Please note:
This document is best suited for on-screen use. Some layout may have been altered during the creation of this web page.

It is recommended that you download the "pdf" version of this Course Profile for printing and the "Word, Mac, or WordPerfect" versions for working with or adapting the Course Profile to meet your instructional needs.

Course Profile Principles of Financial Accounting (BAT4M), Grade 12, University/College, Public

Course Overview

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

Prerequisite: Introduction to Financial Accounting, Grade 11, University/College Preparation

Course Description

This course emphasizes study of accounting principles related to financial statements. Students learn about ways in which information in these statements is used in making business decisions, and about the effects on financial statements using different methods of inventory valuation and adjusting and reversing entries. Students also study various means of financing a business and ways in which the strength of a corporation can be determined by reading its annual report.

Course Notes

This Course Profile is a support document that presents only one of many possible ways for teachers to organize their course so students can acquire and demonstrate the skills and knowledge specified in the curriculum policy documents through the learning expectations. The Course Profile builds on the students’ financial accounting knowledge developed in the Grade 11 BAF3M course, and equips students with the basic accounting tools to pursue accounting studies at the post secondary level.

The computerized accounting expectations are an integral component of the expectations. The teacher will find computer-integrated examples throughout the Course Profile with the use of spreadsheets as well as ministry-licensed accounting software. The teacher needs to arrange for computer lab time to meet the expectations. Periodic access to computer technology, for standard office tools (word processors, spreadsheets, database, e-mail, and the Internet) is a requirement in this course.

Throughout the course, the teacher should refer to and make use of the school’s Guidance and Career Education Program Plan (Choices Into Action). Students can utilize career-access software, e.g., CareerCruising, Career Explorer, listed under Career Resources, to explore job descriptions, working conditions, earnings, education, and career paths for jobs in related fields of accounting. Students should be aware of the dynamic nature of the cooperative learning experience and business career paths available to them. Appropriate career choices would include distinguishing between the level of jobs and the level of accounting expertise involved in each.

· Entry level – recording and clerical responsibilities include recording, classifying, and summarizing daily transactions. Jobs include accounts receivable (A/R) clerks, payroll clerks, inventory control clerks, and general accounting clerks.

· Supervisory – responsibilities include planning tasks, hiring, training, quality control, and participating in the promotion/correction/termination process. Jobs include accounting supervisor, office manager, assistant accountant, and payroll supervisor.

· Management – involved with budgeting, taxation, A/R, accounts payable, forecasting, credit, expansion, and downsizing. Positions include treasurer, comptroller, senior accountant, auditor, cost accountant, tax accountant, and manager of the accounts department.

· General accounting designations include CA, CMA and CGA. These positions are responsible for designing accounting systems, preparing financial reports, interpreting and analysing reports, planning and making financial recommendations, and evaluating the accounting systems and procedures used by a firm.

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. Teachers should develop links with community businesses that reflect the diversity of the local school community as supplementary resources.

This course will give the students the basic competencies necessary for further study at the post secondary level.

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 include: 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, continue the work; if the decision is unsatisfactory, repeat the process. Point out that 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 (an element in learning skills). Self, peer, group, and teacher assessment forms, once taught, help deflect conflict and solve problems.

Units: Titles and Time

Unit 1	The Accounting Cycle	18 hours
* Unit 2	Financing	22 hours
Unit 3	Assets Accounting	26 hours
Unit 4	Financial Analysis and Decision Making	24 hours
** Unit 5	Issues in Accounting	20 hours

* Unit 2 is fully developed in this Course Profile.

** Unit 5 is developed in the Catholic Course Profile.

Unit Overviews

Unit 1: The Accounting Cycle

Time: 18 hours

Unit Description

Students demonstrate an understanding of accounting principles and practices; demonstrate an understanding of the accounting cycle for a service company and a merchandising company; and analyse the ways in which service, merchandising, and manufacturing companies interpret financial statements.

Cluster 1.1 reviews the various roles of the accounting professional organizations and regulatory agencies. Electronic and print materials or guest speakers are available sources. The teacher and students explore the concept of Generally Accepted Accounting Principles, GAAPs, and their application to accounting decisions. It is better to introduce or review individual GAAPs with the specific material that the GAAP relates to in the other clusters in this course. However, some of the GAAPs covered in BAF3M provide examples for review of the importance of GAAPs in the accounting system and the impact of various agencies, roles, and accounting practices.

