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Course Profile Principles of Financial Accounting (BAT4M), Grade 12, University/College Preparation, Catholic

Course Overview

Policy Document: The Ontario Curriculum, Grades 11 and 12, Business Studies, 2000.

Prerequisite: Introduction to Financial Accounting, Grade 11, University/College Preparation

Course Description

This course emphasizes the study of accounting principles related to financial statements. Students will learn about ways in which information in these statements is used in making business decisions, and about the effects of using different methods of inventory valuation and adjusting and reversing entries on financial statements. Students will also study the various ways of financing a business and ways in which the strength of a corporation can be determined through the reading of its annual report.

How This Course Supports the Ontario Catholic School Graduate Expectations

The study of business practices at the secondary school level provides students with opportunities to examine the factors necessary for achieving success in both the corporate and not-for-profit worlds. Given that the business theories and skills are presented within a Catholic context, a substantial emphasis should be placed on procedures and decision making that reflects spiritual values. Students taking BAT4M will likely enter the workforce following college or university; it is the responsibility of business educators in Catholic schools to provide these students with a desire and foundation for becoming valued contributors within the community. As the Ontario Catholic School Graduate Expectations state: “students should strive to become responsible citizens that take initiative and demonstrate Christian leadership.” Accounting and financial statement analysis assist companies in making effective decisions regarding business operations and profit. These practices should parallel a discussion of the moral and social responsibilities of Catholic witnesses. For each unit and activity in the Course Profile, Ontario Catholic School Graduate Expectations have been selected to act as guiding principles for course delivery. These expectations are the foundation for sharing the message that success in the world of business can be measured by more than just profit.

Course Notes

This course prepares students for further study in business at the college or university level.

In Unit 1, interest and motivation are developed through the use of community partners (guest speakers) from the three accounting designations. This unit reviews student knowledge from the Grade 11 prerequisite course and emphasizes both manual and computerized accounting systems.

In Unit 2, students perform an in-depth study of the accounting for short-term assets, capital assets, and inventory control.

In Unit 3, students are introduced to various methods of financing a business (e.g., partnerships, private and public corporations, bonds, and debt financing). Venture capital funding and federal Crown Corporation funding, which exist to finance upstart and fledgling small business enterprises, are discussed.

In Unit 4, students perform an in-depth study and evaluation of annual reports for prominent Canadian businesses.

In Unit 5, technology is used to study and compare ethical mutual funds. Students analyse scenarios to examine challenges and ethical issues that may arise in the accounting profession.

Overall experience and practical accounting knowledge can be enhanced by class participation in school and community activities, such as accounting for theatrical productions, Junior Achievement programs, sporting events, school stores, vending machines, and other related financial endeavours.

In setting up classroom expectations, the teacher should consider using conflict-resolution strategies and case studies to prepare students for postsecondary studies and the corporate world.

Units: Titles and Times

Unit 1	The Accounting Cycle	20 hours
Unit 2	Advanced Accounting Practices for Assets	30 hours
Unit 3	Financing	20 hours
Unit 4	Financial Analysis/Decision Making and Understanding Annual Reports	18 hours
* Unit 5	Societal and Technological Issues in Accounting	22 hours

* This unit is fully developed in this Course Profile.

Unit Overviews

Unit 1: The Accounting Cycle

Time: 20 hours

Unit Description

Students are introduced to the financial reporting process, including the roles played by financial statements, generally accepted accounting principles, independent audits, and professional judgement. Students describe the information contained in the financial statements of a business and prepare simple financial statements for a sole-proprietorship, a partnership, and a corporation. They perform the journalizing process as part of the accounting cycle and indicate the effects of transactions on the elements of an accounting equation. Merchandising activities, accounting systems, internal control, and audits are examined.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	ACV.01, AC1.01 CGE5a, 5b, 5c, 5d, 5f, 5h	Knowledge/Understanding Communication	Discuss the motivation for becoming a professional accountant and the roles and remuneration of successful accountants in public practice and in industry.
2	ACV.01, AC1.01, AC1.04 CGE7b	Knowledge/Understanding Communication Thinking/Inquiry Application	Review GAAPs from BAF3M and discuss their effect on accounting practices.
3	ACV.01, AC1.03 CGE7a, 7b	Knowledge/Understanding Thinking/Inquiry Communication	Discuss the roles of accounting organizations and regulatory agencies (CICA, ICAO, OSC, CGA Association, SMA) and their effect on practices in Canada.
4	ACV.02, AC2.01, AC2.02, AC2.03 CGE2b	Knowledge/Understanding Application	Review of debit/credit theory and the accounting equation using a service business example.
5	ACV.02, AC2.01 CGE2b, 2c, 2e, 3b	Knowledge/Understanding Thinking/Inquiry Application	Review the journalizing process using manual and computerized systems.
6	ACV.04, AC4.03 CGE2b, 4e, 4f	Knowledge/Understanding Thinking/Inquiry Application	Review the depreciation methods (straight line, declining balance, capital cost allowance [CCA]) and their effect on financial statements.
7	ACV.02, ACV.04, AC2.03, AC4.02 CGE2b, 4e, 4f	Knowledge/Understanding Thinking/Inquiry Application	Review adjusting, closing, and reversing entries for a service business. Use manual and computerized examples.
8	ACV.02, ACV.04, AC2.02, AC4.01 CGE2b, 4e, 4f	Knowledge/Understanding	Review uses and preparation of informal and formal financial statements using manual and computerized systems. Note the advantages of using computerized systems.
9	ACV.04, AC4.01 CGE2b, 4e, 4f, 5g	Knowledge/Understanding Thinking/Inquiry Communication Application	Review the merchandising income statement using both perpetual and periodic inventory systems. Show sample financial statements for a manufacturing company and note the differences.
10	ACV.01, AC1.02 CGE2b, 3b, 3c, 4f	Thinking/Inquiry Communication Application	Analyse the financial statements from the perspective of a credit rating bureau. Explain the impact of good vs. bad credit ratings for businesses and individuals.

