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Course Title: Financial Accounting Fundamentals
Course Code: BAF3M
Grade: 11
Course Type: University / College
Credit Value: 1
Prerequisite: None
Curriculum Policy Document: Business Studies, The Ontario Curriculum, Grades 11 and 12, 2006
Department: Business Studies
Course Developer: Mrs. Marion Letts
Development Date: July 2001
Course Revised by: -
Revision Date: 2007

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.

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.	22 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.	35 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.	30 hours
Unit 4	Advanced Topics In this unit students will pursue one of the following four topics in depth after being briefly introduced to each one: Extended Partnership Accounting, Corporate Accounting, Accounting for Manufacturing Businesses and Financial Control Systems.	20 hours
	Final Evaluation	3 hours
	Total	110 hours

Teaching / Learning Strategies:

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 a systematic process of collecting information or evidence about student learning. Evaluation is the judgment we make about the assessments of student learning based on established criteria. The purpose of assessment is to improve student learning. This means that judgments of student performance must be criterion-referenced so that feedback can be given that includes clearly expressed next steps for improvement. Tools of varying complexity are used by the teacher to facilitate this. For the more complex evaluations, the criteria are incorporated into a rubric where levels of performance for each criterion are stated in language that can be understood by students.

Strategy	Purpose	Who	Assessment Tool
Multiple Choice Quizzes	Diagnostic	Self	Marking Scheme
Discussion board posting	Assessment	Self/teacher	Rating scale
Computer Assisted Instruction	Assessment	Self	Marking Scheme
Simulation	Assessment	Self	Checklist
Mathematical Problem Solving	Assessment	Self	Rubric
Discussion board posting / internet research	Assessment	Self/teacher	Rating scale
Discussion board posting / role playing	Assessment	Self/teacher	Rating scale
Guided Writing	Evaluation	Teacher	Checklist
Spreadsheet Applications	Evaluation	Teacher	Checklist
Comparison Report	Evaluation	Teacher	Marking Scheme
Case Study Report	Evaluation	Teacher	Checklist
Unit Tests	Evaluation	Teacher	Marking scheme
Guided Writing	Evaluation	Teacher	Checklist
Database Application	Evaluation	Teacher	Checklist
Accounting Simulations	Evaluation	Teacher	Checklist
Final Exam	Evaluation	Teacher	Marking scheme

Assessment is embedded within the instructional process throughout each unit rather than being an isolated event at the end. Often, the learning and assessment tasks are the same, with formative assessment provided throughout the activity. In every case, the desired demonstration of learning is articulated clearly and the learning activity is planned to make that demonstration possible. This process of beginning with the end in mind helps to keep focus on the expectations of the course as stated in the course guideline. The evaluations are expressed as a percentage based upon the levels of achievement.

Overall Expectations

Fundamental Accounting Practices
Overall Expectations
FAV.01	describe the discipline of accounting and its importance for business;
FAV.02	describe the differences among the various forms of business organization;
FAV.03	demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
Advanced Accounting Practices
Overall Expectations
AAV.01	demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
AAV.02	demonstrate an understanding of the accounting practices for sales tax;
AAV.03	apply accounting practices in a computerized environment.
Internal Control, Financial Analysis, and Decision Making
Overall Expectations
ICV.01	demonstrate an understanding of internal control procedures in the financial management of a business;
ICV.02	evaluate the financial status of a business by analysing performance measures and financial statements;
ICV.03	explain how accounting information is used in decision making.
Ethics, Impact of Technology, and Careers
Overall Expectations
EIV.01	assess the role of ethics in, and the impact of current issues on, the practice of accounting;
EIV.02	assess the impact of technology on the accounting functions in business;
EIV.03	describe professional accounting designations and career opportunities.

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 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.



• 30% of the grade will be based on a final evaluation consisting of a final exam. This exam will cover all of the units of the course and the student’s assignments throughout the course. The final exam consists of well formulated multiple choice questions as well as questions of other formats.

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.

