Unit Title:

Suggested Length:

Accounting and Business

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 3.1, 3.3, 5.1, and 5.2

Content:

Students will learn to describe the nature of a business, describe the role of accounting in business, describe the importance of business ethics and the basic principles of proper ethical conduct, describe the profession of accounting, summarize the development of accounting principles and relate them to practice, and state the accounting equation and define each element of the equation.  Students will also explain how business transactions can be stated in terms of the resulting changes in the basic elements of the accounting equation, describe the financial statements of a corporation and explain how they interrelate, and use the ratio of liabilities to stockholders’ equity to analyze the ability of a business to withstand poor business conditions.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Analyzing Transactions

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, 6.2, and 6.3

Content:

Students will be able to explain why accounts are used to record and summarize the effects of transactions on financial statements, describe the characteristics of an account, list the rules of debit and credit and the normal balances of accounts, analyze and summarize the financial statement effects of transactions, prepare a trial balance and explain how it can be used to discover errors, discover errors in recording transactions and correct them, and use horizontal analysis to compare financial statements from different periods.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Matching Concept and Adjusting Process

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, 6.2, and 6.3

Content:

Students will be able to explain how the matching concept relates to the accrual basis of accounting, explain why adjustments are necessary and list he characteristics of adjusting entries, journalize entries for accounts requiring adjustment, summarize the adjustment process and prepare an adjusted trial balance, and use vertical analysis to compare financial statement items with each other and with industry averages.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Completing the Accounting Cycle

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 5.1, 5.2, 6.1, and 6.2

Content:

Students will be able to review the seven basic steps of the accounting cycle, prepare a work sheet, prepare financial statements from a work sheet, prepare the adjusting and closing entries from a work sheet, explain what is meant by the fiscal year and the natural business year, and analyze and interpret the financial solvency of a business by computing working capital and the current ratio. 

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook. 

Suggested Resources:

Textbook, Internet, and Guest Speakers 

Pre-AP Extensions:

Unit Title:

Suggested Length:

Accounting for a Merchandising Business

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3,

Content:

Students will be able to distinguish the activities of a service business from those of a merchandising business, describe and illustrate the financial statements of a merchandising business, describe the accounting for the sale of merchandise, describe the accounting for the purchase of merchandise, describe the accounting for transportation costs, sales tax, and trade discounts, illustrate the dual nature of merchandising transactions, prepare a chart of accounts for a merchandising business, and compute the ratio of net sales to assets as a measure of how effectively a business is using its assets.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Accounting Systems, Internal Controls, and Cash

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, and 6.2

Content:

Students will be able to define an accounting system and describe its implementation, list the three objectives of internal control, define and give examples of the five elements of internal control, describe the nature of cash and the importance of internal control over cash, summarize basic procedures for achieving internal control over cash receipts, summarize basic procedures for achieving internal control over cash payments, including the use of a voucher system, describe the nature of a bank account and its use in controlling cash, prepare a bank reconciliation and journalize any necessary entries, account for small cash transactions using a petty cash fund, summarize how cash is presented on the balance sheet, and computer and interpret the ratio of cash to current liabilities.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Receivables

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, and 6.2

Content:

Students will learn to list the common classifications of receivables, summarize and provide examples of internal control procedures that apply to receivables, describe the nature of and the accounting for uncollectible receivables, journalize the entries for the allowance method of accounting for uncollectibles, estimate uncollectible receivables based on sales and on an analysis of receivables, journalize the entries for the direct write-off of uncollectible receivables, describe the nature and characteristics of promissory notes, journalize the entries for notes receivable transactions, prepare the current assets presentation of receivables on the balance sheet, and compute and interpret the accounts receivable turnover and the number of days’ sales in receivables.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Inventories

3 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 3.2, 6.1, and 6.2

Content:

