STUDENT INFORMATION SHEET / OUTLINE OF COURSE OF STUDY
School: St. Benedict Catholic Secondary School
Department: Business and Co-Operative Education
Program Head: Kathy Helm
Ministry Document: The Ontario Curriculum, Grades 11 and 12, Business Studies, 2000
Course Title: Principals of Financial Accounting
Course Type: University/College Preparation
Grade: 12
Course Code: BAT 4MI
Credit: One
Prerequisite: BAF 3MI
Teacher(s): Mrs. C. Ratz
Date: July 2002
Textbook:: Meigs, Meigs, Lam. Accounting: The Basis for Business Decisions. Replacement Cost: $75.00
Course Description: This course emphasizes study of accounting principles related to financial
statements. Students will learn about ways in which information in these statements is used in
making business decisions, and about the effects on financial statements of using different
methods of inventory valuation and adjusting and reversing entries. Students will also study
various means of financing a business and ways in which the strength of a corporation can be
determined through the reading of its annual report.
How This Course Supports the Ontario Catholic Graduate Expectations:
Activities in this course will provide students with opportunities to develop essential skills related
to communication, teamwork, decision-making and critical thinking. The class will explore
issues connected to ethics in business and responsible corporate citizenship. Students will
constantly be encouraged to strive for excellence, originality and integrity in their own work and
to support these qualities in the work of others.
How this Course Supports the competencies of Choices Into Action:
Business constitutes a large section of the economy and educational and career opportunities
related to business are many and varied. Students will be encouraged to explore careers in
management, marketing, finance, logistics, human resources or information technology.
Business education can also provide students with a range of communication skills and
knowledge that is valued in other areas of employment. Teachers can help students identify
ways in which their involvement in business and knowledge of computer applications enhances
their suitability for a wide range of occupations. Accounting opens the doors for many
professions.
Revised July 2002
1.
Overall Expectations for Student Learning
Through this course, students will be expected to demonstrate knowledge, skills and values related to
the following Strands and Overall expectations:
GAAP’s and The Accounting Cycle
Short Term Assets


Demonstrate an understanding of
accounting principles and practices
Demonstrate an understanding of the
accounting cycle for a service
company and a merchandising
company
Explain the need for internal financial
controls in a business


Inventory
Demonstrate an understanding of

accounting principles and practices
Explain accounting procedures for

inventories


Capital Assets

Demonstrate an understanding of accounting
principles and practices
Assess methods of accounting for capital assets

Financing Corporations and Partnerships
Demonstrate an understanding of

accounting principles and practices
Financial Analysis and Accounting Issues


Demonstrate an understanding of
partnership financing
Demonstrate an understanding of
corporation financing
Compare alternative forms of
financing


2.
Demonstrate an understanding of accounting
principles and practices
Explain accounting procedures for short-term
assets

Analyse the ways in which service,
merchandising and manufacturing companies
interpret financial statements
Assess the financial strength and weakness of a
company on the basis of its annual report
Demonstrate the use of accounting techniques
to analyse and compare accounting data
Demonstrate an understanding of
contemporary issues in accounting


Expectations re: Learning Skills
It is expected that students will also demonstrate the following: (this is not intended to be an exhaustive
list)
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


Ability to work independently
Be organized in their work
Have effective work habits
Ability to think critically and creatively




