COURSE TITLE
Accounting 1
LENGTH
Full Year
Grades 10 – 12
DEPARTMENT
Business Education
Barbara O’Donnell, Supervisor
SCHOOL
Rutherford High School
DATE
Spring 2015
Accounting 1
Page 1
Accounting I
I.
Introduction/Overview/Philosophy
The Accounting 1 curriculum is designed to provide students with the knowledge and skills necessary for a
solid understanding of accounting principals. When you consider today's entrepreneurial economic climate,
this course is extremely useful for anyone who plans on working in business, starting their own business, or
who simply wants a good understanding of basic finances. This course introduces accounting for business
and personal use, and serves as a good foundation for business opportunities, employment, and postsecondary studies in all areas of business. Topics covered include cash control, payroll, financial statements,
the accounting cycle, and fundamentals of bookkeeping.
Using the “language of business,” students will assemble and analyze, process, and communicate essential
information about financial operations. The basic financial statements are presented—balance sheet and
income statement. Students are exposed to the recording, summarization, and presentation of financial
information and methods of analyzing these statements.
Students learn accounting concepts and principles in a logical step-by-step manner. The students will do
extensive problem work and a practice set. Significant emphasis is placed on application of both manual and
computerized accounting, using QuickBooks and Excel.
II.
Objectives
Course Outline:
A.
Accounting in a Private Enterprise Economy
1.
Describe the role of accounting in a private enterprise economy
2.
Recognize the major organizations that influence accounting practices
3.
Describe the variety of jobs in accounting and the education needed for each type of job
B.
Accounting Cycle
1.
Start an accounting system by preparing a beginning balance sheet
2.
Introduce the fundamental elements of accounting—assets, liabilities, and capital
3.
Record changes in asset and liability accounts
4.
Learn the theory of debit and credit for increases and decreases
5.
Analyze journal transactions including the use of special journals
6.
Record income and expenses
7.
Learn and understand the relationship of the sales and expense accounts to the proprietorship
section of the ledger
8.
Apply the theory of debit and credit to the income and expense accounts
9.
Post from the columnar journal after the transactions for the period have been journalized
10.
Balance the columnar journal and prove the cash account balance
11.
Prove and post the column totals
12.
Prepare the trial balance as a separate two-column report to prove the accuracy of posting
13.
Understand the limitations of the trial balance as a source of “proof”
14.
Prepare the six column worksheet to determine the income or loss for the fiscal period
15.
Prepare the income statement and the balance sheet from information on the worksheet
16.
Analyze and interpret the information on the financial statements
17.
Close the ledger including understanding the procedures involved in preparing and posting
closing entries and balancing and ruling the ledger accounts
18.
Prepare the post-closing trial balance
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C.
Cash Control Systems
1.
Reconcile bank statements
2.
Open and prepare checking accounts
3.
Journalize service charges
4.
Establish and replenish petty cash
5.
Expand the worksheet to provide for making adjustments
a. Introduce the eight-column worksheet
b. Analyze and adjust supplies, prepaid insurance, and merchandise inventory accounts
6.
Understand and analyze internal control systems
7.
Analyze both receivables and payables and make allowances for each
8.
Prepare financial statements from the eight-column worksheet
9.
Expand the income statement to include a “Cost of Merchandise Sold” section
10.
Distribute the income statement
11.
Understand the role of the chart of accounts
12.
Expand and analyze the balance sheet to include present capital needs to be calculated and
itemized
13.
Prepare adjusting and closing entries from the worksheet
14.
Post adjusting and closing entries to appropriate ledger accounts.
15.
Prepare the post-closing trial balance using this additional information
D.
Payroll Records, Taxes, and Reports
1.
Define and identify accounting terms related to payroll records
2.
Calculate employee earnings and deductions
3.
Complete payroll records
4.
Prepare payroll checks
5.
Identify accounting concepts and practices related to payroll accounts, taxes, and reports
6.
Analyze, journalize, and post payroll transactions
7.
Prepare payroll reports
E.
Accounting Systems
1.
Explain the purpose and characteristics of special journals
2.
Define subsidiary ledger
3.
Record business transactions in a sales journal, purchase journal, cash receipts journal, and
cash payments journal and a general journal
4.
