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Franklin High School > Departments and Faculty > Business/Computer Technology > Mr. Bushnell's Classes

Accounting I Honors

Welcome to Mr. Bushnell's Accounting I Honors Cla

Accounting I

INSTRUCTIONAL MANAGEMENT PLAN

Teacher: Mr. Bushnell
To contact teacher:
508-528-5600 Ext. 3151
Email: bushnellr@franklin.k12.ma.us

STUDENT RESPONSIBILITIES:
1. Students are to report to class on time.
2. Students are expected to report with books and workbooks.
3. Students will complete homework on time.
4. Students will show respect to the teacher and other students.
5. Students will contribute in a positive way to class activities.
6. Students are responsible to make up any work that is missed due to absence or other reasons.

COURSE REQUIREMENTS:
1. Students are required to read Century 21 Accounting, Sixth Edition.
2. Students are required to complete the Century 21 Accounting workbook chapters 1-18
3. Students are required to complete the simulation, Viking Marine
4. Students are required to complete the Automated Accounting exercises through Chapter 18
5. Students in the Honors section will complete the exercises in the Peachtree Accounting workbook.

GRADING AND MARKING POLICY
1. Tests or quizzes will be given after each chapter is completed. Tests represent 80% of the grade for the first semester.
2. Class and homework assignments represent 20% of the grade for the first semester.
3. Viking Marine will count as one half of the third and fourth term grades.
4. Student participation is an important component of the class. Student participation is measured using the following:
a. On time to class
b. Bringing books and workbooks to class
c. Cooperation with teacher and other students.
d. Willingness to join discussion

MISREPRESENTATION OF ACADEMIC WORK
1. See the academic honesty policy posted in each room.

LATE WORK POLICY
1. It is the responsibility of the student to pass in all assignments on time.
2. Class assignments or homework missed due to absence for any reason are due one day after the student has returned to class. No credit will be given for work not completed.
3. Missed quizzes or tests must be made up within one week after a student returns from an absence. No credit will be given for missed quizzes or tests.
4. No exceptions to (2) and (3) above will be made without the permission of the teacher, and those will be made only in extreme cases.

Students will receive instruction in establishing and maintaining a set of accounting records for a merchandising business. Special journals, general ledgers, accounts receivable ledgers, accounts payable ledgers, worksheets, income statements, balance sheets, and capital statements will be introduced. Students will have the opportunity to demonstrate their understanding of accounting by completing a simulation using Peachtree accounting software.

Text: Century 21 Accounting
South-Western Publishing, Sixth edition
Authors: Kenton E. Ross, Robert D. Hanson, Claudia Bienias Gilbertson, Mark W. Lehman, Robert M. Swanson

Goals and Objectives
o Know accounting as it relates to ideas.
o Know accounting terminology
o Understand accounting concepts, principles, and practices.
o Apply accounting procedures.
o Documentation of performance by completing an accounting problem that encompasses the entire accounting cycle.
a. Manual cycle.
b. Automated cycle

Course Outline

Part I
1. Define accounting terms related to accounting careers.
2. Identify how accounting serves as a basis for careers.
3. Identify the tasks of various accounting occupations.
4. Describe how communication skills are important in reporting accounting information.
5. Describe how individuals make ethical business decisions.

Part II Accounting for a business organized as a proprietorship.
Section I. Starting a proprietorship
1. Define accounting terms related to starting a service business organized as proprietorship.
2. Identify accounting concepts and practices related to starting service business organized as a proprietorship.
3. Classify accounts as assets, liabilities, or owner’s equity.
4. Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation.
5. Prepare a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

Section II Changes that affect owner’s equity
1. Define accounting terms related to changes that affect owner’s equity for a service business organized as a proprietorship.
2. Identify accounting practices related to changes that affect owner’s equity for a service business organized as a proprietorship.
3. Analyze changes that affect owner’s equity for a service business organized as a proprietorship in an accounting equation.
4. Prepare a balance sheet for a service business organized as a proprietorship from information in the accounting equation.

Section III Analyzing transactions into debit and credit parts
1. Define accounting terms related to analyzing transactions into debit and credit parts.
2. Identify accounting practices related to analyzing transactions into debit and credit parts.
3. Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction.
4. Verify the equality of debits and credits for each transaction.

Section IV Recording transactions in a general journal
1. Define accounting terms related to journalizing transactions.
2. Identify accounting concepts and practices related to journalizing transactions.
3. Record selected transactions in a general journal.

Section V Posting from a general journal to a general ledger
1. Define accounting terms related to posting from a general journal to a general ledger.
2. Identify accounting concepts and practices related to posting from a general journal to a general ledger.
3. Prepare a chart of accounts for a service business organized as a proprietorship.
4. Post amounts from a general journal to a general ledger.

Section VI Cash Control Systems
1. Define accounting terms related to using a checking account.
2. Identify accounting concepts and practices related to using a checking account.
3. Prepare business papers related to using a checking account.
4. Reconcile a bank statement.
5. Establish and replenish a petty cash fund.
6. Record selected transactions related to using a checking account and a petty cash fund.

Section VII Work Sheet for a Service Business
1. Define accounting terms related to a work sheet for a service business organized as a proprietorship.
2. Identify accounting concepts and practices related to a work sheet for a service business organized as a proprietorship.
3. Plan adjustments for supplies and prepaid insurance.
4. Complete a work sheet for a service business organized as a proprietorship.
5. Identify selected procedures for finding and correcting errors in accounting records.

Section VIII Financial Statements for a Proprietorship
1. Define the accounting term related to financial statements for a service business organized as a proprietorship.
2. Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship.
3. Prepare an income statement for a service business organized as a proprietorship.
4. Analyze an income statement using component percentages.
5. Prepare a balance sheet for a service business organized as a proprietorship.

Section IX Recording Adjusting and Closing Entries for a Service Business
Define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship.
1. Identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship.
2. Record adjusting entries for a service business organized as a proprietorship.
3. Record closing entries for a service business organized as proprietorship.
4. Prepare a post-closing trial balance for a service business organized as a proprietorship.

Part III Accounting for a Merchandising Business Organized as a Partnership

Section I. Journalizing Purchases and Cash Payments Using Special Journals
1. Define accounting terms related to purchases and cash payments for a merchandising business.
2. Identify accounting concepts and practices related to purchases and cash payments for a merchandising business.
3. Analyze purchases and cash payments transactions for a merchandising business.
4. Journalize purchases and cash payments transactions for a merchandising business.
5. Total and rule a purchases journal.
6. Prove and rule a cash payments journal.

Section II. Journalizing Sales and Cash Receipts Using Special Journals
1. Define accounting terms related to sales and cash receipts for a merchandising business.
2. Identify accounting concepts and practices related to sales and cash receipts for a merchandising business.
3. Analyze sales and cash receipts transactions for a merchandising business.
4. Journalize sales and cash receipts transactions for a merchandising business.
5. Prove and rule a sales journal and a cash receipts journal.

Section III. Posting to General and Subsidiary Ledgers
1. Define accounting terms related to posting from purchases, cash payments, general, sales, and cash receipts journals.
2. Identify accounting practices related to posting from purchases, cash payments, general, sales, and cash receipts journals.
3. Open accounts in accounts payable and accounts receivable ledgers.
4. Post to a general ledger and subsidiary ledgers.
5. Prepare schedules of accounts payable and accounts receivable.

Section IV. Preparing Payroll Records
Define accounting terms related to payroll records.
1. Identify accounting practices related to payroll records.
2. Calculate employee earnings and deductions.
3. Complete payroll records.
4. Prepare payroll checks.

Section V. Payroll Accounting, Taxes, and Reports
1. Identify accounting concepts and practices related to payroll accounts, taxes, and reports.
2. Analyze payroll transactions.
3. Journalize and post payroll transactions.
4. Prepare selected payroll tax reports.

Section VI. Work Sheet for a Merchandising Business
1. Define accounting terms related to a work sheet for a merchandising business.
2. Identify accounting concepts and practices related to a work sheet for a merchandising business.
3. Plan adjustments on a work sheet for a merchandising business.
4. Complete a work sheet for a merchandising business.

Section VII. Financial Statements for a Partnership
1. Define accounting terms related to financial statements for a merchandising business organized as a partnership.
2. Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership.
3. Prepare an income statement for a merchandising business organized as a partnership.
4. Analyze an income statement using component percentages for a merchandising business organized as a partnership.
5. Prepare a distribution of net income statement for a merchandising business organized as a partnership.
6. Prepare an owners’ equity statement for a merchandising business organized as a partnership.
7. Prepare a balance sheet for a merchandising business organized as a partnership.

Section VIII. Recording Adjusting and Closing Entries for a Partnership.
1. Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a partnership.
2. Record adjusting entries for a merchandising business organized as a partnership.
3. Record closing entries for a merchandising business organized as a partnership.
4. Prepare a post-closing trial balance for a merchandising business organized as a partnership.

Assessment at Section Intervals
End of section activities
a. Objective test
b. Drills for understanding
c. Application problems
d. Enrichment problems
e. Problem Tests

Students have completed the Accounting for a service business set up as a Sole Proprietorship, and they are currently learning to use Special Journals. We will be working on the records of a Partnership run as a Merchandising business for the next quarter.

10734
Updated: Jan 13, 2006

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