BICU
Accounting and Finance Packet
Name
Date
Day AC BD Block
Make sure to save all items from this unit in your “Accounting and Finance” Folder on your
computer. You can save each as the activity number or title listed.
Section
Activities
Check-off
Part I: Vocabulary
1. Flash Cards
Part II: The Accounting
2. Accounting Equation Table
Equation
Part III: Financial
3. Income Statement Table
Statements
4. Balance Sheet Table
Part IV: Payroll
5. Time Cards
Part V: Excel
6. Introduction to Excel
7. Payroll Spreadsheet
8. Math Drill Worksheet
Part VI: Accounting Traits 9. Reading
Culminating Activity/Final Research
Project
Part I: Vocabulary
Activity 1 Directions:
Read the following list of vocabulary words. When you are finished, create flash cards for each
vocabulary word, writing the word on the front of your index card and the definition on the back.
Accounting: A system used to record, classify, summarize, and interpret the financial data of a
business
Assets: Anything of value that a business owns, such as cash or equipment
Balance Sheet: A financial statement that reports the balances in the company’s asset, liability,
and owner’s equity accounts at a specified period of time
Fiscal year: A 12-month accounting period
Forecast: An estimate of the future business climate
Income Statement: A financial statement that reports the revenue, expenses, and net loss or
income for a period of time
Liabilities: Anything that a business owes
Net income: The difference between total revenue (money coming in) and expenses if revenue
is greater
Net loss: The differences between expenses and total revenue if expenses are greater
Owner’s equity: The total assets of a business minus the liabilities
Return: The gain or loss that results from the investment over a specified period
BICU, Accounting and Finance, Managing Business Finances Packet, page 1
Risk: The uncertainty of gaining or losing money in an investment
Transaction: An activity that has an effect on the financial situation of a business
Part II: The Accounting Equation
Class Activity
Accounting records keep track of money coming into and going out of your business. They
provide a system for recording, classifying, summarizing and interpreting financial data. Every
transaction that takes place in the company affects this basic accounting equation.
________________ = ____________________ + _________________________
1. Give three examples of assets
a.
b.
c.
2. If you have $5,000 in assets and you owe $3,000 on those assets, how much do you own of
those assets (your owner’s equity)?
3. If you have $4500 in assets and you own $3000 of those assets, how much are liabilities?
Activity 2 Directions:
Computer Application: Calculate the missing numbers. Then create a table with the following
information. Make sure to align right the numbers in your columns. Create a title. Column
headings are centered and bolded. Remember to use all rules you have learned when typing
tables!
Assets
$3500.00
7700.00
__________
10,500.00
__________
Liabilities
$2200.00
__________
4300.00
6500.00
5100.00
Owner’s Equity
$____________
3300.00
2100.00
_____________
4900.00
BICU, Accounting and Finance, Managing Business Finances Packet, page 2
Part III – Financial Statements: Income Statement and Balance Sheet
Review Vocabulary:
Income Statement: A financial statement that reports the revenue, expenses,
and net loss or income for a period of time
Activity 3 Directions:
You are going to create an Income Statement for your company using a table in Microsoft Word.
A sample Income Statement is provided. Remember a dollar sign is only used at the top of each
column and for the total on the last line. The numbers should be right aligned in the column.
You should turn off the gridlines on the table and insert a double line under the totals. Use the
same formatting as provided in the example.
Central Cycle Repair
Income Statement
For the Month Ended June 30, 20-Revenue
Repair income
Accessories income
Total revenue
Expenses
Advertising
Rent
Utilities
Total expenses
Net Income
$1500.00
2200.00
$3700.00
500.00
1200.00
400.00
2100.00
$1600.00
Vocabulary Review
A financial statement that reports the balances in the company’s asset, liability,
and owner’s equity accounts at a specified period of time
Activity 4 Directions:
You are going to create an Income Statement for your company using a table in Microsoft Word.
A sample Income Statement is provided. Remember a dollar sign is only used at the top of each
column and for the total on the last line. The numbers should be right aligned in the column.
You should turn off the gridlines on the table and insert a double line under the totals. Use the
same formatting as provided in the example.
