This module provides an overview of business accounting basics including transactions, accounts, debits and credits, the accounting equation, the double-entry method, the accounting cycle, and financial analysis.
Unit: Accounting Terms
In this activity, students will match terms and definitions related to accounting.
In this unit, students will learn about: what accounting is, how it is used to support a business, who uses the information, the accounting equation, debits, credits, transactions, and accounts. They will recognize debits and credits and practice the double-entry method.
1. The Role of Accounting
2. The Accounting Equation
Unit: Accounting Cycle
In this unit, students will learn about: the 7-step accounting cycle and practice each including source documents, journal entries, ledger or T-accounts, trial balances, adjusted trial balances, financial statements, and closing entries.
1. Recording Transactions
2. Trial & Adjusted Balances
3. Financial Statements
4. Closing Entries
Unit: Financial Analysis
In this unit, students will learn about: how financial information is used to perform financial analysis that supports owners, managers and stakeholders in making decisions. Then they practice financial analysis and make business decisions.
1. Using Financial Information
Unit: Accounting Project
In this unit, students will learn about: accounting for a small business as they take on the role of an accountant for a pet shop to help get their books in order. Their tasks include several steps in the Accounting Cycle, from journal entries to closing entries.
2. Journal Entries
3. General Ledger & Trial Balance
4. Financial Statements
5. Closing Entries
Unit: Reflection Questions and Discussion
In this activity, students will journal about why business keep financial records, the importance of accounting, and how accounting can be applied to personal life. A class discussion can follow.
Unit: Current Event
Students will review articles for information related to a topic in the module. Once an article is found, students complete a Current Event form.