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Course Profile Accounting for a Small Business (BAN4E), Grade 12, Workplace Preparation, Catholic

Course Overview

Policy Document: The Ontario Curriculum, Grades 11 and 12, Business Studies, 2000.

Prerequisite: Introduction to Accounting, Grade 11, Workplace Preparation

Course Description

This course expands upon the fundamentals of accounting introduced in the Grade 11 course by examining each component of the accounting cycle, with emphasis on practical application. Students learn how accounting is practised in the workplace by acquiring an understanding of payroll systems, inventory, specialized journals, subsidiary ledgers, sales taxes, cash management, and accounting software programs.

How This Course Supports the Ontario Catholic School Graduate Expectations

As students near their workplace destination, God’s message to become responsible citizens who contribute to both the economic and spiritual good of the community, becomes increasingly integral to the teachings in business education. The study of business, and more specifically, of accounting procedures, provides a forum for the discussion of economic and workplace issues such as social justice, ethical decision-making, and recognizing the value of human resources. As this course expands students’ knowledge of fundamental accounting procedures, it should enhance their commitment to becoming faith-filled members of the work place.

Expectations from the Ontario Catholic School Graduate Expectations have been carefully selected based on appropriateness and value-added potential for each unit and activity in the course. This provides an initial focus for the teacher in their efforts to promote the development of graduates who model the Catholic faith in their postsecondary endeavours.

Course Notes

Accounting is a process-driven pursuit. Students must learn the steps of the accounting cycle in a sequential manner. The teacher must ensure that students have mastered previous topics before progressing to new skills. Students need opportunities to practise and apply all skills learned and to receive constructive feedback on a regular basis. The teacher should follow a teach-practise-review-extend method of instruction. Once a new skill is taught, students have the opportunity to practise the skill. The teacher then reviews the material and extends the topic to include a new step. This process continues throughout the course, and assessment opportunities are provided on a continuous basis. Evaluation opportunities include, among others, assignments, daily work completion, and unit tests.

Workplace preparation courses are designed to equip students with the knowledge and skills they need to meet the expectations of employers, should they plan to enter the workplace directly after graduation. Alternatively, workplace preparation courses also provide the requirements for admission to certain apprenticeship or other training programs. Students in Ontario secondary schools have the opportunity to apply what they learn in their courses through participation in various planned learning activities outside the classroom. Such learning activities increase students’ awareness of educational and career opportunities and provide them with first-hand experience. This practical experience helps them make decisions about possible future careers and assists them in making a successful transition from secondary school to the workplace or to an apprenticeship program.

This course could be combined with a cooperative education program or be offered as part of a business studies program. Where possible, the course includes planned learning experiences connected to the workplace, such as job shadowing or presentations by local business people. See Cooperative Education and Other forms of Experiential Learning, Policies and Procedures for Ontario Secondary Schools, 2000 for more information about experiential learning.

The learning expectations of the course have been clustered in such a way as to allow students to progress to new skills while practising and refining prior learning skills. Students start by reviewing the main concepts learned in the Grade 11 course (BAI3E). They then expand their accounting knowledge into the area of merchandising accounting, businesses that purchase goods for resale. Up to this point, students have only worked with service businesses. Their skills must be expanded in order to account for inventory issues (returns, allowances, transportation, shrinkage). Accounting for taxes is then integrated for both service and merchandising businesses, since all businesses are affected by government in terms of collecting and paying taxes. Specific areas of business accounting, cash flow and payroll, are then introduced. The position of a company’s cash balance is of utmost importance to management, employees, and the accountant. Finally, students receive an introduction to corporate accounting.

Note: Students should be directed to obtain corporate annual reports at the beginning of the course. They will be used in Unit 6.

Units: Titles and Times

Unit 1	Review of the Accounting Cycle	10 hours
Unit 2	Merchandising Accounting	30 hours
Unit 3	Accounting for Sales Taxes	10 hours
Unit 4	Cash Flow Statements	10 hours
Unit 5	Payroll	20 hours
* Unit 6	Financial Analysis and Accounting Careers	30 hours

* This unit is fully developed in this Course Profile.

Unit Overviews

Unit 1: Review of the Accounting Cycle

Time: 10 hours

Unit Description

In BAI3E, students were introduced to the accounting cycle for a service business. This included making regular journal entries, posting to the general ledger, and summarizing information in financial statements. Students also used the information provided in financial statements to make business decisions. The teacher should revisit these topics to ensure that the basics of accounting procedures have been grasped. Students should be able to complete these accounting procedures in a competent manner. An introductory activity such as a business case, is used to diagnostically assess the knowledge base of students. Based on the diagnostic assessment, the teacher can develop an appropriate review for his/her class.

