Course: Financial Accounting Fundamentals

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Financial Accounting Fundamentals

This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.

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  • Department: Business and Computer
  • Course Developer: The Educators Academy
  • Development Date:
  • Revision Date: 2021
  • Course Title: Financial Accounting Fundamentals
  • Course Reviser: Azhar Javed
  • Grade: Grade 11
  • Course Type: University/College
  • Ministry Course Code: BAF3M
  • Credit Value: 01
  • Prerequisite: None
  • Ministry Curriculum Policy Document: The Ontario Curriculum, grades 11 and 12, 2006(Revised)

Overall Curriculum Expectations

Fundamental Accounting Practices

    i. describe the discipline of accounting and its importance for business; ii. describe the differences among the various forms of business organization; iii. demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.

Advanced Accounting Practices

    i. demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business; ii. demonstrate an understanding of the accounting practices for sales tax; iii. apply accounting practices in a computerized environment.

Internal Control, Financial Analysis, and Decision Making

    i. demonstrate an understanding of internal control procedures in the financial management of a business; ii. evaluate the financial status of a business by analysing performance measures and financial statements; iii. explain how accounting information is used in decision making.

Ethics, Impact of Technology, and Careers

    i. assess the role of ethics in, and the impact of current issues on, the practice of accounting; ii. assess the impact of technology on the accounting functions in business; iii. describe professional accounting designations and career opportunities.

Unit Outline

# Unit Approx. Time
1 Fundamental Accounting Practices 27 Hours
2 Advanced Accounting Practices 27 Hours
3 Internal Control, Financial Analysis, and Decision Making 27 Hours
4 Ethics, Impact of Technology, and Careers 27 Hours
5 Culminating Project/ Activity 02 Hours
Total 110 Hours

Unit Description

Fundamental Accounting Practices

This unit introduces students to various accounting operations and the effects of these operations on individuals and businesses. Students will investigate the three professional accounting designations, and describe the focus of each group. They will be introduced to the Generally Accepted Accounting Principles: a set of rules which govern the field of accounting. Finally, they will investigate the three main forms of business organization: sole proprietorship, partnership and corporation.

Advanced Accounting Practices

This unit introduces students to the procedures and principles of the accounting cycle for a service business, merchandising business, and a sole proprietorship. Students will examine the accounting cycle which includes the collection, recording, and analysis of financial information in a fiscal period. For a merchandising business, students will learn that inventory and costs must be accurately measured and recorded. They will also learn the two key ways of handling inventory – periodic and perpetual inventory systems.

Internal Control, Financial Analysis, and Decision Making

This course will allow students to describe the basic elements of an internal control system, apply appropriate control measures used in accounting for assets, and describe the role of budgeted financial statements in controlling, planning and evaluating business results. In Financial Analysis students will explain the importance of current assets and current liabilities when interpreting balance sheets, use financial ratios to analyse a company’s liquidity and profitability. In the Decision Making, they will learn to describe how accounting information is used by company personnel, explain the role of financial analysis in decision making and describe how accounting information is used by individuals or organizations outside the company.

Ethics, Impact of Technology, and Careers

This unit introduces students to QuickBooks Online. Students will use this online software system for small business to track company income, expenses, and inventory in an efficient manner. Students will use the Accountant Edition which automatically tracks sales tax. This unit also introduces students to Ethics and Current Issues, Impact of Technology and Careers in Accounting.

Program Considerations

Assessment and Evaluation

The primary purpose of assessment and evaluation is to improve student learning. Information gathered through assessment helps teachers to determine students’ strengths and weaknesses in their achievement of the curriculum expectations in each course. This information also serves to guide teachers in adapting curriculum and instructional approaches to students’ needs and in assessing the overall effectiveness of programs and classroom practices.
 
For assessment and evaluation, we follow the Ministry of Education's Growing Success document, and by doing so will benefit the students both in the present and future. We designed assessments in such a way as to make it possible to gather and show evidence of learning in a variety of ways to gradually release responsibility to the students, and to give multiple and varied opportunities to reflect on learning and receive detailed feedback.
 
Assessment and evaluation will be based on the provincial curriculum expectations and the achievement levels outlined in this document. Growing Success articulates the vision the Ministry has for the purpose and structure of assessment and evaluation techniques. 
 
In order to ensure that assessment and evaluation are valid and reliable and that they lead to the improvement of students’ learning, The Educators Academy’s assessment and evaluation strategies focus on:
 
·         Address both what students learn and how well they learn;
·         Are varied in nature, administered over a period of time, and designed to provide opportunities for students to demonstrate the full range of their learning;
·         Are appropriate for the learning activities used, the purposes of instruction, and the needs and experiences of the students;
·         Are fair to all students;
·         Accommodate students with special education needs, consistent with the strategies outlined in their Individual Education Plan; and those who are learning the language of instruction (English or French)
·         Ensure that each student is given clear directions for improvement;
·         Promote students’ ability to assess their own learning and to set specific goals;
·         Include the use of samples of students’ work that provide evidence of their achievement;
·         Are communicated clearly to students and parents at the beginning of the school year and at other appropriate points (Parent Teacher Nights) throughout the school year.
 
The overall expectations are broad in nature, and the specific expectations define the particular content or scope of the knowledge and skills referred to in the overall expectations. Our teachers use their professional judgment to determine which specific expectations should be used to evaluate achievement of the overall expectations, and which ones will be covered in instruction and assessment (e.g., through direct observation) but not necessarily evaluated.
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.
 
Teachers will obtain assessment information through a variety of means, which may include formal and informal observations, discussions, learning conversations, questioning, conferences, homework, tasks done in groups, demonstrations, projects, portfolios, peer and self-assessments, self-reflections, essays, and tests.
 
 As essential steps in assessment for learning and as learning, teachers need to:
 
·         plan assessment concurrently and integrate it seamlessly with instruction;
 
·         share learning goals and success criteria with students at the outset of learning to ensure that students and teachers have a common and shared understanding of these goals and criteria as learning progresses;
 
·         gather information about student learning before, during, and at or near the end of a period of instruction, using a variety of assessment strategies and tools;
 
·         use assessment to inform instruction, guide next steps, and help students monitor their progress towards achieving their learning goals;
 
·         analyse and interpret evidence of learning;
 
·         give and receive specific and timely descriptive feedback about student learning;
 
·         help students to develop skills of peer and self-assessment.
 
Teachers will also ensure that they assess students’ development of learning skills and work habits, using the assessment approaches described above to gather information and provide feedback to students.
 
Assessment Strands:
 
The Educators Academy will ensure that student work is assessed and/or evaluated in a balanced manner with respect to the four categories, and that achievement of particular expectations is considered within the appropriate categories.
 
Knowledge and Understanding (K/U)                                                                        
 
Thinking and Inquiry (T/I)                                                                                                     
 
Communication (C)                                                                                                               
 
Application (A)
 
The purpose of the achievement chart is to:
 
  • provide a common framework that encompasses the curriculum expectations for all courses outlined in this document;
  • guide the development of quality assessment tasks and tools (including rubrics);
  • help teachers to plan instruction for learning;
  • assist teachers in providing meaningful feedback to students;
·         provide various categories and criteria with which to assess and evaluate student learning.                                                                                                           
Evaluation and Reporting of Students’ Achievements by Report Cards
 
Student achievement is communicated formally to students and parents by means of the Provincial Report Card. The report card provides a record of the student’s achievement of the curriculum expectations in every course, at particular points in the school year or semester, in the form of a percentage grade. Report cards are issued upon completion of the course. Each report card will focus on related aspects of student achievement. The percentage grade will represent the quality of the student’s overall achievement of the expectations for the course and will reflect the corresponding level of achievement. The Educators Academy will record a final grade for every course, and a credit is granted for the course in which the student’s grade is 50% or higher.
 