Assets
Cash
Tools
Equipment
Total assets
Central Cycle Repair
Balance Sheet
June 30, 20-Liabilities
$2,000.00 Accounts payable
2,500.00 Owner’s Equity
5,500.00 Ms. Heath, Capital
Total liabilities and
$10,000.00 owner’s equity
$2,000.00
8,000.00
$10,000.00
BICU, Accounting and Finance, Managing Business Finances Packet, page 3
Part IV: Payroll
Net pay: the total earnings paid to an employee after payroll taxes and other deductions
Pay period: The period covered by a salary payment
Payroll: The total amount earned by all employees for a pay period
Salary: the money paid for employee services
Total earnings (gross pay): the total pay due for a pay period before deduction
Calculating Time Cards
Some employees keep track of the hours they work on time cards. Time cards indicate the day and times
they have worked. When calculating time, round to the closest 15-minute increment. For example :07
(seven minutes of a 15-minute clock segment would be less than half) and would go back to :00. Another
example: :08 (eight minutes of a 15-minute segment would be more than half) and would advance to :15.
BICU, Accounting and Finance, Managing Business Finances Packet, page 4
Activity 5 Directions:
Compute the time cards for the following four employees—they are paid on a weekly basis. Overtime is
any time worked over eight hours for the day. You need to compute the total number of regular and
overtime hours worked per day and for the week. You also need to compute the total earnings. Overtime
is paid at time-and-a-half.
Employee: Monica
Pay period ended: July 15, 20-Date
Morning
IN
OUT
7/15
7:58
12:00
7/16
8:05
12:04
7/17
8:00
12:01
7/18
9:05
1:03
7/19
8:06
1:04
Afternoon
IN
OUT
1:01
4:59
1:10
5:15
1:01
5:01
2:00
5:59
2:02
5:03
Total Hours
Afternoon
IN
OUT
3:03
7:02
1:45
4:45
3:00
Total Hours
Regular
Overtime
5:15
7:12
5:04
6:06
Rate
x 7.15 per hour =
x 7.15 x 1.5 =
Regular
Overtime
Employee: Rachel
Pay period ended: July 15, 20-Date
Morning
IN
OUT
7/15
10:00
2:02
7/16
10:15
1:15
7/17
10:30
2:30
7/18
10:03
2:04
7/19
-----------
Overtime
IN
OUT
Overtime
IN
OUT
Hours
REG
OT
Amount
Hours
REG
OT
6:28
Rate
x 7.80 per hour =
x 7.80 x 1.5 =
Amount
BICU, Accounting and Finance, Managing Business Finances Packet, page 5
Employee: Josh
Pay period ended: July 15, 20-Date
Morning
IN
OUT
7/15
12:00
4:00
7/16
11:00
3:30
7/17
11:05
3:05
7/18
12:00
4:30
7/19
11:59
3:58
Afternoon
IN
OUT
5:01
9:04
4:32
7:35
4:02
8:06
5:01
Regular
Overtime
Afternoon
IN
OUT
1:05
6:02
1:29
5:27
2:01
5:59
2:02
6:00
1:58
6:01
Total Hours
Regular
Overtime
8:06
Hours
REG
OT
9:02
8:59
Total Hours
Employee: Matt
Pay period ended: July 15, 20-Date
Morning
IN
OUT
7/15
9:00
12:00
7/16
8:30
12:32
7/17
9:02
1:05
7/18
9:00
1:01
7/19
8:58
12:59
Overtime
IN
OUT
Rate
x 12.00 per hour =
x 12.00 x 1.5 =
Overtime
IN
OUT
5:27
5:59
Amount
Hours
REG
OT
7:30
7:01
Rate
x 8.00 per hour =
x 8.00 x 1.5 =
Amount
The rest of this page has been intentionally left blank. This page will be taken out of your
packet. .
BICU, Accounting and Finance, Managing Business Finances Packet, page 6
Part V: Microsoft Excel
Activity 6 Directions:
The activity will be based on a separate packet supplied to you by your teacher as an
Introduction to Excel
Activity 7 Directions:
You are going to use Microsoft Excel to input the payroll information from the time cards that
you previously completed.
 All column headings should be bolded and centered.
 Adjust the column width so that all information is shown (can be seen).