Post from the journals to a general ledger and subsidiary ledger
Student Outcomes:
After successfully completing this course, the student will:
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define accounting and explain the effects on the business world.
develop an understanding of accounting terms, principles, and theories.
use appropriateness in their selection and use of accounting terminology.
describe the role accounting plays in planning, controlling and decision-making by management.
explain the accounting cycle including how information flows, the accounting equation, usage of debits
and credits, and adjusting and closing requirements.
identify and create the basic financial statements used in a business and explain how the statements
interrelate.
interpret the data presented in financial statements.
Accounting 1
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describe the objectives of internal control and define the elements of an internal control system especially
as it relates to cash.
describe the classifications of receivables and the nature of and the accounting for the uncollectible
accounts receivables.
identify current liabilities including payroll liabilities for employees and employers and prepare and
analyze payroll reports.
describe long-term liabilities and stockholder's equity and explain the effects on financial decisions.
analyze and solve application problems using mathematical ideas/techniques and accounting principals.
use accounting information to examine alternatives and draw conclusions.
apply technology including the use of integrated accounting software to the accounting processes.
New Jersey Core Curriculum Content Standards
CAREER READY PRACTICES
CRP1
CRP2
CRP4
CRP5
CRP8
CRP9
CRP10
CRP11
Act as a responsible and contributing citizen and employee.
Apply appropriate academic and technical skills.
Communicate clearly and effectively and with reason.
Consider the environmental, social and economic impacts of decisions.
Utilize critical thinking to make sense of problems and persevere in solving them.
Model integrity, ethical leadership and effective management.
Plan education and career paths aligned to personal goals.
Use technology to enhance productivity.
TECHNOLOGY
Standard 8.1: Educational Technology: All students will use digital tools to access, manage, evaluate, and
synthesize information in order to solve problems individually and collaboratively and to create and
communicate knowledge.
Strand A: Technology Operations and Concepts
Strand F: Critical Thinking, Problem Solving, and Decision Making
21ST CENTURY LIFE AND CAREERS
Standard 9.1: Personal Financial Literacy
Strand B: Money Management
Strand C: Credit and Debt Management
Standard 9.3: Career and Technical Education - Business Management and Administration Career Cluster
9.3.12.BM.1 Utilize mathematical concepts, skills and problem solving to obtain necessary
information for decision-­‐making in business.
9.3.12.BM.5 Implement systems, strategies and techniques used to manage information in a business.
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9.3.ST-SM.4 Apply critical thinking skills to review information, explain statistical analysis, and to
translate, interpret and summarize research and statistical data.
Standard 9.3: Career and Technical Education – Finance - Accounting Career Cluster (FN-ACT)
9.3.12.FN-ACT.1 Describe and follow laws and regulations to manage accounting operations and
transactions
9.3.12.FN-ACT.2 Utilize accounting tools, strategies and systems to plan, monitor, manage and
maintain the use of financial resources.
9.3.12.FN-ACT.3 Process, evaluate and disseminate financial information to assist business decision
making.
9.3.12.FN-ACT.4 Utilize career-planning concepts, tools and strategies to explore, obtain and/or
defelop an accounting career.
COMMON CORE STANDARDS LANGUAGE ARTS LITERACY
CCSS.ELA-Literacy.RI.11-12.1 Cite strong and thorough textual evidence to support analysis of what the
text says explicitly as well as inferences drawn from the text, including determining where the text leaves
matters uncertain.
CCSS.ELA-Literacy.RI.11-12.7 Integrate and evaluate multiple sources of information presented in different
media or formats (e.g., visually, quantitatively) as well as in words in order to address a question or solve a
problem.
CCSS.ELA-Literacy.W.11-12.1 Write arguments to support claims in an analysis of substantive topics or
texts, using valid reasoning and relevant and sufficient evidence.
CCSS.ELA-Literacy.W.11-12.2 Write informative/explanatory texts to examine and convey complex ideas,
concepts, and information clearly and accurately through the effective selection, organization, and analysis of
content.
CCSS.ELA-Literacy.W.11-12.3 Write narratives to develop real or imagined experiences or events using
effective technique, well-chosen details, and well-structured event sequences.
CCSS.ELA-Literacy.W.11-12.4 Produce clear and coherent writing in which the development, organization,
and style are appropriate to task, purpose, and audience.
