Main Resources: Century 21 Accounting 7th Edition Multicolumn Journal
LEARNING GUIDE: Accounting I
Copyright: 2000
Standards:
Standard 1. Students will complete and explain the purpose of the steps of the accounting cycle.
Standard 2. Students will apply generally accepted accounting principles (GAAP) to determine the value of assets, liabilities, and equity.
Standard 3. Students will prepare, interpret, and analyze financial statements for various types of business.
Standard 4. Students will apply appropriate accounting principles to payroll, income taxation, and various forms of ownership.
Standard 5. Students will investigate accounting-related career opportunities, workplace skills, and ethics related to the field of accounting.
Crosswalks to Language Arts Academic Standards will be incorporated when updated information is completed by NDE staff.
Unit:
(days)
Accounting
Practices for
a Service
Business
organized as
a Sole
Proprietorship
(70 Days)
Standards:
Indicators:
Standard 1. Students
will complete and
explain the purpose
of the steps of the
accounting cycle.
Benchmark 1.1 Apply
concepts of analyzing
transactions and how they
relate to the accounting
equation.
Crosswalk to MA12.1.3.a
Standard 2. Students
will apply generally
accepted accounting
principles (GAAP) to
determine the value
of assets, liabilities,
and equity.
Compute accurately with real
numbers
Standard 3. Students
will prepare,
interpret, and
analyze financial
statements for
various types of
business.
Standard 4. Students
will apply
appropriate
accounting principles
to payroll, income
taxation, and various
forms of ownership.
Learning Objectives:




Benchmark 1.2 Explain the
purpose of documenting
transactions through journal
and ledger entries.
Benchmark 1.3 Prepare and
explain the purposes of each
financial statement and
describe the way they
interact.
Crosswalk to MA.12.1.3.a
Compute accurately with real
numbers




Crosswalk to MA.12.4.2.a
Compare data sets and evaluate
conclusions using graphs and
summary statistics
Benchmark 2.1 Identify
generally accepted
accounting principles
(GAAP) as applied to assets.
Benchmark 2.2 Identify
(GAAP) principles as
applied to liabilities.
Crosswalk to SS.12.2.8.a



Analyze factors that affect the
choice of credit, the cost of
credit, and the legal aspects of
using credit
Crosswalk to SS.12.2.8.b
Identify strategies of
establishing and maintaining a
good credit rating for effective
credit management (e.g.,
credit cards, auto loans,
mortgages)

Define accounting and related
concepts to explain the purpose of
the accounting system and its
relationship to business.
Analyze business transactions
using source document information
and describe the effect on the
accounting equation.
Define assets, liabilities, equity,
revenue, expenses, gains, and
losses.
Apply the concepts of debits and
credits through the use of TAccounts, normal account
balances, and the chart of accounts.
Post to the ledger and compare the
relationship between journals,
ledgers, and financial statements.
Analyze and record transactions
including adjusting, closing, and
correcting entries.
Prepare & understand a trial
balance.
Prepare & understand various
forma of a worksheet, income
statement, and balance sheet.
Prepare & understand specialized
financial statements including the
schedule of accounts receivable
and schedule of accounts payable.
Prepare & analyze data obtained
from ratio analysis using the
income statement and balance
sheet.
Define cash and apply cash control
procedures related to bank
reconciliation, petty cash, EFT,
credit/debit card transactions,
traditional banking, and checking
accounts.
Create and analyze accounts
payables.
Vocabulary:
accounting, accounting
system, accounting
records, service business,
proprietorship, asset,
equities, liability, owner’s
equity, accounting
equation, transaction,
account, account title,
account balance, capital,
balance sheet, revenue,
expenses, sale on
account, withdrawals, Taccount, debit, credit,
normal balance, hart of
accounts, journal,
journalizing, special
amount column, general
amount column, entry,
double-entry accounting,
source document, check,
invoice, sales invoice,
receipt, memorandum,
proving cash, ledger,
general ledger, account
number, file maintenance,
opening an account,
posting correcting entry,
checking account,
endorsement blank
endorsement, special
endorsement, restrictive
endorsement, postdated
check, bank statement,
dishonored check,
electronic funds transfer,
debit card, petty cash,
petty cash slip, fiscal
period, work sheet, trial
balance, adjustments,
income statement, net
income, net loss,
component percentage,
adjusting entries,
permanent accounts,
temporary accounts,
closing entries, post-
Resources:
Projects, Problem
Solving, Labs:
Textbook

Workbook


Study Guide
Recycling
Problems
Workbook
Careers in
Accounting
PowerPoint
Nebraska
Society of
Certified
Public
Accountants NESCPA.org
American
Banker’s
Association
http://www.ab
a.com/default.
htm
Nebraska
Department of
Ed-BMIT
http://www.ed
ucation.ne.gov
/BMIT





Creating T
Accounts
Bank Tour
Petty Cash
Simulation
Service Business
Simulation
Packet
Merchandising
Business Packet
Accounting
Equation “Go
Fish” Card Game
Small Business
Tour
Ethics in
Business Article
Abstract
Assessments:
Formative,
Summative,
Rubric
Oral Checks for
Understanding
Peer Reviews
Chapter Quizzes
Chapter Problem
Tests
Semester Tests
Simulation
Evaluation
Sample Problem
Rubrics
Benchmark 2.3 Identify
generally accepted
accounting principles
(GAAP) as applied to
owner's equity.

Benchmark 3.1 Evaluate the
impact of data on business
through the development of
financial statements.
Crosswalk to MA.12.1.3.a



Compute accurately with real
numbers
Crosswalk to MA.12.1.3.d
Explain the purpose of the capital
and drawing accounts for a sole
proprietorship.
Apply appropriate techniques to
account for investments and
withdrawals by owners.
Utilize manual and computerized
methods to create financial
statements.
Draw conclusions about business
performance using ratios and other
forms of analysis related to
financial statements.
Select, apply, and explain the
method of computation when
problem solving using real
numbers
Benchmark 4.3 Describe the
different forms of business
ownership and the
advantages and
disadvantages of each form.


Identify the forms of business
ownership.
Explain how the different forms of
business ownership are reflected in
the financial statements.
closing trial balance,
accounting cycle
Unit:
(days)
Accounting
Practices for
a Merchandising
Business
organized as
a
Partnership
(70 Days)
Standards:
Indicators:
Standard 1. Students
will complete and
explain the purpose
of the steps of the
accounting cycle.
Benchmark 1.1 Apply
concepts of analyzing
transactions and how they
relate to the accounting
equation.
Crosswalk to MA.12.1.3.a
Standard 2. Students
will apply generally
accepted accounting
principles (GAAP) to
determine the value
of assets, liabilities,
and equity.
Compute accurately with real
numbers
Standard 3. Students
will prepare,
interpret, and
analyze financial
statements for
various types of
business.
Standard 4. Students
will apply
appropriate
accounting principles
to payroll, income
taxation, and various
forms of ownership.
Learning Objectives:




Benchmark 1.2 Explain the
purpose of documenting
transactions through journal
and ledger entries.
Benchmark 1.3 Prepare and
explain the purposes of each
financial statement and
describe the way they
interact.
Crosswalk to MA.12.1.3.a





Compute accurately with real
numbers
Crosswalk to MA.12.4.2.a
Compare data sets and evaluate
conclusions using graphs and
summary statistics

Benchmark 2.1 Identify
generally accepted
accounting principles
(GAAP) as applied to assets.

Benchmark 2.2 Identify
(GAAP) principles as
applied to liabilities.
Crosswalk to SS.12.2.8.a
Analyze factors that affect the
choice of credit, the cost of
credit, and the legal aspects of
using credit


Define accounting and related
concepts to explain the purpose of
the accounting system and its
relationship to business.
Analyze business transactions
using source document information
and describe the effect on the
accounting equation.
Define assets, liabilities, equity,
revenue, expenses, gains, and
losses.
Apply the concepts of debits and
credits through the use of TAccounts, normal account
balances, and the chart of accounts.
Post to the ledger and compare the
relationship between journals,
ledgers, and financial statements.
Analyze and record transactions
including adjusting, closing, and
correcting entries.
Prepare & understand a trial
balance.
Prepare & understand various
forma of a worksheet, income
statement, and balance sheet.
Prepare & understand specialized
financial statements including the
schedule of accounts receivable
and schedule of accounts payable.
Prepare & analyze data obtained
from ratio analysis using the
income statement and balance
sheet.
Define cash and apply cash control
procedures related to bank
reconciliation, petty cash, EFT,
credit/debit card transactions,
traditional banking, and checking
accounts.
Create and analyze accounts
payables.
Record transactions for payables.
Crosswalk to SS.12.2.8.b
Identify strategies of
establishing and maintaining a
good credit rating for effective
credit management (credit
cards, auto loans, mortgages)
Benchmark 2.3 Identify
generally accepted
accounting principles
(GAAP) as applied to
owner's equity.


Explain the purpose of the capital
and drawing accounts for a
partnership.
Apply appropriate techniques to
account for investments and
withdrawals by owners.
Vocabulary:
Review terms from first
unit and add:
partnership, partner,
merchandising business,
retail merchandising
business, merchandise,
wholesale merchandising
business, cost of
merchandise, markup,
vendor, purchase invoice,
terms of sale, subsidiary
ledger, accounts payable
ledger, accounts
receivable ledger,
controlling account,
schedules of accounts
receivable and payable,
salary, pay period,
payroll, total earnings,
payroll taxes,
withholding allowance,
social security tax,
Medicare tax, tax base,
payroll register, net pay,
employee earnings
record, federal
unemployment tax, state
unemployment tax,
inventory, merchandise
inventory, cost of
merchandise inventory,
gross profit on sales,
distribution of net income
statement, owner’s equity
statement, supporting
schedule
Resources:
Projects, Problem
Solving, Labs:
Assessments:
Formative,
Summative,
Rubric
Benchmark 3.1 Evaluate the
impact of data on business
through the development of
financial statements.
Crosswalk to MA.12.1.3.a


Compute accurately with real
numbers
Crosswalk to MA.12.1.3.d
Select, apply, and explain the
method of computation when
problem solving using real
numbers

Benchmark 4.1 Prepare
and maintain payroll
records.
Crosswalk to MA.12.1.3.a

Compute accurately with real
numbers

Crosswalk to MA.12.1.3.d
Utilize manual and computerized
methods to create financial
statements.
Draw conclusions about business
performance using ratios and other
forms of analysis related to
financial statements.
Prepare and maintain payroll
records and tax forms using
manual and computerized
systems
Calculate various forms of
earning.
Calculate deductions.
Select, apply, and explain the
method of computation when
problem solving using real
numbers

Benchmark 4.2 Differentiate
between taxation at the
personal and business levels.


Benchmark 4.3 Describe the
different forms of business
ownership and the
advantages and
disadvantages of each form.


Explain how income tax law is
formed.
Explain the basics of generally
accepted accounting principles
(GAAP) in relation to taxation.
Prepare various taxation forms.
Identify the forms of business
ownership
Explain how the different forms of
business ownership are reflected in
the financial statements.
Unit:
(days)
Accounting
Practices for
a Merchandising
Business
organized as
a
Corporation
(40 Days)
Standards:
Indicators:
Standard 1. Students
will complete and
explain the purpose
of the steps of the
accounting cycle.
Benchmark 1.1 Apply
concepts of analyzing
transactions and how they
relate to the accounting
equation.
Crosswalk to MA.12.1.3.a
Standard 2. Students
will apply generally
accepted accounting
principles (GAAP) to
determine the value
of assets, liabilities,
and equity.
Compute accurately with real
numbers
Standard 3. Students
will prepare,
interpret, and
analyze financial
statements for
various types of
business.
Standard 4. Students
will apply
appropriate
accounting principles
to payroll, income
taxation, and various
forms of ownership.
Learning Objectives:



Benchmark 1.2 Explain the
purpose of documenting
transactions through journal
and ledger entries.
Benchmark 1.3 Prepare and
explain the purposes of each
financial statement and
describe the way they
interact.
Crosswalk to MA.12.1.3.a
Compute accurately with real
numbers
Crosswalk to MA.12.4.2.a
Compare data sets and evaluate
conclusions using graphs and
summary statistics







Benchmark 2.1 Identify
generally accepted
accounting principles
(GAAP) as applied to assets.


Benchmark 2.2 Identify
(GAAP) principles as
applied to liabilities.
Crosswalk to SS.12.2.8.a
Analyze factors that affect the
choice of credit, the cost of
credit, and the legal aspects of
using credit
Crosswalk to SS.12.2.8.b
Identify strategies of
establishing and maintaining a
good credit rating for effective
credit management (e.g.,
credit cards, auto loans,
mortgages)





