Topic outline

  • General

    Welcome to Accounting I

    Creative Commons License
    Accounting I by Mrs. Laure Gambaro (Rochester) and Oakland Schools is licensed under
    a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.

    Based on a work at mdlbeta.oakland.k12.mi.us.

    Click here to download a .mbz file of this course

    ACCOUNTING 1 - #00012

    CTE CIP Code:  52-0800 (Finance and Financial Management Services)

    • Planning and related services for financial and investment planning, banking, insurance, and business financial management.

    Michigan Center for Career and Technical Education

    NOCTI Finance Standards:

    • Completion of Accounting Cycle
    • Locating Source Data
    • Mechanical and Electronic Accounting Devices

    Technical Segments:

    • Module 3 (Accounting Information System)
    • Module 8 (Financial Statements).    

    Course Information:

    GRADES: 10-12 PREREQUISITE: None

    This one semester class introduces students to accounting practices and principles. Students explore careers in accounting and how accounting skills are utilized in the business world. Students are introduced to the accounting cycle; including analyzing and journalizing transactions, posting to a general ledger and creating various financial reports. Reports include balance sheets, journals, ledgers and worksheets. Students utilize computer software and apply accounting concepts to a reallife accounting simulation.

    20 Weeks

    Mrs. Laure Gambaro - Conference Hour - 1st Hour

    email: lgambaro@rochester.k12.mi.us

  • Topic 1

    Week at a Glance - Accounting I

    Chapter 6 - Worksheets for a Service Business (pages 150 - 177)

    Chapter 7 - Financial Statements for a Proprietorship (pages 178 - 198)

  • Topic 2

    Chapter 6 - Worksheets for a Service Business

    After studying this chapter, you will be able to:

    1. Define accounting terms related to a work sheet for a service business organized as a proprietorship.

    2. Identify accounting concepts and practices related to a work sheet for a service business organized as a proprietorship.

    3. Prepare a heading and a trial balance on a work sheet.

    4. Plan adjustments for supplies and prepaid insurance.

    5. Complete a work sheet for a service business organized as a proprietorship.

    6. Identify selected procedures for finding and correcting errors in accounting records.

    • Worksheets for a Service Business

    • Topic 4

      Chapter 7 - Financial Statements for a Proprietorship

      After studying this chapter, you will be able to:

      1. Define accounting terms related to financial statements for a service business organized as a proprietorship.

      2.  Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship.

      3.  Prepare an income statement for a service business organized as a proprietorship and analyze an income statement using component percentages.

      4.  Prepare a balance sheet for a service business organized as a proprietorship.

    • Chapter 7 Financial Statements for a Sole Proprietorship

      Overview:  You will learn how to create two financial statements from the information from the Worksheet.