Ability to work in teams to solve problems
Take personal initiative in completing work
Show responsible citizen behaviour
Be able to communicate effectively
Learning skills will be assessed accurately and rigorously according to criteria, which have been clearly
communicated to students and will be reported separately from student achievement of the curriculum
expectations.
Revised July 2002
The student’s demonstrated learning skills in each course will be evaluated using the four-point scale
(E-excellent, G-Good, S-Satisfactory, N-Needs Improvement) and will be separated from the reporting of
achievement.
3.
Supports For Higher Learning:
Whenever accommodations are made to address student learning needs, or alternative or modified
expectations are identified for a student, these accommodations, modifications, or alternative
expectations will be outlined in an IEP and will be communicated to parents.
4.
Course Breakdown & Assessment and Evaluation Strategies
Unit Title / Description
Unit 1
Unit 2
Unit 3
Unit 4
GAAP’s and The Accounting Cycle
 review
Short Term Assets
 GAAP’s
 Accounting procedures for short-term assets
 Effect of credit-rating and regulating agencies
 Journalizing all types of sales
 Purpose of a promissory note
 Analyzing costs and risks of selling on credit
Inventory
 GAAP’s
 Record transactions, using computer software for a service and a
merchandising business
 Characteristics of periodic and perpetual inventory
 Different methods of inventory valuation (i.e. FIFO)
 Effects of inventory valuation on financial statements, including
effects of errors
 Role of technology in the management and control of inventory
Capital Assets
 GAAP’s
 Methods used to safeguard the assets of a business (i.e.,
copyright)
 Alternative methods of amortization and effect on financial
statements
 Methods of accounting for capital assets (i.e., tangible, intangible
and natural resources)
 Costing procedures for plant and equipment, natural resources
and intangibles
 Understand amortization and depletion (i.e., methods, revisions
and disposals)
Assessment &
Evaluation Strategies
A variety of assessment
strategies will be used
throughout the entire course
including the following:
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




Pen and paper tests
Computer-based
assignments
Written assignments
Case studies
Oral presentations
Homework checks and
quizzes
Teacher and student
checklists/rubrics
Revised July 2002
Unit 5
Unit 6
Final
Evaluation
Financing Corporations and Partnerships
 Review partnership accounting
 Explain corporate accounting
 Statement of Retained Earnings, Shareholders equity section of
the Balance Sheet
 Financial impact of admitting a new partner and retirement of a
current partner
 Different methods of investing in a partnership
 Financial structure of a corporate organization
 Use of notes payable as a source of funds
 Features of preferred and common stocks, IPO, advantages,
disadvantages of public share ownership
 Debt financing vs. equity financing
 Alternative sources of funding available to business and longterm borrowing
Financial Analysis and Accounting Issues
 Distinguish between financial statements of a service,
merchandising and a manufacturing business
 Annual reports – common sections, differences, current and
projected financial strength of a corporation
 Role and impact of accounting information in decision making
 Financial status of accompany using comparative information,
trend analysis, ratios, common size statements
 Using technology to gather, classify and process financial data
and presenting summaries of accounting information
 Impact of ethical and environmental issues on methods and
practices in accounting
Written Examination
Final
Evaluation
5.
Key Dates, Special Events and Additional Considerations:
These will be determined and announced by the subject teacher.
6.
Teaching/ Learning Strategies:
Students are encouraged to help each other but remember that helping is not copying
someone else’s work. This will be considered cheating and treated according to the school
policy and the expectations would be deemed to be incomplete.
Revised July 2002
7. Assessment and Evaluation of Student Learning
Student achievement of the learning expectations will be evaluated according to the following
breakdowns:
WEIGHTING (%)
TERM
FINAL
EVALUATION EVALUATION
ACTIVITY
25
25
CATEGORIES OF
KNOWLEDGE, SKILLS AND VALUES
Knowledge / Understanding
Thinking / Inquiry
Communication
Application / Making Connections
BREAKDOWN OF FINAL MARK
8.
Learning Resources:
9.
School, Department and Classroom Policies:
25
25
25
25
25
25
70%
30%
=100%
The following policies apply to this course:
Assignments are due at the beginning of class on the date assigned and should be
presented in a professional manner.
Except in extenuating circumstances, when discussed in advance with the teacher,
assignments will not be accepted more than three (3) days after the due date and these
assignments will be considered incomplete.
Water bottles will be allowed in the classroom, but never near the computers. No other
drink or food is allowed.
Personal audio equipment is not allowed in the classroom.
Students are expected to have their text book, binder, a pencil, and calculator at the
beginning of each class.
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Revised July 2002
Revised July 2002