Bright Future Academy
4433 Sheppard Avenue East, 2nd
Floor, Room 202
Toronto, Ontario M1S 1V3
BAF3M - Financial Accounting
Fundamentals
COURSE OUTLINE
Course Title: Financial Accounting Fundamentals
Course Code: BAF3M
Grade: 11
Course Type: University Preparation
Credit Value: 1
Prerequisite: None
Curriculum Policy Document: Business
Studies, The Ontario Curriculum, Grades 11 and 12, 2006
Text: Accounting 1, Sixth Edition, Pearson
Education Canada © 2002.
ISBN: 013092332X
ISBN-13: 9780130923325
Department: Business
Course Developer: Frank Qin
Development Date: May 2013
Course
Description:
This course introduces students to the
fundamental principles and procedures of accounting. Students will develop
financial analysis and decision-making skills that will assist them in future
studies and/or career opportunities in business. Students will acquire an
understanding of accounting for a service and a merchandising business,
computerized accounting, financial analysis, and ethics and current issues in
accounting.
Overall Expectations: BAF3M
By the end of this course,
students will:
Fundamental Accounting
Practices
|
Overall Expectations
|
describe the discipline of accounting
and its importance for business;
describe the differences among the various forms of business
organization;
|
demonstrate an understanding of the
basic procedures and principles of the accounting cycle for a service
business.
|
Advanced Accounting
Practices
|
Overall Expectations
|
demonstrate an understanding of the
procedures and principles of the accounting cycle for a merchandising
business;
|
demonstrate an understanding of the
accounting practices for sales tax;
|
apply accounting practices in a
computerized environment.
|
Internal Control,
Financial Analysis, and Decision Making
|
Overall Expectations
|
demonstrate an understanding of
internal control procedures in the financial management of a business;
|
evaluate the financial status of a
business by analysing performance measures and financial statements;
|
explain how accounting information is
used in decision making.
|
Ethics, Impact of
Technology, and Careers
|
Overall Expectations
|
assess the role of ethics in, and the
impact of current issues on, the practice of accounting;
|
assess the impact of technology on
the accounting functions in business;
|
describe professional accounting
designations and career opportunities.
|
Unit details:
Unit
|
Titles and
Descriptions
|
Time and
Sequence
|
Unit 1
|
Introduction
to Accounting
In this
unit, students are given a feel for what accounting involves, and who cares
about the results of the accounting operations. Students will investigate the
three professional accounting designations, and describe the focus of each
group. They will be introduced to the set of rules, which govern the field of
accounting, the Generally Accepted Accounting Principles. Finally, they will
investigate the three main forms of business organization: sole
proprietorship, partnership and corporation.
|
20 hours
|
Unit 2
|
The
Accounting Cycle for a Sole Proprietorship, Service Industry
Students
will be introduced to the steps involved in performing the Accounting
functions for a company, which is a sole proprietorship. In addition, the
unit will concentrate on a business, which provides a service, but does not
sell products. Students will examine the Accounting Cycle, which entails all
the activities that are part of the collection, recording and analysis of
financial information over a fixed period of time, known as the fiscal
period.
|
30 hours
|
Unit 3
|
Merchant
Accounting
In this
unit, students will examine Merchandising Businesses or businesses which buy
goods for resale. A new Balance Sheet account for a merchandising business,
the Inventory account, will be presented. Of extreme importance to the
business is that Inventory and Cost of Goods Sold are measured and recorded
carefully. The two main ways of handling inventory in a Merchandising
Business, periodic and perpetual inventory systems will be developed.
|
26 hours
|
Unit 4
|
Computerized
Accounting Systems
In this
unit, students are introduced to computerized accounting systems and the use
of the QuickBooks accounting software. Students will investigate the basics
of using QuickBooks to keep up-to-date and accurate accounting records.
Students are required to download and install QuickBooks 2011 and will work
through several hands-on tutorials. The QuickBooks software and license are
provided for free.
|
22 hours
|
Unit 5
|
Summative
Culminating Task
In this
unit, students will work through a culminating task to illustrate their
understanding of the entire accounting cycle. It will also help prepare them
for the course final exam.
|
10 hours
|
|
Final
Evaluation
The final
assessment task is a proctored two hour exam worth 30% of the student's final
mark.
|
2 hours
|
|
Total
|
110 hours
|
Teaching /
Learning Strategies:
Students learn best
when they are engaged in a variety of ways of learning. Business studies
courses lend themselves to a wide range of approaches in that they require
students to discuss issues, solve problems using applications software, participate
in business simulations, conduct research, think critically, work
cooperatively, and make business decisions. When students are engaged in active
and experiential learning strategies, they tend to retain knowledge for longer
periods and to develop meaningful skills. Active and experiential learning
strategies also enable students to apply their knowledge and skills to
real-life issues and situations. Some of the teaching and learning strategies
that are suitable to material taught in business studies are the use of case
studies and simulations, teamwork, brainstorming, mind mapping, problem
solving, decision making, independent research, personal reflection, seminar
presentations, direct instruction, portfolios, and hands-on applications. In
combination, such approaches promote the acquisition of knowledge, foster
positive attitudes towards learning, and encourage students to become lifelong
learners.
Since the
over-riding aim of this course is to develop an accounting literacy in all
students, a wide variety of instructional strategies are used to provide
learning opportunities to accommodate a variety of learning styles, interests
and ability levels. These include:
Visual presentations
|
Problem solving
|
Decision Making
|
Projects
|
Direct Instruction
|
Data Analysis
|
Case studies
|
Source document analysis
|
Reports
|
Journalizing
|
Discussion Groups
|
Multimedia presentations
|
Excel Work sheets
|
Guided internet Research
|
Word processor sheets
|
Interviews
|
|
|
Assessment
and Evaluation Strategies of Student Performance:
Assessment is
the process of gathering information that accurately reflects how well a
student is achieving the curriculum expectations in a subject or course. The
primary purpose of assessment is to improve student learning. Assessment for
the purpose of improving student learning is seen as both “assessment for learning”
and “assessment as learning”. As part of assessment for learning,
teachers provide students with descriptive feedback and coaching for
improvement. Teachers engage in assessment as learning by helping all
students develop their capacity to be independent, autonomous learners who are
able to set individual goals, monitor their own progress, determine next steps,
and reflect on their thinking and learning.
Teachers will obtain assessment information through a variety of
means, which may include formal and informal observations, discussions,
learning conversations, questioning, conferences, homework, tasks done in
groups, demonstrations, projects, portfolios, developmental continua, performances,
peer and self-assessments, self-reflections, essays, and tests.
As essential steps in assessment for learning and as learning,
teachers need to:
• plan assessment concurrently and integrate it seamlessly with
instruction;
• share learning goals and success criteria with students at the
outset of learning to ensure that students and teachers have a common and
shared understanding of these goals and criteria as learning progresses;
• gather information about student learning before, during, and
at or near the end of a period of instruction, using a variety of assessment
strategies and tools;
• use assessment to inform instruction, guide next steps, and
help students monitor their progress towards achieving their learning goals;
• analyse and interpret evidence of learning;
• give and receive specific and timely descriptive feedback
about student learning;
• help students to develop skills of peer and self-assessment.
Teachers will also ensure that they assess students’ development
of learning skills and work habits, using the assessment approaches described
above to gather information and provide feedback to students.
The Final
Grade:
The evaluation for
this course is based on the student's achievement of curriculum expectations
and the demonstrated skills required for effective learning. The percentage
grade represents the quality of the student's overall achievement of the
expectations for the course and reflects the corresponding level of achievement
as described in the achievement chart for the discipline. A credit is granted
and recorded for this course if the student's grade is 50% or higher. The final
grade for this course will be determined as follows:
- 70% of the grade will be based upon evaluations and
assessments of learning conducted throughout the course. This portion of
the grade will reflect the student's most consistent level of achievement
throughout the course, although special consideration will be given to
more recent evidence of achievement. All assessments of learning will be
based on evaluations developed from the four categories of the Achievement
Chart for the course.
- 30% of the grade will be based on a final evaluation
administered at the end of the course and may be comprised of one or more
strategies including tests and projects.. This final evaluation will be
based on an evaluation developed from all four categories of the
Achievement Chart for the course and of expectations from all units of the
course. The weighting of the four categories of the Achievement Chart for
the entire course including the final evaluation will be as follows.
Knowledge
& Understanding
|
Thinking,
Inquiry & Problem Solving
|
Application
|
Communication
|
30%
|
20%
|
30%
|
20%
|
The Report
Card:
The report card
will focus on two distinct but related aspects of student achievement; the
achievement of curriculum expectations and the development of learning skills.
The report card will contain separate sections for the reporting of these two
aspects.
A Summary Description of Achievement in Each Percentage Grade Range
and Corresponding Level of Achievement
|
Percentage Grade Range
|
Achievement Level
|
Summary Description
|
80-100%
|
Level 4
|
A very
high to outstanding level of achievement. Achievement is above the
provincial standard.
|
70-79%
|
Level 3
|
A high
level of achievement. Achievement is at the provincial standard.
|
60-69%
|
Level 2
|
A moderate
level of achievement. Achievement is below, but approaching, the
provincial standard.
|
50-59%
|
Level 1
|
A passable
level of achievement. Achievement is below the provincial standard.
|
below 50%
|
Level R
|
Insufficient
achievement of curriculum expectations. A credit will not be granted.
|
Program
Planning Considerations for Business Studies in General and Accounting in
Particular:
Teachers who are
planning the program in Accounting take into account considerations in a number
of important areas. The areas of concern to all teachers that are outlined
there include the following:
- The Role of Technology in the Curriculum
- English as a Second Language (ESL) and English
Literacy Development (ELD)
- Antidiscrimination Education in Business Studies in
General
- Literacy, Numeracy, and Inquiry/Research Skills
- Career Education
Considerations
relating to the areas listed above that have particular relevance for program
planning in this accounting course, are noted below.
The Role of
Technology in the Curriculum. In this
Introduction to Financial Accounting course, information technology is
considered a learning tool that must be accessed by the students in many areas.
As a result, students will develop transferable skills through their experience
with word processing, spreadsheets, journals, flow charts, and
telecommunication tools, as would be expected in an accounting environment.
Information and communication technologies are integrated into the business studies
curriculum in a way that mirrors the dynamic environment in which business is
conducted today, creating an authentic and relevant learning environment for
students.
English As a
Second Language and English Literacy Development (ESL/ELD). All of our Business studies can provide a wide range of options to
address the needs of ESL/ELD students. Since business seeks ways to address the
needs of diverse markets and communities, students can apply their own
experiences and backgrounds to analyze various markets’ needs and business
strategies. In addition, since businesses require employees with a wide range
of skills and abilities, many students will learn how their backgrounds and
language skills can contribute to business success.
Antidiscrimination
Education in Business Studies. Antidiscrimination
education promotes a school climate and classroom practice that encourage all
students to work to high standards, ensure that they are given a variety of
opportunities to be successful, affirm their self-worth, and help them
strengthen their sense of identity and positive self-image. The business
studies curriculum is designed to help students acquire the habits of mind that
are essential in a complex democratic society characterized by rapid
technological, economic, political, and social change. These include respect
and understanding with regard to individuals, groups, and cultures in Canada
and the global community, including an appreciation and valuing of the
contributions of Aboriginal people to the richness and diversity of Canadian
life. They also involve respect and responsibility for the environment and an
understanding of the rights, privileges, and responsibilities of citizenship.
Learning the importance of protecting human rights and of taking a stand against
racism and other expressions of hatred and discrimination is also part of the
foundation for responsible citizenship and ethical business practice. In
business studies, students will learn about the changing workplace and the
Canadian and global economy. They will learn how business is carried out
effectively and equitably in the local and global workplace and how it is
affected and enhanced by the diversity of the global marketplace. Learning
activities in business studies courses should be inclusive in nature,
reflecting diverse points of view and experiences. They should enable students
to become more sensitive to the experiences and perceptions of others, to value
and show respect for diversity in the school and in the wider society, and to
make responsible and equitable decisions in their personal and business
relationships. The critical thinking and research skills acquired in business
studies courses will enable students to recognize bias and stereotyping in text
and images, as well as discriminatory attitudes that create barriers to
productive relationships in business and trade.
Literacy,
Numeracy, and Inquiry/Research Skills. Success in all
their secondary school courses depends in large part on students' literacy
skills. The activities and tasks that students undertake in the business
studies curriculum involve oral, written, and visual communication skills.
Communicating in a business environment and using business software require the
use and understanding of specialized terminology. In all business studies
courses, students are required to use appropriate and correct terminology, and
are encouraged to use language with care and precision, in order to communicate
effectively. The business studies curriculum also builds on and reinforces
certain aspects of the mathematics curriculum. Students need to learn how to
locate relevant information in a variety of print and electronic sources,
including books and articles, manuals, newspapers, websites, databases, tables,
diagrams, and charts.
Career Education. A course in Accounting can help prepare students for employment in such
diverse areas as small-business creation, marketing, management, accounting,
government service, and international business. The skills and knowledge that
students acquire through this accounting course are essential for a wide range
of careers. Students gain an understanding of various aspects of business
functions and practices, such as management, marketing, accounting, and
entrepreneurship. In addition, the personal management, interpersonal, and
career development components of career education in the business studies
curriculum will prepare students for success in their working lives. Our entire
business studies curriculum also helps students to appreciate the variety of types
of businesses so that they can begin to determine which types are suited to
their backgrounds and interests.
Resources:
Accounting
1, Sixth Edition,
Pearson Education Canada © 2002.
ISBN: 013092332X
ISBN-13: 9780130923325
Principles
of Accounting, Third Edition, Pearson Education Canada
© 2002.
ISBN: 0130340901
ISBN-13: 9780130340900
Microsoft
Excel, Word
Calculator
Simply
Accounting, Student Version