(1 semester, ½ credit, Grades 9-12) Prerequisite: None
Establishing a strong understanding of basic accounting principles is a vital component and first step in working towards the goal of obtaining a business degree of any kind, and/or becoming an entrepreneur. Not only are accounting concepts needed when establishing functional business models, they also provide insight on how to interpret personal valuation of net worth and wealth management. Students interested in a career in accounting, becoming their own boss, or desiring to build a stronger understanding of concepts related to net worth will benefit from the course, and be a step ahead when taking business classes at the college level. Concepts of assets, liabilities, and owner’s equity are studied in depth. Students reinforce understanding of accounting procedures by working through realistic fiscal cycles for a sole proprietorship and merchandising business organized as a corporation. Business transactions are analyzed, recorded, and summarized for the preparation of general-purpose financial statements. These statements are utilized by corporations in the real world to report financial ratios, component percentages, and stock holder's' equity. Additionally, students participate in forensic accounting case studies that contributed to the creation and increase of government regulations which fundamentally changed finical reporting procedures for publicly traded companies in the United States.
Topics Explored Include the Following:
- GAAP (Generally Accepted Accounting Principles)
- Business Entities
- Double Entry Accounting/ Debits and Credits
- Accounting Cycle
- Accounting Equation (Assets, Liabilities, and Owners Equity)
- Income Statement, Balance Sheet, and Statement of Cash Flows
- Business Ethics
- Careers in Accounting
Additional Support: I am available to provide extra guidance and support to students whenever needed. Students may arrange to meet with me before or after school, or during other periods throughout the day when possible.