Accounting and Financial Services - CTE Online Model

by CTE Online Admin

Accounting covers accounting principles and practices, the complete accounting cycle and creation of financial reports. Use of the general journal and special journals, general ledger, accounts payable, accounts receivable and proper financial reporting.

This course provides instruction in the basic accounting procedures used to operate a business including sole proprietorship, partnerships, and corporations. The accounting procedures presented will also serve as a sound background for employment in office jobs and preparation for further education and training. The complete accounting cycle is covered, students learn how to us generally accepted accounting principles to prepare, analyze, verify financial transactions, reports and economic information to make decisions for organizations.

The course trains students in the basics of manual and computerized accounting. Students learn accounting topics including ethics, accounting principles, computing accounting, accounting terminology, job specific accounting, and clerical duties related to accounting. Students also gain real-world applications in income tax, personal finance, and stock market.

From CALPADS: Intermediate Financial Services Management and Business Economics (Concentrator)

This course discusses the economy and the factors that influence the success of businesses and products. Students will understand the roles of citizens, workers and consumers and the importance of planning, organizing, and controlling the monetary resources of a business. This course describes forms of business ownership, discusses the relationship of labor and business, and applies techniques for managing human resources to maximize operational efficiencies and effectiveness. Students will demonstrate characteristics of professionalism in working relationships with customers and employees. This Course integrates economic principals with entrepreneurship/business concepts.

Program Information
CTE Certification Elements
Standards
California's 2008 CTE Standards (32)
California Academic Content Standards (22)
Competencies / Outcomes
  • complete and explain purpose of various steps of the accounting cycle
  • determine value of assets, liabilities, and owner's equity
  • prepare, interpret, and analyze financial statements
  • advantages, disadvantages of each form of business organization
  • understand personal and business financial health
  • develop and analyze personal budget
  • understand use of credit and compute interest
  • prepare basic income tax returns
  • confer with taxpayer or representative
  • determine tax liability according to prescribed laws
  • fill out business or government forms
  • follow tax laws or regulations
  • prepare an accurate return
  • understand and apply work ethics as they apply to confidentiality, respect, appropriate communications, and accuracy in reporting
  • analyze and record financial data for a service and merchandising businesses
  • analyze financial information to project future revenues or expense
  • compile data for financial reports
  • compute financial data
  • maintain account records
  • perform general financial analysis
  • prepare financial reports
  • use accounting or bookkeeping software
  • use accounting terminology
  • use computers to enter, access and retrieve financial data
  • use spreadsheet software
  • verify bank or financial transactions
  • develop workplace skills: punctuality, respect, confidentiality, time management, staying on task, team work, leadership
Materials

Quickbooks (2005)

Taxwise (online IRS tax preparation software)

Microsoft Office: Word and Excel

Recommended Equipment

PC lab: workstation per student

Teacher workstation, projector

Units

Accounting Cycle for a Service Business/Sole Proprietorship

Students gain an understanding of the world of business and the role of accounting. Students gain an overview of types of businesses and business ownership. Students will learn how to analyze, record, and report financial information through the entire accounting cycle for service businesses organized as sole proprietorships. Students will prepare, interpret, and analyze financial statements. Analysis of financial statements includes calculating ratios and ratio analysis of return on sales and liquidity.

Classroom
18 weeks

Accounting for a Payroll System

Students will learn how to calculate earnings under different payment plans, including deductions and calculation of net pay. Students will learn and complete payroll records including time cards, payroll registers, employer earnings records, and payroll checks. Students will analyze and record payroll related entries with understanding of federal and state laws.

Classroom
2 weeks

Income Tax Preparation (VITA)

The Income Tax unit prepares students with skills for entry-level positions in income tax preparation. Classroom instruction includes an overview of income taxes; related laws and regulations; and completion of individual income tax forms and schedules. Integrated throughout the unit are career preparation standards, which include basic academic skills, communication, interpersonal skills, problem solving, safety, technology, and other industry standards based employment skills.

Classroom
2 weeks

Accounting for a Merchandising Business/Corporation

Students will learn to keep accounting records for a business corporation that sells merchandise. Students complete the accounting cycle for a merchandising business formed as a corporation.

Classroom
12 weeks
Lesson Plans

Personal Business in Quickbooks

Students develop a personally owned business and complete the accounting cycle using Quickbooks.

Classroom
2 weeks

Banking and Internal/External Cash Controls

Students will describe the internal controls to protect cash, understand how to open and maintain a checking account, complete a bank reconciliation statement, and record entries relating to bank service charges for the business.

Classroom
1 Day
Lesson Plans