Business&ITCenter21: Accounting

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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.

The Accounting module is designed according to the AES course framework, which includes four phases:

  1. Explore
  2. Learn & Practice
  3. Reflect
  4. Reinforce

Below you'll discover how AES can help you teach your students about accounting according to these four phases.


Phase 1: Explore

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Activity: Accounting Terms 

In this activity, students will match terms and definitions related to accounting.


Phase 2: Learn & Practice

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Unit 1: Accounting Overview

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. 

Lessons
  1. The Role of Accounting 
  2. The Accounting Equation 
  3. Quiz

 

Unit 2: 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. 

Lessons
  1. Recording Transactions 
  2. Trial & Adjusted Balances 
  3. Financial Statements 
  4. Closing Entries 
  5. Quiz

 

Unit 3: 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. 

Lessons
  1. Using Financial Information 
  2. Quiz

 

Unit 4: 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. 

Lessons
  1. Introduction 
  2. Journal Entries 
  3. General Ledger & Trial Balance 
  4. Financial Statements 
  5. Closing Entries 
  6. Quiz


Phase 3: Reflect

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Activity: 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.


Phase 4: Reinforce

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Activity: 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.

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