Page 35 - Business Studies 11-12 (2006)

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THE ONTARIO CURRICULUM, GRADES 11 AND 12: BUSINESS STUDIES
Fundamentals of Accounting for Business
Overall Expectations
By the end of this course, students will:
• describe the nature of accounting and explain its importance in managing a business; • analyse the different types of business ownership;
• describe the differences among various sources of financing available to businesses.
Specific Expectations
The Nature of Accounting
By the end of this course, students will:
– explain the role of accounting in a service business;
– identify the elements of an accounting system (e.g., journal, ledgers, forms, state- ments) and describe the benefits of each;
– explain the need for Generally Accepted Accounting Principles (GAAP).
Types of Business Ownership
By the end of this course, students will:
– identify the different types of business ownership (e.g., sole proprietorship, part- nership, corporation, cooperative);
– explain the advantages and disadvantages of each type of business ownership;
– examine different businesses to identify their type of ownership.
Sources of Financing
By the end of this course, students will:
– identify the sources of funds available to finance a service business (e.g., family, investors, banks, government);
– describe the purpose of collateral in securing financing;
– identify the costs of different sources of financing for the operation of a service business (e.g., interest on loans, costs of leasing).