  • Seventy per cent of the grade will be based on evaluations conducted throughout the course. This portion of the grade should reflect the student’s most consistent level of achievement throughout the course, although special consideration should be given to more recent evidence of achievement.
 
  • Thirty per cent of the grade will be based on a final evaluation in the form of an examination, performance, essay, and/or other method of evaluation suitable to the course content and administered towards the end of the course.
 
Ø  Term work will account 70% of the course work
 
Ø  Final Exam would be a value of 30%
 
Final Assessment and Evaluation = 100%
 
The teacher will also provide written comments concerning the student's strengths, areas for improvement, and next steps (E–Excellent, G–Good, S–Satisfactory, N–Needs Improvement). The report card will indicate whether an OSSD credit has been earned or not. Upon completion of a course, The Educators Academy will send a copy of the report card back to the student's home school where the course will be added to the ongoing list of courses on the student's Ontario Student Transcript. The report card will also be sent to the student's home address for parents’ communication.
 
Evaluation Instruments/ Strategies:
 
*      Rubrics                                                                                                            Observation
*      Checklist                                                                                                         Project Work
*      Peer                                                                                                                 Interviewing
*      Self                                                                                                                  Researching
*      Group                                                                                                               Conferencing
 
A Summary Description of Achievement in Each Percentage Grade Range
and Corresponding Level of Achievement
Percentage Grade Range
Achievement Level
Summary Description
80-100%
Level 4
A very high to outstanding level of achievement. Achievement is above the provincial standard.
70-79%
Level 3
A high level of achievement. Achievement is at the provincial standard.
60-69%
Level 2
A moderate level of achievement. Achievement is below, but approaching, the provincial standard.
50-59%
Level 1
A passable level of achievement. Achievement is below the provincial standard.
below 50%
Level R
Insufficient achievement of curriculum expectations. A credit will not be granted.
 
Achievement Chart – Business Studies, Grades 11–12
 
Categories
50–59%
(Level 1)
60–69%
(Level 2)
70–79%
(Level 3)
80–100%
(Level 4)
Knowledge and Understanding
The student:
 
 
 
Knowledge of content
(e.g., facts, terms,
definitions, procedures)
– demonstrates limited
knowledge of content
– demonstrates some
knowledge of content
–demonstrates
considerable knowledge
of content
– demonstrates
thorough knowledge
of content
Understanding of content (e.g., concepts,
principles, theories,
relationships, methodologies
and/or technologies)
– demonstrates limited
understanding of
content
– demonstrates some
understanding of
content
–demonstrates
considerable understanding
of content
– demonstrates
thorough understanding
of content
Categories
50–59%
(Level 1)
60–69%
(Level 2)
70–79%
(Level 3)
80–100%
(Level 4)
Thinking/ Inquiry
The student:
 
 
 
Use of planning skills
(e.g., focusing research,
gathering information,
selecting strategies,
organizing a project)
– uses planning
skills with limited
effectiveness
– uses planning
skills with some
effectiveness
– uses planning skills
with considerable
effectiveness
– uses planning skills
with a high degree
of effectiveness
Use of processing skills
(e.g., analysing, interpreting, assessing,
reasoning, generating
ideas, evaluating, integrating, synthesizing,
seeking a variety of
perspectives, forming
conclusions)
– uses processing
skills with limited
effectiveness
– uses processing
skills with some
effectiveness
– uses processing skills
with considerable
effectiveness
– uses processing skills
with a high degree
of effectiveness
Use of critical/creative
thinking processes
(e.g., evaluation of
business situations,
problem solving, decision making, detecting bias, research)
– uses critical/creative
thinking processes
with limited
effectiveness
– uses critical/
creative thinking
processes with
some effectiveness
– uses critical/creative
thinking processes
with considerable
effectiveness
– uses critical/creative
thinking processes
with a high degree
of effectiveness
 