Unit 2: Advanced Accounting Practices for Assets

Time: 30 hours

Unit Description

In this unit, students focus on the accounting procedures for short-term assets, with an emphasis on internal control, the nature of accounts receivable and notes receivable, and the accounting principles relating to the acquisition, use, and disposal of capital assets. The elements of depreciation methods used for plant and equipment are studied in depth, as well as the accounting for intangible assets and for natural resources. The different methods of allocating the costs of purchased merchandise between inventory and the cost of goods sold, including the valuation of inventory, are covered, as well as the taking of a physical inventory and the methods for estimating the cost of goods sold.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	APV.01, ACV.03, AP1.01, AC3.02, AC3.03 CGE2b, 3b, 3c, 3d, 7a, 7b	Knowledge/Understanding Thinking/Inquiry Communication Application	Describe cash management and explain the steps in achieving internal control over cash transactions (e.g., voucher system, bank reconciliation statement, petty cash fund).
2	APV.01, ACV.03, AP1.01, AC3.01 CGE2b, 4e	Knowledge/Understanding Thinking/Inquiry Communication Application	Explain accounts receivable, the statement presentation of uncollectible accounts receivable, writing off uncollectible accounts, and recording later recoveries.
3	APV.01, AP1.01 CGE2b, 4e	Knowledge/Understanding Communication	Explain accounting of sales to customers using credit cards and debit cards
4	APV.01, AP1.02 CGE2b, 4e	Knowledge/Understanding Communication	Explain promissory notes.
5	APV.01, AP1.03 CGE2b, 4e	Thinking/Inquiry	Compare capital expenditures and revenue expenditures.
6	APV.02, AP2.01 CGE2b, 7a, 7b, 7h, 7i	Knowledge/Understanding Application	Define plant and equipment and the major categories included – tangible plant assets, intangible assets, and natural resources.
7	APV.02, AP2.01, AP2.02 CGE2b, 3c	Knowledge/Understanding Thinking/Inquiry Communication Application	Examine accounting events and issues relating to plant and equipment (e.g., acquisitions, depreciation, sale or disposal, gain/loss, book value).
8	APV.02, AP2.02 CGE2b, 4e, 4f	Knowledge/Understanding Thinking/Inquiry Communication Application	Examine the process of depreciation, the causes of depreciation, and the three most commonly used methods of computing depreciation (straight-line, fixed-percentage-of-declining-balance, units of production).
9	APV.02, AP2.03 CGE2b, 7a, 7b, 7h, 7i	Knowledge/Understanding Thinking/Inquiry Application	Describe methods of accounting for tangible assets, intangible assets, and natural resources.
10	APV.03, AP3.01, AP3.02 CGE2b, 3c	Knowledge/Understanding Thinking/Inquiry Communication Application	Explain the perpetual inventory system to determine the cost of goods sold using (a) specific identification, (b) average cost, (c) first in, first out (FIFO), (d) last in, first out (LIFO).
11	APV.03, AP3.04 CGE2b, 7a, 7b, 7c	Knowledge/Understanding Application	Explain taking of physical inventory, recording shrinkage losses, and other year-end adjustments to inventory.
12	APV.03, AP3.01, AP3.02, AP3.03 CGE2b, 3c	Knowledge/Understanding Thinking/Inquiry Application	Use the periodic inventory system to determine the ending inventory and the cost of goods sold using (a) average cost, (b) FIFO, (c) LIFO.
13	APV.03, AP3.04 CGE2b, 3c	Knowledge/Understanding Thinking/Inquiry Application	Explore the effects of an inventory error on the income statement for the current and the following year.
14	APV.03, AP3.01 CGE2a, 3b, 3c, 3d, 7a, 7b	Knowledge/Understanding Thinking/Inquiry Application	Examine factors that management should consider in determining the optimal size of an organization’s inventory (e.g., inventory turnover rate, idle inventory, Just-In-Time).
15	APV.03, AP3.05 CGE2b, 2c, 3c	Knowledge/Understanding Application	Discuss the role of technology in the management and control of inventory.