Students apply their knowledge learned from the prerequisite course. Students work independently and in groups on a variety of exercises that strengthen their knowledge of the fundamentals of the accounting cycle. The teacher notes any weaknesses and supplements extra resources to ensure that each student has a good working knowledge of basic accounting practices. The rest of the course is based upon the understanding of these concepts.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	SMV.01, SM1.01, SM1.02, SM1.03 CGE1d, 1h, 2a, 2b, 2c, 5b	Knowledge/Understanding Application	Review of balance sheet, income statement, accounting terminology and the fundamental accounting equation
2	SMV.01, SM1.01, SM1.04 CGE2b, 2d, 5b, 7a, 7e	Application Communication	Accounting cycle, journal entries and posting
3	AP1.01, AP1.02, AP1.03, AP3.01, AP3.02, AP3.04 CGE2a, 2b, 2c, 2e	Knowledge/Understanding Application	Subsidiary ledgers, specialized journals, computerized accounting

Unit 2: Merchandising Accounting

Time: 30 hours

Unit Description

At this point, students should understand the accounting procedures for service businesses, which make up only a small portion of the businesses operating in Canada. Merchandising firms, classified as companies that purchase products for resale, have unique accounting concerns that need to be addressed. Most importantly, accounting for inventory must be explained. Following the generally accepted accounting principles outlined by the Canadian Institute of Chartered Accountants, students should understand the various inventory policies utilized by a variety of businesses. They should be able to develop an inventory system for various businesses and take into account safekeeping and anti-theft policies. Students modify their accounting procedures to accommodate inventory concerns and will produce financial statements that indicate current inventory levels and a cost of goods sold during the operating cycle.

Again, students focus on completing exercises to develop and reinforce the new skills learned. The use of case studies and group discussion help students to understand the importance of inventory control and the costs associated with theft.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	SMV.02, SM2.01, SM2.02 CGE1d, 2a, 2b, 2c, 2e, 3b, 3c, 5b	Knowledge/Understanding Application	Channels of distribution, cost of goods sold Income statement
2	SMV.02, SM2.03, SM2.04 CGE2b, 2c, 4e	Application	Balance sheet
3	SMV.03, SM3.01, SM3.03, SM3.04, SM3.05, SM3.06, SM3.07, SM3.08 CGE1i, 2e, 3b, 3d, 3f, 7a, 7b, 7j	Knowledge/Understanding Thinking/Inquiry Application	Inventory control system
4	SMV.02, SM3.02 CGE2c, 5a, 5b, 7a, 7b	Knowledge/Understanding Application	Merchandising Business transactions
5	AP3.01, AP3.03 CGE2c, 2e, 7a	Application	Computerized accounting for a merchandising business

Unit 3: Accounting for Sales Taxes

Time: 10 hours

Unit Description

The majority of purchases of goods and services in Canada require the payment of sales taxes. These taxes include the Provincial Sales Tax (PST) and the Goods and Services Tax (GST). Businesses must calculate these taxes on each sale they make and then remit the amounts to the appropriate level of government on a regular basis. Students develop accounting procedures to accommodate the collection of sales taxes into the accounting cycle. They are able to make the appropriate journal entries and integrate the tax accounts into the financial statements. Students also work with computer software that aids in the calculation of sales taxes for all products and services.

Students would benefit from a presentation by a member of the provincial tax collection agency. This person could explain the process of collecting PST from businesses and the importance of cooperation between business and government. A discussion of security procedures and penalties for non-remittance of taxes collected is also beneficial.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	TSV.01, TS1.01, TS1.02 CGE2c, 4f, 7a, 7h	Knowledge/Understanding Application	Goods and services tax
2	TSV.01, TSV.02, TS2.01, TS2.02 CGE2c, 4f, 7a, 7h	Knowledge/Understanding Application	Retail sales tax
3	AP3.02, AP3.01, TS1.03, TS2.03 CGE2c, 2e, 7a	Application	Computerized accounting

Unit 4: Cash Flow Statements

Time: 10 hours

Unit Description

In Canada, businesses follow an accrual basis of accounting, which recognizes an entry when something of value is exchanged, rather than when cash is exchanged. This is generally a new way of understanding finances for students because they conduct their financial affairs on a cash basis. They may make an incorrect assumption that businesses do not concern themselves with cash flow or the need for cash to operate on a day-to-day basis. Many businesses with sales of millions of dollars have gone bankrupt due to a lack of access to cash to pay their debts. Students are able to develop a cash flow statement, both manually and electronically, and use the information to create an appropriate cash control policy for various firms. They also develop plans that utilize working capital to finance the introduction of new products and services and their growth.