Categories
50–59%
(Level 1)
60–69%
(Level 2)
70–79%
(Level 3)
80–100%
(Level 4)
Communication
The student:
 
 
 
Expression and organization
of ideas and
information (e.g., clear
expression, logical organization) in oral, visual, and written forms, including electronic forms (e.g., presentations,
charts, graphs, tables, maps, models, web pages, spreadsheets,
flyers, financial
statements, letters,
memos, reports)
– communicates for
different audiences
and purposes with
limited effectiveness
– communicates for
different audiences
and purposes with
some effectiveness
– communicates for
different audiences
and purposes with
considerable
effectiveness
– communicates for
different audiences
and purposes with a
high degree of
effectiveness
Communication for different audiences (e.g.,
peers, business clients,
company supervisor)
and purposes (e.g., to
inform, to persuade) in
oral, visual, and written
forms, including electronic forms
– communicates for different audiences
and purposes with
limited effectiveness
– communicates for
different audiences
and purposes with
some effectiveness
– communicates for
different audiences
and purposes with
considerable
effectiveness
– communicates for
different audiences
and purposes with a
high degree of
effectiveness
Use of conventions,
vocabulary, and terminology
of the discipline
in oral, visual, and written forms, including
electronic forms
– uses conventions,
vocabulary, and
terminology of the
discipline with limited
effectiveness
– uses conventions,
vocabulary, and
terminology of the
discipline with some
effectiveness
– uses conventions,
vocabulary, and terminology of the discipline withconsiderable
effectiveness
– uses conventions,
vocabulary, and
terminology of the
discipline with a high
degree of effectiveness
 
Categories
50–59%
(Level 1)
60–69%
(Level 2)
70–79%
(Level 3)
80–100%
(Level 4)
Application
The student:
 
 
 
Application of knowledge and skills (e.g., concepts,
procedures, processes,
use of technology and
materials) in familiar
contexts
– applies knowledge
and skills in familiar
contexts with limited
effectiveness
– applies knowledge
and skills in familiar
contexts with some
effectiveness
– applies knowledge
and skills in familiar
contexts with
considerable
effectiveness
– applies knowledge
and skills in familiar contexts with a high
degree of effectiveness
Transfer of knowledge
and skills (e.g., choice
of tools and software,
ethical standards,
concepts, procedures,
technologies) to new
contexts
– transfers knowledge
and skills to new
contexts with limited
effectiveness
– transfers knowledge
and skills to new
contexts with some
effectiveness
– transfers knowledge
and skills to new
contexts with
considerable
effectiveness
– transfers knowledge
and skills to new
contexts with a high
degree of effectiveness
Making connections
within and between
various contexts (e.g.,
connections between
business studies and
personal experiences,
opportunities, social
and global challenges
and perspectives; cross curricular and multidisciplinary
connections)
– makes connections
within and between
various contexts with
limited
effectiveness
– makes connections
within and between
various contexts with
some effectiveness
– makes connections
within and between
various contexts
with considerable
effectiveness
– makes connections
within and between
various contexts
with a high degree
of effectiveness
           
Submission of Assignments
 
*      All assignments should be submitted for grading on the stated due date.
*      Any late assignments may be subjected to a 15% penalty.
*      Work not submitted within 5 school days after the stated due date will be assigned a mark of 0.
*      If a student is ill or away for a documented reason, all assignments must be submitted upon return to class, unless arrangements are negotiated with the teacher.
*      It is vital that the student realize the potential consequences of incomplete work and absences, including failure to gain the credit for the course. It is the responsibility of the student to catch up on all work missed from being absent.
 
Program Planning Considerations
 
Teachers who are planning a program in this subject will make an effort to take into account considerations for program planning that align with the Ontario Ministry of Education policy and initiatives in a number of important areas.
 
Planning Business Studies Program for Exceptional Students
 
The Educators Academy believes that classroom teachers are the key educators of students who have special education needs. They have a responsibility to help all students to learn and work collaboratively with special education resource teachers, where appropriate, to achieve this goal.
 
In planning business studies courses for exceptional students, The Educators Academy teachers’ begin by examining both the curriculum expectations for the course and the needs of the individual student to determine which of the following options is appropriate for the student:
 
  • no accommodations or modifications; or
  • accommodations only; or
  • modified expectations, with the possibility of accommodations.
 
If the student requires either accommodations or modified expectations, or both, our teachers record the relevant information in his or her Individual Education Plan (IEP).
 
Students Require Accommodations Only:
 
In The Educators Academy, with the aid of accommodations, some exceptional students are able to participate in the regular course curriculum and to demonstrate their learning independently. We believe on these three types of accommodations, Instructional accommodations by which changes are in teaching strategies, including styles of presentation, methods of organization, or use of technology and multimedia, Environmental accommodations by which changes are that the student may require in the classroom such as preferential seating or special lighting and Assessment accommodations by which changes are  in assessment procedures that enable the student to demonstrate his or her learning, such as allowing additional time to complete tests or assignments or permitting oral responses to test questions.
 
The Educators Academy is committed to ensuring that all students, especially those with special education needs, are provided with the learning opportunities and supports they require to gain the knowledge, skills, and confidence needed to succeed in a rapidly changing society. The context of special education and the provision of special education programs and services for exceptional students in Ontario are constantly evolving.
 
The Educators Academy believes on that:
·         All students can succeed.
·         Universal design and differentiated instruction are effective and interconnected means of meeting the learning or productivity needs of any group of students.
·         Successful instructional practices are founded on evidence-based research, tempered by experience.
·         Classroom teachers are key educators for a student’s literacy and numeracy development.
·         Each student has his or her own unique patterns of learning.
·         Classroom teachers need the support of the larger community to create a learning environment that supports students with special education needs.
·         Fairness is not sameness.
Students Require Modifications Only:
The Educators Academy provide comprehensive procedures for the identification of exceptional pupils, for the placement of those pupils in educational settings where the special education programs and services appropriate to their needs can be delivered, and for the review of the identification of exceptional pupils and their placement. If the student requires either accommodations or modified expectations, or both, then we will take into account these needs of exceptional students as they are set out in the students' Individual Education Plan. Our courses offer a vast array of opportunities for students with special educations needs to acquire the knowledge and skills required for our evolving society.
The Educators Academy realizes that some exceptional students will require modified expectations, which are different from the regular course expectations. For most of these students, modified expectations will be based on the regular course curriculum, with changes in the number and/or complexity of the expectations. We carefully monitor that these are reflected clearly in the student’s IEP, the extent to which expectations have been modified. This decision must be communicated to the parents and the students that
v  accommodations only; or
v  modified expectations, with the possibility of accommodations; or
v  alternative expectations, which are not derived from the curriculum expectations for a course and which constitute alternative programs and/or courses.
In The Educators Academy, if a student requires modified expectations in business studies courses, assessment and evaluation of his or her achievement will be based on the learning expectations identified in the IEP and on the achievement levels outlined in the Growing Success document.
 
Program Consideration for English Language Learners
 
All of our Business studies courses can provide a wide range of options to address the needs of ESL/ELD students. Since business seeks ways to address the needs of diverse markets and communities, students can apply their own experiences and backgrounds to analyze various markets’ needs and business strategies. In addition, since businesses require employees with a wide range of skills and abilities, many students will learn how their backgrounds and language skills can contribute to business success.
 
Environmental Education
 
Helping students become environmentally responsible is a role assumed by The Educators Academy. We work on different aspects like to promote learning about environmental issues and solutions, to engage students in practicing and promoting environmental stewardship in their community and to focus on the importance of the education system providing leadership by implementing and promoting responsible environmental practices so that all stakeholders become dedicated to living more sustainably.
 
