Course Overview

Introduction to Financial Accounting, Grade 11,
University/College Preparation, BAF3M

Course Description

This course introduces students to the fundamental principles and procedures of accounting with emphasis on accounting procedures used in service and merchandising businesses. Students will develop an understanding of the connections between financial analysis, control and decision making in the management of a business, as well as the effects of technology and globalization on accounting procedures and the role of the accountant.

Course Notes

“University/College Preparation Courses include content that is relevant for both university and college programs. These courses are designed to equip students with the knowledge and skills they need to meet the entrance requirements for specific university and college programs.” “Teaching and learning will emphasize both theoretical aspects and related concrete applications of the course content. All university/college preparation courses will be based on rigorous provincial curriculum expectations and will emphasize the development of both independent research skills and independent learning skills. Students will also be required to demonstrate that they have developed these skills.” Ontario Secondary Schools Grades 9 to 12 Program And Diploma Requirements 1999. p. 16

This profile represents only one of the many possible ways in which teachers can approach curriculum implementation. Teachers using this profile are encouraged to use the information presented and to develop activities that will respond to individual student and local needs. The profile introduces the student to the basics of financial accounting. They will learn the accounting cycle for a service business and a merchandising business. In addition, students will learn about some of the basic accounting issues of corporate and partnership accounting. They will also acquire knowledge of how the computer is utilized by accountants through spreadsheets and accounting software programs. The framework of the units will lay the foundation for the further study of financial accounting at the Grade 12 level.

Units 1 and 2 are the traditional units in an introductory financial accounting course. They introduce the student to the basic accounting equation, transaction analysis, and debit and credit theory as it relates to a service business and in Unit 2, to a merchandising business. These two units complete the accounting cycle with the end of period operations and financial statement preparation.

Unit 3 introduces material new to the traditional Grade 11 course. The concepts of the corporation and partnership are explored. This activity cluster introduces and studies the basic characteristics of the related accounting procedures. This unit follows Unit 1 and 2 so a comparison can be made between the three business structures: accounting for a sole proprietorship, corporation, and partnership. Particular focus is placed on the equity sections in each of the structures. The time allotted for Unit 3 (8 hours) should be enough to gain an appreciation for the accounting in these different forms of business. The student builds a foundation for the Grade 12 course that explores these structures more thoroughly.

Since the material in Unit 3 is new to Grade 11, and not currently available in the existing Grade 11 texts, the teacher will have to use other sources for this material. Some of the current accounting texts cover the accounting for these structures very well and could be modified for use by Grade 11 students. It is not the intention of this course to make the student totally familiar with the many differences in the accounting for corporations and partnerships. Rather, this unit should be taught as a means of providing more basic enlightenment for the student about how businesses can be organized, and how forms of ownership impact on the accounting systems that are developed and used. Further expansion of this topic will be explored in the Grade 12 course.

Unit 4, Ethical Practices in Accounting, examines the different roles and responsibilities of a Professional Accountant in Canada. It is imperative at this point to discuss the various users of financial statements. Ultimately, the accounting professional is accountable to these users. This accountability is the basis for the many guidelines set by various accounting bodies and the government. It is paramount the relevant GAAPs (Generally Accepted Accounting Principles) are introduced and reinforced in each activity.

Through case analysis, students apply both the concept of professional judgement and the ethical guidelines professional accountants adhere to. Primary resources for this unit are drawn from publications issued by the various accounting bodies; examples include the Canadian Institute of Chartered Accountants Handbooks, the Institute of Chartered Accountants of Ontario Member’s Handbook, CA Magazine, CMA Management magazine, the CGA Magazine, and various Internet links.

Finance managers have a strong understanding of accounting and organizational controls. Therefore, the role of an accountant as a manager and leader in an organization is also a focus of this Unit. Students will understand the basic theory of a proper internal control system and apply this to banking controls, petty cash procedures and the bank reconciliation. In addition, the internal control element, segregation of duties, will be applied to specialized journals and subsidiary ledgers. Teachers may prefer to illustrate certain internal control topics through computer applications. This is further discussed in Unit 5.

Technology and Financial Statement Analysis is the fifth and last unit of the course. The unit is made up of three activities: Using Accounting Software, Financial Statement Analysis, and Budgeting and Other Control Measures.

In the first activity, an accounting software package must be used to record both a service and merchandising company’s transactions. The different modules of a typical accounting software package are investigated, including General Ledger, Purchases, Payments, Sales, and Receipts. Students appreciate the benefits of using technology to process transactions and generate financial reports. However, students must understand basic accounting theory and the manual processing of transactions before they can harness the power of accounting software; otherwise the technology is futile.

The second activity, Financial Statement Analysis, challenges students to draw conclusions and make recommendations on the financial health of a company. Tools used for this task include ratio and trend analysis, common-size and comparative financial statements, and industry averages. Students may use spreadsheet software to assist in the analysis.

The last activity of Unit 5 introduces students to budgeting and other control measures. Again, students may use a spreadsheet to prepare budgets. In addition, either spreadsheet or accounting software can be used to assist in the preparation of bank reconciliation.

Periodic access to computer technology, including the standard office productivity tools such as word processors, spreadsheets, databases, e-mail and the Internet are a requirement of this course. Ideally, teachers should be able to access a computer lab during class time. If whole-class computer access is not possible on a planned basis, teachers should ensure that the Library/Resource Centre or other Internet access points are available after or before class.

Adults students provide the teacher with a resource (the adult student’s knowledge and experiences) on to which to draw. Some forms of teaching strategies may be more suitable, for example, panel discussion. Teachers should be sensitive to the possibility of family-oriented time constraints and make time line adjustments where possible.

Teachers should draw from their own experiences as an employee to complement and authenticate unit activities. Teachers can encourage students to relate their own personal experience in the workplace to the course content in order to better understand and apply course expectations.

Throughout this course teachers should refer to and make use of the school’s Guidance and Career Education Program Plan (Choices Into Action). This plan is available in the Guidance/Student Services area, the principal’s office, or from members of the school’s Program Advisory Team. The students can utilize career-access software (e.g., Career Cruising, Career Explorer, listed under Career Resources) to explore job descriptions, working conditions, earnings, education, and career paths for jobs in information technology. Students should be aware of the dynamic nature of the cooperative learning experience and business career paths available to them.