Students complete a variety of exercises and case studies in this unit. Also, students benefit from analysing the cash control procedures of a small business in the area. Students could study a business to assess their cash control policies and provide recommendations for improvements. This analysis could be presented to the class and the business, if possible. Teachers must follow board and school policies related to out-of-school activities.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	TSV.03, TS3.04 CGE 1d, 2b, 2c, 3c, 3d, 7a	Knowledge/Understanding Thinking/Inquiry	Review cash control procedures from BAI3E
2	TSV.03, TS3.01, TS3.03 CGE 1d, 2b, 3d, 7a	Knowledge/Understanding Thinking/Inquiry	Need and use of cash flow statements
3	TSV.03, TS3.02, TS3.03, TS3.05 CGE 2a, 2b, 3f, 4f, 7a, 7j	Application Communication	Cash flow statement analysis

Unit 5: Payroll

Time: 20 hours

Unit Description

Once students have completed their review of the accounting cycle, they are ready to refine and expand their knowledge base. One important task for all businesses is the calculation and processing of employee payroll. Each business is required to pay their employees for all work completed, on a regular basis, less appropriate deductions. These deductions include mandatory deductions (CPP, EI, Income Tax) that are required by provincial and federal governments, and voluntary deductions (pension, health plan, union dues, charitable donations, etc.) which are initiated by the business and its employees. All of these deductions must be calculated correctly and submitted to the appropriate authorities and organizations frequently. Students should be able to calculate the gross pay of employees, the deductions (mandatory and voluntary), and the net pay. They are able to make the appropriate journal entries and process the appropriate forms: paycheques, government requisition forms, and payroll register.

In addition to exercises and case studies, students can engage in a mock business in the classroom. Students can process various pay cheques for employees of the mock company. The class can be organized into a variety of work groups that would include work completion, payroll calculation, manual accounting entries, and computerized accounting entries.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	APV.01, APV.02, AP1.01, AP1.02, AP2.01, AP2.02, AP2.03 CGE3d, 4a, 4c, 5b, 5e, 7a, 7h, 7j	Knowledge/Understanding Application Thinking/Inquiry	Employee compensation Laws and deductions
2	APV.01, APV.02, AP2.05 CGE2b, 2c, 7a	Application	Manual recording into payroll journal
3	APV.03, AP1.03, AP2.04, AP3.03 CGE2b, 2c, 2e, 7a	Application	Recording payroll journals on spreadsheets
4	APV.02 CGE2b, 2c, 7a	Application	Journalize payroll entries
5	AP1:03, AP2:01, AP2:04, AP3:03 CGE3d, 4a, 5a, 5b, 7a	Application Communication	Payroll project

Unit 6: Financial Analysis and Accounting Careers

Time: 30 hours

Unit Description

The information provided by any accounting process is only as good as the evaluator and how the information is used. The reason accountants take such painstaking efforts to ensure that all information is organized and accurate is because the information is used by managers to make decisions about the future direction of the company. Financial health allows any business to pursue expansionary strategies and provides increased profit to its owners. Students were introduced to some financial ratios in BAI3E. These included the quick ratio, current ratio, and debt-to-equity ratio. In this course, students utilize new ratios that expand and increase the sophistication of their analysis of the financial health of a company.

Students work primarily in groups on prepared cases that simulate real-life situations. Students are to apply their knowledge learned over the entire course in order to solve problems and make recommendations for improvements. They also engage in independent research of a Canadian corporation.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	FAV.01, FA1.04, FA1.01, FA1.02 CGE1d, 2b, 2c, 3b, 3c, 3d, 4c, 7a, 7h	Knowledge/Understanding Thinking/Inquiry	Introduction to Financial Analysis
2	FAV.02, FA2.01, FA2.02, FA2.03, FA2.04 CGE1d, 2e, 3c, 3d, 4c, 5f, 7a, 7b, 7j	Thinking/Inquiry Application	Production Costs and Profitability
3	FAV.01, FA1.03 CGE2b, 7a	Knowledge/Understanding Application	Calculating Financial Ratios
4	FAV.01, FA1.03, FA1.04, FA1.02 CGE2b, 3c, 7a, 7j	Thinking/Inquiry Application	Interpreting Financial Ratios
5	FAV.03, FA3.01, FA3.02, FA3.03 CGE1d, 1g, 1i, 3b, 4a, 5b, 5c, 5d, 5e, 5g, 5h, 6a, 7b, 7j	Thinking/Inquiry Application Communication	Careers Study

Teaching/Learning Strategies

Throughout this course, the teaching strategies employed should vary to allow students to apply their knowledge in a number of different situations. These strategies fall into four different categories: teacher-centred, learner-centred, self-directed, and community-based.