The Educators Academy also ensures that the student will have opportunities to acquire the knowledge, skills, perspectives and practices needed to become an environmentally literate citizen. Our courses should provide opportunities for each student to address environmental issues in their home, in their local community, or even at the global level.
 
Anti Discrimination Education
 
Antidiscrimination education promotes a school climate and classroom practice that encourage all students to work to high standards, ensure that they are given a variety of opportunities to be successful, affirm their self-worth, and help them strengthen their sense of identity and positive self-image.
 
Every student is entitled to learn in a safe, caring environment, free from violence and harassment. Students learn and achieve better in such environments. The safe and supportive social environment at The Educators Academy is founded on healthy relationships between all people. Healthy relationships are based on respect, caring, empathy, trust, and dignity, and thrive in an environment in which diversity is honoured and accepted. Healthy relationships do not tolerate abusive, controlling, violent, bullying/harassing, or other inappropriate behaviours. To experience themselves as valued and connected members of an inclusive social environment, students need to be involved in healthy relationships with their peers, teachers, and other members of The Educators Academy community.
 
In The Educators Academy, the business studies curriculum is designed to help students acquire the habits of mind that are essential in a complex democratic society characterized by rapid technological, economic, political, and social change. These include respect and understanding with regard to individuals, groups, and cultures in Canada and the global community, including an appreciation and valuing of the contributions of Aboriginal people to the richness and diversity of Canadian life. They also involve respect and responsibility for the environment and an understanding of the rights, privileges, and responsibilities of citizenship. Learning the importance of protecting human rights and of taking a stand against racism and other expressions of hatred and discrimination at The Educators Academy is also part of the foundation for responsible citizenship and ethical business practice.
 
In The Educators Academy, students learn about the changing workplace and the Canadian and global economy in the business studies course designed by the Ministry of Education. Our students also learn how business is carried out effectively and equitably in the local and global workplace and how it is affected and enhanced by the diversity of the global marketplace.
 
Teachers at The Educators Academy design the learning activities in business studies courses which are inclusive in nature, reflecting diverse points of view and experiences. They also enable students to become more sensitive to the experiences and perceptions of others, to value and show respect for diversity in the educational system and in the wider society, and to make responsible and equitable decisions in their personal and business relationships. The critical thinking and research skills acquired in business studies courses enable students at The Educators Academy to recognize bias and stereotyping in text and images, as well as discriminatory attitudes that create barriers to productive relationships in business and trade.
 
We hope that all these attitudes and attributes provide a foundation on which students can develop their own identity, explore interconnectedness with others, and form and maintain healthy relationships.
 
Literacy, Numeracy and Inquiry Skills
 
Literacy is defined as the ability to use language and images in rich and varied forms to read, write, listen, view, represent, and think critically about ideas. It involves the capacity to access, manage, and evaluate information; to think imaginatively and analytically; and to communicate thoughts and ideas effectively. Literacy includes critical thinking and reasoning to solve problems and make decisions related to issues of fairness, equity, and social justice. Literacy connects individuals and communities and is an essential tool for personal growth and active participation in a cohesive, democratic society. Literacy involves a range of critical-thinking skills and is essential for learning across the curriculum. Literacy instruction takes different forms of emphasis in different subjects, but in all subjects, literacy needs to be explicitly taught. Literacy, mathematical literacy, and inquiry/research skills are critical to students' success in all subjects of the curriculum and in all areas of their lives.
 
Success in all their secondary school courses depends in large part on students’ literacy skills. The activities and tasks that students undertake in the business studies curriculum involve oral, written, and visual communication skills. For example, students use language to record their observations, to describe their inquiries in both informal and formal contexts, and to present their findings in presentations and reports in oral, written, graphic, and multimedia forms. Communicating in a business environment and using business software require the use and understanding of specialized terminology. In all business studies courses at The Educators Academy, students are required to use appropriate and correct terminology, and are encouraged to use language with care and precision, in order to communicate effectively.
 