CCSS.ELA-Literacy.W.11-12.5 Develop and strengthen writing as needed by planning, revising, editing,
rewriting, or trying a new approach, focusing on addressing what is most significant for a specific purpose
and audience.
CCSS.ELA-Literacy.W.11-12.6 Use technology, including the Internet, to produce, publish, and update
individual or shared writing products in response to ongoing feedback, including new arguments or
information.
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CCSS.ELA-Literacy.W.11-12.7 Conduct short as well as more sustained research projects to answer a
question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when
appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under
investigation.
CCSS.ELA-Literacy.SL.11-12.1 Initiate and participate effectively in a range of collaborative discussions
(one-on-one, in groups, and teacher-led) with diverse partners on grades 11–12 topics, texts, and issues,
building on others’ ideas and expressing their own clearly and persuasively.
CCSS.ELA-Literacy.SL.11-12.2 Integrate multiple sources of information presented in diverse formats and
media (e.g., visually, quantitatively, orally) in order to make informed decisions and solve problems,
evaluating the credibility and accuracy of each source and noting any discrepancies among the data.
CCSS.ELA-Literacy.SL.11-12.4 Present information, findings, and supporting evidence, conveying a clear
and distinct perspective, such that listeners can follow the line of reasoning, alternative or opposing
perspectives are addressed, and the organization, development, substance, and style are appropriate to
purpose, audience, and a range of formal and informal tasks.
CCSS.ELA-Literacy.SL.11-12.5 Make strategic use of digital media (e.g., textual, graphical, audio, visual,
and interactive elements) in presentations to enhance understanding of findings, reasoning, and evidence and
to add interest.
CCSS.ELA-Literacy.L.11-12.1 Demonstrate command of the conventions of standard English grammar and
usage when writing or speaking.
CCSS.ELA-Literacy.L.11-12.2 Demonstrate command of the conventions of standard English capitalization,
punctuation, and spelling when writing.
COMMON CORE STANDARDS MATHEMATICS
High School—Number and Quantity
N-Q.1
High School—Number and Quantity: Quantities Reason quantitatively and use units to solve problems. Use
units as a way to understand problems and to guide the solution of multi-step problems; choose and interpret
units consistently in formulas; choose and interpret the scale and the origin in graphs and data displays.
N-Q.2
High School—Number and Quantity: Quantities Reason quantitatively and use units to solve problems.
Define appropriate quantities for the purpose of descriptive modeling.
III.
Proficiency Levels
This course is open to grades 10–12.
Accounting 1
IV.
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Methods of Assessment
Student Assessment
The teacher will provide a variety of assessments during the course of the year. The assessment may include
but is not limited to: chapter and unit tests and quizzes, simulations, application problems, homework, and
case studies.
Curriculum/Teacher Assessment
The teacher will provide the subject area supervisor with suggestions for changes on an ongoing basis.
V.
Grouping
There are no prerequisites for this course.
VI.
Articulation/Scope & Sequence/Time Frame
Course length is one year and is offered to students in grades 10-12.
VII.
Resources
Texts/Supplemental Reading/References
Century 21 Accounting by Claudia Bienias-Gilbertson and Mark W. Lehman, South-Western, 2008
Computer Simulations can include but are not limited to: Ricco Sanchez, Quickbooks and/or Excel.
VIII. Suggested Activities
Presentations from representatives from colleges that offer programs in accounting and other guest speakers
from industry, including local entrepreneurs, are appropriate for the students in this course.
IX.
Methodologies
The following methods of instruction are suggested: lecture, working in groups/working with a partner,
Google docs, demonstration, case studies, and simulations.
X.
Interdisciplinary Connections
This course incorporates real-world math and writing skills as well as computer literacy.
XI. Differentiating Instruction for Students with Special Needs: Students with
Disabilities, English Language Learners, and Gifted & Talented Students
Differentiating instruction is a flexible process that includes the planning and design of instruction, how that
instruction is delivered, and how student progress is measured. Teachers recognize that students can learn in
multiple ways as they celebrate students’ prior knowledge. By providing appropriately challenging learning,
teachers can maximize success for all students.