Unit 3: Financing

Time: 20 hours

Unit Description

Students examine the financing of a partnership and a corporation. Both debt and equity financing together with their respective advantages and disadvantages are discussed. The corporate life cycle (partnership, to private corporation, to public corporation) is analysed.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	FIV.01, FI1.03 CGE2a, 2b, 3b, 3c, 3d	Knowledge/ Understanding Communication Application	Using a sample partnership, explain how partners can invest their portion (cash, property, other assets) of the overall investment.
2	FIV.01, FI1.02 CGE2a, 2b, 3b, 3c, 3d, 5e, 7a	Knowledge/ Understanding Communication Application	Using a sample existing partnership, explain how to admit new partners or retire existing partners.
3	FIV.01, FI1.01 CGE2a, 2b, 2c	Knowledge/ Understanding Communication Thinking/ Inquiry	Explain how partnerships can use notes payable to help cover short-term cash needs.
4	FIV.02, FI2.01, FI2.03, FI2.04, FI2.05, FI2.06, FI2.07, ACV.04, AC4.04 CGE2a, 2b, 2c, 3b, 3c, 4e, 4f, 4g	Knowledge/ Understanding Thinking/ Inquiry Communication Application	Using a publicly-traded Canadian corporation as an example: describe the corporate structure of the company, including duties and responsibilities of management, board of directors and shareholders; explain the features of a company’s preferred vs. common stock; explain the corporate entity’s statement of shareholder’s equity; prepare sample retained earnings; explain why a Canadian controlled private corporation (CCPC) has decided to go public, including giving details of the initial public offering (IPO) of the stock and how the stock market reacted to the IPO; demonstrate the impact of declaring and paying both stock dividends and cash dividends; show how the shareholder’s equity section changed.
5	FIV.03, FIV.02, FI3.01, FI3.02, FI2.02 CGE2b, 2c, 3c	Knowledge/ Understanding Thinking/ Inquiry Communication Application	Using an example, demonstrate the effect of debt financing and equity financing on the profitability and liquidity of a company. Outline when debt financing is preferable to equity financing (e.g., long-term debt issue to improve short-term liquidity).
6	FIV.03, FI3.03 CGE2b, 2c, 3b, 3c, 7h	Knowledge/ Understanding Application	Outline specific sources of funding available to Canadian businesses (e.g., venture capital, Federal Business Development Bank, government grants).

Unit 4: Financial Analysis/Decision Making and Understanding Annual Reports

Time: 18 hours

Unit Description

Students explore the annual reports of various Canadian corporations. Students gain insights into the purpose and need of annual reports and how and why annual reports have a specific format. Students have the opportunity to assess strengths and weaknesses of corporations by analysing their financial status using accounting information in decision making.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	ACV.03, AC3.01 CGE2b, 2c, 3b, 3c, 3d, 4e, 4f, 5d, 5e, 5f, 5g, 5h	Knowledge/ Understanding Communication	Explain how a controller can check the work of accounts payable (A/P) and accounts receivable (A/R) clerks.
2	ACV.03, AC3.02 CGE2b, 2c, 3c, 3d, 7e	Knowledge/ Understanding Thinking/Inquiry Communication Application	Give examples of trademarks, copyrights, and goodwill of current international businesses. Analyse the effect of these legal restrictions and how to account for them.
3	ACV.03, AC3.03 CGE2b, 2c, 3b, 3c, 3d, 4e, 4f, 5d, 5e, 5f, 5g, 5h	Communication Application	Based on research from local accountants or accounting firms, describe internal control systems and procedures and analyse their strengths and weaknesses.
4	FAV.02, FA2.01, FA2.02 CGE 2a, 3b, 3c	Knowledge/ Understanding Thinking/Inquiry Communication	Outline how obtaining customer credit reports costs businesses money. List the risks to the business of selling on credit.
5	FAV.02, FA2.03 CGE2b, 2c, 3c	Knowledge/ Understanding Thinking/Inquiry Application	Outline ratio analysis, prepare trend analysis, and prepare common-size financial statements.
6	FAV.02, FA2.02 CGE2a, 3c, 4f, 5d, 5e, 5f, 5h	Knowledge/ Understanding Thinking/Inquiry Communication	Using business managers as guest speakers, outline how they use accounting information for decision making.
7	FAV.01, FA1.01 CGE2b, 2c	Knowledge/ Understanding Thinking/Inquiry Communication Application	Using annual reports from prominent or local Canadian businesses: (a) describe the purpose of each section;
8	FAV.01, FA1.02 CGE2b, 2c, 3c	Knowledge/ Understanding Thinking/Inquiry Communication Application	(b) compare two annual reports and identify similarities and differences;
9	FAV.01, FA1.03 CGE2b, 2c, 3b, 3c	Knowledge/ Understanding Thinking/Inquiry Communication Application	(c) perform an analysis of two annual reports and outline current and projected strengths of the businesses. Consideration should be given to current Canadian business trends (e.g., Baby Boom and Echo Effect) and the impact on the two businesses.
10	FAV.03, FA3.02 CGE2b, 3c	Knowledge/ Understanding Communication Thinking/Inquiry	Outline the effect of a high inflation rate on an annual report (comparative financials).