 Change paper to landscape (File - Page Set-up – Page Tab – Landscape)
 You will want to have the gridlines showing (File – Page Set-up – Sheet Tab – Show
gridlines)
 You will want it to appear on one page (File – Page Set-up- Page Tab – Fit to One Page
Wide by One Page Tall)
 You will want to print two copies (one with no formulas and one with formulas by
pressing the control key and the ~ key at the same time
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
The title for the spreadsheet should be Payroll – July 15, 20—
The first column (A) heading is Employee Name
The second column (B) heading is Regular Hours
The third column (C) heading is Overtime Hours
The fourth column (D) heading is Total Hours
The fifth column (E) heading is Rate
The sixth column (F) heading is Regular Pay
The seventh column (G) heading is Overtime Pay
The eighth column (H) heading is Total Earnings.
Enter each person’s name in column one
Enter each person’s regular hours in column two
Enter each person’s overtime hours in column three
Enter a formula to calculate each person’s total hours in column four
Enter each person’s rate in column five
Enter a formula to calculate each person’s regular pay in column six
Enter a formula to calculate each person’s overtime pay in column seven
Enter a formula to calculate each person’s total earnings in column eight
Activity 8 Directions:
This activity will be completed and saved in Microsoft’s Excel program. You will be using the
“Calculator Drill” sheet provided to you by your teacher. Change margins to .5 for the top and
bottom—that will keep the entire assignment to one page. Enter all of the numbers (as directed
by your teacher) then calculate the totals using formulas in Excel. Bold total lines. You will
want to print two copies – one with formulas and one with no formulas. Make sure that the
assignment appears on one page only.
BICU, Accounting and Finance, Managing Business Finances Packet, page 7
Part VI: Who Works in Accounting and Finance
The following is a list of traits that someone working in accounting or finance should possess:
1.
Mathematical skills. Workers in accounting and finance deal with the financial
information about a company. They need mathematical skills to process this information.
If their company deals with people in other countries, workers may need to understand
other currencies and accounting methods.
2.
Aptitude for detail. You have to be accurate in recording all the details of a company’s
financial affairs. These employees must be able to correct any errors and must work
neatly and have a strong sense of order.
3.
Ability to work with others. You work with people both inside and outside the company.
These employees have to be able to deal with many types of people, including those from
other cultures.
4.
Computer skills. Most work in accounting and finance departments is done with the aid
of computers. You must have excellent keyboarding skills and be familiar with a variety
of accounting software.
5.
Ability to analyze. Even though computers can work out the formulas in accounting, you
have to be able to see relationships and draw conclusions. These workers need to
understand the numbers and analyze what those numbers mean to the company’s
financial health.
Culminating Activity/Final Project
You have landed your first job in the accounting and finance field. As part of your new job, you
will be living half of the year in a foreign country. You can choose the foreign country in which
you will be working. In order to be prepared to live in that country, you will need to research
some information about the country ahead of time. You will need to prepare a project that
addresses the following: currency used, proper etiquette in the country, popular food served,
transportation, activities to do in your free time, etc.
How would you like to present your research about the country? You can choose one option from the
following listed below. In any option that you choose, you will need to provide a work cited page that
states what sources you used to complete your project. In addition, you will need to present a 3 – 5
minute presentation of your career choice to the class.
1. Complete a PowerPoint presentation
You will need to complete a PowerPoint presentation that addresses minimally the information provided
above. There will be points given for creativity and presentation. You can add color, change fonts and
styles, incorporate pictures, etc.
2. Complete a poster and a fact sheet
You will need to provide minimally the information provided above in the form of a poster and a fact
sheet. You should use a standard piece of poster board to complete your poster. There will be points
given for creativity and presentation for your poster. The fact sheet should be limited to one to two typed
pages ands should present basic information about the career that you chose.
BICU, Accounting and Finance, Managing Business Finances Packet, page 8
3. Complete a research paper
This research paper is to be well written and detailed. Produce a paper using proper English rules for
grammar, punctuation, sentence structure, spelling, and be careful to follow all rules for writing formal
research papers—no slang, contractions, plagiarism, etc. Reference materials should be listed on the
works cited page and internal notations are not needed. This paper is to be typed.
You need to follow MLA rules for typing this report. A title page (front cover) is not typically used when
typing a report using MLA style, however, yours should include the report’s title, your name, your
teacher’s name, the class name and day/block, and the current date. It can include a graphic. The title
page will need to be created in a separate document so it does not interfere with the computer’s automatic
page numbering.
4. Another idea that is approved in advance by your teacher
BICU, Accounting and Finance, Managing Business Finances Packet, page 9