BAF 3M
Financial Accounting
Learning Goals and Success Criteria
Unit 1
Analyzing Changes in Financial Position
Chapter 1 Learning Goals
I have a broad understanding of the
objectives of accounting
I know the four main kinds of businesses and the 3 forms of ownership
I understand the benefits to be gained by having a background in accounting
I know what is meant by Professional
Accountant and Public Accountant
Chapter 1 Learning Goals
I know the different ways that I can
become an Accountant
I understand the types of work done by an accounting department
I understand what is meant by
‘Accounting Cycle’
Understand the value of computer skills to an accountant
Chapter 1 Success Criteria
I have made a list of 5 main activities in
accounting
I have defined the four main kinds of business and the 3 forms of ownership
I have researched job opportunities in the accounting professions
I have discussed the benefits to having accounting background
I have discussed the difference between a Public and a Professional Accountant
Chapter 1 Success Criteria
I have met a Professional Accountant in
class as a guest speaker
I have researched the different ways that I can become an Accountant
I have of list of duties that the
Accounting Department is responsible for I have defined the Accounting Cycle
I have discussed the value of computers to accountants
Chapter 2 Learning Goals
I understand what is meant by Financial
Position for a person and a business
I know the meanings of Accounts
Receivable and Accounts Payable
I understand the fundamental accounting equation
I understand the meaning of Claims
Against the Assets
Chapter 2 Learning Goals
I am able to use basic record keeping
practices
I understand the concept of liquidity
I understand the purpose of GAAP
I understand the purpose of spreadsheets in accounting
Chapter 2 Success Criteria
I have prepared a simple Balance Sheet
for a person and a business
I have discussed the meanings of
Accounts Receivable and Accounts
Payable
I have completed word problems associated with the fundamental accounting equation
I have listed reasons why Creditors have
Claims on Assets
Chapter 2 Success Criteria
I have created a Balance Sheet that is
neat, on columnar paper (spreadsheet), dated, titled and formatted correctly in units ($).
I have listed assets in order of liquidity
I have discussed and presented the purpose of GAAP to my classmates
I have used Excel to prepare my statements of financial position
Chapter 3 Learning Goals
I understand factors that affect change
in financial position
I understand what a business transaction is
I can work out the changes created in
Assets, Liabilities and Capital due to transactions I am able to record a series of transactions on an equation analysis sheet Chapter 3 – Learning Goals
I understand the steps in analyzing a
business transaction
I know the purpose of Source Documents
I understand the Objectivity Principle
Chapter 3 Success Criteria
I have given examples of, and recognized
business transactions
I have distinguished between a business transaction and a non-business transaction from a long list of economic events that have been presented to me
I have analyzed business transactions and recorded entries into the proper accounts using an equation analysis sheet Chapter 3 Success Criteria
I have discussed and seen examples of
source documents i.e. (receipts of my own, cell-phone bills, etc…)
I have dealt with the Objectivity
Principle in an actual Case Study
Chapter 4 – Learning Goals
I know what an account is and what a
ledger is
I know the rules of debit and credit as they apply to assets, liabilities and capital
I know how to record transactions in Taccounts and calculate account balances
I know what the balance in a T-account means I understand the concept of Double-Entry
Accounting
Chapter 4 – Learning Goals
I am able to take off a Trial Balance
I understand the