Unit 5: Societal and Technological Issues in Accounting

Time: 22 hours

Unit Description

In this unit, students understand and apply the concept of professional judgement and the rules of professional conduct. Scenario analysis is effective in studying potential abuses of accounting data (preparation, interpretation, and opinion), internal control weaknesses, and implications of global competition. Students use current technology to evaluate alternative ethical mutual funds.

Unit Overview Chart

Cluster	Learning Expectations	Assessment Categories	Focus
1	FAV.03, FA3.01 CGE1c, 1d, 3f	Knowledge/ Understanding Thinking/ Inquiry	Examine legal, ethical, and environmental issues and the impact on methods and practices in accounting (e.g., appropriate disclosures, serving the public interest, code of professional ethics, values, corporate social responsibility).
2	FAV.03, ACV.03, FA3.01, AC3.03 CGE1c, 1d, 2c, 3d, 3e, 4a, 4e, 5a, 5e, 5h, 7a, 7j	Knowledge/ Understanding Thinking/ Inquiry Communication Application	Identify the challenges that accountants encounter while acting in a legal and ethical manner. Use various scenarios to assess ethical and environmental issues and their impact on accounting.
3	FAV.03, FA3.03, FA3.04 CGE2e, 3b	Knowledge/ Understanding	Make use of current technology to gather, classify, process, and present financial data and summaries of accounting information.
4	FAV.03, FA3.01, FA3.02, FA3.03, FA3.04 CGE1c, 3b, 3d, 4f, 4g, 5e, 7b	Thinking/ Inquiry Communication Application	Using websites to access ethical mutual funds, students prepare a computerized summary to compare the investment portfolios for three funds. Discuss whether the investments listed fit the criteria for ethical funds

Teaching/Learning Strategies

Because this is a dual destination course and the range of student learning styles must be addressed, the teacher should use a wide variety of teaching strategies. Strategies fall into three categories: teacher-centred, learner-centred, and self-directed.

i) Teacher-centred Strategies

Teacher-centred strategies are those in which the teacher directs the learning. Teacher-centred strategies have a definite place in this course as students learn to handle a broad range of topics. Teachers may find these strategies useful as ways to model how to set up notebooks or databases, to present complex concepts, or to make the best use of time.

ii) Learner-centred Strategies

Learner-centred strategies, which are activity-based, provide students with opportunities to actively apply what they have learned. The expectation for the use of these teaching strategies is that students develop problem-solving as well as collaborative skills.

iii) Self-directed Strategies

Self-directed strategies may be used to promote independence and self-reliance. The benefits of these strategies are that students learn to take responsibility for and to manage their own learning.

Teacher-centred	Learner-centred	Self-directed
· Board work	· Text referencing	· Presentations
· Teacher-led review	· Note making	· Workbook
· Overhead	· Collaborative technologies	· Scenarios
· Video	· Demonstration	· Electronic media research
· Note taking	· Audio/visual	· Computer-assisted learning
· Mnemonic (trigger recall)	· Visual organizers	· Jigsaw
· Socratic	· Case studies	· Editing
· Liquid Crystal Display (LCD) panel	· Group discussion
· Demonstration	· Online review activities
· Brainstorming	· Computer work
· Conferences	· Field trip
	· Jigsaw

Assessment & Evaluation of Student Achievement

Teachers should employ assessment strategies frequently in order to communicate the expectations of the course to students, make appropriate adjustments to teaching/learning strategies as required, and accommodate the special needs of students. Student input to the assessment process should be welcomed and valued. Assessment and evaluation are based on the provincial curriculum expectations and the Achievement Chart levels outlined in The Ontario Curriculum, Grades 11 and 12, Business Studies, 2000.

Seventy per cent of the grade will be based on formative assessments as well as evaluations conducted throughout the course. Thirty per cent of the grade will be based on a final summative evaluation in the form of an examination, performance task, essay, and/or other methods of evaluation. An example of a culminating activity is an accounting cycle project for a service business, as found in texts, CGA modules, or the computerized equivalents.

