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Accounting Principles 30S
Course Outline 2014-2015
Business & Technology Department
Mission Statement:
Students need consumer, communication, economic, financial and advanced
technology skills for them to succeed in a constantly evolving society.
Business and Technology Education will allow students to acquire academic
and technological skills they will need to achieve their goals.
Business and Technology Education incorporates advanced technology,
ethical standards, recognition of our school’s position in an increasingly
global economy, cooperative learning, teamwork, and a commitment to life
long learning. Business and Technology Education emphasizes creative and
critical thinking, and encourages acceptance of change.
Skills Portfolio:
Academic – Effective communication, critical thinking and engaged
learning.
Advanced Technology – Apply guidelines for ethical and responsible use of
Information and Communication Technology (ICT) and analyze advantages
and disadvantages of the use of technology in society. (Examples: lack of
access, ease of manipulating data…etc.)
Personal Management – Maintain a positive attitude; act responsibly and
respectfully while displaying willingness for adaptability and creativity.
Self Assessment – Reflect on learning tasks and set personal goals to go
beyond established criteria ‘for’, ‘as’ and ‘of’ learning.
Teamwork – Collaborate with peers and staff to become active participants
and to excel in the learning process.
Common Essential Outcomes:

Organizational skills and categorize information by:
-Accessing, storing and managing files on a variety of drives.
(Examples: network, USB…etc.)
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-Accessing school resources online. (Examples: Website, wiki’s,
blog’s…etc.)
-Accessing, managing and creating file directories (Example: a
structure of electronic file folders.)

All students will be assessed on the non achievement factors
listed on the report card.
General Goal for ACC30S:
Accounting is the language of business. Accounting education prepares
individuals to meet personal needs, to provide them with an awareness of a
wide variety of accounting and technology careers and to lay the foundation
for continued study and lifelong learning.
Specific Outcomes for ACC30S:
Students will be introduced to manual accounting procedures to provide an
understanding of the accounting concepts, principles and processes. These
manual accounting procedures are used in a computerized accounting
environment on an ongoing basis using Microsoft Excel. Simply Accounting
may be introduced in a progressive way towards the end of the course.
Module
1
2
3
4
5
6
7
8
TITLE
Introduction to Accounting Principles
The Income Statement
Journals and Ledgers
The Worksheet
Cash Control
Merchandising Business
Payroll
Income Tax
Module 1—Introduction to Accounting Principles
Outcome
Lesson 1--Introduction
Lesson 2—The Accounting Equation
Understand the need for and purpose of the accounting equation
Why study accounting
Characteristics of business
The nature of accounting
Becoming a professional accountant
Role of accounting
Classify assets, liabilities, and owner’s equity for business
Calculate total assets, total liabilities, and owner’s equity
Calculate the third missing element of the equation when two
Hours
18
12
12
13
15
6
16
12
% of Course
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elements are given
Lesson 3—The Balance Sheet
Describe the sections of the balance sheet
List accounts in liquidity order
Identify accounts on the left side of the balance sheet
Identify accounts on the right side of the balance sheet
Explain the importance of the account accounting form
Lesson 4—Preparing the Balance Sheet
Prepare in good form the balance sheet for a firm
List assets in the correct order on the balance sheet
List liabilities in the correct order on the balance sheet
Format the balance sheet correctly
Lesson 5—Analyzing Changes in the Accounting Equation
Indicate the effect of accounting transactions on the balance
sheet
Analyze transactions affecting assets
Analyze transactions affecting assets and liabilities
Analyze transactions affecting assets and owner’s equity
Lesson 6—Recording Changes in Financial Position
Explain the need for a T-account
Explain the need for and purpose of ledger accounts
Explain the relationship of each ledger account to the accounting
equation
Apply principles of debit and credit to the balance sheet
accounts
Lesson 7—Recording Transactions in T-Accounts
Use T-account forms to record increases and decreases in assets,
liability, and owner’s equity accounts resulting from business
transactions
Apply the rules for recording transactions using the double-entry
system
Lesson 8—Calculating New Balances in the Ledger
Calculate the new balance for each account after transactions
have been recorded
Record the account balance on the correct side of the account
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Lesson 9—Preparing a Trial Balance
Prepare a formal trial balance of a given General ledger
Identify the sections of the trial balance sheet
Lesson 10—Preparing An Update Balance Sheet After
Changes In Financial Position
Summarize the results of changes to the fundamental elements
of the accounting equation by preparing an updated balance
sheet
Module 2—The Income Statement—In the Red or Black?
Outcomes
Lesson 1—Profit and Loss
Understand and explain the meaning of revenue and expense
Calculate net income or net loss
Lesson 2—Preparing an Income Statement
Explain the need for and purpose of an income statement
Prepare an income statement
Explain the Matching Principle (GAAP)
List the procedures used n the accrual basis of accounting
Lesson 3—Debit and Credit Rules for Income Statement
Accounts
Identify increases and decreases in the accounting equation
Identify increases and decreases in income statement accounts
Apply debits and credits to income statement accounts
Lesson 4—Recording Revenue and Expense Changes in the
Accounts
Use T-accounts to show increases and decreases in revenue and
expense accounts
Explain the Revenue Recognition GAAP
Explain Expense Recognition GAAP
Define Drawings
Lesson 5—Preparing an Updated Trial Balance and Income
Statement
Classify the types of accounts in the trial balance
Identify the normal side of each account in the trial balance
Prepare trial balances and income statements to reflect changes
caused by transactions
Lesson 6—Preparing Balance Sheets in Report Form
Prepare an updated balance sheet including the net income (or
loss) and the withdrawals by the owner
Prepare balance sheets in both report and account formats
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Module 3—Journals and Ledgers—Keeping Track of It All
Outcomes
Lesson 1—The General Journal
Explain the need for and importance of a journal
Record journal entries resulting from business transactions
Record the opening journal entry for the start-up of a business
Lesson 2—The Ledger and Posting Procedures
Explain the need for and purpose of the ledger
Post journal entries into appropriate ledger accounts with a
cross-reference for each entry
Prepare a chart of accounts
Post an opening entry to appropriate ledger accounts
Prepare a forwarding entry to begin a new ledger page
Lesson 3—Subsidiary Ledgers
Explain the need for and importance of source documents
Analyze the debit and credit parts of business transactions from
given source documents
Identify the need for and the purpose of the three-ledger system
Record transactions in an accounts receivable ledger
Record transactions in an accounts payable ledger
Check the accuracy of the final balance in any given account
Identify the final balance in any General Ledger account as a
debit, credit, or zero balance
Prepare an updated trial balance
Find and correct errors in journal and/or ledger
Define accounting cycle
Prepare balance sheets in both report and account formats
Module 4—The Worksheet—Sharpen Your Pencil!
Outcomes
Lesson 1—The Six-Column Worksheet
Explain the need for and purposes of a worksheet
Prepare a six-column worksheet
Lesson 2—Preparing Financial Statements from a
Worksheet
Review the need for and purpose of an income statement and a
balance sheet
Review the preparation of balance sheets in account and report
form
Prepare income statements and balance sheets from information
in a six-column worksheet
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Prepare a classified balance sheet
Review the GAAP—Cost Principle
Lesson 3—Analyzing Financial Statements
Analyze the performance and financial position of a business
from the income statement and the balance sheet
Lesson 4—Closing the Ledger
Explain the need for and the purpose of closing the ledger
Prepare journal entries to close revenue and expense accounts
Prepare journal entries to transfer net income or net loss to the
capital account
Prepare a journal entry to transfer the drawings account to the
capital account
Lesson 5—Posting the Closing Entries to the Ledger
Post closing entries to the ledger
Lesson 6—Preparing a Post-Closing Trial Balance
Prepare a post-closing trial balance from a given General
Ledger
Module 5—Cash Control—Who’s Got the Money?
Outcomes
Lesson 1—Control of Cash Receipts
Explain the different forms of cash
Discuss the principles of cash control
Differentiate between ethical and unethical practices of cash
control
Define cash float
Prepare a daily cash proof
Differentiate between cash shortages and cash overages
Explain the need for a cash short/over account
Analyze and record cash over and short transactions in a
General Journal
Prepare a bank deposit
Apply the appropriate accounting principle
Lesson 2—Sales and Goods and Service Tax
Define Federal Goods and Services Tax (GST)
Describe the purposes and concepts of GST
Calculate GST
Define Provincial Sales Tax (PST)
Calculate PST
Differentiate between GST Payable and PST Payable
Analyze and record GST and PST collected on sales in a
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General Journal
Analyze and record GST Refundable
Analyze GST Payable and GST Refundable account balances to
determine the refund/remittance amount
Record remittance of GST Payable to the federal government
Analyze PST Payable account balance to determine the amount
to be remitted to the provincial government (without Sales Tax
Commission)
Calculate the Sales Tax Commission for Manitoba
Calculate and record remittance of Provincial Sales Tax owing
to the Manitoba government
Lesson 3—Multicolumn Journal
Describe the multicolumn journal
Differentiate between the advantages and disadvantages of using
a multicolumn journal
Analyze and record transactions in the multicolumn journal
Prove and rule the multicolumn journal
Lesson 4—Petty Cash
Explain a petty cash system
Explain the need for a petty cash voucher
Establish a petty cash fund
Prepare a petty cash summary
Replenish the petty cash fund
Apply the appropriate accounting principle
Lesson 5—Banking at Financial Institutions
Distinguish between a NSF (not sufficient funds) cheque and a
dishonoured cheque
Distinguish between outstanding and cancelled cheques
Differentiate between a certified cheque and a line of credit
Define endorsement
Explain the difference between current account and savings
account
Distinguish between chequebook record and bank/credit union
statement
Distinguish between debit card and credit card
Differentiate between debit memo (DM) and credit memo (CM)
Define service charges
Discuss the concept of virtual
