Accounting 11 - Accounting Concepts

PRESCRIBED LEARNING OUTCOMES

It is expected that students will:

• explain the role of accounting in business
• describe the relationship between debit and credit entries
• explain the importance of ethics, integrity, and honesty in finance
• explain the relationships among assets, liabilities, and owner's equity
• describe the relationships among journals, ledgers, trial balances, and financial statements in the accounting cycle
• justify the use of accounts in business
• compare various career opportunities in bookkeeping and accounting

SUGGESTED INSTRUCTIONAL STRATEGIES

• Have the class brainstorm what they know about accounting and its purpose in business. Ask students to use their findings to develop questions about the relationship between accounting and general business operations as well as differences in career opportunities for CMAs, CGAs, and CAs. Invite students to research their questions by accessing accounting sites on the World Wide Web.
• Suggest that students talk to business owners about the importance of accounting and the need for trust and security in this area. Ask students in groups to interview community members about these issues and to discuss their findings with the class.
• Use role plays to provide opportunities for students to describe and explain concepts such as the relationships among journals, ledgers, trial balances, and financial statements. For example, have students prepare and role-play interviews in which an accounting clerk explains the accounts to a business owner or describes the advantages and disadvantages of software versus manual methods.
• Invite students to prepare bulletin-board displays of accounting and business terms and their definitions. Then have groups of students post news articles related to relevant issues (e.g., ethics in business accounting). To help students understand the issues, ask them to explain the main point of each article and give their opinions of its arguments.
• Provide a chart outlining a fictitious student's assets, liabilities, and equity. Ask students to demonstrate how various debit and credit entries would affect the student's balance sheet.

SUGGESTED ASSESSMENT STRATEGIES

• As students report on their findings from the World Wide Web, note the extent to which they are able to:
  • describe the role that accounting information plays in business decision making
  • describe the purpose of maintaining clear and accurate accounting records
  • defend the use of standard accounting practices
  • list career opportunities related to various aspects of accounting
• When students are working with a variety of balance sheets, note the extent to which they:
  • identify the basic elements (assets, liabilities, and equity)
  • appreciate the varying complexity of information that is reported (from a simple personal statement to a small business statement)
  • use correct vocabulary to discuss their observations
• Ask students to post from a journal to a ledger. To check on the extent to which they can relate the activity to the accounting cycle, note individuals' responses to questions such as:
  • Why is it important to approach the task in a systematic fashion?
  • Why do you note the ledger account numbers in the journal?
  • Why do you note the journal reference in the ledger?
  • If you wanted to double-check that a transaction had been correctly recorded, would you check in the journal or the ledger?
  • If you wanted to find the balance in a specific account, would you check in the journal or the ledger?

• Accounting 1, Fifth Edition
• Principles of Accounting, Second Edition

• Whitemoose Creek Farms: A Business Simulation

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