They will explore how to record entries using a double entry accounting system - posting transactions to ledger accounts. They will be introduced to the trial balance process - preparing adjusting entries, closing entries, and post-closing trial balance. Students will be introduced to accounting practices related to sales taxes, federal taxes, and provincial and federal sales tax remittance forms.
48 hours
Internal Control, Banking, and Computerized Accounting
In this unit, students will be introduced to the elements of an internal control system (petty cash system, separation of duties, receipt and payment procedures, rotation of staff). They will explore how to reconcile the daily sales with the point-of-sale records and record the transactions related to petty cash. Students will be introduced to various bank services available to a service business (chequing account, current account, line of credit, overdraft, ebanking). Students will examine how to complete forms necessary for a business deposit to a bank, explain and prepare a bank reconciliation and record the transaction started by this process.
Students will evaluate the advantages of using accounting software and how to use them to record and post transactions. They will examine how to use a computerized trial balance to demonstrate the accuracy of accounting records and how to prepare income statements, balance sheets, adjustments, closing accounting entries, and a post-closing trial balance.
30 hours
Decision Making, Ethics, and Careers
Students will explore how to use accounting information in decision making by company personnel (e.g., department managers, owners) and personnels external to the company (e.g., governments, investors, banks). They will examine the role of ethics in accounting related practices (e.g., releasing accurate financial information, observing securities regulations, using company funds for private purposes) and explore and assess the impact of unethical behaviour on an employee (e.g., demotion, loss of employment) and on a business (e.g., fines, loss of shareholder confidence). They will identify important elements of a code of ethics (e.g., regulations regarding company assets, policies relating to equity and diversity, use of confidential information, acceptance of gifts). Students will explore the challenges and benefits of a variety of accounting careers, look at the role and responsibilities of professional associations with respect to accounting careers and research educational requirements of various accounting and financial careers.
9 hours
Exam
This is a proctored exam worth 30% of your final grade.
2 hours
Total
110 hours
Resources
The course material (class notes and necessary handouts) will be provided by the teacher.
The students will be required to have:
● Access to a library or the Internet to do research
● Access to internet as well as electronic devices for note taking and communication for those taking the class online"""
Overall Curriculum Expectations
A. Fundamental Accounting Practices
A1
describe the discipline of accounting and its importance for business;
A2
describe the differences among the various forms of business organization;
A3
demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
B. Advanced Accounting Principles
B1
demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
B2
demonstrate an understanding of the accounting practices for sales tax;
B3
apply accounting practices in a computerized environment.
C. Internal Control, Financial Analysis, and Decision Making
C1
demonstrate an understanding of internal control procedures in the financial management of a business;
C2
evaluate the financial status of a business by analysing performance measures and financial statements;
C3
explain how accounting information is used in decision making.
D. Ethics, Impact of Technology, and Careers
D1
assess the role of ethics in, and the impact of current issues on, the practice of accounting;
D2
assess the impact of technology on the accounting functions in business;
D3
describe professional accounting designations and career opportunities.
Special Accommodations
Only Some students are able, with accommodations, to be part of a regular course curriculum and to demonstrate independent learning. These accommodations allow access to the course without any dilution of the knowledge and skills the student is expected to demonstrate.
These required accommodations to facilitate the student’s learning will be identified in his or her IEP (see IEP Standards, 2000, page 11*). It is likely that IEP for many or all courses will reflect the same accommodations. The instructions and accommodations are geared to meet the diverse needs of learners.
The three types of accommodations that are going to be used are:
i) Instructional accommodations - changes in teaching/learning strategies facilitated by different styles of presentation; methods of organization; the use of technology and multimedia.
ii) Environmental accommodations - Certain classroom settings and preferential seating may benefit these students.
iii) Assessment: assessment procedures that enable the student to demonstrate his or her learning, such as Multiple Intelligence Theory, giving more time to complete tasks (see page 29 of the IEP Resource Guide, 2004, for more examples).
For students who require accommodations for only the mathematics courses, the assessment and evaluation of their achievement will be based on the appropriate course curriculum expectations and the achievement levels outlined in this document. The IEP box on the students’ Provincial Report Cards will not be checked, and no information on the provision of accommodations will be included.
