Grade 11 Basics of Financial Accounting

PREREQUISITE: None

GRADE: 11 (University/College)

AVAILABILITY: Full-time, Part-time, Private and Online

Grade 11 Basics of Financial Accounting 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. In Grade 11 Basics of Financial Accounting, 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 ONE

What is Accounting?

Essential Question: Who are the users of Accounting information?

  • In this unit, students will be introduced to the fundamentals of Accounting. They will study how this applies to a person and a business. Accounting is the language of business. From the local corner store to the world’s largest corporation, businesses use accounting to organize, understand and communicate their financial position. Students who learn not only the fundamentals of accounting but also how to think and apply that knowledge will have the confidence to integrate accounting principles and practices into their work in a wide variety of careers.

UNIT TWO

Completing the Accounting Cycle

Essential Question: Why do companies complete an accounting cycle each fiscal cycle?

  • In this unit, students will learn one of the fundamental principles of accounting; the double-entry bookkeeping system. This forms the basis for how transactions are recorded. Students will learn how to record business transactions in the ledger as well as taking a trial balance to verify that the transactions have been recorded correctly.

UNIT THREE

Accounting for Merchandising Companies

Essential Question: What is the purpose of using source documents?

  • In this unit, students will be introduced to accounting for merchandising companies. There are significant differences that they will see compared to service businesses. For example, there are different items such as assets that need to be accounted for. There will be changes to income statement where Cost of goods sold is a significant aspect in coming up with the net income.

UNIT FOUR

Using QuickBooks for Accounting

Essential Question: How do computerized accounting systems help companies plan, allocate and organize resources?

  • In this unit, students will learn how to navigate and use QuickBooks to perform a variety of accounting fundamentals for a Company. QuickBooks Online is a tool that is used to do a wide range of accounting fundamentals.

UNIT FIVE

Internal Control, Financial Analysis, and Decision Making

Essential Question: Why does a company need internal controls to ensure there is no fraud?

  • In this unit, students will be introduced to looking at short ratio calculations that will help with analyzing how well a company is doing. This is necessary because ratios offer useful information for both internal and external users.

UNIT SIX

Careers in Accounting

Essential Question: What factors and skills need to be considered when pursuing a career in Accounting?

  • In this unit, students will be looking into accounting career opportunities and various changes in the accounting industry.

CULMINATING PROJECT

10% of Final Grade

  • This project is one of the final evaluations of this course. This project will require students to use all the knowledge they have learnt in this course. It is worth 10% of the final grade.

FINAL EXAM

Proctored Exam20% of Final Grade

  • This exam is the final evaluation of this course. Students need to arrange their final exam 10 days in advance. All coursework should be completed and submitted before writing the final exam, please be advised that once the exam is written, any outstanding coursework will be given a grade of zero. The exam will be two hours.