BAF3M: Accounting
Mr. Ruston
BAF3M: Accounting
Learning Goals
Learning Goals (LG): “Your overall objective: what you are learning”
Success Criteria (SC): “What you need to do in order to achieve your objective”
Think of Traveling … LG = Your Final Destination
SC = How you know that you are there
Unit 1: Introduction to Accounting (Chapters 1  3)
Chapter 1: Accounting and Business
Curriculum Expectations:
• describe the discipline of accounting and its importance for business;
• describe the differences among the various forms of business organization;
Learning Goals:
 Define: Accounting, Business
 List the 4 Categories of Business
 List the 3 Types of Business Ownership
Success Criteria
 I can define ‘Accounting’ and ‘Business’
 I can list and describe the 4 Categories of Business
 I can list and describe the 3 Types of Business Ownership
Chapter 2: The Balance Sheet
Curriculum Expectations:
• demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
Learning Goals:
 List and Define the types of accounts: Assets, Liabilities and Owner’s Equity
 Understand the fundamental accounting equation: A = L + OE
 Use proper accounting procedures to prepare a Balance Sheet
Success Criteria
 I can list and define ‘Assets’, ‘Liabilities’, and ‘Owner’s Equity’
 I can use the fundamental equation to properly set up a balance sheet
 I can make a balance sheet that follows all proper accounting procedures
Chapter 3: Analyzing Changes in Financial Position
Curriculum Expectations:
• assess the effects that transactions have on the accounts and financial statements of a service business;
Learning Goals:
 Define: Source Document
 Analyze a business transaction and show how account values change, while
maintaining “balance” (A=L+OE)
Success Criteria
 I can describe what a ‘Source Document’ is
 I can analyze a transaction, and use the equation analysis form to show how
overall financial position is affected.
BAF3M: Accounting
Mr. Ruston
Unit 2: The Ledger (Chapters 4 & 5)
Chapter 4: The Simple Ledger
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
 Define: Accounting, Ledger
 Understand the concepts of Debit/Credit, and Normal Side
 Describe the effect of debiting/crediting a certain account
 Apply the proper accounting procedures for maintaining a ledger of accounts
 Create a trial balance
 Describe the limitations of a trial balance
Success Criteria
 I can define ‘Account’ and ‘Ledger’
 I can state whether debiting or crediting increases or decreases a type of
account (asset, liability, owner’s equity)
 I can create a trial balance
 I can describe why a trial balance that balances still may be incorrect
Chapter 5: The Expanded Ledger
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
 Define: Revenues, Expenses, Drawings
 Be able to use the expanded equation (A=L+C-D+R-E)
 Create an income statement
 Understand the chart of accounts numbering system
 Understand how net income and drawings effect equity
Success Criteria
 I can define ‘Revenues’, ‘Expenses’, ‘Drawings’
 I can state the debit/credit rules for the new accounts
 I can create an income statement
 I can follow the protocol for numbering accounts
 I can explain how both net income and drawings effect equity
BAF3M: Accounting
Mr. Ruston
Unit 3: Journalizing and Posting
Chapter 6: The Journal and Source Documents
Curriculum Expectations:
•assess the effects that transactions have on the accounts and financial statements of a service business;
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
• describe the accounting practices particular to sales tax (e.g., accounts required, financial statement
presentation);
Learning Goals:
 Describe what a ‘journal’ is and why it is necessary in accounting
 Be able to journalize a transaction, using proper accounting procedures
 Summarize the different types of Source Documents and their corresponding journal
entries
 Be able to journalize transactions that include sales tax (HST)
Success Criteria
 I can explain what a journal is and why it is used
 I can journalize a transaction
 I understand proper journal form
 I can journalize a transaction based on the type of Source Document
 I can properly journalize transactions involving HST
Chapter 7: Posting
Curriculum Expectations:
•record transactions using the journals and ledgers of a service business;
•prepare a trial balance and the financial statements for a service business;
Learning Goals:
 Describe what “posting” is and why it is necessary in accounting
 Describe the steps in the posting process
 Use a three column account proficiently
 Use the 4 ‘Quick Tests’ to solve an out-of-balance trial balance
Success Criteria
 I can explain what posting is
 I can outline the steps in the posting process
 I understand how to use a three column account in the ledger
 I know the 4 ‘Quick Tests’ to solve an out-of-balance trial balance and can apply
each step with success
BAF3M: Accounting
Mr. Ruston
Unit 4: The Work Sheet and Financial Statements
Chapter 8: The Work Sheet and Financial Statements
Curriculum Expectations:
• prepare a trial balance and the financial statements for a service business;
• evaluate the financial status of a business by analyzing performance measures and financial statements;
• demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising
business;
Learning Goals:
 Proper completion of a 6 column Work Sheet
 Comparative Income Statements: Trend Analysis and Common-Size
 Classified Balance Sheet
 Comparative Balance Sheets: Trend Analysis and Common Size
Success Criteria
 I can properly complete a 6 column work sheet, under a net income or net loss
situation
 I can state the purpose of a work sheet and how it is used by accounting
professionals
 I can use trend analysis to show financial data of a company in a meaningful way
 I can create common size income statements and common size balance sheets
to compare the finances of two companies
 I can proper classify balance sheet accounts (Current/Fixed Assets,
Current/Long-Term Liabilities)
 I can create a Classified Balance Sheet in Report Form
Chapter 9: Completing the Accounting Cycle
Curriculum Expectations:
 record adjusting and closing entries for a service business (e.g., prepaid expenses, amortization,
accruals);
 describe the impact of year-end procedures, including adjusting and closing entries, on the
financial statements of a service business;
Learning Goals:
 create the adjusting entries for supplies, prepaid expenses and late arriving invoices
 complete the 8 Column Work Sheet
 state why closing entries are necessary
 journalize the closing entries
 post the closing entries to the ledger
 create a post closing trial balance
Success Criteria
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I can properly journalize the adjusting entry for supplies
I can properly journalize the adjusting entry for prepaid expenses
I can properly journalize the adjusting entry for late arriving invoices
I can properly complete the 8 Column Work Sheet
I can state the difference between real and nominal accounts
I can describe the end-of-period procedure
I can create the proper closing journal entries (using REID)
I can post the closing entries to a ledger
I can create a post closing trial balance
BAF3M: Accounting
Mr. Ruston
Chapter 11’s Learning Goals
Can you?
 Define Merchandising Business
 Define Merchandise Inventory
 Determine cost of goods sold using the formula
beg inv + purchases – end inv = COGS
 Define Gross Profit
 Determine Gross Profit using a formula
(net) Sales – COGS = Gross Profit
 Define Purchases
 Determine Net Purchases
 Determine Net Sales
 Journalize the Purchase of inventory
 Journalize the Sale of inventory
 Complete a Work Sheet for a Merchandising Business
 Create the closing entries for a Merchandising Business
 Create a Multi-Step Income Statement