The business studies course at The Educators Academy builds on and reinforces certain aspects of the mathematics curriculum. For example, clear, concise communication involves the use of various diagrams, charts, tables, and graphs to organize, interpret, and present information. In business studies courses, our teachers will develop student’s ability to ask questions and conduct research as they plan and manage projects. They also learn a variety of research methods in order to carry out their investigations, and to know which methods to use in a particular inquiry.
 
Inquiry and research are at the heart of learning in all subject areas at The Educators Academy. Students are encouraged to develop their ability to ask questions and to explore a variety of possible answers to those questions. As they advance through the grades, they acquire the skills to locate relevant information from a variety of print and electronic sources. The questioning they practiced in the early grades becomes more sophisticated as they learn that all sources of information that have a particular point of view and that the recipient of the information has a responsibility to evaluate it, determine its validity and relevance, and use it in appropriate ways. The ability to locate, question, and validate information allows a student to become an independent, mature and lifelong learner.
 
The Role of a Library
 
The school library program in many schools can help build and transform students' knowledge in order to support lifelong learning in our information- and knowledge-based society. The school library program of these schools supports student success across the curriculum by encouraging students to read widely, teaching them to examine and read many forms of text for understanding and enjoyment, and helping them improve their research skills and effectively use information gathered through research. The Educator Academy teachers assist students in accessing a variety of online resources and collections (e.g., professional articles, image galleries, videos, databases and much more). Our Teachers will also guide students through the concept of ownership of work and the importance of copyright in all forms of media.
 
The Role of Information and Communication Technology
 
In this Introduction to Financial Accounting course, information technology is considered a learning tool that must be accessed by the students in many areas. As a result, students will develop transferable skills through their experience with word processing, spreadsheets, journals, flow charts, and telecommunication tools, as would be expected in an accounting environment. Information and communication technologies are integrated into the business studies curriculum in a way that mirrors the dynamic environment in which business is conducted today, creating an authentic and relevant learning environment for students.
 
The Ontario Skills Passport and Essential Skills
 
Ontario Skills Passport (OSP) is a bilingual, web-based resource that enhances the relevance of classroom learning for students and strengthens school–work connections. The skills described in the OSP are the Essential Skills that the Government of Canada and other national and international agencies have identified and validated, through extensive research, as the skills needed for work, learning, and life.  The Educators Academy can engage students by using OSP tools and resources to show how what they learn in class can be applied in the workplace and in everyday life.
 
The essential skills are transferable, in that they are used in virtually all occupations. The OSP also includes descriptions of important work habits, such as working safely, being reliable, and providing excellent customer service. The OSP is designed to help employers assess and record students’ demonstration of these skills and work habits during their cooperative-education placements. Students can use the OSP to identify the skills and work habits they already have, plan further skill development, and show employers what they can do. The skills described in the OSP are the essential skills that the Government of Canada and other national and international agencies have identified and validated, through extensive research, as the skills needed for work, learning, and life. Essential skills provide the foundation for learning all other skills and enable people to evolve with their jobs and adapt to workplace change. For further information on the OSP and essential skills, visit: http://skills.edu.gov.on.ca.
 
Career Education
 
Most careers involve some aspect of business practice – physicians and mechanics operate small businesses, artists sell their art. The courses in business studies at The Educators Academy prepare students for employment in such diverse areas as retailing, management, technology, small business, government service, and professional careers. The skills and knowledge that students acquire through business studies courses are essential for a wide range of careers. Our students gain an understanding of various aspects of business operation and practice through courses in all the subjects in the discipline. In addition, In addition, focus on personal management, interpersonal skills, and career development in the business studies curriculum at The Educators Academy prepare students for success in their working lives, whatever their career. Finally, teaching about different kinds of businesses enable our students who are interested in a career in business to think about the type of operation that is best suited to their backgrounds and interests.
 
