William Lyon Mackenzie Institute
Business Studies Department
Financial Accounting Principles
Grade 12, Mixed, BAT 4M1
Course of Study
Textbook: Financial Accounting Principles V 1&2 Course Code: BAT4M1
Credit Value: One ACL: M. Osier
Board: Toronto District School Board
Prerequisite: Financial Accounting Fundamentals, Grade 11, University/College Preparation
This course introduces students to advanced accounting principles that will prepare them for postsecondary studies in business. Students will learn about financial statements for various forms of business ownership and how those statements are interpreted in making business decisions. This course expands students’ knowledge of sources of financing, further develops accounting methods for assets, and introduces accounting for partnerships and corporations.
The course content is organized into 4 distinct but related strands. The specific expectations describe the knowledge and skills that students are expected to demonstrate by the end of the course:
|The Accounting Cycle
|― demonstrate an understanding of accounting principles and practices;
― demonstrate an understanding of the accounting cycle in a computerized environment for a service business and a merchandising business;
― demonstrate an understanding of ethics and issues in accounting.
|Accounting Practices for Assets
|― demonstrate an understanding of accounting procedures for short-term assets;
― analyse accounting procedures for inventories;
― demonstrate an understanding of methods of accounting for capital assets.
|Partnerships and Corporations||― demonstrate an understanding of accounting in partnerships;
― demonstrate an understanding of accounting in corporations.
|Financial Analysis and Decision Making
|― compare methods of financing;
― explain and interpret a corporation’s annual report;
― use financial analysis techniques to analyse accounting data for decision-making purposes.
― describe the nature and functions of Canada’s private economic institutions;
― describe the nature and functions of Canada’s public economic institutions;
― analyse the nature and functions of international economic institutions and their impact on the Canadian economy.
|The Accounting Cycle||Business Organization
GAAP and IFRS
The Accounting Cycle
|Accounting for Merchandising Activities||Merchandising Transactions
|Accounting for Assets||Internal Control
|Accounting for Corporations||Share Transactions
Statement of Shareholders Equity
Cash Flow Statement
|Financial Analysis||Components of Annual Reports
Students will be assessed on an ongoing basis in the following areas and will be given a letter grade on the Report Card, as follows:
E = Excellent G = Good S= Satisfactory N=Needs Improvement. The areas to be assessed are:
3. Independent Work
Teaching/Assessment and Evaluation Strategies:
A variety of instructional strategies will be used in the classroom to address student needs. These strategies will include the use of case studies, teamwork, brainstorming, problem solving, decision making, seminar presentations, direct instruction, and hands-on applications. Students will be discussing current business issues, solving problems, thinking critically, working cooperatively, and making business decisions.
Students will be assessed on a regular basis. Assessment is the process of gathering information that accurately reflects how well a student is achieving the curriculum expectations in a subject or course. The primary purpose of assessment is to improve student learning. Assessment for the purpose of improving student learning is seen as both “assessment for learning” and “assessment as learning”. As part of assessment for learning, teachers provide students with descriptive feedback and coaching for improvement. Teachers engage in assessment as learning by helping all students develop their capacity to be independent, autonomous learners who are able to set individual goals, monitor their own progress, determine next steps, and reflect on their thinking and learning.
Evaluation will involve the process of judging the quality of student work on the basis of established criteria and assigning a value to represent that quality.
Assessment and evaluation will be based on the provincial curriculum expectations and achievement levels outlined in the secondary curriculum policy documents. Marking schemes for evaluations will be organized to include the four achievement categories:
|Knowledge and Understanding||Subject-specific content acquired (knowledge) and the comprehension of its meaning and significance (understanding)|
|Thinking||The use of critical and creative thinking skills and/or processes, as follows:
|Communication||The conveying of meaning through various oral, written, and visual forms, including electronic forms (e.g., presentations, charts, graphs, tables, maps, models, web pages, spreadsheets, flyers, financial statements, letters, memos, reports)
|Application||The use of knowledge and skills to make connections within and between various contexts.|
Students will receive a percentage grade on the Provincial Report Card based on the following breakdown of marks:
70% Grade on Course Work:
Summative evaluations will be given at regular intervals throughout the course and will include tests, assignments, research projects, and presentations. Students will be required to demonstrate achievement of all the overall expectations of the course. Missed and/or incomplete assignments will have an impact on the final grade where there are a significant number of curriculum expectations that have not been evaluated because of missed assignments.