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Lesson 6—Bank Reconciliation
Explain the need for a bank/credit union reconciliation
statement
Prepare a bank/credit union reconciliation statement
Analyze and record the journal entries to adjust the cash records
Write a cheque
Prepare a bank/credit union deposit
Module 6—Merchandising Business
Outcomes
Lesson 1—Merchandising Business Income Statement
Define merchandising business
Identify and explain how a merchandising business differs from
a service business
Define Cost of Goods Sold
Prepare an Income Statement including the Cost of Goods Sold
section
Lesson 2—Cost of Goods Sold
Identify the special accounts for a merchandising business
Calculate the cost of goods sold
Record transactions for a merchandising business
Prepare a Cost of Goods Sold statement
Module 7—A Dollar Earned
Outcomes
Lesson 1—Introduction to Payroll
Define the Employment Standards Act
Explain the importance of a social insurance number (SIN)
Distinguish between employee’s and employer’s roles
Define income tax
Compare exemptions and net claim codes
Complete the Personal Tax Credits return (TD1) form
Lesson 2—Paying Employees
Define pay period
Compare/contrast salaries, commissions, and wages
Differentiate between hourly rate and piece rate
Distinguish between regular hours and overtime hours
Compute gross earnings
Lesson 3—Payroll Deductions
Compare deductions required by law, deductions that may be
required by collective agreement, and voluntary deductions
Compare/contrast Income Tax, Canada Pension Plan (CPP), and
Employment Insurance (EI)
Distinguish between company Registered Pension Plan (RPP)
and Registered Retirement Savings Plan (RRSP)
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Differentiate between Manitoba Health Insurance and extended
insurance
Determine Canada Pension Plan deductions
Determine Employment Insurance deductions
Define taxable earnings
Computer taxable earnings
Determine income tax deductions
Distinguish between gross pay and net pay
Computer net pay
Lesson 4—Payroll Register
Explain the purpose of an employee’s earnings record and
statement of earnings
Describe the payroll register
Prepare a payroll register
Prove the accuracy of the payroll register
Computer, balance, and print a payroll register using
spreadsheet software
Lesson 5—Payroll Liabilities and Expenses
Differentiate between Salaries Expense and Salaries Payable
Record the totals from the payroll register into the General
Journal
Record the payment of salaries to the employees in the General
Journal
Analyze and record the employer’s payroll expenses in the
General Journal
Analyze and record the remittance of payroll liabilities in the
General Journal
Describe the different methods of transferring pay to the
employees
Discuss the necessity of updating employees’ earnings records
after each pay period
Specify the importance of the basic payroll records
Apply the appropriate accounting principle
Module 8—Income Tax—Your Fair Share
Outcomes
Lesson 1—Personal Income Tax
Have had a brief overview of the history of income tax in
Canada
Be aware of the document necessary to file an income tax return
Have been introduced to terminology associated with filing an
income tax return
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Lesson 2—Federal and Provincial Territorial Tax Rates
Compare provincial/territorial tax rates
Calculate federal and provincial/territorial taxes due
Lesson 3—Preparing a Personal Income Tax Return—
Profile 1
Complete an Income Tax return for a high school student
Lesson 4—Preparing a Personal Income Tax Return—
Profile 2
complete an Income Tax return for a high school student
Assessment Strategy:
An important component of learning is the assessment and evaluation of
student progress and achievement. Therefore a variety of strategies will be
used to assess students and these will include some or all of the following:
 Practice assignments – These will be assessed as part of the “for”
and “as” learning.
 Teacher observation checklists - These will be assessed as part of
the “for” and “as” learning.
 Projects – These will be assessed as part of the “of” learning. A best of
series is offered for students.
 Quizzes and tests - These will be assessed as part of the “of” learning.
Students will be allowed to write make-up tests under the following circumstances: If you
miss a test, you will receive a zero grade for that test unless you have emailed me to
make me aware of your absence and your parent/guardian has called the attendance
line to inform the school of your absence. Tests will include both written and computer
components. Tests will not be cumulative except to the extent that the material in each
chapter builds on the previous chapters.
Grade Breakdown:
Projects, quizzes and tests make up 80% of the final grade.
A final exam is held prior to exam week and is worth 20% of the final grade.
Important Sites:
http://melansonaccounting.weebly.com/
Contact me: emelanson@pembinatrails.ca
Supplies for class:
1. Binder with loose-leaf or notebook
2. Pen/Pencil
3. USB (2GB or higher) to be left in the classroom
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PROFESSIONAL BEHAVIOUR (excerpt from)
http://umanitoba.ca/faculties/management/academic_depts_centres/dept/accounting_fina
nce/media/2012T01_ACC_1100_SCarney.pdf
You are expected to treat your classmates and your instructor professionally at all times,
both inside the classroom and outside it. Your instructor is expected to do the same.
A student who demonstrates a high level of professional in-class behaviour does the
following:
 Arrives on time for class (does not leave during class for water/snacks, pack up
and/or leave early)
 Listens – alert, eyes on the speaker, nonverbal signs of attention demonstrated
(does not watch the clock, use cell phones and laptop computers, read non-class
material, chat with neighbours, etc.)
 Volunteers – contributes to discussions without being asked
 Speaks to the issue being discussed
 Participates in classroom activities with energy and evident enthusiasm
Extras:


If you are finished all of your work, please remain seated and quietly
keep yourself busy. (NO GAMING)
Please remain seated until the bell goes