About the course
This course further develops students’ understanding of the fundamentals of accounting by having them examine each component of the accounting cycle, with an emphasis on a merchandising business. Students will use computer applications software to learn how accounting is practised in the workplace. Students will acquire an understanding of payroll systems, inventory, specialized journals, subsidiary ledgers, income tax reporting, and budgeting.
Accounting for a Small Business
Course Credit
1
Course Price
$ 550.00
Course Developer
My Learning Oasis
Prerequisite(s) (Text)
Accounting Essentials, Grade 11,Workplace Preparation
Course Code
Department Head & Contact Information
BAN4E
Manisha Sharma (manisha@mylearningoasis.com)
Course Type
Workplace Preparation
Grade Level
Grade 12
Course Development Date
June 10th, 2021
Course Outline
Course Outline
Unit Titles and Descriptions
Time Allocated
Service and Merchandising Businesses
In this unit students will examine the Generally Accepted Accounting Principles (GAAP) (e.g., business entity principle, cost concepts) and practices (e.g., cash accounting) and how they relate to a merchandising company. They will relate them to a service business and explore the accounting cycle for a service business, using accounting software. They will compare the closing procedures in manual and computerized accounting systems. Students will be introduced to inventory for a merchandising business and explore when to take physical inventory. They will examine the principles of safeguarding inventory. Students will analyse both periodic and perpetual inventory for their strengths and weaknesses. Students will evaluate the impact of and calculate inventory turnover and explain its significance. They will look at how to prepare inventory accounts using accounting software. They will be introduced to the accounting practices for sales tax related to a merchandising business (e.g., purchases for resale, sales, returns). They will examine the accounting cycle for a merchandising business, using accounting software. Students will be introduced to the preparations of an income statement with a detailed cost of goods sold section and a classified balance sheet for a merchandising business.
30 hours
Accounting Practices
In this unit students will be introduced to special journals. They will look at how to record transactions in a multi-column journal. They will, using accounting software, populate a multi-journal system. They will be introduced to the estimation of uncollectible accounts receivable, using the balance sheet aging method and the income statement percentage of sales method. They will look at how to record transactions relating to sales and sales discounts; record transactions in a receivables subledger, using accounting software. Students will explore the importance of maintaining updates, accurate, and timely information on creditors; record transactions related to purchases and purchase discounts; secord transactions in a payable subledger, using accounting software.
30 hours
Fixed Assets, Payroll, and Income Tax
In this unit students will be introduced to the concepts of “fixed asset”. They will explore how to calculate and record transactions related to depreciation using straight-line, declining balance, and units of outputs.
They will be introduced to various ways in which complies may be remunerated, namely, hourly, weekly, etc. They will explore pay deductions and record payroll transactions using an accounting software. Students will examine the income tax return system. They will explore how to calculate their personal income tax, and that of a small business, suing a software.
24 hours
Ethical Issues, Budgets, and Business Expansion
In this unit students will explore the ethical issues that may arise such as, non-reporting of cash revenue, changing inventory figures, inflation consts, just to name a few. They will investigate the changing role of an employee. Students will be introduced to budgeting and its importance. They will explore how company performance is evaluated using budgeted and actual financial data. They will analyze financial statements using budgeted and actual financial data. Students will look at the change in accounting needs as a company expands. They will explore the reasons for choosing a particular form of business organization and the steps necessary to incorporate it.
24 hours
Exam
This is a proctored exam worth 30% of your final grade.
2 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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