BAF3M

course features
Financial Accounting Fundamentals, Grade 11, University/College Preparation

Course Description

This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.

Unit 1: Fundamental Accounting Practices 

This unit begins to explore what the role of an accountant is and what work they do. It examines the various positions an accountant can hold, the types of businesses they work with and the ethics surrounding such practices. Students begin to identify where they see themselves in this occupation.

Unit 2: Advanced Accounting Practices 

This unit focuses on the foundations of accounting practices. Students will begin to work with balance sheets and various transactions necessary to the accounting practice. Students will learn how to calculate, make adjustments, record and close accounting books. 

Unit 3: The Accounting Cycle 

In this unit students will look at the accounting cycle and how a business operates in terms of inventory, income and expenses. Students will learn how to calculate tax for businesses as well as employee expenses. 

Unit 4: Financial Analysis 

In this final unit, students will examine how to use technology in their accounting practice. They will work with online spreadsheets and using formulas to streamline the accounting practice 

Overall Curriculum Expectations

A. Fundamental Accounting Practices

  • A1. Describe the discipline of accounting and its importance for business;
  • A2. Describe the differences among the various forms of business organization;
  • A3. Demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.

B. Advanced Accounting Practices

  • B1. Demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
  • B2. Demonstrate an understanding of the accounting practices for sales tax;
  • B3. Apply accounting practices in a computerized environment.

C. Internal Control, Financial Analysis, and Decision Making 

C1. Demonstrate an understanding of internal control procedures in the financial management of a business;
C2. Evaluate the financial status of a business by analyzing performance measures and financial statements;
C3. Explain how accounting information is used in decision-making.

D. Ethics, Impact of Technology, and Careers 

A1. Assess the role of ethics in, and the impact of current issues on, the practice of accounting; 
A2. Assess the impact of technology on the accounting functions in business;
A3. Describe professional accounting designations and career opportunities.
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