COURSE OF STUDY ACCOUNTING II - Office of …blogs.jefftwp.org/.../files/2012/11/2011-Accounting-II-Curriculum.pdf · College Preparatory Accounting II introduces the business student

JEFFERSON TOWNSHIP PUBLIC SCHOOLS

COURSE OF STUDY

ACCOUNTING II

June 2011

TABLE OF CONTENTS

Course Overview

Units of Study

Sample Student Learning Activities

Suggested Teaching Strategies and/or Activities

Teacher Assessment of Student Learning

Bibliography and Resources

ACCOUNTING II CP

COURSE OVERVIEW

College Preparatory Accounting II is a business education course designed to develop

accounting skills with activities that practice the perfect business employment skills

learned in College Preparatory Accounting I. The course will focus on the application of

specific, specialized accounting procedures and will introduce the business student to the

process of developing accounting skills with a focus on accuracy and time-efficiency. It

will also introduce fundamental accounting principles form the partnership ownership

structure.

College Preparatory Accounting II introduces the business student to more advanced

accounting principles common in the first year of accounting employment and high

education business and accounting courses. Students will move form report production

to introductory report analysis and interpretation. They will be introduced to the basics

of the Accounting Information Systems field through introductory spreadsheet creation,

spreadsheet/database manipulation, and business simulation projects. Students will

develop the knowledge and skills necessary to act as management partners for the JTHS

School Store.

Successful completion of the Accounting II curriculum will prepare students with the

business and leadership skills necessary for beginning careers in the areas of business and

accounting, while simultaneously honing the academic and professional skills necessary

for furthering business education in the areas of general business, accounting, and other

business disciplines of higher education.

UNITS OF STUDY

I. Careers and Financial Accounting Foundations

Big Idea: • Accounting is the foundation of the business world

1. Accounting Careers Update

A. Essential Questions

1. What education and skills are needed to be successful in the field of accounting?

2. What can be done during high school to get an edge on future competition?

B. Learning Objectives

Students will be able to: 1. Research, identify, and decipher the educational and professional

requirements and opportunities inherent of the accounting and business industries. NJCCCS 8.1 [A1, A2, A3, B1, F2], 9.2 [A1, A2, A5, B1], 9.3 [C1, C2, C3, C4, C5, C6, C7, C8, C9, C10]

2. Review, update, and reformat a professional resume according to researched resume models. NJCCCS 8.1 [A1, A2, A3], 9.2 [A1, A2, A5, B1], 9.3 [C1, C2, C3, C4, C5, C6, C7, C8, C9, C10]

2. Accounting and Business: The Changing Role of Accounting


1. How has Accounting changed? 2. Are there any accounting changes on the horizon?


Students will be able to: 1. Identify and discuss the changing role of the accounting discipline within

the context of the overall business environment. NJCCCS: 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10]

3. Pathways to a Career in Business

A. Essential Question

• What path should be taken to prepare for a career in accounting?

B. Learning Objectives Students will be able to: 1. Analyze, research, and develop a post-high school educational and/or

career plan. NJCCCS: 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10]

4. Financial Accounting and the Cycle: A Comprehensive Review


• What is done with accounting reports? • What decisions are made using accounting reports?


Students will be able to: 1. Dissect, interpret, and account for complex business transactions utilizing

the accounting cycle and financial statement production and analysis. NJCCCS: 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E1, E1, E4]

5. Introduction to Financial Management: The School Store Laboratory


• What is Financial Management? • How does a business make decisions?

B. Learning Objectives Students will be able to:

1. Incorporate the basic principles of management into the accounting cycle through managing the school store laboratory. NJCCCS 9.1 [A2, A2, B1], 9.2 [A7, B2, B3, C1, E1]

II. Introductory Accounting Information Systems (AIS)

Big Idea: • Technology is affecting how the accounting records are kept.

1. The Role of Information Systems in Business


• How has technology affected how business records are kept? • What technological advances have been made in the field of accounting?

B. Learning Objectives Students will be able to: 1. Discern the overlap and functionality of information technology into the

core business disciplines. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

2. Introductory Excel Basics

A. Essential Questions • Can technology be used to manipulate financial data? • Can time be saved using technology?


Students will be able to: 1. Understand and be able to create and manipulate basic Microsoft Excel

spreadsheet mathematical functions within a proper business format. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

3. Spreadsheet Utilization

A. Essential Questions • How is excel used for accounting? • What excel functions are helpful when manipulating financial data?


Students will be able to: 1. Develop and test specific Microsoft Excel spreadsheets for the purpose of

solving accounting problems. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

4. Accounting Information Systems – The Cycle Computerized

A. Essential Questions • How can excel be used to manage the school store financials? • Can reports be generated electronically that will help the marketing

student make business decisions?

B. Learning Objectives Students will be able to: 1. Brainstorm, develop, test, revise and finalize a comprehensive Accounting

Information System that encompasses all previously learned phases of the accounting cycle. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

2. Translate skills and understanding of the creation, manipulation, and output of an Accounting Information System to the School Store laboratory. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

5. Advanced Accounting Applications in Excel

A. Essential Questions • Does excel have functions that will make financial information easier to

understand for the end users?

B. Learning Objectives Students will be able to: 1. Evaluate, revise, and computerize as part of the management team of the

basic financial accounting products as created by the College Preparatory Accounting I students and sent for review by the College Preparatory Accounting II Honors students. NJCCCS 8.1 [A1, A2], 8.2 [A1, B1, B3]

III. Entrepreneurship in an Accounting Framework

Big Idea: • Accounting business structures (Entrepreneur, Proprietorship, Partnership,

Corporation)

1. Entrepreneurial Basics

A. Essential Question • What does it take to become a successful entrepreneur?

B. Learning objectives

Students will be able to: 1. Comprehend, research, self-reflect, and develop basic skills sets common

to the entrepreneur. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

2. Introduction to Partnership Accounting

A. Essential Question

• What are the advantages/disadvantages to forming a partnership?

B. Learning objectives: Students will be able to: 1. Compare and contrast accounting for sole-proprietorships and accounting

for partnerships. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

2. Brainstorm, develop and apply new and previously acquired financial accounting skills and knowledge to an entrepreneurial partnership project. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

3. Entrepreneurial/Partnership Applications – “The Capstone Project”

A. Essential Question • How do concepts and lessons taught come together?

B. Learning objectives:

Students will be able to: 1. Design, test, revise and finalize a working accounting information system

for the newly developed entrepreneurial, partnership project NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5].

2. Identify, describe, create and present the fiscal period financial records for a simulated accounting project. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

4. Introduction to Managerial Accounting


• What is managerial accounting? • How does managerial accounting compare to financial accounting?

B. Learning objectives:

Students will be able to: 1. Read, study, be able to identify and incorporate the basic tenets of

effective business management. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

5. Managing the School Store Laboratory


• How can accounting support/impact the management of the school store?

B. Learning objectives: Students will be able to: 1. Properly apply the skills and knowledge of management and financial

accounting principles to the products and services provided by the school store laboratory. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

IV. Expanding the “Books”

Big Idea • Accounting is not just crunching numbers; it is the understanding of their impact.

1. Accounting for a Merchandising Partnership

A. Essential Questions • What is a merchandising business? • Why is accounting for a merchandising business different than a service

business?

B. Learning Objectives Students will be able to: 1. Decipher the distinguishing accounting characteristics of forming,

operating, and dissolving a partnership. NJCCCS 8.2 [C1], 9.1 [B2, B3], 9.2 [A1, A2, A3, A5]

2. Sales and Cash Receipts Journals


1. Why are records kept separately for sales? 2. Why are records kept separately for cash received?


Students will be able to: 1. Identify the advantages of accounting for a merchandising business

utilizing specialized cash receipts and sales journals. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

2. Incorporate the usage of specialized journals into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

3. Purchases and Cash Payments Journals


• Why are separate records kept for purchases? • Why do we keep track of cash payments?


Students will be able to: 1. Identify the advantages of accounting for a merchandising business

utilizing specialized cash payments and purchases journals. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

2. Incorporate the usage of specialized journals into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

4. General and Subsidiary Ledgers

A. Essential Questions • What is the difference between a general and subsidiary ledger? • Why are different ledgers used?


Students will be able to: 1. Recognize the appropriate usage of subsidiary ledgers in conjunction with

the general ledger NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4] 2. Identify defining characteristics between the accounts payable, accounts

receivable, and general ledgers. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

3. Incorporate the usage of subsidiary ledgers into the current understanding of the accounting cycle. NJCCCS 8.2 [C1], 9.1 [A1, B1, B2, C1, F2], 9.2 [E4]

5. The Final Statement: Cash Flows


• What is Cash Flow? • Why does a business infer from the cash balance?


Students will be able to: 1. To create and interpret the final of the four financial statements, the

statement of cash flows. NJCCCS 8.1 [A1], 9.2 [A1, A2]

6. Merchandising Applications: The School Store Laboratory

A. Essential Question • How will the reports supplied to the school store benefit them?


Students will be able to: 1. Apply newly acquired knowledge of the efficiencies of the proper

accounting for the merchandising process to the school store laboratory. NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

2. Provide a detailed analysis, interpretation, and consult on the problems and potential solutions for the current school store merchandising operations to the executive level account team (Accounting II Honors). NJCCCS: 9.1 [B1, B2], 9.2 [A1, A2, A3, A4, A5, B1, C1, D1, D2, D3, D4, D5]

V. Specialized Accounting Procedures

Big Idea: • The many faces of accounting, other applications

1. Inventory Accounting


• What is inventory? • Why does the accountant care about inventory?


Students will be able to: 1. Compare, contrast, and employ the most appropriate method of inventory

valuation and accounting between First-In-First-Out, Last-In-Last-Out, Weighted Average, and Gross profit methods. NJCCCS: 9.1 [B1, B2, B3], 9.2 [A1, E1, E2, E4]

2. Accounting for Plant Assets and Depreciation


• What are plant assets and depreciation? • How is depreciation determined?


Students will be able to: 1. Calculate and analyze the most advantageous depreciation method for

specific business situations between straight-line, sum-of-the-year’s-digits, double-declining, and the Modified Accelerated cost Recovery System (MACRS). NJCCCS 9.1 [B1, B2, B3], 9.2 [A1, E1, E2, E4]

3. Accounting for Uncollectible Accounts Receivables


• How does a business ensure it gets paid? • What happens when a business doesn’t get paid from a customer?


Students will be able to: 1. Understand and be able to account for bad debt expense related to

uncollectible accounts receivable transactions. NJCCCS 9.2 [A4, E1, E3, E4, E7]

4. Understanding and Accounting for Notes and Interest

A. Essential Questions • How does borrowing/lending money affect a business? • When and how does a business decide that a note should be established?


Students will be able to: 1. Decipher between the accounting processes for notes payable and notes

receivable transactions. NJCCCS: 9.1 [B1, B2], 9.2 [A4, A7]

5. Payroll Accounting I – The Employee

A. Essential Questions • How is an employee compensated? • What deductions must be made from employee payroll?


Students will be able to: 1. Understand and be able to incorporate within an Accounting Information

System the payroll responsibilities of a business in relation to the employee. NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4]

6. Payroll Accounting II – The Employer


• How to journalize the employer taxes and post the employer payroll taxes?

B. Learning Objectives Students will be able to: 1. Understand and be able to create within an Accounting Information

System the payroll responsibilities of a business in relation to the employer. NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4]

7. Benefits, Retirement, and Personal Financial Management Basics


• What benefits can be expected from an employer? At what cost? • How have benefit/compensation packages changed over time?

B. Learning Objectives:

Students will be able to: 1. Research, identify, and be able to disseminate detailed information about

employee-employer benefit packages including medical, dental and vision insurances, retirement options, the social security systems, and continuing

education/professional development requirements and opportunities. NJCCCS: 9.1[A1, A4, B1], 9.2 [B1,B2, B3, B4, B5, E1, E2, E3, E4, E5, E6]

SAMPLE STUDENTS LEARNING ACTIVITY Unit: Financial Accounting Fundamentals Lesson Plan Title: Preparing for a career in Accounting Concept/Topic to Teach: Preparing for a career in Accounting begins with

understanding the educational and skill requirements and how to obtain them

Objective:

1. Students are to develop an educational/career plan identifying specific career goals and steps necessary to attain these goals

Standards Addressed: NJCCCS: 9.1 [A2, B1], 9.2 [A1, A2, A3, A4], 9.3 [C1, C2, C3, C5, C7, C8, C10] Required Materials:

• Princeton Review Best College Catalog • College Board Internet Site

Anticipatory Set (Lead-in): Discussion on Career aspirations and personal goals Step-by-Step Procedures:

• Students will be required to comprehensively research three educational institutions of higher or continued learning in each of three categories: reach, range and safety according to their current education status (GPA, class rank, SAT, career aspirations, etc.)

Use of Princeton Review and Internet Plan for Independent Practice: Students will present information according to a formal, predetermined format. Closure (Reflect Anticipatory Set): Class discussion and sharing on findings Assessment Based on Objectives:

• Students will be assessed on the demonstrated understanding and presentation of career aspiration and future educational endeavors.

• A rubric detailing the specific project evaluation elements will be provided. Adaptations (For students with Learning Disabilities):

• Extended time for writing assignment • Additional support in identifying specialized post-secondary offerings

Extensions (For Gifted Students):

• Students to include information about individual College Honors programs

Possible Connections to Other Subjects: • Office Technology • Economics

SAMPLE STUDENTS LEARNING ACTIVITY Unit: Entrepreneurship in an Accounting Framework (The Capstone

Entrepreneurial Partnership Project Lesson Plan Title: Financial Accounting for a yearly Fiscal Period – A simulation

project Concept/Topic to Teach: Understanding a business’ financial records for a yearly

fiscal period, a wrap up of concepts and practices taught in College Preparatory Accounting I and College Preparatory Accounting II

Objective:

1. Students will utilize a business simulation to incorporate the main components of an accounting information system, and specialized accounting procedures to manage the financial accounting records for a service/merchandising business.

Standards Addressed: NJCCCS 8.2 [C1], 9.1 [B2, B3], 9.2 [A1, A2, A3, A5] Required Materials:

• Microsoft Office - Excel • Business Simulation Package

Anticipatory Set (Lead-in): Class will review accounting practices, forms and reports in preparation for Capstone Project Step-by-Step Procedures:

• Class will customer documents for simulate business • Class will process daily transactions utilizing ARCSRI accounting process • Class will general accounting reports (Balance Sheet, Owner’s Equity Statement,

Income Statement) Plan for Independent Practice:

• Students will follow pre-determined schedule for completing transactions to be assessed on a quarterly basis

Closure (Reflect Anticipatory Set):

• Class will discuss business successes and failures at the end of fiscal period Assessment Based on Objectives:

• Students will be assessed as each quarter of the project is completed. • A quiz grade will be given based on accuracy of transaction processing. • A project grade will be given upon completion of simulation based on accuracy of

final accounting reports

Adaptations (For students with Learning Disabilities): • Additional support from instructor and advanced students

Possible Connections to Other Subjects:

• Math • Economics • Office Technology

SAMPLE STUDENTS LEARNING ACTIVITY Unit: Specialized Accounting Procedures (Payroll Accounting/AIS) Lesson Plan Title: Preparing and Recording Company Payroll Concept/Topic to Teach: Class will determine Net Pay and employee/employer

payroll taxes for a small business Objective:

1. Students will study, analyze, design and develop an accounting information system that calculates net pay through comprehensive total earnings less total deduction format that incorporates tax rates and tax thresholds

Standards Addressed: NJCCCS 8.1{A1], 8.2 [B1, B3, B5, C2], 9.2[B5, E4] Required Materials:

• Textbook • Internet • Microsoft Office - Excel

Anticipatory Set (Lead-in): Students will review various pay stub (brought in by students) Step-by-Step Procedures:

• Students will be introduced to the basics of manually calculating employee/employer payroll.

• Students will model the less and incorporate the spreadsheet formulate into a pre-existing, comprehensive accounting system

• Students will formulate the spreadsheet correctly utilizing advanced Micro-Soft Excel functions including the IF/THEN statements

Plan for Independent Practice:

• Students will create staffing organizations and salaries for payroll use. Closure (Reflect Anticipatory Set):

• Class will discuss family dynamics and the impact on deductions and net pay Assessment Based on Objectives:

• The payroll AIS system will be assessed according to specific design and functionality requirements

• The technical accounting knowledge will be tested simultaneously with the systems testing

• An evaluation rubric will be provided at the onset of the learning activity detailing expectations and measurement criterion

Adaptations (For students with Learning Disabilities): • Additional help provided by instructor • Fewer employees

Extensions (For Gifted Students):

• More complex payroll deductions • Additional employees

Possible Connections to Other Subjects:

• Office Technology • Economics

SUGGESTED TEACHING STRATEGIES AND/OR ACTIVITIES

1. 3-minute pause

2. Class Discussions

3. Concept Attainment

4. Cooperative Learning

5. Cross-Curricular Connections

6. Different purposes for viewing/reading

7. Formal /Informal Writing

8. Graphic/Visual Organizers

9. Guest speakers

10. Independent/Group Project

11. Integration of Technology

12. Library research for data gathering

13. Modeling/Demonstration

14. Pairs Check/Review

15. Problem-solving with decision-making

16. Reciprocal Teaching

17. Roundtable

18. Scaffolded Questioning

19. Skill-Building Activities

20. Think Aloud

21. Use of Video Clip

TEACHER ASSESSMENT OF STUDENT LEARNING

1. Check for Completion

2. Checklist

3. Collect and Grade

4. Constructed Response

5. Cooperative learning

6. Group work

7. In-Class Check

8. Informal Assessment

9. Maintenance of a notebook

10. Open-ended questions

11. Oral participation/Discussion skills

12. Oral presentations

13. Peer/Self Assessment

14. Performance Assessment

15. Projects

16. Quiz

17. Rubric

18. Student-constructed bulletin boards

19. Teacher observation

20. Test

21. Written homework

BIBLIOGRAPHY AND RESOURCES Textbook Series: Gilbertson, Lehman, Ross. Accounting: General Journal Approach, Eighth Edition. Thomson South-Western Publishing Company, 2006. Ross, Hanson, Gilbertson, Lehman, and Swanson. Century 21 Accounting: General Journal Approach, Sixth Edition. . South-Western Publishing Company/ItP, Cincinnati, Ohio: 1995 Technology: Microsoft Office: Word, Excel, PowerPoint Internet Resources: Payroll tax sites Job Engine Searches (New York Times/Star Ledger) Resume templates Supplemental Resources:

• Working Papers/Study Guide • Various business/Accounting Journal Articles • Money • Smart Money • Fortune • Textbook/working paper transparencies • Videos

COURSE OF STUDY ACCOUNTING II - Office of …blogs.jefftwp.org/.../files/2012/11/2011-Accounting-II-Curriculum.pdf · College Preparatory Accounting II introduces the business student

Documents