Cluster 1.2 comprises a block of time for students to work through the accounting cycle. The approach taken here is to use problems and examples that cover both service and merchandising businesses. The teacher and students review periodic and perpetual inventory systems. Throughout the review, students use spreadsheets where appropriate, such as in the preparation of a trial balance or worksheet. The teacher introduces the accounting concept with manual accounting and revisits the same concept using accounting software. Ministry-licensed software (Simply Accounting) is available for this purpose.

Cluster 1.3 constitutes the culmination of the accounting cycle, which involves statement preparation, and the adjusting and closing of the books. Since students are familiar with the equity section of the three business structures (Sole Proprietorship, Partnership, Corporation) from BAF3M, examples and problems can involve any one of these structures. In particular, the Statement of Retained Earnings is prepared and reviewed. The teacher provides examples of financial statements for a service business, merchandising business and manufacturing business and the students compare the differences and summarize them into a chart.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus/Time
1.1	ACV.01, AC1.01, AC1.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Principles and Practices (5 hours)
1.2	ACV.01, ACV.02, AC1.04, AC2.01, AC2.03	Knowledge/Understanding Thinking/Inquiry Communication Application	The Accounting Cycle (9 hours)
1.3	ACV.04, AC4.01, AC4.02, AC4.04	Knowledge/Understanding Thinking/Inquiry Communication Application	Financial Statements (4 hours)

Unit 2: Financing and Business Structures

Time: 22 hours

Unit Description

This unit concentrates on the financing aspects of a business. Students explore and analyse equity and debt financing and investigate the corporation in detail. Students compare alternative forms of financing, demonstrate an understanding of partnership financing, demonstrate an understanding of corporation financing, and demonstrate an understanding of accounting principles and practices. In addition, students explore the financing of a partnership in depth.

Cluster 2.1 starts with an exploration of notes payable and their use as a short-term financing instrument. The teacher introduces calculations and the entries for notes payable and discount on notes payable; students develop the skills and competencies needed to process this method of financing. The cluster continues with additional sources of business financing and makes comparisons between debt financing and equity financing. The teacher provides an introductory overview of bonds as a debt instrument, and focuses on the advantages and disadvantages to a business of issuing bonds. Other sources of financing, such as private venture capital or grants and loans from government sources, are studied. Students demonstrate their research and presentation skills as described in the fully developed unit.

Cluster 2.2 deals with partnerships. Students review the creation of a partnership, admission of a new partner and the dissolution of a partnership. They examine the various ways profits and losses are divided (percentage, capital contributions, fixed drawings plus percentage). They prepare a statement of partners’ equity and an income statement showing the allocation of net income to the partners’ capital accounts.

Cluster 2.3 focuses on the corporation. Students are introduced to corporate financing. The teacher introduces the various classes of shares (common and preferred), dividends (cash and stock) and the resultant effects on the equity section. Students explore and evaluate: financing issues, such as IPOs (Initial Public Offering); advantages and disadvantages of public share ownership from a company’s perspective; various dividend distributions and their effect on shareholders’ equity; and implications and consequences of debt versus equity financing. Students investigate these issues using the Internet, print resources, and/or magazines and books. Students compile and present the research in report form using electronic tools. Financial report writing and electronic presentation is something that students need to become familiar with and practise in this course, and these issues are excellent topics for that purpose. (See: Introduction to International Business, BBB4M Public, at www.curriculum.org for an Oral Presentation Checklist, BTX4C Public for an Electronic Presentation Rubric, Resources for a student tutorial on PowerPoint.) Opportunities for self-, peer, and teacher assessment and evaluation are in detail in the fully developed unit.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus/Time
2.1	FIV.01, FIV.02, FIV.03, FI1.01, FI2.02, FI3.01, FI3.02, FI3.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Notes Payable and Forms of Financing (7 hours)
2.2	ACI.02, ACV.01, FIV.01, FI1.02, FI1.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Partnerships (5 hours)
2.3	APV.01, FIV.02, AP1.02, FI2.01, FI2.03, FI2.04, FI2.05, FI2.06, FI2.07	Knowledge/Understanding Thinking/Inquiry Communication Application	The Financing of a Corporation (10 hours)

Unit 3: Assets Accounting

Time: 26 hours

Unit Description

In this unit students explain accounting procedures for short-term assets, assess methods of accounting for capital assets, explain accounting procedures for inventories, explain the need for internal financial controls in a business, analyse the ways in which service, merchandising, and manufacturing companies interpret financial statements, demonstrate the use of accounting techniques to analyse and compare accounting data, and demonstrate an understanding of contemporary issues in accounting.