Diagnostic Assessment	Formative Assessment	Summative Evaluation
· Informal observation	· Informal and formal observation	· Assignments
· Checklists	· Interviews	· Portfolios
· Quizzes	· Verbal feedback	· Learning journals
	· Written feedback	· Projects
	· Graphic organizers	· Quizzes/tests
	· Presentations	· Rubrics
	· Individual and group assignments
	· Rubrics

Accommodations

The teacher should consult individual student IEPs for specific direction on accommodation for individuals.

(Note: The Electronic Curriculum Planner and the Special Education Companion are excellent resources when developing accommodations for students.)

Reading

· Read questions first.

· Adjust reading requirements.

· Use reading partners.

· Pre-teach concepts/vocabulary.

· Read instructions and highlight notes.

· Provide opportunities for alternate modes of information sharing (e.g., videos, visuals).

Math

· Review daily and check work after each example.

· Relate problems to real life.

· Modify complexity of examples and adjust number of problems.

· Teach and encourage use of diagrams and teach use of calculators.

· Use hands-on manipulatives.

· Provide samples for reference purposes.

Memory

· Teach students to verbalize concepts.

· Check that daily assignments are recorded in visual clues.

· Give demonstrations.

· Teach mnemonics.

· Allow students to tape lessons for more intensive review at a later time.

Oral Language

· Provide non-threatening environments and do not ask students to respond to questions without forewarning.

· Use cooperative learning.

· Work one-to-one.

· Have realistic expectations.

· Provide choices.

· Use electronic medium.

· Permit small groups.

Written Language

· Vary assignments.

· Give explicit instructions.

· Allow more time.

· Provide photocopied notes and allow students to use point-form notes.

· Provide assistance in correcting mechanics.

· Use peer editing and teach the use of spell check for word-processing programs.

· Allow assistive devices as outlined in IEP.

· Provide oral discussion prior to writing.

Attention

· Provide a variety of activities and teaching techniques.

· Give blocks of information and vary the activities frequently.

· Use cooperative learning.

· Ask students to repeat instructions to you.

· Move around room and provide immediate feedback.

· Use visuals.

· Ensure students see an end in sight.

· Seat students in an area of the classroom that minimizes distractions.

ESL

· Pair or group students with proficient English speakers and promote peer tutoring.

· Provide note-making guides.

· Encourage use of first-language English dictionaries for assignments and assessment.

· Pair written instructions with verbal instructions and provide visual and auditory clues.

· Allow extra time for reading or writing assignments.

Enrichment

· Students conduct an independent study, e.g., research the price history of 20 Canadian Stocks and make their “buy recommendations” for the next few months.

· Students participate in: Junior Achievement – Venture Program; Sir Wilfrid Laurier Stock Market Competition; Business Club/School Store, e.g., general manager responsibilities; and mentorship programs

Resources

Units in this Course Profile make reference to the use of specific texts, magazines, films, videos, and websites. The teachers need to consult their board policies regarding use of any copyrighted materials. Before reproducing materials for student use from printed publications, teachers need to ensure that their board has a Cancopy licence and that this licence covers the resources they wish to use. Before screening videos/films with their students, teachers need to ensure that their board/school has obtained the appropriate public performance videocassette licence from an authorized distributor, e.g., Audio Cine Films Inc. Teachers are reminded that much of the material on the Internet is protected by copyright. The copyright is usually owned by the person or organization that created the work. Reproduction of any work or substantial part of any work from the Internet is not allowed without the permission of the owner.

Print

Violence Prevention Education

Kearns, Tim, et al. Managing Conflict. Toronto, ON: OSSTF, 1992. ISBN 0-920930-54-9

Accounting Textbooks and Workbooks

Horngren, Harrison, Bamber, et al. Accounting: Canadian Edition, Volume 1. Don Mills, ON: Pearson Education Canada, 2002. ISBN 0-13-089693-4

Horngren, Harrison, Bamber, et al. Accounting: Canadian Edition, Volume 2. Don Mills, ON: Pearson Education Canada, 2002. ISBN 0-13-089694-2

Kaluza, H. and M. Howard, et al. Accounting: A Systems Approach. McGraw-Hill Ryerson, 2002.
ISBN 0-07-549679-8

Larson, Jensen, and Carroll. Fundamental Accounting Principles. Whitby, ON: McGraw-Hill Ryerson, 2002. ISBN 0-07-088992-9

Meigs, R.F. and W.B. Meigs. Accounting: The Basis for Business Decisions. Toronto: McGraw-Hill Ryerson, 1995. ISBN 0-07-552680-8

Purbhoo and Purbhoo. Using Simply Accounting. Don Mills, ON: Pearson Education Canada, 2002. ISBN 0-20-171690-9

Slater and Zwicker. College Accounting. Don Mills, ON: Pearson Education Canada, 2002.
ISBN 0-13-020471-4

Websites

The URLs for the websites were verified by the writers prior to publication. Given the frequency with which these designations change, teachers should always verify the websites prior to assigning them for student use.