Safety is a very important issue that should be emphasized by the teacher. The school Internet Use Policy should be examined at the onset of the course, as Internet usage is an integral part of the course. Topics of discussion should include the environment, trip safety, online security, ethics and legal requirements of working online, Internet usage and Netiquette policies, as well as interview precautions. Special emphasis should be placed on part-time and summer jobs, as many students are either employed or looking for employment. An enthusiastic student/employee can also be an informed one, about safety and security issues. A safety resource produced by The Ontario Ministry of Labour is found in the overview resources.

Students are required to work collaboratively throughout the course; therefore, addressing conflict management is important to student success. At the beginning of the course, the teacher should address this issue, emphasizing that not all conflicts can be resolved, but people can always choose how to handle them. Steps to conflict resolution: define the conflict; state the problem; check your perceptions; generate and evaluate a list of possible decisions/alternatives; reach a mutually acceptable decision; implement and evaluate the decision; if the decision is satisfactory, students continue their work; if the decision is unsatisfactory, students should repeat the process. Different cultures perceive conflict differently – what constitutes conflict and how to resolve problems may vary from culture to culture. These issues have a direct bearing on what and how the teacher evaluates in the process area. Self-peer, group, and teacher evaluation forms also help deflect conflict and solve problems.

It is advisable for teachers to identify and gain the participation of local businesses wherever possible. Teachers are encouraged to develop an in-class display of community businesses and to highlight existing partnerships. Also, teachers might access a variety of community business links that reflect the diversity of the local school community and compliment course content.

The model offered within this profile is designed to provide an easy to use document for the teacher. The written expectations have been incorporated into the Unit Overview Chart to enable the teacher to quickly identify what is suggested in each unit, and support the teacher in the development and implementation of the curriculum.

This course will give the students the basic competencies necessary for further study at the Grade 12 level or at the postsecondary level in a Business or Accounting program.

Units: Titles and Times

Unit 1	Introduction to Accounting for a Service Business	38 hours
Unit 2	Accounting for a Merchandising Business	18 hours
Unit 3	Business Structures and Accounting Implications	8 hours
Unit 4	Ethical Practices in Accounting	14 hours
* Unit 5	Technology and Financial Statement Analysis	32 hours

* This unit is fully developed in this Course Profile.

Unit Overviews

Unit 1: Introduction to Accounting for a Service Business

Time: 38 hours

Unit Description

Students are introduced to the discipline of accounting and learn the skills necessary to complete the accounting cycle for a service business. In addition, students explore career opportunities in accounting. The fundamental accounting equation, although not specifically mentioned in the expectations, is an integral part of any introductory accounting course.

The focus of Activity 1 has as its basis the fundamental accounting equation and it uses the balance sheet to develop the foundations of debit and credit theory.

Activity 2 expectation, OA3.02, is interpreted in the following manner: accounting systems are made up of business documents, journals, ledgers, procedures, and internal controls required to yield dependable financial statements and other financial reports. They extend from simple manual organizers to complex systems in which the accounting transactions are recorded and stored electronically. Any given company should design its accounting system according to its size and informational needs. Teachers may wish to match some examples of business types and/or sizes with specific accounting procedures suitable for those conditions.

From here, the teacher could trace the differences in manufacturing, merchandising, and service industries. One approach is to start with a product, e.g., a car, in a manufacturing business. Students can brainstorm the different input costs to the item and then trace it to a merchandising company, assessing the different cost categories. Subsequently, the car can be followed to a service business (e.g., a home cleaning company) to discuss its treatment as a capital good-related item and, ultimately, expense.

In Activity 3, AF2.01 is used to ensure that the Fundamental Accounting Equation is thoroughly covered.

The career expectations have been pulled into one comprehensive activity at the end of Unit 1. Another option would be to teach these expectations concurrently with the other units. Career Cruising, Career Explorer and JVIS along with the professional associations provide extensive career information. The three accounting organizations referenced in the resources all provide excellent classroom speaker programs. These programs provide information on postsecondary course requirements.

Strand(s): The Objectives of Accounting; Accounting Fundamentals; Financial Analysis, Control, and Decision Making

Overall Expectations

AFV.01 - analyse the similarities and differences in the accounting procedures and principles for a service business, a merchandising business, and a manufacturing business;

AFV.02 - apply the basic procedures and principles of the accounting cycle for a service business;

AFV.03 - demonstrate an understanding of how accounting information is used in decision making;

OAV.01 - describe the discipline of accounting and its importance for business;

OAV.02 - demonstrate an understanding of the regulatory and ethical framework of accounting;

OAV.04 - describe professional accounting designations and career opportunities.

Unit Overview Chart

Act.	Time	Specific Expectations	Assessment	Focus
1.1	7 hours	AF2.01 - assess the effect that transactions have on the accounts of a service business; AF2.02 - demonstrate how to use the debit/credit theory in recording transactions in the journals and ledgers of a service business.	Knowledge/ Understanding Thinking/Inquiry Application	The Balance Sheet and the Accounting Equation
1.2	2 hours	OA1.01 - explain the purpose of accounting; OA1.02 - distinguish between accounting and bookkeeping; OA1.04 - identify the users and uses of accounting; OA1.05 - demonstrate an understanding of the recording and decision-making aspects of accounting; OA3.02 - describe the accounting systems that are appropriate for different types of businesses; OA1.06 - explain basic concepts, procedures, and Generally Accepted Accounting Principles.	Knowledge/ Understanding Thinking/Inquiry Application Communication	Introduction to Accounting
1.3	25 hours	AF2.01 - assess the effect that transactions have on the accounts of a service business; AF2.02 - demonstrate how to use the debit/credit theory in recording transactions in the journals and ledgers of a service business; AF2.03 - demonstrate the skills necessary to prepare trial balances and financial statements for a service business; AF2.04 - demonstrate an understanding of year-end procedures and their relations to the financial statements of a service industry; AF2.03 - explain the changes that occur in equity when financial statements are prepared; AF2.05 - describe the steps in the accounting cycle for a fiscal period of a service business.	Knowledge/ Understanding Thinking/Inquiry Application Communication	Accounting Cycle for a Service Business
1.4	4 hours	FA1.04 - describe the role and work of an auditor; FA3.03 - describe how accounting information is used by outsiders; OA1.02 - distinguish between accounting and bookkeeping; OA1.03 - demonstrate an understanding of the changing role of accounting; OA2.03 - identify three Canadian accounting organizations and describe their respective regulatory functions; OA4.01 - specify the principal specialization areas for professional accountants; OA4.02 - describe the business opportunities available to a professional accountant; OA4.03 - summarize, using electronic tools, current job advertisements that require accounting skills and training.	Knowledge/ Understanding Thinking/Inquiry Application Communication	Careers

Unit 2: Accounting for a Merchandising Business

Time: 18 hours

Unit Description

Students learn the key role of inventory in a business that sells products not services. They learn how inventory impacts the accounting entries that are made, the statements that are produced, and the adjusting and closing process.