Cluster 3.1 initially focuses on the short-term assets portion of the balance sheet, in particular cash. Students review and journalize the various ways customers can finance purchases. This leads to an investigation of the correct handling of cash sales, accounts receivable and doubtful accounts, credit card sales, and promissory notes. The teacher stresses the difference between short-term assets and expenditures on assets with a longer lifespan.

Cluster 3.2 is a comprehensive look at capital asset accounting, beginning with an analysis of evaluating the cost of acquiring plant and equipment, natural resources, and intangibles such as goodwill, patents, trademarks, and copyrights. A comprehensive exploration of the standard methods of amortization and depletion follows. Amortization is the term used in the Canadian Institute of Chartered Accountants (CICA) handbook to describe the process of allocating a capital asset’s cost to expense. The term commonly used when property, plant and equipment is involved is depreciation. Students learn the necessary calculations and journal entries involved in depreciating capital assets, including those that deal with end-of-life and disposal events. Students analyse the impact of different methods of depreciation or amortization on the financial statements. Over time, these impacts on net income are a more realistic reflection of an asset’s allocation to expenses in the periods in which assets deliver services. This achieves the basic purpose of the matching principle. Students explore the various ways in which a firm can safeguard its intangible assets, such as copyrights, trademarks, goodwill, and patents.

Cluster 3.3 students review the differences between the periodic and the perpetual inventory systems. The teacher provides an in-depth look at the techniques used to establish values of inventories on hand and cost of goods sold. Students learn which of the various inventory evaluation methods (Average Weighted Cost; First In, First Out [FIFO]; Last In, First Out [LIFO]; and Individual Item Identification) is appropriate for different situations. The students explore the effect of inventory valuation errors on the financial statements. The teacher introduces the Lower of Cost or Market Value (LCM) rule, and the Gross Margin method of inventory estimation, and the impacts of the different inventory valuations on financial statements. Cluster 3.3 ends with a practical exercise that uses computer software to demonstrate inventory control. Students use a commercial accounting program or teacher/student designed spreadsheets.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus/Time
3.1	APV.01, FAV.02, AP1.01, AP1.02, AP1.03, FA2.01	Knowledge/Understanding Thinking/Inquiry Communication Application	Short Term Assets Accounting (7 hours)
3.2	ACV.03, ACV.04, APV.02, AC3.02, AC4.03, AP2.01, AP2.02, AP2.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Capital Assets Accounting (10 hours)
3.3	APV.03, FAV.03, AP3.01, AP3.02, AP3.03, AP3.04, AP3.05, FA3.02	Knowledge/Understanding Thinking/Inquiry Communication Application	Inventory Control Accounting (9 hours)

Unit 4: Financial Analysis and Decision Making

Time: 24 hours

Unit Description

In this unit students assess the financial strength and weakness of a company on the basis of its annual report, demonstrate the use of accounting techniques in analysing and comparing accounting data, and demonstrate an understanding of contemporary issues in accounting. Financial accounting is about how accounting information is used and how it aids in business decision making.

Cluster 4.1 focuses on the basic sections of the annual report. The students examine and contrast the reports of various companies using the Internet to access the reports. Through analysis, students become familiar with the similarities and differences of the various sections of annual reports: the corporate profile; report to shareholders; management’s discussion and analysis; the listing of the board of directors and management; and the financial section, including the notes to financial statements. They communicate the purpose of each section and demonstrate an understanding of how and why the reports differ from company to company.

Cluster 4.2 involves a close analysis of the financial section of the annual report with special attention given to the included financial statements and the accompanying notes. Students collect data from the income statement, balance sheet, cash flow statement, multi-year summaries, and the notes to the financial statements. They create spreadsheet templates to summarize the collected data into common-sized statements and calculate ratios which demonstrate the company’s current and projected financial strength and prospects. Finally, students examine the reconfigured accounting information to evaluate its effects in making decisions about the future direction or prospects of the company.

Cluster 4.3 is a culmination of the unit involving retrospective versus prospective analysis and time-series versus cross-sectional analysis to compare and draw conclusions about the credit-worthiness and investment prospects of two companies from within the same industry. An oral presentation of the results, using both supporting data from an analysis of the companies’ financial statements, along with the correct use of the appropriate software and technologies, allows students to demonstrate their understanding of the methods and concepts covered. They practise communicating their conclusions through the appropriate summaries. (See BBB4M Public for an Oral Presentation Checklist, and BTX4C Public for an Electronic Presentation Rubric found at www.curriculum.org.)

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus/Time
4.1	FAV.01, FA1.01, FA1.02	Knowledge/Understanding Thinking/Inquiry Communication Application	Annual Reports (7 hours)
4.2	FAV.01, FAV.02, FA1.03, FA2.02, FA2.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Financial Analysis for Decision Making (7 hours)
4.3	ACV.02, FAV.02, FAV.03, AC2.02, FA2.03, FA3.03, FA3.04	Knowledge/Understanding Thinking/Inquiry Communication Application	Culminating Activity Oral Presentation (10 hours)

Unit 5: Issues in Accounting

Time: 20 hours

Unit Description

Students assess the financial strength and weakness of a company on the basis of its annual report, demonstrate the use of accounting techniques to analyse and compare accounting data, demonstrate an understanding of contemporary issues in accounting, and explain the need for internal financial controls in a business.

Cluster 5.1 has students investigate the relevant and current moral, ethical, and environmental issues surrounding the selection and the evolution of accounting practices, within an industry and a specific business. An interesting topic for students to pursue is one of the major ongoing controversies in the accounting profession pertaining to who has the right to audit and whose interests does the auditor represent. In addition, the audit function itself might be explored. An excellent opportunity exists to link with the various professional accounting associations, CMA, CGA, and CICA, and arrange presentations. Students engage in a discussion involving the most current issues. They also restate a company’s five-year-old financial statements in present day dollars by calculating the effects of inflation over time.

Cluster 5.2 involves the setting up of an accounting system for a merchandising concern, which includes the structure and mechanisms that maintain internal control of assets and prevent fraud or theft. Students describe a system that establishes clear lines of responsibility and procedures for processing each type of transaction, subdivides accounting duties, separates accounting functions from asset custody, and provides for internal auditing, financial forecasts, and serially numbered documents.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus/Time
5.1	FAV.03, FA3.01, FA3.02	Knowledge/Understanding Thinking/Inquiry Communication Application	Issues in Accounting (8 hours)
5.2	ACV.03, FAV.03, AC3.01, AC3.03, FA3.03, FA3.04	Knowledge/Understanding Thinking/Inquiry Communication Application	Internal control (12 hours)

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 exploration in this profile. Concepts and ideas students discover are usually internalized more deeply and retained with greater meaning than ideas that are passively received in didactic fashion. When students report and discuss discoveries with fellow students and the teacher, learning consolidation takes place. Educational research has shown that guided instruction and interactive learning are cornerstones of efficient teaching practice.

The Ontario Curriculum Unit Planner provides teachers with explanations of strategies listed in the profile.

Assessment & Evaluation of Student Achievement

Teachers should employ assessment strategies frequently throughout the course in order to communicate the expectations of the course to students and to make appropriate adjustments to teaching and learning strategies.

Marking schemes and rubrics used for evaluation include applicable achievement chart categories. The teacher can assess or evaluate a single student-generated product or process under multiple categories: Knowledge/Understanding, Thinking/Inquiry, Communication, and Application.

The following assessment strategies are appropriate for the activities in this Course Profile.

· Share the rubrics for culminating activities at the beginning of the unit, so expectations and criteria are clear for students.

· Develop rubrics with students, where appropriate, and where both the teacher and students understand and are comfortable with the process.

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

· Provide sample work demonstrating achievement at different levels.

· Provide opportunities for self- and peer assessment 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 retry assignments until they can demonstrate their learning.

· Develop tests that provide opportunities to demonstrate all categories on the Achievement Chart at all levels.

· Give practice tests as an opportunity for formative assessment.

· Use assessment tools that are appropriate for the expectations.

· 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/assessment 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 class questions and answers for determining students’ knowledge and skills prior to beginning a new section of work. The information acquired should inform the teaching/learning process. The following strategies and tools can 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 Electronic Presentation Business Report Presentation Financial Report Writing Financial Statement Preparation Discussion/Debate	Rubric Checklist
Personal Communication	Student-Teacher Conference Classroom Question and Answer	Rating Scale Anecdotal Record

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 teacher must ensure that a student’s most consistent performance level is reflected in his/her final percentage grade. The teacher must also provide a variety of opportunities for students to demonstrate their achievement of the expectations. Seventy per cent of the grade will be based on assessments and 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 method of evaluation.

Accommodations

The teacher should consult individual student IEPs for specific direction on accommodation for individuals. This allows teachers to implement the prescribed accommodations.

Specific Accommodations

Mathematics – use a formula sheet, or in the case of accounting, use a spreadsheet (have a copy of the blank document available), and let the students annotate how the work is done. Use the “Show Formula” function on a spreadsheet, have this facing the page with all of the numbers, and write explanations as to how or why the calculations are done. (Arrange the student notes so that both pages are visible at the same time.)

Reading – ask the student to paraphrase what has been read or provide a synopsis. Encourage dictionary/thesaurus use, write word definitions in the margins of the worksheet, etc.

Memory – use a definition sheet, especially in a course where the language is subject specific and may not be used in other classes.

Written language – have the student verbally rehearse their answer, perhaps have a partner scribe points, when done ask what was missed, fill in the gaps. Where students need to be provided with photocopied notes, they should compare the good notes with their attempt, and then add the material that was missed.

Enrichment Accommodations

The teacher can enrich the learning experience by:

· 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 topic within the expectation requirements;

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

· encouraging and using the DECA^™ and Ontario Business Educators Association (OBEA) contests;

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

· motivating students to synthesize course content with their own experiences and ideas.

ESL/ELD Accommodations

· English-speaking students can help their classmates in ESL/ELD program by repeating, rephrasing, and writing words down.

· Provide peer tutors who speak the same first language, if possible.

· 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 to use 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.

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

· Pair written instructions with verbal instructions.

· Provide visual and auditory clues.

· Culturally, some ESL students have been taught to rely on teacher-based assessment. They may need instructions on the process of self- or peer assessment. Explain the criteria before they begin the process of self- or peer assessment.

Resources

Units in this Course Profile refer to the use of specific texts, magazines, films, and videos. Before reproducing materials for student use from books and magazines, teachers need to ensure that their board has a Cancopy licence and that this licence covers resources they wish to use. 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. Copyright protects much of the material on the Internet. The person or organization that created the work usually owns the copyright. The permission of the owner is required for reproduction of any work or a substantial part of any work on the Internet.

Pedagogy Print

Bennett, B., C. Rolheiser-Bennett, and L. 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

OSSTF/FEESO. Quality Assessment: Fitting The Pieces Together. Toronto: OSSTF Educational Services Committee, 1999. ISBN 0-920930-47-6

Pedagogy Internet

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

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

Interactive Curriculumn – www.interactivecurriculm.com – this site provides completed activities for the Grade 11 Business Studies profiles that can be used as accommodations. The site a source for assessment tools.

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

School Net – http://www.schoolnet.org – this site is dedicated to serving the interests of students, parents, and educators regarding every facet of education.

Premier Tracks – http://4teachers.org/premier – a collection of K-12 web-based lessons for a variety of subject areas created by SCR*TEC’s TrackStar.

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

Safety

Canadian site for occupational Health and safety – www.ccohs.ca/

General Resources

Textbooks

D’Amico, V., T. Palmer, and T. D’Amico. Principles of Accounting, 3rd ed. Toronto: Pearson Education Inc., 2002. ISBN 0-13-034090-1

Gibbins, Michael. Financial Accounting: An Integrated Approach. Scarborough: ITP Nelson, 2001.
ISBN 0-17-616845-1

Harrison, W., C. Horngren, W.M. Lemon et al. Accounting, 5th ed., Vol 1 & 2. Toronto: Pearson Education Canada, 2002. ISBN 0-13-089693-4. (vol. 1), ISBN 0-13-089694-2. (vol. 2).

Hoskin, Robert E. Financial Accounting: A User Perspective. Toronto: John Wiley & Sons, Inc.
ISBN 0-471-64142-1

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

Syme, G.E. and I. Ireland. Accounting I, 6th ed. Toronto: Pearson Education Inc., 2002.
ISBN 0-13-092332-X

Warren, Carl, et al. Accounting: Canadian Edition, Vol 1 & 2. Scarborough: ITP Nelson, 1999.
ISBN 0-17-616638-6 (vol 1), ISBN 0-17-616748-x (vol 2).

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

Other Print Resources

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

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

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

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

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

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

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

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.

Professional Organizations

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.

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 resources such as magazines and videos. They also have websites and sections to assist teachers and students, as well as speaker programs.

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 – www.icao.on.ca. The teacher is automatically eligible to become part of the Teacher Colleague Program with the Institute of Chartered Accountants of Ontario. For a nominal fee, the teacher is entitled to receive CA Magazine monthly and the CICA Handbooks and updates. This organization runs its own accounting contest.

The Ontario Business Education Association – www.obea.com

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.

Accounting Software

MYOB 9.0 – www.myob.ca

QuickBooks2000 – Intuit of Canada – www.intuit.com

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

Internet

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

Curricular Resources in Business Education – www.cln.org/subjects/bused_cur.html

Globeinvestor – This is one of Canada’s leading financial sites. – www.globeinvestor.com

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

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

Quicken Canada – Many links and features for company financial analysis. There is a 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

Studentscount – An interactive Web site sponsored by the CGA association. – www.studentscount.com

The Toronto Stock Exchange – This site offers links and resources for financial analysis and stock information. – www.tse.com

Videos

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 – www.cba.ca

Canadian Youth Business Foundation – www.i3ds.com/cyba/directory/gov.html

canjobs.com – The Canadian employment search network. – www.canjobs.com

Career Cruising – www.careercruising.com/home/index.htm/

careerclick.com – Career resources, job postings and company profiles – www.careerclick.com

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

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

Interest Survey – www.jvis.com

Workopolis – A site for career information and job postings. – www.workopolis.com

OSS Considerations

Safety is a very important issue. Examine the school Internet Use Policy 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 on part-time and summer jobs is vital. An enthusiastic student/employee should also be informed about safety and security issues. A safety resource produced by The Ontario Ministry of Labour is in the overview resources.

This course may count as an optional credit or an additional compulsory credit for diploma purposes.

The Ontario Curriculum Grades 11 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, Principles of Financial Accounting, Grade 12, University/College Preparation, BAT4M

The Accounting Cycle

Overall Expectations

ACV.01 · demonstrate an understanding of accounting principles and practices;

ACV.02 · demonstrate an understanding of the accounting cycle for a service company and a merchandising company;

ACV.03 · explain the need for internal financial controls in a business;

ACV.04 · analyse the ways in which service, merchandising, and manufacturing companies interpret financial statements.

Specific Expectations

Accounting Principles and Practices

AC1.01 – explain the Generally Accepted Accounting Principles (e.g., the accounting entity concept, the cost principle, the objectivity principle);

AC1.02 – demonstrate an understanding of the roles of credit-rating and regulating agencies (e.g., protecting consumers) and their effects on businesses (e.g., by influencing the cost of borrowing);

AC1.03 – describe the roles of various agencies (e.g., Canadian Institute of Chartered Accountants, Ontario Securities Commission, Certified General Accountants Association of Ontario, Society of Management Accountants of Ontario) and their effects on accounting practices;

AC1.04 – demonstrate an understanding of the relationship between accounting principles and accounting practices.

Accounting Cycle

AC2.01 – demonstrate the skills required to record transactions, using computer software, for a service business and a merchandising business;

AC2.02 – explain the advantages of preparing a trial balance and financial statements using computer software;

AC2.03 – explain how to record adjusting and closing entries using computer software.

Financial Controls

AC3.01 – describe the relationship between subsidiary ledgers and control accounts in the general ledger;

AC3.02 – explain the methods used to safeguard the assets of a business (e.g., copyright, trademarks, goodwill);

AC3.03 – evaluate the effects of implementing a control system in small and medium-sized businesses (e.g., the effects of separation of duties, division of responsibilities).

Financial Statements

AC4.01 – distinguish between the financial statements of a service business, a merchandising business, and a manufacturing business;

AC4.02 – describe the effects of adjusting and reversing entries on financial statements;

AC4.03 – analyse alternative methods of amortization and their effects on financial statements;

AC4.04 – demonstrate an understanding of the skills necessary to prepare a Statement of Retained Earnings and to complete the Shareholders’ Equity section of the balance sheet.