Teacher-centred Strategies

Teacher-centred strategies are those in which the teacher directs the learning. Teacher-centred strategies have a definite place in this course as a means of introducing, explaining, and discussing the concepts and theories of accounting. Examples include teacher-led reviews, worksheets, and note taking. This method should be employed at the beginning of a new unit or the introduction of new concepts. Students benefit from working through an example as a class before attempting the new concept independently.

Learner-centred Strategies

Learner-centred strategies, which are activity-based, provide students with opportunities to actively apply what they have learned. The expectations for the use of these teaching strategies are that students apply learned accounting techniques and that they develop effective problem-solving skills. Examples include text referencing, group discussions, note making, case studies, and computer simulations. This method works well at the end of a unit in the form of an assessment or major project.

Self-directed Strategies

Self-directed strategies may be used to promote independence and self-reliance. The benefits of these strategies are that students learn to take responsibility for and manage their own learning. Examples include sharing information with others, creating displays, and electronic media research.

Community-based Strategies

Community-based strategies integrate the local community into the classroom. This strategy provides students with real-life examples and applications of the theory they are learning. Examples include the following:

a) Job Shadowing - half day to full day one-on-one observation of a worker at a place of employment: involves the pairing of a student with a worker in a specific occupation:

· may be integrated with a credit course

· may be part of a student’s school-work transition program

b) Cooperative Education - a planned learning experience, for which credits are earned, that integrates classroom theory and learning experiences at a workplace to enable students to apply and refine the knowledge and skills acquired in a related curriculum course:

· requires a personalized placement learning plan

· involves the earning of credits

· requires pre-placement orientation

· is monitored by the cooperative education teacher

· integrates classroom and workplace learning

· involves reflective learning during integration sessions

· involves student assessment

c) Career Panels

d) Telephone interviews/industry supervisor interviews/health and safety audit of the placement

Assessment & Evaluation of Student Achievement

Seventy per cent of the grade will be based on evaluations conducted throughout the course. Thirty per cent of the grade will be based on a final evaluation in the form of an examination, performance, essay, and/or other methods of evaluation. The summative project should allow students to demonstrate in a different context the knowledge and skills acquired during the entire course. A major case study or the research of a local company would be appropriate.

The teacher should employ assessment techniques frequently throughout the course in order to communicate the expectations of the course to students, make appropriate adjustments to teaching/learning strategies, and accommodate the special needs of students. Student input to the assessment process should be welcomed and valued. Rubrics for some tasks will be useful.

Diagnostic – Informal Observation, Checklists, Tests/Quizzes

Formative – Informal and Formal Observation, Interviews, Verbal Feedback, Written Feedback, Graphic Organizers

Summative – Assignments, Products, Quizzes/Tests, Presentations, Individual Assignments, and Group Assignments when individual assessment occurs.

Accommodations

The teacher should consult individual student Individual Educational Plans (IEPs) for specific direction on accommodation for individuals.

This allows the teacher to effectively implement prescribed accommodations and/or modifications. The following are some suggested strategies based on different exceptionalities that could be applied throughout the various activities:

Note: The electronic Curriculum Planner and the Special Education Accompaniment are excellent resources when developing accommodations for students.

	Reading · Read questions and instructions first · Adjust reading requirements · Provide varied opportunities for peer/group reading · Pre-teach concepts/vocabulary · Provide advance organizers to structure reading content (i.e., outlines, subtitles, main ideas, supporting detail) · Provide opportunities for alternate methods of information sharing (i.e., videos, visuals)		Math · Check work after each example · Modify complexity of examples · Break into smaller steps · Teach and encourage use of diagrams · Teach use of calculator · Use hands-on manipulatives · Adjust number of problems · Provide samples for students to work from (i.e., an example balance sheet or income statement)		Memory · Teach students to verbalize concepts · Check that daily assignments are recorded in planner · Provide lists and/or flow charts · Give visual clues · Give demonstrations · Teach Mnemonics · Allow student(s) to tape lessons for more intensive review at a later time
Oral Language · Provide non-threatening environments · Use cooperative learning · Encourage students to ask for clarification · Use visual aids consistently to support oral message · Use electronic medium · Permit small groups		Written Language · Vary assignments · Allow more time · Provide a print copy of board notes if necessary (i.e., photocopy, peer notes on NCR paper) · Allow point-form notes · Use peer editing · Teach use of spell check · Allow the use of assistive devices as outlined in the IEPs
	Attention · Provide a variety of activities and teaching techniques · Give blocks of information and vary the activities frequently · Use cooperative learning · Ask students to repeat instructions to you · Provide immediate feedback · Use visuals · Seat students in area of room that will minimize distractions			Enrichment · Work with an outside business organization, e.g., DECA (Distributive Education Clubs of America) or Junior Achievement · Participate in a stock market simulation · Provide enriched material · Provide an expanded cooperative education opportunity

