Accounting I - Mount Union Area School District

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Accounting I

Department/Grade: Bus. Ed. Course: Accounting I Revision Date: April 2008

Required/Elective: Elective Course Length: One Year Prerequisite: None

Course Description:

This course covers the accounting cycle for a service business that is organized as a sole proprietorship and a merchandising business that is organized as a partnership.

COURSE OBJECTIVES	CONTENT/TIMELINE OUTLINE
Students will be able to analyze transactions using the accounting equation.	Cash transactions On account transactions Revenue transactions Expense transactions
Students will be able to analyze transactions using T accounts.	Cash transactions On account transactions Revenue transactions Expense transactions
Students will be able to journalize transactions in a multi-column journal.	Cash transactions On account transactions Revenue transactions Expense transactions
Students will be able to post transactions to a general ledger.	Post individual entries Post totals of special columns
Students will understand banking activities.	Writing checks Making deposits Electronic banking Reconciliation statements Petty cash
Students will be able to prepare a worksheet.	Prepare a trial balance Plan adjustments Extend to income and balance sheet columns Determine net income or net loss
Students will be able to prepare an income statement.	Heading Revenue, Expenses, and Net Income Component percentages
Students will be able to prepare a balance sheet.	Heading Asset section Liability section Owner’s Equity section
Students will be able to prepare adjusting entries.	Adjustment for supplies Adjustment for prepaid insurance
Students will be able to prepare closing entries	Close income statement credit balances Close income statement debit balances Close income summary account Close owner’s drawing account
Students will be able to record transactions in special journals for a merchandising business formed as a partnership.	Purchases Journal Cash payments Journal Sales Journal Cash Receipts Journal
Students will be able to post to ledger accounts.	General Ledger Accounts Receivable Ledger Accounts Payable Ledger
Students will be able to prepare payroll records	Payroll taxes Payroll checks Payroll register Employer taxes W-2 forms
Students will be able to prepare a worksheet for a merchandising business.	Prepare a trial balance Analyze adjustments Extend amounts Determine net income or net loss
Students will be able to prepare an income statement for a merchandising business.	Heading Revenue, Cost of Merchandise Sold, Expenses, and Net Income Component percentage
Students will be able to prepare a balance sheet for a merchandising business.	Heading Asset section Liability section Owners' Equity section
Students will be able to prepare additional financial statements for a merchandising business.	Distribution of Net Income Statement Owners’ Equity Statement
Students will be able to prepare adjusting entries	Adjustment for merchandise inventory Adjustment for supplies Adjustment for prepaid insurance
Students will be able to prepare closing entries.	Close income statement credit balances Close income statement debit balances Close income summary account Close owners' drawing account

RESOURCE MATERIALS	ASSESSMENT
Century 21 Accounting Multicolumn Journal South Western Educational Publishing Co. Copyright 2000	Quizzes Problems Notebook Objective test Problem test