Business Associations

Canada/Ontario Business Services – www.cbsc.org/ontario/index.html

Canadian Shareowners’ Association – www.shareowner.ca

Credit Counselling Service of Ontario – www.creditcanada.com

Investor Learning Centre of Canada – www.investorlearning.ca

Junior Achievement of Canada – www.jacan.org

Ontario Ministry of Economic Development and Trade – www.ontario-canada.com/medtt

Guidance and Career Education

Bridges Career Planning Site – www.cx.bridges.com

College related – www.ocas.on.ca

Monster Online Job Classified – www.monster.ca

University related – www.ouac.on.ca

Accounting Associations

Canadian General Accountants – www.cga-canada.org

Canadian Institute of Chartered Accountants – www.cica.ca

Canadian Management Association – www.cma-canada.org

Accounting Corporations

Arthur Andersen – www.arthurandersen.com

BDO Dunwoody – www.bdo.ca

Deloitte and Touche – www.dttus.com

KPMG – www.kpmg.com

Price Waterhouse Coopers – www.pricewaterhousecoopers.com

Business-related Websites

BizSTOP.com: Business Community – www.bmscentre.com/brc_courses/brccourses/MiniCourses/markstra/mod4/m4_sub3/m4_s1-04a.htm

Canada One: A Canadian Business Forum – www.canadaone.com

Canada’s Information Resource Page – www.cs.cmu.edu/Unofficial/Canadiana/

Canada’s SchoolNet – www.schoolnet.ca
(share resources, enhance learning, develop information and technology skills, and encourage the use of technology in the classroom)

Corporate Social Responsibility Indicators – www.abellsgroup.com/welcome/welcome.html

Economics for People and The Planet – www.chebucto.ns.ca/Environment/SCN/CommLink/EPP.html

Ethics, Business, and Gospel Infusion – www.smcdsb.edu.on.ca/secondary/business/infusion.html
(ethics and gospel values applied to business curriculum with relevant links to other sites)

Pitscho’s Ask an Expert – www.askanexpert.com/askanexpert
(making connections with experts who have volunteered their time to answer questions online, broken down into different categories with more than 300 websites and e-mail addresses)

Presenting Solutions – www.presentingsolutions.com/effectivepresentations.html

Research a Canadian Company – www.fin-info.com

Accounting Project

Witness Fitness Module. CGA Association, contact: Lisa Morabito, coordinator of school programs,

Tel. 416-322-6520 x257

Accounting Software

ACCPAC Discovery Series. ACCPAC International.

BusinessWorks. Sage Software.

MYOB. M.Y.O.B. Software.

Simply Accounting. ACCPAC International.

Investment Resource Guide

Investing in Your Future. Investor Learning Centre. Contact: 416-681-2199

Videos

Business Buffet Video Series. Toronto, ON: McLeod & Frank, 2000. Contact: 905-450-5836 or e-mail: info@businessbuffet.com

OSS Considerations

Principles of Financial Accounting, Grade 12, University/College Preparation is an optional credit, or it may be used as the additional compulsory credit from health and physical education, or the arts, or business studies.

Coded Expectations, Principles of Financial Accounting, Grade 12, University/College Preparation, BAT4M

The Accounting Cycle

Overall Expectations

ACV.01 · demonstrate an understanding of accounting principles and practices;

ACV.02 · demonstrate an understanding of the accounting cycle for a service company and a merchandising company;

ACV.03 · explain the need for internal financial controls in a business;

ACV.04 · analyse the ways in which service, merchandising, and manufacturing companies interpret financial statements.

Specific Expectations

Accounting Principles and Practices

AC1.01 – explain the Generally Accepted Accounting Principles (e.g., the accounting entity concept, the cost principle, the objectivity principle);

AC1.02 – demonstrate an understanding of the roles of credit-rating and regulating agencies (e.g., protecting consumers) and their effects on businesses (e.g., by influencing the cost of borrowing);

AC1.03 – describe the roles of various agencies (e.g., Canadian Institute of Chartered Accountants, Ontario Securities Commission, Certified General Accountants Association of Ontario, Society of Management Accountants of Ontario) and their effects on accounting practices;

AC1.04 – demonstrate an understanding of the relationship between accounting principles and accounting practices.

Accounting Cycle

AC2.01 – demonstrate the skills required to record transactions, using computer software, for a service business and a merchandising business;

AC2.02 – explain the advantages of preparing a trial balance and financial statements using computer software;

AC2.03 – explain how to record adjusting and closing entries using computer software.