ESL Accommodations

· Pair or group students with English speakers.

· Provide note-making guide.

· Promote peer tutoring.

· Encourage use of first language English dictionaries for assignments and assessment.

· Pair written instructions with verbal instructions.

· Provide visual and auditory clues.

· Allow extra time for reading or writing assignments. The teacher should set the tone for a positive attitude toward helping students with special needs.

· Avoid all ESL groupings.

· Encourage ESL students to use their own language to explain terms in their private notes if it helps them remember.

· Have all concrete items labelled so that every time students sit at the workstation they are reminded of the terms.

· Allow speaking in first languages 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, clarifies instructions, etc. while students do the same on their copy.

· Provide students with articles to choose from if they are unable to do their own research.

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

Resources

The URLs for the websites were verified by the writers prior to publication. Given the frequency with which these designations change, the teacher should always verify the websites prior to assigning them for student use.

Units in this Course Profile make reference to the use of specific texts, magazines, films, videos, and websites. The teacher needs to consult their board policies regarding use of any copyrighting materials. Before reproducing materials for student use from printed publications, the teacher needs to ensure that their board has a Cancopy licence and that this licence covers the resources they wish to use. Before screening videos/films with their students, the teacher needs to ensure that their board/school has obtained the appropriate public performance videocassette licence from an authorized distributor, e.g., Audio Cine Films Inc. The copyright is usually owned by the person or organization that created the work. Reproduction of any work or substantial part of any work on the Internet is not allowed without the permission of the owner.

Accounting Textbooks and Workbooks

Cougler, R. and N. J. Shoemaker. Accounting Applications: A Systems Approach. John Wiley and Sons Canada Limited. ISBN 0-471-79611-5

Cougler, Ron. Introductory Accounting, revised ed. John Wiley and Sons Canada Limited.
ISBN 0-471-79691-3

D’Amico V. and J. Magnan. Accounting: An Introduction. Copp Clark Pitman. ISBN 0-7730-4711-5

D’Amico, V., T. Palmer, and T. D’Amico. Principles of Accounting. Copp Clark Pitman.
ISBN 0-7730-5264-X

Dauderis, Henry. Financial Accounting: An Introduction to Decision Making. Holt, Rinehart & Winston, Harcourt Brace Canada. ISBN 0-03-922672-7

Gibson D. L. and N. J. Shoemaker. Accounting Principles: A Skill-building Approach. John Wiley, Nelson. ISBN 0-471-79658-1

Kaluza, Henry J., et al. Accounting: A Systems Approach. McGraw-Hill Ryerson. ISBN 0-07-549679-8

Syme, G.E. and T.W. Ireland. Accounting 1. Prentice-Hall Canada. ISBN 0-13-333825-8

Accounting Corporations

Pricewaterhouse Coopers – www.pricewaterhousecoopers.com

KPMG – www.kpmg.com

Deloitte and Touche – www.dttus.com

Accounting Associations

Canadian General Accountants – www.cga-canada.org/

Canadian Institute of Chartered Accountants – www.cica.ca/

Canadian Management Association – www.cma-canada.org/

Accounting Software

ACCPAC Discovery Series (ACCPAC International)

ACCPAC for Windows (ACCPAC International)

DAC Easy (DAC Easy/Sage Software)

BusinessWorks (Sage Software)

MYOB (MYOB Software)

NetLedger (www.netledger.com)

Simply Accounting (ACCPAC International)

Accounting Lesson Plans and Activities Websites

Accounting Activity (Cost of Merchandise Sold) – www.angelfire.com/ks/tonyaskinner/acctgscms.html

Accounting Activity (M&M Closing Entries) – www.angelfire.com/ks/tonyaskinner/acctgmm.html