The framework of the program is a four-step inquiry process based on four questions linked to four areas of learning:
·         knowing yourself - Who am I?;
·         exploring opportunities - What are my opportunities?;
·         making decisions and setting goals - Who do I want to become?;
·         achieving goals and making transitions - What is my plan for achieving my goals?
 
PLANNING PROGRAM PATHWAYS AND PROGRAMS LEADING TO SPECIALIST HIGH SKILLS MAJOR
 
The Educators Academy courses are well suited for inclusion in Specialist High Skills Majors (SHSM) or in programs designed to provide pathways to particular apprenticeship, college, university, or workplace destinations. In some SHSM programs, courses at The Educators Academy can be bundled with other courses to provide the academic knowledge and skills important to particular economic sectors and required for success in the workplace and postsecondary education, including apprenticeship training.
 
Health and Safety
 
The business studies program provides for exploration of a variety of concepts relating to health and safety in the workplace. In planning learning activities, teachers at The Educators Academy help students to achieve the curriculum expectations. Our teachers ensure that students have opportunities to consider health and safety issues. Health and safety issues are also addressed when learning involves cooperative education and other workplace experiences. Our teachers who provide support for students in workplace learning placements assess placements for safety and ensure students to understand the importance of issues relating to health and safety in the workplace. At the Educators Academy, before taking part in workplace learning experiences, students acquire the knowledge and skills needed for safe participation. Our students understand their rights to privacy and confidentiality as outlined in the Freedom of Information and Protection of Privacy Act. They have the right to function in an environment free from abuse and harassment, and they need to be aware of harassment and abuse issues in establishing boundaries for their own personal safety. They are informed about academy policies and reporting procedures with respect to all forms of abuse and harassment.
 
Resources:
·         Accounting 1, Sixth EditionPearson Education Canada © 2002.
·         Accounting Software
·         Microsoft Excel 
·         Calculator
·         Simply Accounting, Student Version

Teaching & Learning Strategies

Students learn best when they are engaged in a variety of ways of learning. Business studies courses lend themselves to a wide range of approaches in that they require students to discuss issues, solve problems using applications software, participate in business simulations, conduct research, think critically, work cooperatively, and make business decisions. When students are engaged in active and experiential learning strategies, they tend to retain knowledge for longer periods and to develop meaningful skills. Active and experiential learning strategies also enable students to apply their knowledge and skills to real-life issues and situations.
 
The Educators Academy teachers adopt teaching and learning strategies that are suitable to material taught in business studies, or the use of case studies and simulations, teamwork, brainstorming, mind mapping, problem solving, decision making, independent research, personal reflection, seminar presentations, direct instruction, portfolios, and hands-on applications. In combination, all such approaches promote the acquisition of knowledge, foster positive attitudes towards learning, and encourage students to become lifelong learners.
Some of the teaching and learning strategies that are suitable to material taught in business studies are the use of case studies and simulations, teamwork, brainstorming, mind mapping, problem solving, decision making, independent research, personal reflection, seminar presentations, direct instruction, portfolios, and hands-on applications. In combination, such approaches promote the acquisition of knowledge, foster positive attitudes towards learning, and encourage students to become lifelong learners. Since the over-riding aim of this course is to develop an accounting literacy in all students, a wide variety of instructional strategies are used to provide learning opportunities to accommodate a variety of learning styles, interests and ability levels. These include:
·         Problem solving          
·         Decision Making
·         Projects
·         Direct Instruction        
·         Data Analysis
·         Case studies    
·         Source document analysis        
·         Reports
·         Journalizing    
·         Discussion Groups       
·         Multimedia presentations
·         Excel Work sheets       
·         Guided internet Research         
·         Interviews