In Activity 1, students are introduced to the difference between the periodic and perpetual inventory systems. Since the advent of the computer in business has made the perpetual system of inventory more common in the marketplace, the accounting for a perpetual system should be stressed. The classic calculation of Cost of Goods Sold should be covered, as it is useful for analysis purposes and will build a foundation for the various inventory costing methods in later accounting courses.

Activity 2 familiarizes the students with the different accounts that are needed in merchandising accounting. Students become familiar with the journalizing and posting of these new accounts.

Activity 3 takes the accounting cycle through to its conclusion of statement preparation and closing of the books.

Activity 4 explores the keeping of perpetual inventory records in a business. Students examine the role of the computer in keeping track of the flow of goods into and out of inventory and how management gains greater access to inventory information through the electronic process. The introduction of the basics of cost accounting gives students an appreciation of how to arrive at a final manufactured good’s cost. The focus of this course is service and merchandising accounting; the basic principles of manufacturing accounting are touched on.

Strand(s): The Objectives of Accounting, Accounting Fundamentals, Financial Analysis, Control, and Decision Making

Overall Expectations

OAV.01 - describe the discipline of accounting and its importance for business;

OAV.02 - demonstrate an understanding of the regulatory and ethical framework of accounting;

OAV.03 - distinguish between the different types of business structures: sole proprietorship, partnership, and corporation;

AFV.01 - analyse the similarities and differences in the accounting procedures and principles for a service business, a merchandising business, and a manufacturing business;

AFV.03 - apply the basic procedures and principles of the accounting cycle for a merchandising business;

FAV.03 - demonstrate an understanding of how accounting information is used in decision-making.

Unit Overview Chart

Act.	Time	Specific Expectations	Assessment	Focus
2.1	2 hours	OA1.06 - explain basic concepts, procedures, and Generally Accepted Accounting Principles; AF3.03- compare the periodic and perpetual inventory systems; AF3.07 - describe the steps in the accounting cycle for a fiscal period of a merchandising business.	Knowledge/ Understanding Thinking/Inquiry Communication	Introduction to a Merchandising Operation
2.2	10 hours	AF1.01 - describe the principal accounting elements particular to a merchandising business; AF3.01 - assess the effects that transactions have on the accounts of a merchandising business; AF3.02 - demonstrate how to use the debit/credit theory in recording transactions in the journals and ledgers of a merchandising business.	Knowledge/ Understanding Application Thinking/Inquiry Communication	The Accounting Cycle for a Merchandise Business
2.3	4 hours	AF3.04 - demonstrate the skills necessary to prepare an income statement with a detailed Cost of Goods Sold section; AF3.05 - demonstrate the skills necessary to prepare trial balances and financial statements for a merchandising business; AF3.06 - demonstrate an understanding of year-end procedures and their relation to the financial statements of a merchandising business.	Knowledge/ Understanding Application Thinking/Inquiry	The End of Period Process for a Merchandise Business
2.4	2 hours	OA3.02 - describe the accounting systems that are appropriate for different types of businesses; AF1.03 - distinguish the principal accounting elements that are particular to a manufacturing business; AF3.04 - compare the periodic and perpetual inventory systems; FA3.02 - describe how accounting information is used by company personnel; FA3.03 - describe how accounting information is used by outsiders.	Knowledge/ Understanding Thinking/Inquiry	Accounting Information’s Influence on Decision Making

Unit 3: Business Structures and Accounting Implications

Time: 8 hours

Unit Description

Students learn the role of the owner in the different business structures. They learn the differences in the accounting for equity required in a sole proprietorship, a partnership or corporation. Particular focus is given to the Partnership in its various forms.

In Activity 1, the three different forms of business structures are explored. Particular focus is placed on the equity sections of each of those structures, and how they differ. The role of retained earnings and dividends in the corporation should be compared to the capital accounts and drawings in a sole proprietorship and partnership. In addition, the liability of the owners in each structure will be investigated.

In Activity 2, the focus is on the partnership, and its two major forms (General and Limited). The various ways that profits are shared in a partnership are highlighted, through the preparation of a statement of partners’ equity.

Strand(s): The Objectives of Accounting, Accounting Fundamentals, Financial Analysis, Control, and Decision Making

Overall Expectations

OAV.02 - demonstrate an understanding of the regulatory and ethical framework of accounting;

OAV.03 - distinguish between the different types of business structures: sole proprietorship, partnership, and corporation;

AFV.01 - analyse the similarities and differences in the accounting procedures and principles for a service business, a merchandising business, and a manufacturing business;

FAV.03 - demonstrate an understanding of how accounting information is used in decision-making.

Unit Overview Chart

Act.

Time

Specific Expectations

Assessment

Focus

3.1

3 hours

OA3.01 - describe the advantages and disadvantages of three different types of businesses: sole proprietorship, partnership, and corporation;

OA3.02 - describe the accounting systems that are appropriate for different types of businesses;

OA3.03 - compare the responsibility of owners, shareholders, and partners in relation to the debt obligations of a business.

Knowledge/ Understanding Thinking/Inquiry

Ownership Structures

3.2

5 hours

OA3.04 - summarize the nature of a partnership and each partner’s responsibilities;

OA3.05 - evaluate the advantages and disadvantages of a limited partnership and a general partnership;

AF1.04 - explain each partner’s share of equity by preparing a statement of the partner’s equity;

AF1.05 - demonstrate how profits or losses are shared between partners;

FA3.02 - describe how accounting information is used by company personnel;

FA3.03 - describe how accounting information is used by outsiders.