Accounting Handouts for Introductory Accounting – www.bboinc.com/actghome/teacher.html

Accounting Monopoly – www.geocities.com/CollegePark/Quad/5687/monopoly.html

ANET (Accounting Education Resources) – www.csu.edu.au/anet/education/index.html

Lyman’s Accounting Learning Activities – lyman.dtc.millard.k12.ut.us/Acct/account.htm

Sole Proprietorships – www.geocities.com/CollegePark/Quad/5687/acctg1.html

Southwestern Publishing Accounting Ideas – www.swcollege.com/vircomm/gita/gita.html

Business Associations

Canadian Youth Business Foundation – www.cybf.ca

Credit Counselling Service of Ontario – www.creditcanada.com

Investor Learning Centre of Canada – www.investorlearning.ca

Junior Achievement of Canada – www.jacan.org

CGA Magazine – www.cga-canada.org/eng/magazine

Toronto Stock Exchange – www.tse.com/investory/index.html

Canadian Business Services Centres – www.cbsc.org

Small Business Help Centre – www.helpbizowners.com/finance

Government

Canada/Ontario Business Services – www.cbsc.org/ontario/index.html

Industry Canada – strategis.ic.gc.ca/sc-ecnmy/engdoc/homepage.html

Revenue Canada – www.rc.gc.ca

Statistics Canada – www.statcan.ca/start.html

Youth Resource Network of Canada – www.youth.gc.ca/

Co-op Resources

Career Bridges – licensed by the Ministry of Education

Career.Max – Georgian Bay Career Centre, Kathy Gallacher

OSS Policy Documents

The Ontario Curriculum, Grades 11 and 12, Business Studies, 2000. Ministry of Education.

The Ontario Curriculum, Grades 9 to 12, Program, Planning and Assessment. Ministry of Education, 2000.

Ontario Secondary Schools, Grades 9 to 12, Program and Diploma Requirements. Ministry of Education and Training, 1999.

Ontario Catholic School Graduate Expectations. Institute for Catholic Education.

Ministry of Education. Cooperative Education and Other Forms of Experiential Learning, Policies and Procedures for Ontario Secondary Schools, 2000.

OSS Considerations

Mature Students

According to OSS, mature students (those aged 18 and over) may take courses to work towards their high school diploma. These courses may be taken at a secondary school, through correspondence, or through any of the alternative ways described in Section 6.8 of OSS. Therefore, the delivery of this course may be adapted to meet the needs of mature students. The integration of real-life and past experiences should be highlighted. A strong emphasis should be made on cooperative learning and experiences for mature students.

School-Work Transition Programs

School-work transition programs include both in-school and work-based experiences, including job shadowing, work experience, cooperative education, and in-depth skills training, and require the involvement of employers in their development and delivery. The job shadowing, work experience, and cooperative education portions of school-work transition programs must be implemented in accordance with the policies and procedures of the Ministry of Education document, Cooperative Education and Other Forms of Experiential Learning, Policies and Procedures for Ontario Secondary Schools,
2000, 1.6.

Note: Before taking part in any workplace learning experiences, students must acquire the knowledge and skills needed for safe participation. The teacher should consult the Health and Safety Considerations outlined in The Ontario Curriculum, Grades 11 and 12, Business Studies and Grades 9-12, Program Planning and Assessment.

Coded Expectations, Accounting for a Small Business, Grade 12,
Workplace Preparation, BAN4E

The Service and Merchandising Businesses

Overall Expectations

SMV.01 · demonstrate accounting skills related to the accounting cycle for a service business;

SMV.02 · demonstrate accounting skills related to the accounting cycle for a merchandising business;

SMV.03 · demonstrate an understanding of inventory control systems.

Specific Expectations

The Service Business

SM1.01 – describe how Generally Accepted Accounting Principles (e.g., entity, cost concepts) and practices (e.g., cash accounting) apply to a service business;

SM1.02 – demonstrate an understanding of the income statement for a service business;

SM1.03 – demonstrate an understanding of the balance sheet for a service business;

SM1.04 – demonstrate an understanding of closing entries and post-closing trial balance.

The Merchandising Business

SM2.01 – describe how Generally Accepted Accounting Principles and practices apply to a merchandising business;

SM2.02 – demonstrate the skills required to prepare an income statement with a detailed Cost of Goods Sold section;

SM2.03 – demonstrate the skills required to prepare a classified balance sheet for a merchandising business;

SM2.04 – demonstrate an understanding of the difference between the financial statements for a merchandising business and those for a service business.

