Lesson 3: #3 Simulation/Reinforcement Activity 2 Part A

How can you trace a transaction from the journal entry to its impact on the financial statements?
How can you use financial statements to assess a company's financial health?
What are the common errors that can occur in financial reporting?

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 provide students with a hands-on opportunity to apply their accounting knowledge to a real-world business simulation.


Purpose: provide students with a hands-on opportunity to apply their knowledge of accounting principles to real-world scenarios.

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 incorrectly which will cause incorrect financial statements.

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

Completion of simulation and that the accounting record balance and financial statements are correct

Century 21, Accounting General Journal, 11th edition, online/paper edition.Paper or Online working papers (MindTap). Cloud Based Simulation software