Knowledge/ Understanding Thinking/Inquiry Application

Introduction to Partnerships

Unit 4: Ethical Practices in Accounting

Time: 14 hours

Unit Description

This unit explores the regulatory, moral, and ethical framework within which accountants operate. Through case study analysis students understand and apply the concept of professional judgement and rules of professional conduct. In addition, students identify internal control weaknesses and offer solutions for improvement. Case analysis may include: potential abuses of accounting data, internal control weaknesses, the implications of global competition, and the impact of technology.

The focus of Activities 2 and 3 is an understanding of the users of accounting information and how this impacts the financial reporting objectives of owners or management. In addition, students recognize that the purpose of professional guidelines is ultimately to protect the various users of financial information.

Activity 3 includes an examination of specific Banking and Internal Control topics including the following: Petty Cash procedures, the Bank Reconciliation, the Role of an Internal Auditor, Special Journals, and Subsidiary Ledgers. Some of the topics in this last activity may be covered alternatively in Unit 5 - Technology and Financial Statement Analysis.

Strand(s): The Objectives of Accounting; Accounting Fundamentals; Financial Analysis, Control, and Decision Making

Overall Expectations

OAV.01 - describe the discipline of accounting and its importance for business;

OAV.02 - demonstrate an understanding of the regulatory and ethical framework of accounting;

AFV.01 - analyse the similarities and differences in the accounting procedures and principles for a service business, a merchandising business, and a manufacturing business;

AFV.04 - assess the impact of technology on the accounting functions in business;

FAV.01 - demonstrate an understanding of the importance of proper internal control systems to the financial management of a business;

FAV.03 - demonstrate an understanding of how accounting information is used in decision-making.

Unit Overview Chart

Act.	Time	Specific Expectations	Assessment	Focus
4.1	3 hours	OA1.03 - demonstrate an understanding of the changing role of accounting; OA1.04 - identify the users and uses of accounting; OA1.05 - demonstrate an understanding of the recording and the decision-making aspects of accounting; OA1.06 - explain basic concepts, procedures and GAAPs; OA2.01 - describe the link between ethics in business and ethics in accounting.	Knowledge/ Understanding Thinking/Inquiry Communication	Role of Accounting in Society
4.2	4 hours	OA2.02 - assess the effects of current issues and developments on the accounting profession; OA3.03 - compare the responsibilities of owners, shareholders, and partners in relation to the debt obligations of a business; AF4.02 - describe ways in which technology can affect the accounting function.	Thinking/Inquiry Communication	Impact of Accounting on Society
4.3	7 hours	AF1.02 - explain the need for special journals and subsidiary ledgers; FA1.01 - describe the basic elements of a proper internal control system; FA1.04 - describe the role and work of an auditor; FA1.05 - analyse the control measures used in business; FA1.06 - explain the role and function of the personnel involved in implementing a control system; FA3.01 - demonstrate an understanding of the various uses of financial data in decision-making; FA3.02 - describe how accounting information is used by company personnel; FA3.03 - describe how accounting information is used by outsiders.	Knowledge/ Understanding Application Communication	Banking and Internal Control Issues

Unit 5: Technology and Financial Statement Analysis

Time: 32 hours

Unit Description

Students assess the effect of technology on accounting. The use of computers in BAF3M is not only essential but also mandatory for Activity 1 - Using Accounting Software. The writers also recommend the use of spreadsheet software for Activities 2 and 3. Also note that the use of technology in this unit can be approached in one of two ways: as a separate unit, or integrated with Units 1 through 4. The integrated approach addresses the constraint that lab time might only be available in one to two day increments.

In Activity 1, students complete the accounting cycle for a service business using computerized accounting software. In doing so, students become proficient in setting-up accounts, entering journal entries, and generating financial reports in a computerized environment. In addition, students are exposed to additional features and modules of accounting software by analysing transactions for a merchandising concern. The Purchases, Sales, and Inventory modules will be introduced. Students will also understand how software can aid in the preparation of the bank reconciliation.

In Activity 2, students can use spreadsheet software for financial statement analysis. Students will design spreadsheet models to calculate ratios, perform trend analysis, and generate common-size financial statements. Students learn how to analyse and interpret quantitative analysis.

In Activity 3, students are introduced to the concept of budgeting. Again, students can use spreadsheet software to prepare a budgeted income statement and balance sheet. The importance of budgeting, as a management tool, will be further examined.

The written expectations have not been included in the unit chart as Unit 5 is developed in full, and the written expectations appear there.

Strand(s): The Objectives of Accounting; Accounting Fundamentals; Financial Analysis, Control, and Decision Making

Overall Expectations: OAV.02, AFV.01, AFV.02, AFV.03, AFV.04, FAV.01, FAV.02, FAV.03.

Unit Overview Chart

Act.	Time	Specific Expectations	Assessment	Focus
5.1	15 hours	OA1.06, AF1.02, AF2.06, AF3.08, AF4.01, AF4.02 AF4.03	Knowledge/Understanding Thinking/Inquiry Application Communication	Using Accounting Software
5.2	10 hours	FA2.01, FA2.02, FA2.04, FA2.05, FA3.01	Knowledge/Understanding Thinking/Inquiry Communication Application	Financial Statement Analysis
5.3	7 hours	FA1.02, FA1.03, FA1.05	Knowledge/Understanding Application	Budgeting and Other Control Measures

Teaching/Learning Strategies

There is a conscious quest for a balance of traditional modelling of skills and knowledge together with a blend of small group and individual practice and individual exploration. Concepts and ideas that students discover are usually internalized more deeply and retained with greater meaning than ideas that are passively received. When students report and discuss discoveries with fellow students and the teacher, the learning is consolidated and enhanced. Educational research has shown that guided instruction and interactive learning are cornerstones of efficient teaching practice.

Teacher-directed strategies are those in which the teacher directs the learning and have a definite place in this course as students learn to handle a broad range of topics. Teachers may find the strategies in this category useful as ways to model how to set up anything from notebooks or databases, to present complex concepts or simply to make the best use of time in some parts of the course. Lecture, Questioning, Visual organizers, Record/task sheet, Demonstration, Group project, Peer helping, Video, Overhead, Group discussion, Guest Speakers, Field Trip, Mnemonics (trigger recall) are commonly used examples.

