Unit--Chapters 1, 2, 3: Accounting in Action, The Recording Process,
Adjusting the Accounts
Learning Goal (s):
By the end of this unit, I will:
 understand the importance of accounting, financial statements, and accounting standards
 understand the recording process
 understand the process of adjusting the accounts
Success Criteria:
 Explain what accounting is, identify users and explain uses of accounting.
 Demonstrate an understanding of why ethics is a fundamental business concept.
 Compare different forms of business organizations and explain how accounting standards apply to each.
 State and utilize the basic accounting equation; explain the meaning of assets, liabilities, owner’s equity.
 Calculate the effect of business transactions on the basic accounting equation.
 Understand what the four financial statements are, how they are prepared and the objective of financial
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reporting.
Review changes to Accounting Professions (CPA Designation) and explain the purpose of IFRS and
understand the difference in the change in GAAPs.
----------------------Explain what an account is and how it helps in the recording process.
Define debits and credits and illustrate how they are used to record business transactions.
Describe the basic steps in the recording process; explain what a journal entry is and demonstrate how to
journalize a business transaction.
Explain what a ledger is, what posting is, and how each help in the recording process.
Explain the purpose of and prepare a trial balance.
----------------------Explain the time period assumption, revenue and expense recognition.
Distinguish between and explain the cash and accrual basis of accounting.
Explain why and distinguish when adjusting entries are needed.
Identify and prepare adjusting entries for prepayments and accruals.
Describe purpose of and prepare an adjusted trial balance.
Prepare financial statements from the adjusted trial balance.
I know I am successful
when I can:
Assignment
Assessment
Method
Category
Overall
Expectation
Addressed
 explain what accounting is,
identify users & explain uses of
accounting.
 demonstrate an understanding of
why ethics is a fundamental
business concept.
 compare different forms of
business organizations and
explain how accounting
standards apply to each.
 review changes to Accounting
Professions (CPA) & explain
purpose of IFRS & understand
the difference in the change in
GAAPs.
 state and utilize the basic
Read Chp. 1 pp. 4-25
Chp 1 Review Activity
BE1-1, 2, p. 32
E1-4, 5, 6, 7 p. 37-38
Formative
Knowledge Sept 9
Formative
Thinking
Sept 10-11
accounting equation & explain
the meaning of A, L, & OE.
 calculate the effect of business
transactions on the basic
accounting equation.
 understand what the four
financial statements are, how
they are prepared and the
objective of financial reporting.
Continuing Cookie Chronicle
Culminating Activity
 explain what an account is and
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how it helps in the recording
process.
define debits and credits and
illustrate how they are used to
record business transactions.
describe the basic steps in the
recording process; explain what a
journal entry is and demonstrate
how to journalize a business
transaction.
explain what a ledger is, what
posting is, and how each help in
the recording process.
explain the purpose of and
prepare a trial balance.
Continuing Cooke Chronicle
Culminating Activity
Formative
Knowledge Sept 11
Parts a to f, p. 44-45
Summative
Read Chp. 2 pp. 50-69
Formative
Knowledge Sept 14
Hand in S15

Knowledge Sept 14
E2-1, 2, 6, p. 79-81
Formative
Application
Sept 14-15
P2-3A, p. 85
Formative
Application
Sept 15
Parts a, b, c p.90-91
plus Income
Statement, Statement
of OE, Balance Sheet
Summative
Application
Read Chp. 3
pp. 97-115
Formative
Sept 16-17
Library
Computers
 explain the time period
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assumption, revenue and
expense recognition.
distinguish between and explain
the cash and accrual basis of
accounting.
explain why and distinguish when
adjusting entries are needed.
identify and prepare adjusting
entries for prepayments and
accruals.
describe purpose of and prepare
an adjusted trial balance.
prepare financial statements from
the adjusted trial balance.
Continuing Cooke Chronicle
Culminating Activity
Thinking
Sept 18
BE3-1, 3, 4,5, 9, 10, 11 Formative
pp. 127-129
Application
E3-1, p. 130
P3-3A, pp. 134-135
Formative
Thinking &
Application
Parts a to e, p. 140-41
Summative
Application
Summative
Review
Knowledge Fri. Sept. 25
Application
Review & Test Outline
Chapter 1, 2, 3 Test