Achievement Charts - Grades 9-12, Business Studies

Categories	50-59% (Level 1)	60-69% (Level 2)	70-79% (Level 3)	80-100% (Level 4)
Knowledge and Understanding - Subject-specific content acquired in each course (knowledge), and the comprehension of its meaning and significance (understanding)
	The student:
Knowledge of content (e.g., facts, terms, definitions, procedures)	demonstrates limited knowledge of content	demonstrates some knowledge of content	demonstrates considerable knowledge of content	demonstrates thorough knowledge of content
Understanding of content (e.g., concepts, principles, theories, relationships, methodologies and/or technologies)	demonstrates limited understanding of content	demonstrates some understanding of content	demonstrates considerable understanding of content	demonstrates thorough and insightful understanding of content
Thinking - The use of critical and creative thinking skills and/or processes
	The student:
Use of planning skills (e.g., focusing research, gathering information, selecting strategies, organizing a project)	uses planning skills with limited effectiveness	uses planning skills with moderate effectiveness	uses planning skills with considerable effectiveness	uses planning skills with a high degree of effectiveness
Use of processing skills (e.g., analysing, interpreting, assessing, reasoning, generating ideas, evaluating, integrating, synthesizing, seeking a variety of perspectives, forming conclusions)	uses processing skills with limited effectiveness	uses processing skills with some effectiveness	uses processing skills with considerable effectiveness	uses processing skills with a high degree of effectiveness
Use of critical/creative thinking processes (e.g., evaluation of business situations, problem solving, decision making, detecting bias, research)	uses critical / creative thinking processes with limited effectiveness	uses critical / creative thinking processes with some effectiveness	uses critical / creative thinking processes with considerable effectiveness	uses critical / creative thinking processes with a high degree of effectiveness
Communication -The conveying of meaning through various forms
	The student:
Expression and organization of ideas and information (e.g., clear expression, logical organization) in oral, visual, and written forms, including electronic forms (e.g., presentations, charts, graphs, tables, maps, models, web pages, spreadsheets, flyers, financial statements, letters, memos, reports)	expresses and organizes ideas and information with limited effectiveness	expresses and organizes ideas and information with some effectiveness	expresses and organizes ideas and information with considerable effectiveness	expresses and organizes ideas and information with a high degree of effectiveness
Communication for different audiences (e.g., peers, business clients, company supervisor) and purposes (e.g., to inform, to persuade) in oral, visual, and written forms, including electronic forms	communicates for different audiences and purposes with limited effectiveness	communicates for different audiences and purposes with some effectiveness	communicates for different audiences and purposes with considerable effectiveness	communicates for different audiences and purposes with a high degree of effectiveness
Use of conventions, vocabulary, and terminology of the discipline in oral, visual, and written forms, including electronic forms	uses conventions, vocabulary, and terminology of the discipline with limited effectiveness	uses conventions, vocabulary, and terminology of the discipline with some effectiveness	uses conventions, vocabulary, and terminology of the discipline with considerable effectiveness	uses conventions, vocabulary, and terminology of the discipline with a high degree of effectiveness
Application - The use of knowledge and skills to make connections within and between various contexts
	The student:
Application of knowledge and skills (e.g., concepts, procedures, processes, use of technology and materials) in familiar contexts	applies knowledge and skills in familiar contexts with limited effectiveness	applies knowledge and skills in familiar contexts with some effectiveness	applies knowledge and skills in familiar contexts with considerable effectiveness	applies knowledge and skills in familiar contexts with a high degree of effectiveness
Transfer of knowledge and skills (e.g., choice of tools and software, ethical standards, concepts, procedures, technologies) to new contexts	transfers knowledge and skills to new contexts with limited effectiveness	transfers knowledge and skills to new contexts with some effectiveness	transfers knowledge and skills to new contexts with considerable effectiveness	transfers knowledge and skills to new contexts with a high degree of effectiveness
Making connections within and between various contexts (e.g., connections between business studies and personal experiences, opportunities, social and global challenges and perspectives; crosscurricular and multidisciplinary connections)	makes connections within and between various contexts with limited effectiveness	makes connections within and between various contexts with some effectiveness	makes connections within and between various contexts with considerable effectiveness	makes connections within and between various contexts with a high degree of effectiveness

Resources:

• BAF3M online course of study
• Excel Spreadsheet Computer Program or substitute
• Microsoft Word or substitute
• E-Mail program
• various Internet search engines
• various career reference sites
• various Internet websites
• calculator

Possible Reference Texts:

• Accounting 1, Sixth Edition, George Syme, Tim Ireland, Pearson Education Canada, 2002
• Principles of Accounting, Third Edition, Vic D'Amico, Ted Palmer, Tom D'Amico, Pearson Education Canada, 2002

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. Essential information that pertains to all disciplines is provided in the companion piece to this document, The Ontario Curriculum, Grades 9 to 12: Program Planning and Assessment, 2000. The areas of concern to all teachers that are outlined there include the following:

• types of secondary school courses
• education for exceptional students
• the role of technology in the curriculum
• English as a second language (ESL) and English literacy development (ELD)
• career education
• cooperative education and other workplace experiences
• health and safety

Considerations relating to the areas listed above that have particular relevance for program planning in this accounting course, noted here.

Education for Exceptional Students. In planning courses in accounting, teachers should take into account the needs of exceptional students as set out in their Individual Education Plan. This course reflects the world of accounting, which offers a vast array of opportunities for exceptional students. Students who use alternative techniques for communication may find a venue for their talents in computer applications in accounting, and all exceptional students can learn how to create an accounting cycle to accommodate their own particular interest as a potential entrepreneur.

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.

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.

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. All of our business studies curriculum also help 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.

Cooperative Education and Other Workplace Experiences. By applying the skills they have developed, students will readily connect their classroom learning to real-life activities in the world of business and public service. Cooperative education and other workplace experiences will broaden their knowledge of employment opportunities in a wide range of fields, including small-business operations, corporate management and operations, marketing, accounting, and government service. In addition, students will increase their understanding of workplace practices and the nature of the employer-employee relationship. The accounting course teacher maintains links with community-based businesses to ensure that students have access to hands-on experiences that will reinforce the knowledge they have gained in school.

Health and Safety. The business studies program provides for exploration of a variety of concepts relating to health and safety in the workplace. In planning learning activities to help students achieve the curriculum expectations, teachers need to ensure that students have opportunities to consider health, safety, and security issues. Health and safety issues must be addressed when learning involves cooperative education and other workplace experiences. Teachers who provide support for students in workplace learning placements need to assess placements for safety and ensure that students understand the importance of issues relating to health and safety in the workplace. Before taking part in workplace learning experiences, students must acquire the knowledge and skills needed for safe participation.