Inventory Control Systems

SM3.01 – demonstrate fundamental skills related to the timing and taking of physical inventory;

SM3.02 – analyse the various transactions for a merchandising company by using a periodic inventory system;

SM3.03 – demonstrate an understanding of inventory turnover;

SM3.04 – demonstrate an understanding of the perpetual inventory control system;

SM3.05 – demonstrate an understanding of the principles involved in safeguarding inventory;

SM3.06 – explain the differences between the periodic and perpetual inventory methods;

SM3.07 – explain how inventory reports are enhanced by using appropriate software;

SM3.08 – demonstrate proficiency in applying inventory accounting methods through the use of accounting software.

Accounting Practices

Overall Expectations

APV.01 · demonstrate an understanding of specialized journals and subsidiary ledgers;

APV.02 · describe payroll practices;

APV.03 · explain ways in which technology is used in the accounting function of a business.

Specific Expectations

The Special Journal System

AP1.01 – explain the purpose of specialized journals;

AP1.02 – explain the purpose of subsidiary ledgers;

AP1.03 – demonstrate how technology is used to enhance special journal systems.

Payroll Practices

AP2.01 – describe payroll documentation;

AP2.02 – explain various employee compensation schemes (e.g., hourly, piecework, commission, salary, incentive);

AP2.03 – describe payroll deductions;

AP2.04 – demonstrate skills in using software to handle payroll remittance transactions;

AP2.05 – evaluate the advantages and disadvantages of outsourcing the payroll function (e.g., costs and benefits).

Computerized Accounting Procedures

AP3.01 – describe the importance of computer skills in the accounting function of a business;

AP3.02 – explain the need for electronic security systems, data protection, and backup for accounting records;

AP3.03 – demonstrate the advantages of recording transactions by using accounting software;

AP3.04 – describe the impact of business growth on the need to convert accounting procedures from manual to computerized systems.

The GST, Retail Sales Taxes, and Cash-Flow Statements

Overall Expectations

TSV.01 · demonstrate an understanding of accounting procedures for the goods and services tax;

TSV.02 · demonstrate an understanding of accounting procedures for the retail sales tax;

TSV.03 · demonstrate an understanding of procedures for cash management.

Specific Expectations

The Goods and Services Tax

TS1.01 – demonstrate an understanding of transactions related to the goods and services tax;

TS1.02 – describe the process of preparing basic federal tax documents;

TS1.03 – demonstrate an understanding of how software can be used to prepare goods and services tax transactions.

The Retail Sales Tax

TS2.01 – demonstrate an understanding of transactions related to the retail sales tax;

TS2.02 – describe the process of preparing retail sales tax documents;

TS2.03 – demonstrate an understanding of how software can be used to prepare retail sales tax transactions.

Cash Management

TS3.01 – analyse the importance of cash-flow statements;

TS3.02 – prepare an analysis of cash-flow statements by using electronic tools;

TS3.03 – explain the use of a cash-flow statement for a merchandising business;

TS3.04 – demonstrate an understanding of internal cash-control procedures;

TS3.05 – demonstrate how working capital can be used to finance growth and sustain a business during economic downturns.

Financial Analysis and Accounting Careers

Overall Expectations

FAV.01 · demonstrate the skills required to interpret financial information;

FAV.02 · demonstrate the skills required to analyse job costs and profitability;

FAV.03 · produce a summary of professional accounting designations and career opportunities.

Specific Expectations

Financial Analysis

FA1.01 – demonstrate an understanding of the major elements of a corporate annual report;

FA1.02 – analyse the financial status of a business (e.g., profitability, scope for expansion) on the basis of a review of the financial statements;

FA1.03 – identify and describe the current and projected financial strength of a business (e.g., by examining key indicators such as liquidity and accounts receivable turnover);

FA1.04 – demonstrate an understanding of the various uses of financial data (e.g., by a potential investor or by a creditor).

Production Costs and Profitability

FA2.01 – analyse the effect of fluctuations in labour costs on profitability;

FA2.02 – analyse the effect of fluctuations in material costs on profitability;

FA2.03 – analyse the effect of fluctuations in overhead costs on profitability;

FA2.04 – explain how profit or loss on a specific job is determined.

Accounting Careers

FA3.01 – describe educational opportunities in accounting;

FA3.02 – describe current issues in accounting careers, using electronic tools;

FA3.03 – identify career opportunities in accounting.