Students will learn to summarize and provide examples of internal control procedures that apply to inventories, describe the effect of inventory errors on the financial statements, describe three inventory cost flow assumptions and how they impact the income statement and balance sheet, compute the cost of inventory under the perpetual inventory system, computer the cost of inventory under the periodic inventory system, compare and contrast the use of the three inventory costing methods, compute the proper valuation of inventory at other than cost, prepare a balance sheet presentation of merchandise inventory, estimate the cost of inventory, and compute and interpret the inventory turnover ration and the number of days’ sales in inventory.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Fixed and Intangible Assets

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 5.2, 6.1, and 6.2

Content:

Students will be able to define fixed assets and describe the accounting for their cost, compute depreciation, classify fixed asset costs, journalize entries for the disposal of fixed assets, define a lease and summarize the accounting rules related to the leasing of fixed assets, describe internal controls over fixed assets, compute depletion and journalize the entry, describe the accounting for intangible assets, describe how depreciation expense is reported in an income statement, compute and interpret the ratio of fixed assets to long-term liabilities.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Current Liabilities

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 5.2, 6.1, and 6.2

Content:

Students will learn to define and give examples of current liabilities, prepare journal entries for short-term notes payable and the disclosure for the current portion of long-term debt, describe the accounting treatment for contingent liabilities and journalize entries for product warranties, determine employer liabilities for payroll, describe payroll accounting systems, journalize entries for employee fringe benefits, and use the quick ratio to analyze the ability of a business to pay its current liabilities.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Corporations: Organization, Capital Stock, and Dividends

3 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, and 6.2

Content:

Students will learn to describe the nature of the corporate form of organization, list the major sources of paid-in capital, journalize the entries for issuing stock, journalize the entries for treasury stock, state the effect of stock splits on corporate financial statements, journalize the entries for cash dividends and stock dividends, describe and illustrate the reporting of stockholders’ equity, and computer and interpret the dividend yield on common stock.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Income Taxes, Unusual Income Items, and Investments in Stocks

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, and 6.2

Content:

Students will learn to journalize the entries for corporate income taxes, prepare an income statement reporting unusual items, prepare an income statement reporting earnings per share data, describe the concept and the reporting of comprehensive income, describe the accounting for investment in stocks, describe alternative methods of combining businesses and how consolidated financial statements are prepared, and computer and interpret the price-earnings ratio.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Bond Payable and Investments in Bonds

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 5.2, 6.1, and 6.2

Content:

Students will learn to compute the potential impact of long-term borrowing on the earnings per share of a corporation, describe the characteristics of bonds, compute the present value of bonds payable, journalize the entries for bonds payable, describe bond sinking funds, journalize entries for bond redemptions, journalize entries for the purchase, interest, discount and premium amortization, and sale of bond investments, prepare a corporation balance sheet, and compute and interpret the number of times interest charges are earned.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Statement of Cash Flows

2 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 6.1, and 6.2

Content:

Students will learn to summarize the types of cash flow activities reported in the statement of cash flows, prepare a statement of cash flows using the direct and indirect methods, and calculate and interpret the free cash flow.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Financial Statement Analysis

3 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 2.1, 2.2, 2.3, 3.2, 4.1, 4.2, 5.1, 5.2, 6.1, and 6.2

Content:

Students will learn to list basic financial statement analytical procedures, apply financial statement analysis to assess the solvency of a business, apply financial statement analysis to assess the profitability of a business, summarize the uses and limitations of analytical measures, and describe the contents of corporate annual reports.

Suggested Student Performance/Product:

Students will complete the problems, activities, and simulations that accompany the textbook.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions:

Unit Title:

Suggested Length:

Preparing for Careers in Accounting

3 weeks

Standard & Benchmarks:

Financial Management and Accounting Capstone 1.1, 1.2, 2.1, 2.2, 2.3, 3.1, 3.2, 4.1, and 4.2

Content:

Students will learn about careers in the accounting and fields including careers that involve the global economy.

Suggested Student Performance/Product:

Students will complete an electronic portfolio, resume, and cover letter and will participate in mock interviews.

Suggested Resources:

Textbook, Internet, and Guest Speakers

Pre-AP Extensions: