Accounting - Description

Knowledge of the theoretical aspects of accounting forms a sound basis for understanding financial record keeping. Businesses communicate information about their financial situations to a wide audience, including owners, creditors, and shareholders. Many students will need to use this information as they work in businesses or operate their own enterprises. Students must also learn to manage their own finances, and they will benefit from knowledge and skills gained from accounting courses. The concepts, principles, and procedures learned in accounting can also be applied globally.

Course Organizers

Organizers used to cluster learning outcomes within the accounting courses are as follows:

• Accounting 11
  • Accounting Concepts
  • Financial Data
  • Presentation
  • Analysis

• Accounting 12
  • Financial Data
  • Presentation
  • Analysis

• Financial Accounting 12
  • Financial Concepts
  • Financial Data
  • Presentation
  • Analysis

To communicate information, students must first establish a system to record and summarize financial events. Students learn how to use generally accepted accounting principles (GAAP) established by the accounting profession. These principles form the foundation for all further learning in accounting. The prescribed learning outcomes emphasize:

• understanding the importance of accounting in business
• acquiring the skills to work with the accounting equation
• appreciating the importance of GAAP
• explaining the importance of ethics, integrity, and honesty in accounting

Business needs to facilitate the flow of financial information from source documentation to period-end reporting. Students learn to organize data using both manual and computerized methods to record, post, and summarize transactions. The prescribed learning outcomes emphasize:

• collecting data from source documents
• recording transactions
• creating and using special journals

Presenting financial information is one of the main functions of accounting. As students complete the accounting cycle, they gain an understanding of the importance of a variety of acceptable presentation formats. The prescribed learning outcomes emphasize:

• presenting financial statements and reports
• using appropriate reporting formats
• applying GAAP

Analysis of financial information permits businesses to assess past decisions and make informed decisions affecting their future operations. Students develop skills in analysis and prediction using a variety of financial reports. The prescribed learning outcomes emphasize:

• interpreting financial statements
• predicting the effect of increases and decreases of assets and liabilities on a company's financial position

To effectively apply GAAP and use accounting information, students learn about current business practices and the financial needs of business. The prescribed learning outcomes emphasize:

• understanding the importance of financial reports in evaluating the operations of a business and its fiscal status
• understanding the composition of a complete set of financial statements
• applying GAAP

Planning Your Program

Accounting 11 and Accounting 12 can be viewed as being sequential. Basic accounting concepts in Accounting 11 must be learning for student to succeed in more advanced work in which these concepts are critical to the use of accounting software.

There is a built-in overlap between Accounting 11 and Financial Accounting 12 to accommodate those students who go directly into Financial Accounting 12 without Accounting 11. Because students can elect Financial Accounting 12 without significant accounting experience, teachers may need to adjust their strategies when implementing the curriculum. Selecting appropriate learning resources is also critical to meeting the needs of a wide range of learners.

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