BTT1O - ESL - MS Word - Links

Here is the information that you need in one place:

1. My Favourite Website
2. Website Review
3. Rubric (Marking Scheme)

BAT4M - Closing Entries

Closing entries are entries made at the end of a fiscal period to close temporary accounts (like expenses and revenues) into the owner/shareholder equity account.

Learning Goals

By the end of this activity you will be able to:

• