Learning Goals and Success Criteria
Analyzing Changes in Financial Position
Chapter 1 Learning Goals
 I have a broad understanding of the objectives of
accounting
 I know the four main kinds of businesses and the
3 forms of ownership
 I understand the benefits to be gained by having a
background in accounting
 I know what is meant by Professional Accountant
and Public Accountant
Chapter 1 Learning Goals
 I know the different ways that I can become an
Accountant
 I understand the types of work done by an
accounting department
 I understand what is meant by ‘Accounting Cycle’
 Understand the value of computer skills to an
accountant
Chapter 1 Success Criteria
 I have made a list of 5 main activities in
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accounting
I have defined the four main kinds of business
and the 3 forms of ownership
I have researched job opportunities in the
accounting professions
I have discussed the benefits to having accounting
background
I have discussed the difference between a Public
and a Professional Accountant
Chapter 1 Success Criteria
 I have met a Professional Accountant in class as a
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guest speaker
I have researched the different ways that I can
become an Accountant
I have of list of duties that the Accounting
Department is responsible for
I have defined the Accounting Cycle
I have discussed the value of computers to
accountants
Chapter 2 Learning Goals
 I understand what is meant by Financial Position
for a person and a business
 I know the meanings of Accounts Receivable and
Accounts Payable
 I understand the fundamental accounting
equation
 I understand the meaning of Claims Against the
Assets
Chapter 2 Learning Goals
 I am able to use basic record keeping practices
 I understand the concept of liquidity
 I understand the purpose of GAAP
 I understand the purpose of spreadsheets in
accounting
Chapter 2 Success Criteria
 I have prepared a simple Balance Sheet for a
person and a business
 I have discussed the meanings of Accounts
Receivable and Accounts Payable
 I have completed word problems associated with
the fundamental accounting equation
 I have listed reasons why Creditors have Claims
on Assets
Chapter 2 Success Criteria
 I have created a Balance Sheet that is neat, on
columnar paper (spreadsheet), dated, titled and
formatted correctly in units ($).
 I have listed assets in order of liquidity
 I have discussed and presented the purpose of
GAAP to my classmates
 I have used Excel to prepare my statements of
financial position
Chapter 3 Learning Goals
 I understand factors that affect change in
financial position
 I understand what a business transaction is
 I can work out the changes created in Assets,
Liabilities and Capital due to transactions
 I am able to record a series of transactions on an
equation analysis sheet
Chapter 3 – Learning Goals
 I understand the steps in analyzing a business
transaction
 I know the purpose of Source Documents
 I understand the Objectivity Principle
Chapter 3 Success Criteria
 I have given examples of, and recognized
business transactions
 I have distinguished between a business
transaction and a non-business transaction from
a long list of economic events that have been
presented to me
 I have analyzed business transactions and
recorded entries into the proper accounts using
an equation analysis sheet
Chapter 3 Success Criteria
 I have discussed and seen examples of source
documents i.e. (receipts of my own, cell-phone
bills, etc…)
 I have dealt with the Objectivity Principle in an
actual Case Study
Chapter 4 – Learning Goals
 I know what an account is and what a ledger is
 I know the rules of debit and credit as they apply
to assets, liabilities and capital
 I know how to record transactions in T-accounts
and calculate account balances
 I know what the balance in a T-account means
 I understand the concept of Double-Entry
Accounting
Chapter 4 – Learning Goals
 I am able to take off a Trial Balance
 I understand the importance of the Trial Balance
 I can locate errors that I have made in T-Accounts
 I am able to use the term ‘on-account’ in the four
customary ways
 I can identify the benefits of using software for
accounting procedures
Chapter 4 Success Criteria
 I have created an account, a group of accounts and
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ledger on Excel
I have demonstrated how debits and credits affect
each type of account on the balance sheet
I have analyzed transactions and recorded debit and
credit entries into the proper accounts
I have recorded debits and credits equally into
respective T-Accounts, thus understanding the
concept of Double Entry Accounting
I have entered beginning balances into accounts, thus
understanding natural balances
Chapter 4 Success Criteria
 I have totaled T-Accounts and created new
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balances
I have entered new balances onto a Trial Balances
and checked if my debits equal my credits
I have located errors made in T-Accounts using
the process of ‘Trial Balance Out of Balance’
I have used the term ‘On-Account’ when recording
transactions
I have completed a Transaction Analysis
Assignment using Excel
Completing the Accounting Cycle
Chapter 5 Learning Goals
 I will understand the need for expanding the
equity section into capital, expenses, revenue and
drawings.
 I will understand the function of the income
statement and its role in the accounting system.
 I will understand the relationship between equity
accounts and the balance sheet.
Chapter 5 Success Criteria
 I can define revenue, expenses, capital and
drawings.
 I will understand the time period concept, the
revenue recognition convention and the matching
principle.
 I will understand the importance of the income
statement to owners, managers and other
interested parties.
 I will understand net income and net loss and be
able to calculate both.
Chapter 5 Success Criteria
 I will complete a simple income statement.
 I will understand that the data for the income
statement are accumulated in special accounts in the
equity section of the ledger.
 I will be able to prepare an expanded equity section on
a balance sheet.
Chapter 6 Learning Goals
 I understand why a journal and a ledger are both used
in the accounting process.
 I understand the purpose and function of source
documents in the accounting system.
 I will be able to explain the purpose of the HST and
know how it affects accounting.
Chapter 6 Success Criteria
 I will record transactions in the two-column general
journal.
 I will be able to record an opening entry in the journal
using information from the balance sheet.
 I will be able to recognize a number of basic source
documents.
 I will know the journal entries for a number of source
documents.
Chapter 6 Success Criteria
 I will be able to give a definition of HST.
 I will know how to calculate sales tax and include
it in a transaction.
 I will know the journal entries for transactions
including the HST
 I will know the journal entries for remitting the
HST to the government.
Chapter 7 Learning Goals
 I will be able to post (transfer) transactions from
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the general journal to the general ledger.
I will know four different ways to find an error in a
trial balance.
I will know the purpose of a trial balance.
I will calculate the “trial balance difference”.
I will apply four quick tests to an example where
the “trial balance difference” is not zero.
Chapter 7 Success Criteria
 I will be able to give a definition of general ledger
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and general journal.
I will know how to record transactions in the
general journal.
I will be able to explain why transactions are also
recorded in a general ledger.
I will show and that I understand the steps
involved in posting (transferring amounts from
the general
journal to the general ledger) by actually
completing the process.
Chapter 8 Learning Goals
 I will complete a six-column worksheet.
 I will know how accountants use income
statements.
 I will know how accountants use balance sheets.
 I will know the importance of accountability in
the management and performance of a business.
Chapter 8 Success Criteria
 I can give a definition of a worksheet.
 I know the first five steps of the accounting cycle.
 I know the purpose of control accounts for payables
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and receivables.
I know which accounts to place on the income
statement and the balance sheet.
I know how to calculate net income.
I know how to calculate increase/decrease in equity.
I know that the data for the income statement comes
from the worksheet.
Chapter 8 Success Criteria
 I know how to calculate net income.
 I know how to calculate trends in revenues and
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expenses.
I know how to prepare a comparative income
statement.
I know how to prepare a common-size income
statement.
I know that data for the balance sheet comes directly
from the worksheet.
I know how to calculate increase/decrease in equity.
Chapter 8 Success Criteria
 I know how to prepare a “classified” balance sheet.
 I know the two types of balance sheets; “report form”
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and “account form”
I know the definition of “accountability”.
I know the five main users of financial statements.
I know the definition of “audit”.
I understand how three GAAPs – the Consistency
Principle, the Materiality Principle and the Full
Disclosure Principle – help produce top-notch
financial statements.
Chapter 9 Learning Goals
 I will be able to make the adjusting entries for
supplies, prepaid insurance, and late-arriving
invoices.
 I will be able to journalize and post the closing
entries for the end of a fiscal year.
 I will be able to calculate depreciation and make
the necessary adjusting entries for depreciation.
Chapter 9 Success Criteria
 I know why adjusting entries are necessary.
 I can give a definition for supplies, prepaid
insurance, and late-arriving invoices.
 I can calculate the value of supplies and prepaid
insurance left at the end of the fiscal year.
 I can record the transactions that result from
adjusting entries in the journal and to the ledger.
 I know how to use the adjustment columns on an
8-column worksheet.
Chapter 9 Success Criteria
 I understand the Time Period concept GAAP.
 I know why closing entries are necessary.
 I know the definition of “real” and “nominal”
accounts.
 I understand why “nominal” accounts must be
cleared.
 I understand the purpose of the “income
summary” account.
Chapter 9 Success Criteria
 I will know the meaning of “depreciation”.
 I will know the meaning of “accumulated
depreciation”.
 I will calculate depreciation using the straightline and declining balance methods.
 I will know the CRA rates of capital cost
allowance.
Internal Control, Financial Analysis and Decision-Making
Chapter 10 Learning Goals
 I will understand the various forms of payment
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systems used in business
I will understand accounting procedures for cash
receipts (incoming cash)
I will understand accounting procedures for cash
payments.
I will understand how and why cash controls are
necessary in business
I will use computers to prepare a bank
reconciliation.
Chapter 10 Success Criteria
 I can identify the advantages and disadvantages of the
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various methods of payment in Canada
I can compare trends in cheque, debit and credit card
usage in Canada
I can prepare a cash proof and prepare a bank deposit
I can account for cash shortages or overages
I know the features of a current bank account
I know the purpose of a petty cash fund
I can establish, operate and replenish a petty cash
fund
Chapter 10 Success Criteria
 I understand the need for accounting controls
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over expenditures
I understand the meaning of internal control
I know the specific control features associated
with cash
I can prepare a bank reconciliation
I understand how accounting software simplifies
the bank reconciliation process.