Page 31 - Business Studies 11-12 (2006)

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THE ONTARIO CURRICULUM, GRADES 11 AND 12: BUSINESS STUDIES
Advanced Accounting Practices
Overall Expectations
By the end of this course, students will:
• demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
• demonstrate an understanding of the accounting practices for sales tax;
• apply accounting practices in a computerized environment.
Specific Expectations
The Accounting Cycle for a Merchandising Business
By the end of this course, students will:
– describe the principal accounting elements particular to a merchandising business (e.g., new accounts, cost of goods sold section, returns, discounts);
– identify and describe the periodic and per- petual inventory systems and journalize transactions using both systems;
– assess the effects that transactions have on the accounts and financial statements of a merchandising business;
– record transactions in the journals and ledgers of a merchandising business;
– prepare a trial balance and the financial statements, including a detailed cost of goods sold section, for a merchandising business;
– record the adjusting and closing entries
for a merchandising business (e.g., accruals, inventory adjustment);
– describe the impact of year-end proce- dures, including adjusting and closing entries, on the financial statements of a merchandising business;
– describe alternative accounting practices (e.g., special journals and ledgers).
Accounting for Sales Tax
By the end of this course, students will:
– describe the accounting practices parti- cular to sales tax (e.g., accounts required, financial statement presentation);
– record transactions related to provincial sales tax (e.g., collections, remittance);
– record transactions related to federal sales tax (e.g., collections, remittance).
Computer Applications in Accounting
By the end of this course, students will:
– use accounting or application software to record transactions for a service business;
– use accounting or application software to record transactions for a merchandising business;
– use accounting or application software to prepare financial statements.