Financial Accounting Fundamentals, Grade 11, University/College Preparation

Curriculum Policy:
Business Studies, The Ontario Curriculum, Grades 11 and 12, 2006 (Revised)

Course description:

This course introduces students to the essential principles and practices of accounting. Students will cultivate financial analysis and decision-making skills that will benefit their future studies and career opportunities in business. Key topics include accounting for service and merchandising businesses, computerized accounting, financial analysis, as well as ethics and current issues in the field of accounting.

Chapters and Descriptions:

• Foundations of Accounting
  This unit introduces students to various accounting operations and their effects on individuals and businesses. Students will explore the three professional accounting designations and describe the focus of each group. They will also learn about the Generally Accepted Accounting Principles (GAAP), which govern the field of accounting, and investigate the three main forms of business organization: sole proprietorship, partnership, and corporation.
• Accounting Procedures and Principles
  This unit covers the procedures and principles of the accounting cycle for service businesses, merchandising businesses, and sole proprietorships. Students will examine the accounting cycle, which involves collecting, recording, and analyzing financial information over a fiscal period. For merchandising businesses, students will understand the importance of accurately measuring and recording inventory and costs, learning about periodic and perpetual inventory systems.
• Utilizing QuickBooks Online
  In this unit, students will be introduced to QuickBooks Online, an efficient online software system for small businesses. They will learn to track company income, expenses, and inventory using the Online Edition, which automatically tracks sales tax.