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Examples of Strategies and Practices that Support:
Students with Disabilities
• Use of visual and multi-sensory formats
• Use of assisted technology
• Use of prompts
• Modification of content and student products
• Testing accommodations
• Authentic assessments
Gifted & Talented Students
• Adjusting the pace of lessons
• Curriculum compacting
• Inquiry-based instruction
• Independent study
• Higher-order thinking skills
• Interest-based content
• Student-driven
• Real-world problems and scenarios
English Language Learners
• Pre-teaching of vocabulary and concepts
• Visual learning, including graphic organizers
• Use of cognates to increase comprehension
• Teacher modeling
• Pairing students with beginning English language skills with students who have more advanced
English language skills
• Scaffolding
•word walls
•sentence frames
•think-pair-share
•cooperative learning groups
XII.
Professional Development
The teacher will continue to improve expertise through participation in a variety of professional development
opportunities.
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XIII. Curriculum Map
Class
Accounting I
September
October
November
December
January
Define The Language
of Business
• Explain the role of
accounting in
making business
decisions
• Identify the uses of
accounting
information
• Describe accountants
in our society
• State the financial
objectives of a
business
• Describe the income
statement, capital
statement, and
balance sheet
Discuss Business
Transactions
• Describe a ledger
and the ledger
account
• Use the “T”
accounts to analyze
business
transactions
• Define the rules of
debit and credit
Recording Business
Transactions
• Record business
transactions that
effect assets,
liabilities, owner’s
equity, revenue
and expenses
• Record business
transactions in a
two-column
journal
• Post to the ledger
accounts
• Prepare a trial
balance and an
income statement
The General Journal
and the General
Ledger
• Set up general
ledger accounts
• Define and create a
chart of accounts
• Post to the ledger
• Calculate account
balances
Adjustments and the
Worksheet
• Calculate
adjustments
• Record adjustments
in a 10 column
worksheet
• Prepare a postclosing trial
balance
• Prepare financial
statements after the
adjustments have
been made
Closing Entries
• Explain the
purpose of
adjusting, closing
and reversing
entries
• Journalize
adjusting, closing,
and reversing
entries
Completion of the
Accounting cycle
• Prepare a
worksheet given
the appropriate
accounting date
• Prepare financial
statements from a
completed
worksheet
Accounting for
Sales and
Accounting
Receivables
• Describe the
purpose and
characteristics of
special journals
• Record business
transactions in a
sales journal
Accounting for
Purchases and
Accounts Payable
• Describe the purpose
of the purchase
journal
• Determine the cost
of goods sold
• Prepare a worksheet
• Prepare an income
statement for a
merchandising
business
Accounting 1
Class
Accounting I
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February
Accounting for Cash
Receipts and Cash
Payments
• Describe the
purpose of the
cash receipts
journal
• Describe methods
of controlling and
recording cash
receipts and cash
payments
• Explain the
objectives of
efficient cash
management
• Describe the
controls associated
with the asset cash
• Records business
transactions in the
cash receipts
journal and
deposits to the
ledger and
subsidiary ledger
March
April
Payroll and Payroll
Accruals, Deferrals,
Transactions
and the Worksheet
• Calculate gross pay • Explain how to
adjust merchandise
• Calculate overtime
inventory and show
rate and pay
how to enter the
• Calculate FICA tax
adjustments on the
• Calculate federal
worksheet
income tax
• Calculate Medicare • How to compute
adjustments for
tax
accrued and
• Calculate net pay
deferred expenses
• Calculate
and how to enter
employer’s taxes
the adjustments on
• Complete W-2
the worksheet
• Journalize payroll
• Show how to
taxes for both
compute
payment and
adjustments for
recording purposes
accrued and
• Prepare a payroll
deferred income
register
May
June
Classified Income
Statement and
Classified Balance
Sheet
• Introduce the
classified income
statement and how
to use the
worksheet to
prepare it
• Show how to use
the worksheet to
prepare a statement
of owner’s equity
• Introduce the
classified balance
sheet and show
how to use the
worksheet to
prepare it
• Show how to
journalize and post
closing entries
• Show how to
complete a post
closing trial
balance and entries
• Show how to
journalize and post
reversing entries
Inventories
• Define
merchandise
inventory and
show the effects of
inventory
understatement and
overstatement on
income
determination
• Expand the income
statement to
include a cost of
goods sold section
• Identify the effects
that each cost flow
assumption has on
the financial
statements