* Taken from: Ministry of Education, Ontario. Extracted from The Ontario Curriculum, Grades 9 to 12: Social Sciences and Humanities, 2013; Pg 35-38 Date of extraction: date: Sunday, March 14, 2021"""
Program Considerations For English Language Learners
Students from a variety of cultural and linguistic backgrounds. For many of these students, English is not their spoken language. They may be coming from highly sophisticated educational systems, while others may have come from regions where access to formal schooling was limited. These students offer a rich addition to the classroom experience by way of their background knowledge and experience. All teachers will assist with their English- language development. In mathematics the teachers will include appropriate adaptations and strategies in their instructions and assessments to facilitate the success of the English language learners in their classrooms. Some of these strategies and adaptations are: modification of some or all of the course expectations so that they are challenging but attainable for the learner at his or her present level of English proficiency, given the necessary support from the teacher.
Teaching/Learning Strategy
The key learning strategy at My Learning Oasis Elite Private School is Constructivism. This format facilitates learning by many techniques, most or all of which will be adopted in the classroom. The most dominant of these is group learning. The facilitator places students of different backgrounds in the same group so that they can feed off each other. Each may bring to the table a different reasoning strategy to facilitate problem-solving. Now, each student becomes a learner and a teacher at the same time, as he/she has to communicate his/her solution. This builds the students' knowledge base and by default, increases their confidence to speak in a crowd, albeit a small group at the beginning. The famous educationalist, Vygotsky, proved that by placing students in a group they function at the upper level of their zone of proximal development, each one scaffolding the other.
This strategy is further enhanced by the teacher asking leading questions as opposed to giving the answer outright, then allowing for group discussion. The students are encouraged to make connections between what they have learnt and their life experiences, then share with the group. The effect of this strategy is intrinsic motivation and learning. Each student develops an expanded appreciation of the topic at hand by seeing how it applies in different settings around the world by way of listening to their group members.
This Constructivist approach will be further accentuated by implementing “fish-bowling”. There are many ways to implement this technique. The one that will mostly be used will be by dividing up the larger problem (technical, mathematics, science, or otherwise) into smaller bits and have each student thoughtfully master one part. That student then teaches the group and facilitates a discussion reflection about the strategy (computational or otherwise) used in the solution. Each student in turn does this.
The above techniques enable students to reflect on the material learnt, make real life connections, and develop problem solving skills. One important by-product of the technique of Constructivism is that each student develops an appreciation of each other’s culture. This cultivates healthy people’s skill, which is not only important for the professional world but for life itself.
Constructivism lends itself well to students whose first language is not the language of instruction and who is new to the class. While other strategies will be used for students having difficulty with the English Language, this technique will definitely be used to enhance their English skill."""
Assessment And Evaluation
At My Learning Oasis, course facilitators do not wait for a quiz or exam to determine how well a student is doing. Here, evaluation is an on-going exercise. The pedagogical techniques (refer to Teaching and Learning Strategies) used at My learning Oasis are perhaps the best techniques suited for on-going assessment, hence, they being an integral part of our delivery methodologies. Concrete assessments are made through projects and assignments. However, the evaluation is based on “our flavor” of the Mastery Teaching technique.
This ensures that the emphasis is on the quality of learning and NOT grading. Students' projects and homework will continuously be evaluated and re-evaluated with appropriate guidance to meet the school’s and Ministry’s expectations. At My Learning Oasis, we will work with the students until the projects meet a minimum of a B-grade, unless in extreme circumstances where the willful negligence of the students force lower grades. While this is a lot more taxing on the facilitator, it does not matter because My Learning Oasis is a Learner-centered institution NOT a Grade-Centered nor a Teacher-Centered institution.
Four categories of knowledge and skills are outlined in the achievement chart - knowledge and understanding, thinking, communication, and application. Student’s work is assessed and evaluated with respect to these categories, and that achievement of particular expectations is considered within the appropriate categories. A final grade will then be recorded for this course and if that grade is 50% or higher, a credit is granted to the student and recorded for this course. The final grade for this course will be determined as follows:
● For material evaluated throughout the course, seventy percent of the grade will be assigned. This portion of the grade should reflect the student's consistency in his/her level of achievement throughout the course, although special consideration should be given to more recent evidence of achievement.
● Thirty percent of the grade will be based on a final evaluation, which is administered towards the end of the course.
Final Exam 30%
Grading for all course work, projects, presentation, participation, interim quizzes and exams 70%"""""""
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