PICK UP WHERE YOU LEFT OFF LAST CLASS:

You have today and next class to finish this lesson plan. Take your time and LEARN!!!

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
  1. RIGHT NOW: Read pages 3 to  18. As you read, do the following & answer the following questions. You may want to record your answers to use as a study guide in a Google Doc shared with me. In addition, you will be more likely to remember what you have read if you take notes as you go. These questions will help you to take notes.
    1. BEN, RENEE, COLIN, & ANNA: Page 4–at the top–DO what the first paragraph is asking you to do. SHARE IT WITH ME!!
    2. WATCH THIS VIDEO–It discusses pages 1-7 in chapter 1
    3. What is the purpose of accounting?
    4. Identify 4 user groups normally interested in financial information about a business?
      1. DO WITH A PARTNER ON PAGE 19: E 1-1A & E 1-1B–ask me to check your work when you are done.
    5. Identify the 6 major steps of the accounting process and explain each step.
      1. FYI: The best way to learn accounting is by doing accounting. Yes, you must read the chapters. However, most learning takes place while answering questions, writing memos, and working the exercises and problems. Remember that it is very important to do the homework as it is assigned. Don’t wait until a few days before the examination to work the problems.
      2. DO WITH A PARTNER ON PAGE 19: E 1-2A & E 1-2B–ask me to check your work when you are done.
      3. Think of a business transaction, like buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
    6. What are generally accepted accounting principles (GAAP)?
    7. Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
    8. What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
    9. Identify the 3 types of ownership structures and discuss the advantages and disadvantages of each.
      1. FYI: Most businesses in the United States operate as sole proprietorships or gh. However, corporations earn the highest amount of revenue. The largest corporations in the United States are known as the “Fortune 500”.
      2. What are some examples of each type of ownership in the Bellevue area?
    10. Identify 3 types of businesses according to activities.
      1. What are some examples of each type of business based on their activities in the Bellevue area?
    11. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    12. What are the main functions of an accounting clerk?
    13. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    14. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  2. Do MANAGING YOUR WRITING on your own. Share it with me.
  3. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  4. HOMEWORK: Read pages 20 to 23 in the textbook.