Lesson 2: #2 Simulation/Reinforcement Activity 2 Part A
Duration of Days: 7
Lesson Objective
Students will be able to prove the accuracy of checkbook, recording, and posting of sales, purchases, and other monthly business transactions
How do you prove you are accurate in your accounting
How will you ensure you are error-free?
CTE Business & Finance Technology
B. Accounting Principles: Identify and describe generally accepted accounting principles (GAAP/IFRS) and explain how the application of these principles impacts the recording of financial transactions and the preparation of financial statements.
4. Describe methods for controlling and safeguarding cash.
5. Record transactions affecting accounts receivable, including uncollectible accounts, write-offs, and recoveries.
9. Apply transactions for accounts payable and other short-term debt
C. Accounting Process: Complete the various steps of the accounting cycle in order to prepare financial statements.
15. Analyze and describe how basic business transactions impact the accounting equation.
16. Explain the need for adjusting entries and record basic adjusting entries. 17. Complete the closing process.
The SAT measures student proficiency in math reading, language, and writing. With strong scores, accounting students set themselves up for successful entry into accounting and finance programs.
Description: To ensure students can accurately record and post business transactions, and verify the accuracy of financial records.
Purpose: Through hands-on practice and real-world scenarios, students will develop a solid foundation in accounting principles and be able to apply them to real-world situations.
DOK Level 1: Recall and Reproduction What is due diligence?
DOK 2 Skills/Concepts: Why is due diligence important
DOK 3: Strategic Thinking: Analyze the impact of errors in accounting
DOK 4: Extended Thinking: Determine a way you can check your work for accuracy
Discuss current economic trends, industry news, and regulatory changes.
Students may struggle to navigate the software interface or the Online Working Papers and input data correctly.
Paper or or online assignments, online instructional tools, videos, textbook or online textbook for reference, cloud-based real world application of information, Spanish version available for ELL students
Assessing students' ability to successfully navigate the simulation and produce accurate financial records and statements.
Century 21, Accounting General Journal, 11th edition, online/paper edition.Paper or Online working papers (MindTap), Cloud Based Simulation