Financial Controls

AC3.01 – describe the relationship between subsidiary ledgers and control accounts in the general ledger;

AC3.02 – explain the methods used to safeguard the assets of a business (e.g., copyright, trademarks, goodwill);

AC3.03 – evaluate the effects of implementing a control system in small and medium-sized businesses (e.g., the effects of separation of duties, division of responsibilities).

Financial Statements

AC4.01 – distinguish between the financial statements of a service business, a merchandising business, and a manufacturing business;

AC4.02 – describe the effects of adjusting and reversing entries on financial statements;

AC4.03 – analyse alternative methods of amortization and their effects on financial statements;

AC4.04 – demonstrate an understanding of the skills necessary to prepare a Statement of Retained Earnings and to complete the Shareholders’ Equity section of the balance sheet.

Advanced Accounting Practices for Assets

Overall Expectations

APV.01 · explain accounting procedures for short-term assets;

APV.02 · assess methods of accounting for capital assets;

APV.03 · explain accounting procedures for inventories.

Specific Expectations

Short-Term Assets Accounting

AP1.01 – differentiate between journal entries for all sales (e.g., accounts receivable, credit card sales, debit card sales);

AP1.02 – explain the purpose of a promissory note;

AP1.03 – distinguish between capital expenditures and revenue expenditures.

Capital Assets Accounting

AP2.01 – describe costing procedures for plant and equipment, natural resources, and intangibles;

AP2.02 – demonstrate an understanding of amortization and depletion (e.g., methods, revisions, and accounting for disposals);

AP2.03 – describe the methods of accounting for tangible assets, intangible assets, and natural resources (e.g., goodwill, patents, trademarks, copyright).

Inventory Control Accounting

AP3.01 – identify and describe the characteristics of the periodic and perpetual inventory systems;

AP3.02 – describe the appropriate use of different methods of inventory valuation (e.g., average cost; first-in, first-out; last-in, first-out; and specific identification methods);

AP3.03 – explain the effects of each method of inventory valuation on financial statements;

AP3.04 – explain the effects of an error in valuing inventory on financial statements;

AP3.05 – analyse the role of technology in the management and control of inventory.

Financing

Overall Expectations

FIV.01 · demonstrate an understanding of partnership financing;

FIV.02 · demonstrate an understanding of corporation financing;

FIV.03 · compare alternative forms of financing.

Specific Expectations

The Financing of a Partnership

FI1.01 – explain the use of notes payable as a source of funds for short-term financing;

FI1.02 – explain the financial impact of the admission of a new partner and of the retirement of a current partner;

FI1.03 – assess the different methods of investing in a partnership (e.g., cash, property, other assets).

The Financing of a Corporation

FI2.01 – describe the financial structure of a corporate organization;

FI2.02 – explain the use of notes payable as a source of funds for short-term financing;

FI2.03 – describe the features of preferred and common stocks;

FI2.04 – describe an Initial Public Offering and its purpose;

FI2.05 – explain the advantages and disadvantages of public share ownership for a company;

FI2.06 – demonstrate the impact of alternative forms of dividend distribution on shareholders’ equity;

FI2.07 – demonstrate an understanding of debt financing (e.g., loans, notes payable) and equity financing (e.g., issuance of capital stock) from both the issuer’s and the market’s point of view.

Alternative Forms of Financing

FI3.01 – describe situations in which debt financing is preferable to equity financing;

FI3.02 – explain the advantages of using long-term borrowing (e.g., bonds) as a method of financing;

FI3.03 – describe alternative sources of funding available to business (e.g., venture capital, federal business development bank loans, government grants).

Financial Analysis and Decision Making

Overall Expectations

FAV.01 · assess the financial strength and weakness of a company on the basis of its annual report;

FAV.02 · demonstrate the use of accounting techniques to analyse and compare accounting data;

FAV.03 · demonstrate an understanding of contemporary issues in accounting.

Specific Expectations

Annual Reports

FA1.01 – describe the purpose of each section common to a corporation’s annual report;

FA1.02 – demonstrate an understanding of the differences in the annual reports of two corporations;

FA1.03 – assess the current and projected financial strength of a corporation from an analysis of its annual report.

Financial Analysis for Decision Making

FA2.01 – analyse the costs (e.g., use of credit reporting agencies) and risks (e.g., poor credit risks) for a business of selling on credit;

FA2.02 – evaluate the role and impact of accounting information in decision making (e.g., information about the changing size of the labour force, or about the costs and benefits of expansion or downsizing);

FA2.03 – analyse the financial status of a company by using comparative information, trend analysis, common size statements, and ratios.

Issues in Accounting

FA3.01 – describe the impact of ethical and environmental issues on methods and practices in accounting;

FA3.02 – analyse the effects of inflation on financial reporting;

FA3.03 – demonstrate how to use current technology (e.g., accounting software, websites, spreadsheets, databases) to gather, classify, and process financial data;

FA3.04 – demonstrate how to use current technology (e.g., desktop publishing and spreadsheets) to present summaries of accounting information.

