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Curriculum Guide Palmyra Area School District 1125 Park Drive Palmyra, 17078 Planned Instruction for: Accounting II Grade Levels: 11, 12 Authors: PALMYRA AREA SCHOOL DISTRICT Accounting II Overview Grade Levels: 11, 12 Course Description This course is a continuation of the first-year course, offering additional highly desirable general accounting procedures not covered in the first year course. Departmentalized accounting methods and systems for partnerships and corporations are included. Specific accounting principles and various methods of adjustments are presented involving "uncollectible accounts," and "depreciation of plant assets." Other accounting principles included are "accrued expenses," "accrued revenues" and the analysis and interpretation of financial statements. PREREQUISITE: Accounting I. * Juniors may apply credit earned in Accounting II to the general elective graduation requirement. * Seniors may apply credit earned in Accounting II to the math or general elective graduation requirement. Course Big Idea Accounting is the language of business and an integral aspect of all business activities. Mastery of fundamental accounting concepts, skills, and competencies is essential to making informed business decisions. Regardless of students' chosen course of study or career path, accounting prepares them to be educated business professionals and informed consumers. Course Essential Questions How is the accounting cycle utilized by successful businesses? Why is it essential for successful businesses and executives to be aware of their financial situation? Course Skills Common Assessments Summative Assessments: Cornerstone Assessments: Assignment #1: Unit #: Assignment #2: Unit #: Assignment #3: Unit #: Assignment #4: Unit #: Page 2 of 21 Overview PALMYRA AREA SCHOOL DISTRICT Accounting II Curriculum Map Planning Chart Grade Levels: 11, 12 Curricular Concepts Pacing Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera Unit #1: Adjustments and PowerPoint Presentations 44 Day(s) Valuation Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera Unit #2: Additional Accounting PowerPoint Presentations 7 Day(s) Procedures Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera Unit #3: Departmental PowerPoint Presentations Accounting Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Whiteboard Document Camera PowerPoint Presentations Projector Ruler Unit #4: Business Operating Calculator Activities Chapter Handouts Page 3 of 21 Curriculum Map Planning Chart Curricular Concepts Pacing Resources Laptop/Excel/Word Moodle Page 4 of 21 Curriculum Map Planning Chart PALMYRA AREA SCHOOL DISTRICT Accounting II KUD Grade Levels: 11, 12 Unit 1: Adjustments and Valuation Know • Writing off an Account calculations • Straight-line deprecation • Plant asset records • Calculating gain/loss on plant assets • Double-Declining Balance Method of Depreciation • FIFO, LIFO, and Weighted Average Inventory Costing Methods • Inventory and Stock Records • Maturity Value of Notes Payables and Notes Receivable • Interest Income and Interest Expense on Notes Receivables and Notes Payables • Accrued interest income and accrued interest exp Understand It's important to understand that.... • Not all customers pay their account balances, businesses must write off these accounts • Equipment value decreases each year that it is owned • Businesses must calculate depreciation, gain, and losses on plant assets • Companies use different methods for the costing of merchandise inventory : LIFO, FIFO, and Weighted Average Inventory Costing Methods • Companies will sometimes allow customers to pay past due accounts with interest by signing a Notes Receivable and charging interest over a specific period of time • Companies will sometimes sign Notes Payables in order to pay their debt at a later time with interest charged over a specific period of time • At the end of the fiscal period, companies must record partial revenue and expenses incurred on Notes Receivables and Notes Payables through the use of adjusting entries • At the beginning of the next fiscal period, companies must reverse the previous adjusting entries for Notes Receivable and Notes Payables in order to create more accurate records Do Students will be able to.... • Calculate estimated uncollectible accounts expense • Record uncollectible accounts (written off and re-opened) • Depreciate plant assets using the straight line method and double-declining balance method • Record data on plant asset records • Record the gain/loss on plant assets • Calculate the Maturity value of a Notes Payable/Notes Receivable • Calculate the Interest on a portion of a Notes payable/Notes receivable Page 5 of 21 KUD - Unit 1: Adjustments and Valuation PALMYRA AREA SCHOOL DISTRICT Accounting II Unit Map Grade Levels: 11, 12 Unit 1: Adjustments and Valuation Day(s): 44 Unit Essential Question(s) How does a corporation calculate and record entries for uncollectible accounts, plant assets and depreciation, inventory, notes and interest, and accrued revenue and expenses? Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Excel/Laptop Moodle Vocabulary Writing off an Account Real Property, Personal Property, Assessed Value, Plant asset record, Gain on plant assets, Loss on plant assets, Declining-balance method of depreciation Periodic inventory, Perpetual inventory, Inventory record, Stock record, Stock ledger, Last-in first out inventory costing method, First-in first-out inventory costing method, Weighted-average inventory costing method, Gross-profit method of estimating inventory Number of a note, Date of a note, Payee of a note, Time of a note, Principal of a note, Interest rate of a note, Maturity date of a note, Maker of a note, Promissory note, Creditor, Notes payable, Interest, Maturity value, Current liabilities, Interest expense, Notes receivable, Interest income, Dishonored note Accrued revenue, Intellectual property, Accrued interest income, Reversing entry, Accrued expenses, Accrued interest expense Long-term liabilities, Working Capital, Current Ratio Unit Assessment(s) Reinforcement Activity 3 Parts A and B Launch Activities Review of Basic Accounting Concepts • Students will review the Chart of Accounts, Debits and Credits, transactions, posting, and basic definitions Students should complete the following: (teacher created materials for review) • Review of Debits and Credits Worksheet Page 6 of 21 Unit Map - Unit 1: Adjustments and Valuation • Review of transactions and posting assignment Standards 15.1.12.D - Analyze, journalize, and post transactions to general & subsidiary ledgers. 15.1.12.E - Perform accounting functions using technology as a tool. 15.1.12.E - Perform accounting functions using technology as a tool. 15.1.12.E - Perform accounting functions using technology as a tool. 15.1.12.F - Analyze and journalize transactions for short- and long-term assets. 15.1.12.G - Analyze and journalize transactions involving short- and long-term liabilities. 15.1.12.H - Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements. 15.1.12.J - Analyze the various methods for maintaining and valuing inventory (FIFO, LIFO, etc.) and describe their effect on financial statements. 15.1.12.O - Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements. 15.1.12.P - Analyze and perform the reconciliation of accounts. 15.1.12.Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance. 15.1.12.R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each. 15.1.12.S - Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet. 15.1.12.T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios. 15.1.12.U - Assess capital structure by calculating and interpreting financial ratios. 15.1.12.V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure. 15.1.12.Y - Determine and calculate taxable income and tax liability for both personal and business taxes. 15.1.12.Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate. Lesson/Topic(s) Lesson/Topic Essential Question(s) Lesson/Topic #1: Uncollectible Accounts Receivable Essential Question(s): • What has to be done in order to Students will record accounting activities related to record uncollectible accounts expense at the end of the year? uncollectible accounts receivable; including writing off an account and reopening an account. • How is a customer's account affected when it is written-off/re-opened? Lesson/Topic #2: Plant Assets and Depreciation Essential Question(s): • How does a corporation record Students
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