Learner-centred strategies, which are activity-based, provide students with the opportunities to actively apply what they have learned. These strategies enable students in developing problem solving as well as collaborative skills:

· Brainstorming: Chunking, Carousel Brainstorming, Graffiti;

· Reaching Consensus: Snowball;

· Listening and Communication: Say and Switch, Three-Step Interview;

· Reaction/Opinion: Reaction Wheel, Agree/Disagree, Corners, Think/Pair/Share, Roundtable, Connections, Round Robin Reflection, Journaling;

· Graphic Organizers: Future Wheel, Semantic Mapping, Mind Mapping, Flow Chart, Sequence Chart, Ranking Ladder, Tree Diagram, Venn Diagram, The Fish Bone, The Right Angle; Reflection: Stems and Starters, Role-playing.

Self-directed strategies may be used to promote independence and self-reliance. The benefits of the use of such strategies are that students learn to take responsibility for and manage their own learning. The university/college preparation courses require an emphasis on the development of both independent research skills and independent learning. Sharing, Displays, Research, Electronic Media Research, Computer Assisted Learning, Text referencing, Note-taking, Study notes, Checklists, and Questionnaires are explained in the Pedagogy Resources

Assessment & Evaluation of Student Achievement

Teachers should employ assessment strategies frequently and throughout the course in order to communicate the expectations of the course to students, to make appropriate adjustments to teaching and learning strategies as required, and to accommodate the special needs of students. Student input to the assessment process itself should be welcomed and valued.

The teacher may find it useful to provide exemplars of the different levels of achievement.

Some strategies, which are consistent with the assessment techniques referred to in the activities, are presented below.

· Use a few generic or comprehensive rubrics for a variety of activities so that the process is not overwhelming for students and teachers.

· Share the rubrics for culminating activities at the beginning of the unit, so expectations are clear for students and can be used to support the learning in all activities in the unit.

· Develop rubrics with students, or involve them in translating them into student language.

· Emphasize the language of assessment and evaluation in your discussions with students.

· Provide sample work demonstrating achievement at different levels for students.

· Use the results of diagnostic and formative assessment to modify the delivery of the unit.

· Provide different opportunities to assess the achievement of the expectations.

· Provide opportunities for self and peer assessment to be used as formative assessment to support and improve student learning.

· Provide multiple opportunities for students to demonstrate their achievement of expectations.

· Provide opportunities for students to repeat assignments until they can demonstrate their mastery.

· Develop tests that provide opportunities to demonstrate all categories on the Achievement Chart (not just Knowledge) at all levels.

· Give practice tests as an opportunity for formative assessment.

· Use assessment tools that are appropriate for the expectations being addressed. The criteria should relate to the categories on the Achievement Chart.

· Provide prompt feedback so that students can use it to improve their learning.

· Design a variety of assessment tasks to address different learning styles.

· Provide choice in activities/assessments tasks to accommodate the diverse needs of the learners in the classroom.

· Provide opportunities for students to track their own progress.

Assessment Purposes

Assessment may be diagnostic, formative, and summative. Diagnostic assessment includes informal observation checklists, quizzes and all class questions and answers. The following strategies and tools may be used for both formative and summative purposes.

Method	Strategy	Tool
Paper-and-Pencil	Test - selected response - true/false - constructed response	Marking Scheme
Performance Task	Oral presentation Science experiment lab report Debate	Rubric Checklist
Personal Communication	Student-teacher conference Classroom question and answer	Rating Scale Anecdotal record

Learning skills, effort, punctuality, and recorded absences are reported separately and are not considered in the determination of the percentage grade. The evaluation will be based on testing, product development and product delivery using a variety of media. Factored into this evaluation is the degree to which a student uses both independent and collaborative product development strategies.

Marking schemes and rubrics used for evaluation should be organized to include the four achievement categories or for as many as are applicable. One student-generated product, process, etc. may be evaluated under multiple categories: Knowledge and Skills, Thinking/Inquiry, Communication, and Application categories. The teacher’s record keeping would require that four separate marks be recorded for that assignment, one for each of the four categories it addresses.

Final Course Evaluation

“When planning courses and assessment, teachers should review the required curriculum expectations and link them to the categories to which they relate. Teachers should ensure that all the expectations are accounted for in instruction, and that the achievement of the expectations is assessed within the appropriate categories” (The Ontario Curriculum, Grades 11 and 12: Business Studies, 2000, p. 125). The suggested weighting system below advocates a weighting for each category identified on the Achievement Chart - Grades 11-12, Business Studies, pp. 126-127. Teachers must ensure that a student’s most consistent performance level is reflected in his/her final mark. Teachers must also provide a variety of opportunities for students to demonstrate their achievement of the expectations.

Evaluation

The assessments/evaluations conducted throughout the course should provide seventy percent of the grade. The additional thirty percent will consist of a final project as well as a written examination. An ideal final project would include proof of mastery of accounting concepts, the elements of the accounting cycle, analysing transactions, journalizing, generating statements, and the use of accounting software. The weighting for the 30% Summative evaluation might reflect the emphasis on exams and written tests at the post secondary level. The exam could include a case study, as is the practice in various accounting competitions. Each component of the final evaluation/assessment should incorporate all four categories of assessment: Knowledge/Understanding, Thinking/Inquiry, Communication, and Application.

Accommodations

Teachers should address exceptional students’ Individual Educational Plan (IEP) and consult with the appropriate support staff. This will allow teachers to effectively implement the prescribed modifications. Teachers have a store of good practices they commonly use to enable the learning for all students in their class. The following are common, frequently used strategies listed by exceptionalities to reaffirm the good teaching practices found in Ontario classrooms.

Reading difficulties: read questions first, modify reading requirements, use reading partners, and pre-teach concepts/vocabulary, highlight notes, use visual.

Math difficulties: check work after each example, modify the complexity of examples, teach use of diagrams; teach the use of the calculator available on the computer.

Memory difficulties: teach students to verbalize concepts, check that daily assignments are recorded in planner, teach skills to assist in answering recall questions, insists students write things down, provide lists, flow charts, give visual clues.

Written language difficulties: vary assignments, give explicit instructions, allow more time, provide photocopied notes, allow point form notes, use peer editing, teach spell/grammar check.

Motivation difficulties: ensure students see a purpose for their activities and an end in sight; negotiate both process and product, provide authentic contexts, maintain contact with home.

ESL Accommodations

· The teacher should set the tone for a positive attitude toward helping students with special needs.

· English-speaking students can help their ESL classmate by repeating, rephrasing and writing words down.

· Use bilingual tutors, if available, to facilitate clarification in native language.

· Provide peer tutors and give them specific responsibilities up front.

· Give recognition to partners for undertaking responsibilities.

· Avoid all ESL groupings.

· Encourage ESL students to use their own language for clarification and explanation.

· Provide students with a summary sheet that can be used at the end of each class (with teacher assistance) to list main terms or concepts that were the focus of the lesson.

· Make overheads of handouts on which the teacher highlights important terms, explains words, and clarifies instructions, etc. while students do the same on their copy.

· Provide a glossary of terms for the reading for students with special needs.

· Encourage the use of first language dictionaries for assignments and assessments.

· Pair written instructions with verbal instructions.

· Provide visual and auditory clues.

· Ask an ESL/ELD teacher to review questions, assignments or assessment instruments.

· Culturally some ESL students have been taught to rely on teacher-based assessment. Some ESL students will need extensive instructions on the assessment processes that are not teacher-centred.

· Allow for early success so ESL students do not get overwhelmed and discouraged.

· Allow extra time where possible for oral responses, writing assignments and tests.

Enrichment Accommodations

The teacher can enrich the learning experience by:

· requiring multiple and sophisticated forms of communication;

· encouraging and reinforcing the application of abstract thinking skills to complex content, resulting in a sophisticated product;

· integrating cross curricular activities;

· fostering in-depth learning of a self-selected product topics within the expectation requirements;

· being aware that students may be gifted in one area and not in others;

· encouraging and using the DECA (Distribution Education Clubs of America) and OBEA (Ontario Business Educator’s Association) contests;

· allowing students to demonstrate mastery of content through preferred style of learning.;

· motivating students to synthesis course content with their own experiences and ideas;

· Enrichment Mini Course at Queens University - Course IBU offered in May on a yearly basis “Advanced Business Practice”. See - http://www.queensu.ca/cdns/

· The teacher can challenge the gifted learner through product and process. The expectations cannot be changed.

Resources

Before reproducing materials for student use from books and magazines, teachers need to ensure that their board has a Cancopy licence and that resources they wish to use are covered by this licence. Before screening videos for their students, teachers need to ensure that their board/school has obtained the appropriate public performance videocassette licence from an authorized distributor (e.g., Audio Cine Films Inc.). Teachers are also reminded that much of the material on the Internet is protected by copyright. That copyright is usually owned by the person or organization that created the work. Reproduction of any work or a substantial part of any work on the Internet is not allowed without the permission of the owner.

Note: The URLs for the websites have been verified by the writers prior to publication. Given the frequency with which these designations change, teachers should always verify the websites prior to assigning them for student use.

General Resources

D’Amico, V., T. Palmer, and T. D’Amico. Principles of Accounting, 2nded. Toronto: Pearson Education Canada, 1994 ISBN 0-7730-5264-X

Freedman, H., J. Toste, and C. Barr. Learning Simply Accounting, 8.0. Hamilton: Norbry Publishing Limited, 2000. ISBN 1-55232-042-1

Harrison, W., C. Horngren, M. Robinson, and W.M. Lemon. Accounting, 3rd ed. Toronto: Pearson Education Canada, 1996. ISBN 0-13-184177-7

Heaney, Christine and Claudette Edie. MYOB Version 9.0, A Simulated Approach. Hamilton: Norbry Publishing Limited, 2000. ISBN 1-55232-044-8

Ireland, Tim. School Accounting Modules. Vancouver: Certified General Accountants of Ontario, 2000.
ISBN 1-55219-287-3

Investing in Your Future, Appendix B, and Appendix C. Toronto: Canadian Securities Institute and Investor Learning Centre, 2000. ISBN 1-894289-51-Xb

Meigs, Robert, M. Bettner, and W. Lam. Accounting: The Basis For Business Decisions, Vol. 1 & 2,
8th ed. Toronto: McGraw-Hill Ryerson, 1999. ISBN 0075605015 and ISBN 0075605023

Monarch Books of Canada. Learning Microsoft Excel 97. DDC Computer Applications books.
Catalogue 1562434411

Monarch Books of Canada. Learning Corel WordPerfect Suite 8. DDC Computer Applications books. Catalogue 1562435906 (This includes Quattro Pro 8)

Purbhoo, Mary, and Dhirajlal Purbhoo. Using Simply Accounting Version 8.0 for Windows, An Integrated Simulation. Toronto: Addison Wesley Longman Ltd., 2000.

Syme, G.E., Accounting 1, 5th ed. Toronto: Pearson Education Canada, 1993. ISBN 0-13-333825-8

Taking Stock in Your Future, Activity 4. Toronto: Ontario Institute of Studies in Education, University of Toronto, 2000.

Vale, Ruth and Rebecca Latif-Pembry. Microsoft Excel 97. Hamilton: Norbry Publishing Limited, 2000.

Wilson, Dennis. Basic Accounting Principles & Procedures. Hamilton: Norbry Publishing Limited, 2000. ISBN 0-201-38936-3

Professional Organizations

The Institute of Chartered Accountants of Ontario
69 Bloor Street East, Toronto, M4W 1B3 Tel: (416) 962-1841 - Toll Free: 1-800-387-0735 -
Fax: (416) 962-8900 Contact Person: Jill L. Axisa, Director, Career Information Programs - jaxisa@icao.on.ca Website - http://www.icao.on.ca
A teacher is automatically eligible to become part of the Teacher Colleague Program with the Institute of Chartered Accountants of Ontario. For a nominal fee, a teacher is entitled to receive CA Magazine monthly and the CICA Handbooks and updates. This organization runs its own accounting contest.

The Society of Management Accountants of Ontario
70 University Avenue, Suite 300 Toronto, Ontario M5J 2M4 Contact Person: Gary D. Parsons, Manager of Secondary School Programs Direct Dial (416) 204-3112 - gparsons@cma-ontario.org
(416) 977-7741 - 1-800-387-2991 Ext. 112 - Fax (416) 977-6079 Website - www.cma-canada.org
The Society of Management Accountants of Ontario, Members Handbook is available to teachers.
This organization also runs its own contest and offers scholarships.

The Certified General Accountants of Ontario
240 Eglinton Avenue East, Toronto, Ontario, M4P 1K8 Contact Person: Lisa Morabito, coordinator, school programs. - (416) 322-6520 ext 257 lmorabito@cga-ontario.org - 1-888-837-2238
Website - www.cga-canada.org

Each of these organizations has excellent resources such as magazines and videos. They also have websites and sections to assist teachers and students. In particular, the speaker program from each organization is exceptional.

The Ontario Business Education Association - http://www.obea.com

DECA - http://www.deca.org DECA ONTARIO - http://www.deca.on.ca
A Business/Marketing Organization site for students and teachers, where resources dealing with business can be ordered.

Accounting Software

MYOB 9.0 – http://www.myob.ca

QuickBooks2000- Intuit of Canada - http://www.intuit.com

Simply Accounting 8.0 - Computer Associates, Licensed by the Ministry of Education. Information is available at – http://www.osapac.org

Internet

Canadian Institute Of Financial Planning. This site has material on careers in accounting and the financial services sector – http://www.cifp.ca

Quicken Canada - Many links and features for company financial analysis. Special section on small
business – www.quicken.ca

Sedar - This site has public securities filings. Information on many public listed companies is available –
www.sedar.com

The Motley Fool - A site with a wealth of financial information – www.fool.com

The Ontario Securities Commission - Information on securities regulation. – http://www.osc.gov.on.ca/

The TSE - This site offers excellent links and resources for financial analysis and stock information. –
www.tse.com

Videos

Business Buffet. Visit – www.businessbuffet.com/Webform/webform.pdf to order videos from the series. The videos also come with teaching guides.

Taking Care of Business, The Society of Management Accountants of Ontario. See the contact information above.

Think CGA, Certified General Accountants of Ontario. See the contact information above.

Wilson & Notman. World of Business Video Series. Toronto. Nelson Canada & CBC. Teachers Resource. Unit 7 Accounting. ISBN0-17-606589-X.

Career Resources

Canadian Bankers Association - http://www.cba.ca

Canadian Youth Business Foundation - http://www.i3ds.com/cyba/directory/gov.html
canjobs.com - The Canadian employment search network. - www.canjobs.com

Career Cruising - http://www.careercruising.com/home/index.htm/
careerclick.com - Career resources, job postings and company profiles - www.careerclick.com

Cx Bridges Canada – An excellent site for general career information - http://cdn.cx.bridges.com

Human Resources Development Canada, Job Futures 2000 – Labour market trends and information on careers. - http://www11.hrdc-drhc.gc.ca/doc/jf/part2/index.shtml

Interest Survey - http://www.jvis.com

Workopolis – A great site for career information and job postings. - http://www.workopolis.com

Safety

Health And Safety Sites: Canadian site for occupational health and safety. - www.ccohs.ca

Live Safe! Work Smart! Health And Safety Resources for Ontario Secondary School Teachers.
ISBN 0-7794-0226-X. Queen’s Printer for Ontario, 2000. Ministry of Labour Publications Department, 1-416-326-7731

Pedagogy Resources

Bennett, B., Carol Rolheiser, and Bennett and Laurie Stevahn. Cooperative Learning Where Heart Meets Mind. Toronto: Educational Connections, 1991. ISBN 0-4444-555-6

Gibbs, Jeanne. Tribes: A Process for Social Development and Cooperative Learning. Santa Rosa: 1996.
ISBN 0-932762-08-5

Harper, M, Ken O’Connor, and Marilyn Simpson. Quality Assessment: Fitting The Pieces Together. Toronto: OSSTF Educational Services Committee, 1999. ISBN 0-920930-47-6

OSSTF/FEESO. Quality Assessment. Toronto: OSSTF Education Service Committee. 1999.
ISBN 0-920930-47-6

The Waterloo County Board Of Education. Cooperative Learning: A Resource for Small Group Learning K-OAC. Waterloo: The Waterloo County Board Of Education, 1992.

Pedagogy Internet

Canoe - Canadian Newsstand and Information – http://www.canoe.com/

Innovative Teaching – http://www.interserf.net/mcken/teacher.htm

Pedagonet - This site offers an innovative search engine, which facilitates the exchange of learning
resources. – http://www.pedagonet.com/

School Net - This site is dedicated to serving the interests of students, parents and educators regarding
every facet of education, from kindergarten through graduate school. – http://www.schoolnet.org

Teacher Talk - This site provides a discussion area for teachers related to technology instruction. –
http://www.mightymedia.com/ttalk/index.asp

The Globe And Mail – http://www.theglobeandmail.com/index.html

OSS Considerations

The Ontario Curriculum Grades11 and 12 Business Studies. 2000

The Ontario Curriculum Grades 9 to 12 Program Planning and Assessment. 2000

The Ontario Curriculum Grades 9 to 12 Choices into Action Guidance and Career Education Program Policy For Ontario Elementary and Secondary Schools. 1999

Ontario Secondary Schools Grades 9 to 12 Program and Diploma Requirements. 1999

Coded Expectations, Introduction to Financial Accounting, Grade 11, University/College Preparation, BAF3M

The Objectives of Accounting

Overall Expectations

OAV.01 · describe the discipline of accounting and its importance for business;

OAV.02 · demonstrate an understanding of the regulatory and ethical framework of accounting;

OAV.03 · distinguish between the different types of business structures: sole proprietorship, partnership, and corporation;

OAV.04 · describe professional accounting designations and career opportunities.

Specific Expectations

Introduction to Accounting as a Discipline

OA1.01 – explain the purpose of accounting;

OA1.02 – distinguish between accounting and bookkeeping;

OA1.03 – demonstrate an understanding of the changing role of accounting;

OA1.04 – identify the users and uses of accounting;

OA1.05 – demonstrate an understanding of the recording and the decision-making aspects of accounting;

OA1.06 – explain basic concepts, procedures, and Generally Accepted Accounting Principles.

Issues in Accounting

OA2.01 – describe the link between ethics in business and ethics in accounting;

OA2.02 – assess the effects of current issues and developments on the accounting profession (e.g., ethical issues, technological developments, economic conditions, the globalization of business transactions);

OA2.03 – identify three Canadian accounting organizations and describe their respective regulatory functions.

