ADVANCED ACCOUNTING MAP- 2010 Content (what students must know) Standards Skills (what students must be able to do) Projects and assignments Assessments (evidence of student learning) September Ch.1- Introduction to Accounting Ch.2- Analyzing Transactions: The Accounting Equation A1.0, A1.2 LO1 Describe the purpose of accounting. LO2 Describe the accounting process. . LO3 Define three types of business ownership structures. LO4 Classify different types of businesses by activities. LO5 Identify career opportunities in accounting. Resume Prepare for internships interview- workshop October Ch.3- The Double-Entry Framework Ch. 4- Journalizing and posting transactions A1.0, A1.2, A1.4, LO1 Define the accounting elements. LO2 Construct the accounting equation. LO3 Analyze business transactions. LO4 Show the effects of business transactions on the accounting equation. LO5 Prepare and describe the purposes of a simple income statement, statement of owner’s equity, and balance sheet LO5 Use T accounts to analyze transactions. LO6 Prepare a trial balance and explain its purposes and linkages with the financial statements 1. Explore career accounting project 2. Workbook exercises 3. Study guide Quizzes Chapter tests Self-assessment November Ch.4- continued Ch.5- Adjusting entries and the worksheet December Ch. 6- Financial statements and the closing process Ch.7- Accounting for cash Business Ethics A1.0, A1.2, A1.4 A1.0, A1.2, A1.4, LO1 Describe and explain the purpose of source documents. LO2 Journalize transactions. LO3 Post to the general ledger and prepare a trial balance. LO4 Prepare end-of-period adjustments. LO5 Prepare a work sheet. LO6 Describe methods for finding errors on the work sheet. LO7 Journalize adjusting entries. LO8 Post adjusting entries to the general ledger. LO9 Explain the cash, modified cash, and accrual bases of accounting. LO1 Prepare financial statements with the aid of a work sheet. LO2 Journalize and post closing entries. LO3 Prepare a post-closing trial balance. LO4 List and describe the steps in the accounting cycle. 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment Content Standards A1.0 Students understand the basic principles and procedures of the accounting cycle: A1.2 Examine, analyze, and categorize financial transactions. A1.4 Prepare, analyze, and interpret financial statements for various business entities. A2.0 Students understand and apply accounting principles and concept: A2.1 Understand how to identify current and long-term assets and liabilities. A2.2 Apply appropriate concepts and techniques to account for equity investments and withdrawals for sole proprietorships, partnerships and corporations. A2.5 Use basic concepts of financial analysis to interpret financial statements. A3.0 Students understand governing agencies and the typical development and structure of various business organizations and the risks and benefits of each. A4.0 Students understand how basic principles of internal control systems relate to the accounting cycle. LO5 Describe how to open and use a checking account. January Ch.8- Payroll accounting Employee earnings and deductions Ch.9- Payroll accounting : Employer taxes and reports A1.0, A1.2, A1.4, LO2 Calculate employee earnings and deductions. LO3 Describe and prepare payroll records. LO4 Account for employee earnings and deductions LO5 Describe and calculate employer payroll taxes. LO6 Account for employer payroll taxes expense. LO7 Describe employer reporting and payment responsibilities. LO6 Prepare a bank reconciliation and related journal entries. LO7 Establish and use a petty cash fund Business Ethics project 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment A4.1 Understand a variety of internal control measures. A4.2 Know cash management techniques February Content (what the students must know) Theme Grammar Depreciation Methods Statement of Cash Flows Internal Controls Standards A1.0, A1.2, A1.4, A2.0, A.2.2, A2.5, A3.0, A4.0, A4.1 A4.2 Skills (what students must be able to do) LO1 Describe merchandise sales transactions. LO2 Describe and use merchandise sales accounts. LO3 Describe and use the accounts receivable ledger. LO4 Prepare a schedule of accounts receivable. Projects and assignments Assessments (evidence of student learning) Content Standards 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment Advanced Accounting Curriculum Map- 2010 March April Ch. 10- Accounting for Sales Ch.13- Accounting for and Cash Receipts Merchandise Inventory Ch.11- Accounting for Perpetual Inventory Method: Purchases and Cash Payments LIFO and Moving-Average Ch.12- Special Journals Methods A1.0, A1.2, A1.4, A2.0, A.2.2, A2.5, A3.0, A4.0, A4.1 A4.2 LO1 Define merchandise purchases transactions. LO2 Describe and use merchandise purchases accounts and compute gross profit. LO3 Describe and use the accounts payable ledger. LO4 Prepare a schedule of accounts payable LO5 Describe, explain the purpose of, and identify transactions recorded in special journals. LO6 Describe and use the sales journal. LO7 Describe and use the cash receipts journal. LO8 Describe and use the purchases journal. LO9 Describe and use the cash payments journal. 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment A1.0, A1.2, A1.4, A2.0, A.2.2, A2.5, A3.0, A4.0, A4.1 A4.2 LO1 Explain the impact of merchandise inventory on the financial statements. LO2 Describe the two principal systems of accounting for merchandise inventory—the periodic system and the perpetual system. LO3 Compute the costs allocated to the ending inventory and cost of goods sold using different inventory methods. LO4 Estimate the ending inventory and cost of goods sold by using the gross profit and retail inventory methods- 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment May Ch.14- Adjustments and the Work Sheet for a Merchandising Business Ch.15- Financial Statements and Year-End Accounting for a Merchandising Business A1.0, A1.2, A1.4, A2.0, A.2.2, A2.5, A3.0, A4.0, A4.1 A4.2 LO1 Prepare an adjustment for merchandise inventory using the periodic inventory system. LO2 Prepare an adjustment for unearned revenue. LO3 Prepare a work sheet for a merchandising business. June Business simulation A1.0, A1.2, A1.4, A2.0, A.2.2, A2.5, A3.0, A4.0, A4.1 A4.2 Students will apply all previous learning objectives in a business simulation LO4 Journalize adjusting entries for a merchandising business. LO5 Prepare adjusting journal entries under the perpetual inventory system LO1 Prepare a single-step and multiple-step income statement for a merchandising business. LO2 Prepare a statement of owner’s equity. LO3 Prepare a classified balance sheet. LO4 Compute standard financial ratios. LO5 Prepare closing entries for a merchandising business. LO6 Prepare reversing entries 1. Workbook exercises 2. Study guide Quizzes Chapter tests Self-assessment Simulation Quizzes Chapter tests Self-assessment Simulation Personal Portfolio A1.0 Students understand the basic principles and procedures of the accounting cycle: A1.2 Examine, analyze, and categorize financial transactions. A1.4 Prepare, analyze, and interpret financial statements for various business entities. A2.0 Students understand and apply accounting principles and concept: A2.1 Understand how to identify current and long-term assets and liabilities. A2.2 Apply appropriate concepts and techniques to account for equity investments and withdrawals for sole proprietorships, partnerships and corporations. A2.5 Use basic concepts of financial analysis to interpret financial statements. A3.0 Students understand governing agencies and the typical development and structure of various business organizations and the risks and benefits of each. A4.0 Students understand how basic principles of internal control systems relate to the accounting cycle.