Ontario Catholic School Graduate Expectations

The graduate is expected to be:

A Discerning Believer Formed in the Catholic Faith Community who

CGE1a -illustrates a basic understanding of the saving story of our Christian faith;

CGE1b -participates in the sacramental life of the church and demonstrates an understanding of the centrality of the Eucharist to our Catholic story;

CGE1c -actively reflects on God’s Word as communicated through the Hebrew and Christian scriptures;

CGE1d -develops attitudes and values founded on Catholic social teaching and acts to promote social responsibility, human solidarity and the common good;

CGE1e -speaks the language of life... “recognizing that life is an unearned gift and that a person entrusted with life does not own it but that one is called to protect and cherish it.” (Witnesses to Faith)

CGE1f -seeks intimacy with God and celebrates communion with God, others and creation through prayer and worship;

CGE1g -understands that one’s purpose or call in life comes from God and strives to discern and live out this call throughout life’s journey;

CGE1h -respects the faith traditions, world religions and the life-journeys of all people of good will;

CGE1i -integrates faith with life;

CGE1j -recognizes that “sin, human weakness, conflict and forgiveness are part of the human journey” and that the cross, the ultimate sign of forgiveness is at the heart of redemption. (Witnesses to Faith)

An Effective Communicator who

CGE2a -listens actively and critically to understand and learn in light of gospel values;

CGE2b -reads, understands and uses written materials effectively;

CGE2c -presents information and ideas clearly and honestly and with sensitivity to others;

CGE2d -writes and speaks fluently one or both of Canada’s official languages;

CGE2e -uses and integrates the Catholic faith tradition, in the critical analysis of the arts, media, technology and information systems to enhance the quality of life.

A Reflective and Creative Thinker who

CGE3a -recognizes there is more grace in our world than sin and that hope is essential in facing all challenges;

CGE3b -creates, adapts, evaluates new ideas in light of the common good;

CGE3c -thinks reflectively and creatively to evaluate situations and solve problems;

CGE3d -makes decisions in light of gospel values with an informed moral conscience;

CGE3e -adopts a holistic approach to life by integrating learning from various subject areas and experience;

CGE3f -examines, evaluates and applies knowledge of interdependent systems (physical, political, ethical, socio-economic and ecological) for the development of a just and compassionate society.

A Self-Directed, Responsible, Life Long Learner who

CGE4a -demonstrates a confident and positive sense of self and respect for the dignity and welfare of others;

CGE4b -demonstrates flexibility and adaptability;

CGE4c -takes initiative and demonstrates Christian leadership;

CGE4d -responds to, manages and constructively influences change in a discerning manner;

CGE4e -sets appropriate goals and priorities in school, work and personal life;

CGE4f -applies effective communication, decision-making, problem-solving, time and resource management skills;

CGE4g -examines and reflects on one’s personal values, abilities and aspirations influencing life’s choices and opportunities;

CGE4h -participates in leisure and fitness activities for a balanced and healthy lifestyle.

A Collaborative Contributor who

CGE5a -works effectively as an interdependent team member;

CGE5b -thinks critically about the meaning and purpose of work;

CGE5c -develops one’s God-given potential and makes a meaningful contribution to society;

CGE5d -finds meaning, dignity, fulfillment and vocation in work which contributes to the common good;

CGE5e -respects the rights, responsibilities and contributions of self and others;

CGE5f -exercises Christian leadership in the achievement of individual and group goals;

CGE5g -achieves excellence, originality, and integrity in one’s own work and supports these qualities in the work of others;

CGE5h -applies skills for employability, self-employment and entrepreneurship relative to Christian vocation.

A Caring Family Member who

CGE6a -relates to family members in a loving, compassionate and respectful manner;

CGE6b -recognizes human intimacy and sexuality as God given gifts, to be used as the creator intended;

CGE6c -values and honours the important role of the family in society;

CGE6d -values and nurtures opportunities for family prayer;

CGE6e -ministers to the family, school, parish, and wider community through service.

A Responsible Citizen who

CGE7a -acts morally and legally as a person formed in Catholic traditions;

CGE7b -accepts accountability for one’s own actions;

CGE7c -seeks and grants forgiveness;

CGE7d -promotes the sacredness of life;

CGE7e -witnesses Catholic social teaching by promoting equality, democracy, and solidarity for a just, peaceful and compassionate society;

CGE7f -respects and affirms the diversity and interdependence of the world’s peoples and cultures;

CGE7g -respects and understands the history, cultural heritage and pluralism of today’s contemporary society;

CGE7h -exercises the rights and responsibilities of Canadian citizenship;

CGE7i -respects the environment and uses resources wisely;

CGE7j -contributes to the common good.

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