High School Block:
Financial Accounting 120
Financial Accounting 120 provides essential business and accounting understandings including the study of business decisions and transactions, recording and tracking resources and interest, and accounting methodology and practices involving source documents and control. Learners will explore technologies and accounting software, demonstrate accounting procedures, and communicate financial reports.
Topics include business transactions; assets, liabilities, and equity; journals and accounts; accounting methodology; source documents; internal accounting controls; balance sheets; career exploration. Geometry, Measurement, and Finance 10, and Foundations of Mathematics 110 or Financial and Workplace 110, are recommended prior to enrolling in Financial Accounting 120.
For Educators:
➔ PL Hub: Career Connected Learning
CONTEXTS AND CONCEPTS
Accounting Fundamentals
- Gathering, rearranging, summarizing and classifying financial information
- Preparing and communicating financial information reports
- Preparing and collecting permanent records
- Establishing controls to promote accuracy and honesty
- Examining various categories of careers/levels of accounting
- Using technologies and accounting software
- Using the terms posting, account, ledger, revenue, expense, drawings, contra account
Strand: Accounting Fundamentals
Big Idea: Analyzing
Skill Descriptor: Identify business transactions.
Global Competencies: CTPS, ICE
Achievement Indicators:
- Define accounting as a way to track and communicate financial information
- Compare and contrast types of businesses (e.g., service, merchandising, manufacturing, non-profit)
- Identify forms of business ownership (e.g., sole proprietorship, partnership, corporation, cooperatives)
- Identify the eight steps of the accounting cycle
- Identify the impact of transactions on the financial position of a person and/or business
- Analyze business transactions using transaction analysis sheets
Skill Descriptor: Identify assets, liabilities, and equity.
Global Competencies: CTPS
Achievement Indicators:
- Classify individual accounts as assets, liability, or equity
- Apply basic changes to the financial position of a person or businesses
Skill Descriptor: Identify accounts to be debited and accounts to be credited following business transactions.
Global Competencies: CTPS
Achievement Indicators:
- Define the terms account and ledger
- Maintain ledgers using T-Accounts
- Journalize and post opening entries
- Apply contemporary formatting to the journalizing process
Big Idea: Recording
Skill Descriptor: Record transactions in general journals and post to ledger accounts.
Global Competencies: CTPS
Achievement Indicators:
- Create chart of accounts
- Open accounts with proper use of balance columns
- Post transactions to proper ledger accounts
- Record transactions in ledgers adhering to debit and credit theory
- Differentiate between and account for Goods and Services Tax, Value Added Tax, Provincial Sales Tax, and Harmonized Sales Tax
Skill Descriptor: Collect data to complete a six-column worksheet.
Global Competencies: CTPS
Achievement Indicators:
- Identify and report account totals using control accounts
- Differentiate between working papers and formal financial statements
- Classify accounts as current assets, fixed assets, current liabilities, or long-term liabilities
Big Idea: Control
Skill Descriptor: Reflect on the need for consistent accounting methodology.
Global Competencies: CTPS
Achievement Indicators:
- Identify the need for accounting
- Explain the purpose of Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), or Accounting Standards for Private Enterprise (ASPA)
- Apply GAAP, IRFS, or ASPA in accounting practice
Skill Descriptor: Verify changes to accounts by collecting, analyzing, archiving source documents.
Global Competencies: CTPS
Achievement Indicators:
- Recognize basic components of source documents
- Categorize source documents by account type
- Reflect on the legality of retaining and storing source documentation
Skill Descriptor: Reflect on the process of internal accounting controls.
Achievement Indicators:
- Verify transactions by cross-referencing between ledger accounts and the general journal
- Explain the purpose of trial balances
- Verify account balances by taking off trial balances
- Reflect on the reasons for calculating depreciation of capital assets
- Verify account balances post-closing using post-closing trial balances
Big Idea: Reporting
Skill Descriptor: Complete balance sheets and income statements.
Achievement Indicators:
- Prepare formal income statements and classified balance sheets based on six-column worksheet data
- Identify the need to adjust for supplies, prepaid expenses, and late purchase invoices
- Compare and calculate methods of depreciation
- Prepare account form balance sheets using standard accounting procedures
- Prepare classified balance sheets and income statements with adjustment accounts
- Prepare report form balance sheets with an expanded owner’s equity section
- Journalize and post closing entries for revenue, expense, and drawing accounts
- Examine reports for strengths, weaknesses, opportunities, threats
Strand: Career Education
Big Idea: Career Exploration
Skill Descriptor: Reflect on the value of, and opportunities within, the accounting profession.
Achievement Indicators:
- Explain connections between learning in and out of school and how they can help achieve accounting career pathway plans
- Reflect on personal interest in pursuing accounting career pathways
- Discuss roles and responsibilities of individuals working within the fields of business and/or accounting
- Discuss options for post-secondary education and/or work training in accounting career pathways