Page 36 - Business Studies 11-12 (2006)

ACCOUNTING ESSENTIALS, GRADE 11, WORKPLACE PREPARATION (BAI3E) 35
The Accounting Cycle
Overall Expectations
By the end of this course, students will:
• describe the accounts for a service business;
• apply the appropriate procedures at each stage of the accounting cycle for a service business; • apply accounting procedures for sales tax for a service business.
Specific Expectations
The Accounts for a Service Business
By the end of this course, students will:
– explain the relationship among the classifi- cations used in a balance sheet (i.e., assets, liabilities, and owner’s equity);
– describe the relationship between debits, credits, and the balance sheet;
– explain the relationship among the classifi- cations used in an income statement (i.e., revenues and expenses).
The Accounting Cycle for a Service Business
By the end of this course, students will:
– record transactions using the double-entry accounting system;
– post transactions to ledger accounts;
– explain the purpose of and prepare a trial balance;
– prepare the financial statements, using a worksheet;
– prepare adjusting entries, closing entries, and a post-closing trial balance.
Sales Taxes for a Service Business
By the end of this course, students will:
– describe the accounting practices particu- lar to sales tax;
– record transactions relating to provincial sales tax;
– record transactions relating to federal sales tax;
– complete provincial and federal sales tax remittance forms.