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FIN 2020 : Retail Accounting 1 - Unit Plan

Professional Semester III - Matthew Gough

Unit Overview
Cluster: Business, Administration, Finance, & Information Technology
BIT focuses on the management, marketing, and use of electronic technologies to access, use,
and manipulate information within personal, family, workplace, community, and global
contexts. This cluster challenges students to expand their confidence, experience, and skills as
innovators and leaders.

Occupational Area: Financial Management


Plan, organize, direct, control, and evaluate the operation of an accountant, auditor, or financial
service.

Module Description:
Students apply specialized accounting procedures associated with buying and selling goods in a
retail system with a credit system and a partnership.

Materials:
Access to appropriate computer equipment, software, the Internet and supporting materials.

Rationale:
This module will be self-directed. The students will participate in daily mini lesson with the
teacher that give them some background about the assignment for that day. They will be able
to work at their own pace and move ahead if they feel comfortable to do so. The textbook is a
great resource for the students to rely on. Throughout the module, they will use their previous
knowledge and experience with businesses in conjunction with their new awareness of
accounting theory.
Learning Outcomes
1. explore accounting procedures associated with buying and selling 3. demonstrate basic competencies
merchandise 3.1 demonstrate fundamental skills to:
1.1 differentiate between service and merchandising businesses 3.1.1 communicate
1.2 compare the advantages with the disadvantages of using 3.1.2 manage information
various journals 3.1.3 use numbers
1.3 describe the need for and recording of returns/allowances and 3.1.4 think and solve problems
sales taxes 3.2 demonstrate personal management skills to:
1.4 describe the relationship between the subsidiary ledgers and 3.2.1 demonstrate positive attitudes and behaviours
the controlling accounts 3.2.2 be responsible
1.5 describe the need for recording merchandise inventory 3.2.3 be adaptable
1.6 introduce the concept "Cost of Goods Sold" and its relation to 3.2.4 learn continuously
expenses; e.g., rent, wages, utilities 3.2.5 work safely
1.7 describe the need for perpetual, periodic and year-end 3.3 demonstrate teamwork skills to:
inventory calculations 3.3.1 work with others
2. analyze transactions for a small retail business and prepare journals and 3.3.2 participate in projects and tasks
ledgers allowing for accounts receivable and payable 4. identify possible life roles related to the skills and content of this
2.1 open accounts for a merchandising business cluster
2.2 analyze journal transactions specific to a merchandising 4.1 recognize and then analyze the opportunities and
business barriers in the immediate environment
2.3 analyze and record business transactions in a journal(s) 4.2 identify potential resources to minimize barriers and
2.4 total and prove the journal(s) maximize opportunities
2.5 post from the journal(s) to the general and subsidiary ledgers
2.6 prepare schedules of accounts for subsidiary ledgers
2.7 prepare a trial balance for the general accounts
Learning Sequence
Lesson Outcomes Self-Directed Assignments Assessment

Assignment
Students will complete the following exercises from the textbook. They will use the textbook
and class website as a resource.
1. explore accounting Exercise 1 p. 308 answer on the word processor
procedures associated with Exercise 2 p. 308 answer on the word processor
buying and selling Exercise 3 p. 308 answer on the word processor
merchandise Exercise 5 p. 308 - complete the cost of goods sold for each situation
Exercise 8 p. 309 journalize the transactions in the general journal
2. analyze transactions for a Exercise 10 p. 311 - open ledger accounts, journalize and post the entries
Chapter 7 30%
small retail business and Exercise 11 p. 311 journalize the transactions in the general journal
prepare journals and Exercise 12 p. 313 - open ledger accounts, journalize and post the entires
ledgers allowing for Exercise 18 p. 317 prepare a schedule of cost of goods sold and an income
accounts receivable and statement from the information provided.
payable Exercise 28x p. 343 journalize the transactions in a general journal
Exercise 29 p. 344 prepare a schedule of cost of goods sold and an income
statement for exercise 28
Exercise 30x p. 345 prepare a schedule of cost of goods sold, income statement
and balance sheet from the information given in the trial balance

Assignment
Students will complete the following exercises from the textbook. They will use the textbook
1. explore accounting
and class website as a resource.
procedures associated with
Exercise 1 p. 382 journalize in the general journal and post to the general and
buying and selling
accounts payable ledgers.
merchandise
Exercise 2 p. 382 journalize in the general journal and post to the general and
2. analyze transactions for a accounts payable ledgers
Chapter 8
small retail business and Exercise 3 p. 382 prepare a schedule of accounts payable for exercise 2. 30%
prepare journals and Exercise 4 p. 382 journalize in the general journal and post to the general and
ledgers allowing for accounts receivable ledgers
accounts receivable and Exercise 5 p. 383 journalize in the general journal and post to the general and
payable accounts receivable ledgers
Exercise 6 p. 383 prepare a schedule of accounts payable for exercise 6
Exercise 8 p. 383 Journalize in the general journal and post to the general,
accounts payable and accounts receivable ledgers
Exercise 12 p. 393 Journalize in the general journal and post to the general,
accounts payable and accounts receivable ledgers. Prepare a trial balance, and
schedules of accounts receivable and accounts payable

2. analyze transactions for a


Assignment
small retail business and
Students will complete the following exercises from the textbook. They will use the textbook
prepare journals and
Chapter 9 and class website as a resource. 10%
ledgers allowing for
Exercise 3 p. 425 journalize the transactions in a columnar journal, Post to the
accounts receivable and
general ledger and prepare a trial balance.
payable

1. explore accounting
Final Project
procedures associated with
Exercise 6 , 7 p. 428
buying and selling
o journalize the transactions in a columnar journal.
merchandise
o Post to the general, accounts receivable and accounts payable ledgers.
o Prepare a trial balance and schedules
Final Project 2. analyze transactions for a 30%
Exercise 8 p. 430
small retail business and
o journalize the transactions in a columnar journal. Post to the general,
prepare journals and
accounts receivable and accounts payable ledgers. Prepare a trial balance
ledgers allowing for
and schedules of accounts receivable and accounts payable of accounts
accounts receivable and
receivable and accounts payable.
payable
Assessment Plan
Assessment Task Overviews
Title Chapter 7 Chapter 8 Chapter 9 Final Assignment
Purpose / Type
Pre-Assessment / Diagnostic, Formative Formative Formative Summative
Formative, Summative
Task
Process, Competencies,
Process, Product Process, Product Process, Product Performance Task
Growth/Development, Product,
Performance Task, Quiz / Test
Modality
Do Do Do Do
Write, Do, Say
Assessor
Teacher Teacher Teacher Teacher
Self, Peer, Teacher
Device
Exemplar, Anecdotal Notes,
Checklist Checklist Checklist Rubric
Checklist, Rating Scale,
Conversation, Rubric
Weighting 30% 30% 10% 30%

Outcomes

1. explore accounting procedures


associated with buying and selling
merchandise
X X X X
2. analyze transactions for a small
retail business and prepare
journals and ledgers allowing for X X X X
accounts receivable and payable

3. demonstrate basic
competencies X X X X
4. identify possible life roles
related to the skills and content of
this cluster
X X X X