Accounting I

Grades 11-12 (Grade 10 upon Teacher Recommendation)
     2 Semesters ½ Credit each semester (may count as a Math credit)
     Prerequisite: Computer Applications A

 

This course builds a basic understanding of manual and automated accounting principles and procedures. It provides an overall picture of the total process of a business system. Students learn to analyze and record business transactions and prepare financial statements for businesses organized as proprietorships, partnerships, and corporations.

 

Essential Learnings
  1. Define accounting terms related to a service business organized as a sole proprietorship.
  2. Identify accounting concepts and practices related to the accounting cycle for a service business organized as a sole proprietorship.
  3. Use accounting tools including a ten-key calculator, manual and electronic spreadsheets and forms, and automated accounting software to prepare, calculate, and analyze financial data.
  4. Check source documents for accuracy and analyze transactions into debit and credit parts.
  5. Record transactions into a general or multicolumn journal.
  6. Total, verify, and post journal entries into a general ledger.
  7. Prepare a worksheet including a trial balance, adjusting entries (supplies and prepaid insurance), income statement, and balance sheet columns.
  8. Prepare formal financial statements (income statement and balance sheet) for a service business organized as a sole proprietorship.
  9. Record adjusting and closing entries for the fiscal period.
  10. Prepare a post-closing trial balance of the general ledger.
  11. Define accounting terms related to a merchandising business organized as a corporation.
  12. Identify accounting concepts and practices related to the accounting cycle for a merchandising business organized as a corporation.
  13. Use accounting tools including a ten-key calculator, manual and electronic spreadsheets and forms, and automated accounting software to prepare, calculate, and analyze financial data.
  14. Use Special Journals to journalize purchases, cash payments, sales, and cash receipts.
  15. Post journal entries to general and subsidiary ledgers.
  16. Prepare payroll records.
  17. Pay and record withholding and payroll taxes and prepare payroll tax reports.
  18. Calculate and distribute corporate earnings to stockholders.
  19. Prepare an 8-column worksheet for a merchandising business including the calculation of adjustments (merchandise, uncollectible accounts, and depreciation) and federal income tax.
  20. Prepare financial statements for a corporation including the income statement, statement of stockholders’ equity, and balance sheet.
  21. Record adjusting and closing entries for a corporation.
  22. Prepare a post-closing trial balance.