30% Grade Based on Course-Culminating Activities:
The culminating activities will comprise 30% of the course grade and will include a final project and a final exam. All students MUST take part in the culminating activities for this course. See Assessment and Evaluation Policy for the Business Department.
Term Grades for Provincial Reports throughout the Year:
The grade for each term/reporting period will be based on the evaluations that have been conducted to that point in the course.
Policy for Absences:
Daily attendance and punctuality are essential if you are to receive maximum benefit from this course. If you are absent from class, you are responsible for the work, tests, and assignments missed. When you return to class on the day following your absence(s), you must present a note (a doctor’s note may be necessary) to explain the absence (date, reason and signature). This note will enable you to have the opportunity to complete the missed work. If you will be away from class for an extended period of time, please inform your subject teacher and ask for school work during your absence.
Policy for Homework:
Homework will be assigned on a regular basis. Its consistent completion is an indication of your willingness to accept responsibility, to set priorities, and to manage your time effectively. You must arrange your hours of work and extra-curricular activities so as to leave time to complete your homework.
Policy for Late Assignments:
Students are responsible for completing and submitting work for evaluations on time. They are responsible for being aware of each due date and the ultimate deadline which is the last opportunity to submit an assignment for evaluation.
Sufficient time and notice will be given for tests and for students to complete assignments. There are a number of strategies to be used to help prevent and/or address late and missed assignments which may be employed by the teacher as outlined in Growing Success page 43. When a number of strategies have been tried, marks may be deducted up to and including the full value of the assignment.
If the student cannot meet the ultimate deadline due to sickness, then the student will bring a note to explain the absence (date, reason, and signature). If there are extenuating circumstances (beyond the student’s control), then the student must bring a note to explain the circumstance.
For major assignments, it is recommended that you keep a photocopy or have it backed up on your home computer. Allowances will not be made for late submissions due to lost work or broken or faulty computers. It is also highly recommended that you keep all returned work until after you have received your final grade in the course.
Policy for Missed Tests and Presentations
If a student is aware that they will miss a scheduled test/presentation they must advise the teacher ahead of time and an alternate arrangement will be made between the student and teacher. On the day of the absence, alternate arrangements will be made provided there is parental notification to the office and the teacher that the test/presentation will be missed. If one or more members of the group are absent, the presentation must go on. Professional judgment will be used by the teacher in determining the evaluation of missed tests and presentations.
Final Evaluation – Final Exam and Culminating Activity:
All students must write examinations. If a student is sick and unable to write the exam on the date allocated during the exam period, they must present a doctor’s note to the main office by the date designated. Students will be required to write the exam at a later date agreed upon in consultation with the subject teacher and administration. If a student is unable to complete a Culminating Activity due to illness, a doctor’s note must be presented to the teacher on or before the due date. An extension with a new due date may be granted at the teacher’s discretion.
These students are to receive extra time for tests written during class time to best support their learning styles. In some cases, when specified by the teacher, students may be able to use dictionaries.
EXCEPTIONAL STUDENTS (IPRC)
These students are to receive accommodations according to their IEP’s if extra time is required. An IEP may indicate that such a student receive time and a half for tests and exams. If an IPRC student wishes to write a test or exam in the Student Support Centre, they should arrange this at least one day ahead of the evaluation, both with the Special Education office and the classroom teacher.
It is the responsibility of the student to complete all missed class work prior to the student’s return to school. It is the responsibility of the teacher to provide the above work. Arrangements must be made for missed tests and/or final exams upon the student’s return to class.
Students must understand that the tests/exams they complete and the assignments they submit for evaluation must be their own work and that cheating and plagiarism will not be allowed.
If a student is found copying from another student or plagiarizing, the school procedures will be followed. An automatic zero will be received on the test or assignment, the appropriate Vice-Principal will be informed who will contact the parent(s)/guardian(s), and a Plagiarism Report form will be completed – one copy for the student, one for the parent, and the original will be filed alphabetically in the Plagiarism Register in the Main Office.
Technology will be used throughout this course to enrich and enhance learning. Students will be expected to make online accounts at several different websites. Students may communicate and submit some assignments to the teacher via email. Guidelines, expectations and procedures will be discussed in class. Students will develop and maintain a professional on-line presence.
Students and parents may speak to the teacher at any time to ask for extra help, to acquire computer mark records or to ask any questions about the course. The teacher can be reached at (416) 395-3330 X20105.