Ontario Catholic School Graduate Expectations

The graduate is expected to be:

A Discerning Believer Formed in the Catholic Faith Community who

CGE1a -illustrates a basic understanding of the saving story of our Christian faith;

CGE1b -participates in the sacramental life of the church and demonstrates an understanding of the centrality of the Eucharist to our Catholic story;

CGE1c -actively reflects on God’s Word as communicated through the Hebrew and Christian scriptures;

CGE1d -develops attitudes and values founded on Catholic social teaching and acts to promote social responsibility, human solidarity and the common good;

CGE1e -speaks the language of life... “recognizing that life is an unearned gift and that a person entrusted with life does not own it but that one is called to protect and cherish it.” (Witnesses to Faith)

CGE1f -seeks intimacy with God and celebrates communion with God, others and creation through prayer and worship;

CGE1g -understands that one’s purpose or call in life comes from God and strives to discern and live out this call throughout life’s journey;

CGE1h -respects the faith traditions, world religions and the life-journeys of all people of good will;

CGE1i -integrates faith with life;

CGE1j -recognizes that “sin, human weakness, conflict and forgiveness are part of the human journey” and that the cross, the ultimate sign of forgiveness is at the heart of redemption. (Witnesses to Faith)

An Effective Communicator who

CGE2a -listens actively and critically to understand and learn in light of gospel values;

CGE2b -reads, understands and uses written materials effectively;

CGE2c -presents information and ideas clearly and honestly and with sensitivity to others;

CGE2d -writes and speaks fluently one or both of Canada’s official languages;

CGE2e -uses and integrates the Catholic faith tradition, in the critical analysis of the arts, media, technology and information systems to enhance the quality of life.

A Reflective and Creative Thinker who

CGE3a -recognizes there is more grace in our world than sin and that hope is essential in facing all challenges;

CGE3b -creates, adapts, evaluates new ideas in light of the common good;

CGE3c -thinks reflectively and creatively to evaluate situations and solve problems;

CGE3d -makes decisions in light of gospel values with an informed moral conscience;

CGE3e -adopts a holistic approach to life by integrating learning from various subject areas and experience;

CGE3f -examines, evaluates and applies knowledge of interdependent systems (physical, political, ethical, socio-economic and ecological) for the development of a just and compassionate society.

A Self-Directed, Responsible, Life Long Learner who

CGE4a -demonstrates a confident and positive sense of self and respect for the dignity and welfare of others;

CGE4b -demonstrates flexibility and adaptability;

CGE4c -takes initiative and demonstrates Christian leadership;

CGE4d -responds to, manages and constructively influences change in a discerning manner;

CGE4e -sets appropriate goals and priorities in school, work and personal life;

CGE4f -applies effective communication, decision-making, problem-solving, time and resource management skills;

CGE4g -examines and reflects on one’s personal values, abilities and aspirations influencing life’s choices and opportunities;

CGE4h -participates in leisure and fitness activities for a balanced and healthy lifestyle.

A Collaborative Contributor who

CGE5a -works effectively as an interdependent team member;

CGE5b -thinks critically about the meaning and purpose of work;

CGE5c -develops one’s God-given potential and makes a meaningful contribution to society;

CGE5d -finds meaning, dignity, fulfillment and vocation in work which contributes to the common good;

CGE5e -respects the rights, responsibilities and contributions of self and others;

CGE5f -exercises Christian leadership in the achievement of individual and group goals;

CGE5g -achieves excellence, originality, and integrity in one’s own work and supports these qualities in the work of others;

CGE5h -applies skills for employability, self-employment and entrepreneurship relative to Christian vocation.

A Caring Family Member who

CGE6a -relates to family members in a loving, compassionate and respectful manner;

CGE6b -recognizes human intimacy and sexuality as God given gifts, to be used as the creator intended;

CGE6c -values and honours the important role of the family in society;

CGE6d -values and nurtures opportunities for family prayer;

CGE6e -ministers to the family, school, parish, and wider community through service.

A Responsible Citizen who

CGE7a -acts morally and legally as a person formed in Catholic traditions;

CGE7b -accepts accountability for one’s own actions;

CGE7c -seeks and grants forgiveness;

CGE7d -promotes the sacredness of life;

CGE7e -witnesses Catholic social teaching by promoting equality, democracy, and solidarity for a just, peaceful and compassionate society;

CGE7f -respects and affirms the diversity and interdependence of the world’s peoples and cultures;

CGE7g -respects and understands the history, cultural heritage and pluralism of today’s contemporary society;

CGE7h -exercises the rights and responsibilities of Canadian citizenship;

CGE7i -respects the environment and uses resources wisely;

CGE7j -contributes to the common good.

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