Advanced Accounting Practices for Assets

Overall Expectations

APV.01 · explain accounting procedures for short-term assets;

APV.02 · assess methods of accounting for capital assets;

APV.03 · explain accounting procedures for inventories.

Specific Expectations

Short-Term Assets Accounting

AP1.01 – differentiate between journal entries for all sales (e.g., accounts receivable, credit card sales, debit card sales);

AP1.02 – explain the purpose of a promissory note;

AP1.03 – distinguish between capital expenditures and revenue expenditures.

Capital Assets Accounting

AP2.01 – describe costing procedures for plant and equipment, natural resources, and intangibles;

AP2.02 – demonstrate an understanding of amortization and depletion (e.g., methods, revisions, and accounting for disposals);

AP2.03 – describe the methods of accounting for tangible assets, intangible assets, and natural resources (e.g., goodwill, patents, trademarks, copyright).

Inventory Control Accounting

AP3.01 – identify and describe the characteristics of the periodic and perpetual inventory systems;

AP3.02 – describe the appropriate use of different methods of inventory valuation (e.g., average cost; first-in, first-out; last-in, first-out; and specific identification methods);

AP3.03 – explain the effects of each method of inventory valuation on financial statements;

AP3.04 – explain the effects of an error in valuing inventory on financial statements;

AP3.05 – analyse the role of technology in the management and control of inventory.

Financing

Overall Expectations

FIV.01 · demonstrate an understanding of partnership financing;

FIV.02 · demonstrate an understanding of corporation financing;

FIV.03 · compare alternative forms of financing.

Specific Expectations

The Financing of a Partnership

FI1.01 – explain the use of notes payable as a source of funds for short-term financing;

FI1.02 – explain the financial impact of the admission of a new partner and of the retirement of a current partner;

FI1.03 – assess the different methods of investing in a partnership (e.g., cash, property, other assets).

The Financing of a Corporation

FI2.01 – describe the financial structure of a corporate organization;

FI2.02 – explain the use of notes payable as a source of funds for short-term financing;

FI2.03 – describe the features of preferred and common stocks;

FI2.04 – describe an Initial Public Offering and its purpose;

FI2.05 – explain the advantages and disadvantages of public share ownership for a company;

FI2.06 – demonstrate the impact of alternative forms of dividend distribution on shareholders’ equity;

FI2.07 – demonstrate an understanding of debt financing (e.g., loans, notes payable) and equity financing (e.g., issuance of capital stock) from both the issuer’s and the market’s point of view.

Alternative Forms of Financing

FI3.01 – describe situations in which debt financing is preferable to equity financing;

FI3.02 – explain the advantages of using long-term borrowing (e.g., bonds) as a method of financing;

FI3.03 – describe alternative sources of funding available to business (e.g., venture capital, federal business development bank loans, government grants).

Financial Analysis and Decision Making

Overall Expectations

FAV.01 · assess the financial strength and weakness of a company on the basis of its annual report;

FAV.02 · demonstrate the use of accounting techniques to analyse and compare accounting data;

FAV.03 · demonstrate an understanding of contemporary issues in accounting.

Specific Expectations

Annual Reports

FA1.01 – describe the purpose of each section common to a corporation’s annual report;

FA1.02 – demonstrate an understanding of the differences in the annual reports of two corporations;

FA1.03 – assess the current and projected financial strength of a corporation from an analysis of its annual report.

Financial Analysis for Decision Making

FA2.01 – analyse the costs (e.g., use of credit reporting agencies) and risks (e.g., poor credit risks) for a business of selling on credit;

FA2.02 – evaluate the role and impact of accounting information in decision making (e.g., information about the changing size of the labour force, or about the costs and benefits of expansion or downsizing);

FA2.03 – analyse the financial status of a company by using comparative information, trend analysis, common size statements, and ratios.

Issues in Accounting

FA3.01 – describe the impact of ethical and environmental issues on methods and practices in accounting;

FA3.02 – analyse the effects of inflation on financial reporting;

FA3.03 – demonstrate how to use current technology (e.g., accounting software, websites, spreadsheets, databases) to gather, classify, and process financial data;

FA3.04 – demonstrate how to use current technology (e.g., desktop publishing and spreadsheets) to present summaries of accounting information.

Unit 2 | Course Profiles Main Menu