Page 30 - Business Studies 11-12 (2006)

FINANCIAL ACCOUNTING FUNDAMENTALS, GRADE 11, UNIVERSITY/COLLEGE PREPARATION (BAF3M) 29
Fundamental Accounting Practices
Overall Expectations
By the end of this course, students will:
• describe the discipline of accounting and its importance for business;
• describe the differences among the various forms of business organization;
• demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
Specific Expectations
Introduction to Accounting as a Discipline
By the end of this course, students will:
– explain the purpose of accounting;
– explain the difference between accounting and bookkeeping;
– identify the users and uses of accounting;
– identify the Generally Accepted Accounting Principles (GAAP) and explain their importance.
Business Structures
By the end of this course, students will:
– describe the characteristics of different forms of business organization, including sole proprietorship, partnership, and cor- poration;
– describe the advantages and disadvantages of different forms of business organization, including sole proprietorship, partnership, and corporation;
– explain the differences among the equity sections of different forms of business organization, including sole proprietorship, partnership, and corporation (e.g., capital account in a sole proprietorship versus common stock in shareholders’ equity in
a corporation).
The Accounting Cycle for a Service Business
By the end of this course, students will:
– assess the effects that transactions have on the accounts and financial statements of a service business;
– record transactions using the journals and ledgers of a service business;
– prepare a trial balance and the financial statements for a service business;
– record adjusting and closing entries for a service business (e.g., prepaid expenses, amortization, accruals);
– describe the impact of year-end proce- dures, including adjusting and closing entries, on the financial statements of a service business;
– apply the Generally Accepted Accounting Principles (GAAP) at each stage of the accounting cycle for a service business.