Business Structures

OA3.01 – describe the advantages and disadvantages of three different types of businesses: sole proprietorship, partnership, and corporation;

OA3.02 – describe the accounting systems that are appropriate for different types of businesses;

OA3.03 – compare the responsibility of owners, shareholders, and partners in relation to the debt obligations of a business;

OA3.04 – summarize the nature of a partnership and each partner’s responsibilities;

OA3.05 – evaluate the advantages and disadvantages of a limited partnership and a general partnership.

Career Opportunities

OA4.01 – specify the principal specialization areas for professional accountants;

OA4.02 – describe the business opportunities available to a professional accountant;

OA4.03 – summarize, using electronic tools, current job advertisements that require accounting skills and training.

Accounting Fundamentals

Overall Expectations

AFV.01 · analyse the similarities and differences in the accounting procedures and principles for a service business, a merchandising business, and a manufacturing business;

AFV.02 · apply the basic procedures and principles of the accounting cycle for a service business;

AFV.03 · apply the basic procedures and principles of the accounting cycle for a merchandising business;

AFV.04 · assess the impact of technology on the accounting functions in business.

Specific Expectations

Accounting Procedures and Principles

AF1.01 – describe the principal accounting elements particular to a merchandising business (e.g., accounts, journals, special journal entries, and taxes);

AF1.02 – explain the need for special journals and subsidiary ledgers (e.g., sales and purchases journals, accounts receivable and accounts payable ledgers);

AF1.03 – distinguish the principal accounting elements that are particular to a manufacturing business;

AF1.04 – explain each partner’s share of equity by preparing a statement of the partner’s equity;

AF1.05 – demonstrate how profits or losses are shared between partners (e.g., through fixed ratios, pro-rata, salaries).

The Accounting Cycle for a Service Business

AF2.01 – assess the effects that transactions have on the accounts of a service business;

AF2.02 – demonstrate how to use the debit/credit theory in recording transactions in the journals and ledgers of a service business;

AF2.03 – demonstrate the skills necessary to prepare trial balances and financial statements for a service business;

AF2.04 – demonstrate an understanding of year-end procedures (e.g., adjusting and closing entries) and their relation to the financial statements of a service business;

AF2.05 – describe the steps in the accounting cycle for a fiscal period of a service business;

AF2.06 – demonstrate the skills required to record a service company’s transactions and produce the financial statements using accounting software.

The Accounting Cycle for a Merchandising Business

AF3.01 – assess the effects that transactions have on the accounts of a merchandising business;

AF3.02 – demonstrate how to use the debit/credit theory in recording transactions in the journals and ledgers of a merchandising business;

AF3.03 – compare the periodic and perpetual inventory systems;

AF3.04 – demonstrate the skills necessary to prepare an income statement with a detailed Cost of Goods Sold section;

AF3.05 – demonstrate the skills necessary to prepare trial balances and financial statements for a merchandising business;

AF3.06 – demonstrate an understanding of year-end procedures (e.g., adjusting and closing entries) and their relation to the financial statements of a merchandising business;

AF3.07 – describe the steps in the accounting cycle for a fiscal period of a merchandising business;

AF3.08 – demonstrate an ability to record a merchandising company’s transactions and produce the financial statements using accounting software.

The Impact of Technology

AF4.01 – distinguish between the steps in a computerized and a manual accounting cycle;

AF4.02 – describe ways in which technology can affect the accounting function (e.g., the effect on the information itself, the accountant’s work, and the security of information systems);

AF4.03 – explain the advantages and disadvantages of technology as it affects accounting in service, merchandising, and manufacturing settings.

Financial Analysis, Control, and Decision Making

Overall Expectations

FAV.01 · demonstrate an understanding of the importance of proper internal control systems to the financial management of a business;

FAV.02 · evaluate the financial situation of a business by analysing performance measures and financial statements;

FAV.03 · demonstrate an understanding of how accounting information is used in decision making.

Specific Expectations

Financial Control Systems and Procedures

FA1.01 – describe the basic elements of a proper internal control system;

FA1.02 – explain the factors that influence budgetary forecasts;

FA1.03 – describe a budgeted income statement and a budgeted balance sheet;

FA1.04 – describe the role and work of an auditor;

FA1.05 – analyse the control measures used in business (e.g., petty cash procedures, bank reconciliation procedures, use of pre-numbered documents);

FA1.06 – explain the role and function of the personnel involved in implementing a control system.

Financial Analysis

FA2.01 – explain the importance of current assets when interpreting a balance sheet;

FA2.02 – explain the importance of current liabilities when interpreting a balance sheet;

FA2.03 – explain the changes that occur in equity when financial statements are prepared;

FA2.04 – analyse a company’s liquidity, solvency, and return on investment by using comparative statements, trend analysis, and common size statements;

FA2.05 – evaluate a company’s ability to meet its financial obligations (e.g., by analysing amounts and aging of receivables, liquid assets).

Decision Making

FA3.01 – demonstrate an understanding of the various uses of financial data in decision making (e.g., from the potential investor standpoint, the creditor standpoint, and the management standpoint);

FA3.02 – describe how accounting information is used by company personnel (e.g., department managers, owners);

FA3.03 – describe how accounting information is used by outsiders (e.g., governments, investors, and banks).

Unit 5 | Course Profiles Main Menu

Acknowledgments

Course Description

Course Notes

Units: Titles and Times

Unit Overviews

Unit 1: Introduction to Accounting for a Service Business

Unit 2: Accounting for a Merchandising Business

Unit 3: Business Structures and Accounting Implications

Unit 4: Ethical Practices in Accounting

Unit 5: Technology and Financial Statement Analysis

Teaching/Learning Strategies

Assessment & Evaluation of Student Achievement

Assessment Purposes

Final Course Evaluation

Accommodations

ESL Accommodations

Enrichment Accommodations

Resources

General Resources

Career Resources

Pedagogy Resources

OSS Considerations

The Objectives of Accounting

Overall Expectations

Specific Expectations

Accounting Fundamentals

Overall Expectations

Specific Expectations

Financial Analysis, Control, and Decision Making

Overall Expectations

Specific Expectations