Define accounting and related
concepts to explain the purpose of
the accounting system and its
relationship to business.
Analyze business transactions
using source document information
and describe the effect on the
accounting equation.
Define assets, liabilities, equity,
revenue, expenses, gains, and
losses.
Apply the concepts of debits and
credits through the use of TAccounts, normal account
balances, and the chart of accounts.
Post to the ledger and compare the
relationship between journals,
ledgers, and financial statements.
Analyze and record transactions
including adjusting, closing, and
correcting entries.
Prepare & understand a trial
balance.
Prepare & understand various
forma of a worksheet, income
statement, and balance sheet.
Prepare & understand specialized
financial statements including the
schedule of accounts receivable
and schedule of accounts payable.
Prepare & analyze data obtained
from ratio analysis using the
income statement and balance
sheet.
Define cash and apply cash control
procedures related to bank
reconciliation, petty cash, EFT,
credit/debit card transactions,
traditional banking, and checking
accounts.
Distinguish between current and
long-term assets.
Record transactions for accounts
receivable including uncollectible
accounts, write-offs, recoveries,
and valuation.
Determine cost of inventory and
apply appropriate valuation
methods, and their impact on
income statement and balance
sheets.
Create and analyze accounts
payables.
Record transactions for payables.
Distinguish between current and
long-term liabilities.
Vocabulary:
Review Terms from
previous units and add:
corporation, share of
stock, capital stock,
special journal, purchases
journal, cash payments
journal, list price, trade
discount, cash discount,
purchases discount,
contra account, cash
short, cash over, general
journal, purchases return,
purchases allowance,
debit memorandum, sales
journal, cash receipts
journal, sales discount,
sales return, sales
allowance, credit
memorandum, exports,
imports, contract of sale,
letter of credit, bill of
lading, commercial
invoice, draft, sight draft,
time draft, trade
acceptance, uncollectible
accounts, allowance
method of recording
losses from uncollectible
accounts, book value,
book value of account
receivable, writing off an
account, current assets,
plant assets, real
property, personal
property, assessed value,
depreciation expense,
estimated salvage value,
straight-line depreciation,
accumulated
depreciation, book value
of a plant asset, plant
asset record, gain on
plant assets, loss on plant
assets, declining-balance
method of depreciation,
periodic inventory,
perpetual inventory,
inventory record, stock
record stock ledger, firstin first-out inventory
costing method, last-in
first-out inventory costing
method, weighted
average inventory costing
method, gross profit
method of estimating
inventory, Items of a
Note: number, date,
payee, time, principal,
Resources:
Projects, Problem
Solving, Labs:
Assessments:
Formative,
Summative,
Rubric
Benchmark 2.3 Identify
generally accepted
accounting principles
(GAAP) as applied to
owner's equity.



Benchmark 3.1 Evaluate the
impact of data on business
through the development of
financial statements.
Crosswalk to MA.12.1.3.a
Compute accurately with real
numbers
Crosswalk to MA.12.1.3.d
Select, apply, and explain the
method of computation when
problem solving using real
numbers
Benchmark 4.3 Describe the
different forms of business
ownership and the
advantages and
disadvantages of each form.





Explain the purpose of the capital
and drawing accounts for a
partnership.
Apply appropriate techniques to
account for investments and
withdrawals by owners.
Explain the purpose of the
following corporate accounts:
common stock, preferred stock,
paid-in capital, retained earnings,
and dividends.
Analyze the effect of cash
dividends on financial statements.
Utilize manual and computerized
methods to create financial
statements.
Draw conclusions about business
performance using ratios and other
forms of analysis related to
financial statements.
Identify the forms of business
ownership
Explain how the different forms of
business ownership are reflected in
the financial statements.
interest rate, maturity
date, & maker,
promissory note, creditor,
notes payable, interest,
maturity value, current
liabilities, interest
expense, notes receivable,
interest income,
dishonored note, accrued
revenue, accrued interest
income, reversing entry,
accrued expenses,
accrued interest expense,
stockholder, retained
earnings, dividends,
board of directors,
declaring a dividend, net
sales, net purchases,
statement of
stockholders’ equity, par
value, long-term
liabilities, working
capital, ratio, current ratio
Unit:
(days)
Career
Exploration
and
Readiness
(Embedded
Within the
36 Weeks)
Standards:
Indicators:
Learning Objectives:
Standard 5. Students
will investigate
accounting-related
career opportunities,
workplace skills, and
ethics related to the
field of accounting.
Benchmark 5.1 Describe the
career opportunities related
to the accounting profession.
Crosswalk to SS.12.2.6.c

Assess the incentives for
investing in personal
education, skills, and talents

Crosswalk to SS.12.2.6.d
Identify various ways people
earn a living by using career
programs to explore
opportunities

Benchmark 5.2 Demonstrate
the workplace skills and
competencies required to be
successful in an accountingrelated career.

Benchmark 5.3 Explain the
importance of high ethical
standards in the field of
accounting.





Comprehend the skills and
competencies needed to be
successful in an accounting-related
career.
Research the educational
requirements for various careers,
professional designations, and
certifications in an accountingrelated career.
Explore various careers and
opportunities related to accounting.
Utilize both verbal and nonverbal
communication skills related to the
workplace.
Apply analytical, critical thinking,
and leadership skills to the
workplace.
Demonstrate the ability to work in a
team.
Explain a need for a code of ethics in
accounting and the ethical
responsibilities required of
accountants.
Explain the role that accountants
play in business and society.
Demonstrate ethical decision-making
skills and conduct in a business
scenario.
Vocabulary:
Terms related to
accounting and business
careers
Resources:
Projects, Problem
Solving, Labs:
Assessments:
Formative,
Summative,
Rubric