Page 37 - Business Studies 11-12 (2006)

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THE ONTARIO CURRICULUM, GRADES 11 AND 12: BUSINESS STUDIES
Internal Control, Banking, and Computerized Accounting
Overall Expectations
By the end of this course, students will:
• demonstrate an understanding of the importance of proper internal control;
• apply the recording and reporting procedures for banking and cash management;
• use accounting or applications software to complete the accounting cycle for a service business.
Specific Expectations
Internal Control
By the end of this course, students will:
– describe the basic elements of a proper internal control system (e.g., petty cash system, separation of duties, receipt and payment procedures, rotation of staff );
– reconcile the daily sales with the point- of-sales records;
– record the transactions related to petty cash.
Banking and Cash Management
By the end of this course, students will:
– describe various bank services available to a service business (e.g., chequing account, current account, line of credit, overdraft);
– complete the forms necessary for a busi- ness deposit to a bank;
– explain and prepare a bank reconciliation;
– record the transactions initiated by the bank reconciliation process.
Computerized Accounting
By the end of this course, students will:
– describe the advantages of using account- ing software;
– use accounting software to record and post transactions;
– use a computerized trial balance to demonstrate the accuracy of accounting records;
– use accounting or applications software to prepare income statements, balance sheets, adjustments, closing accounting entries, and a post-closing trial balance.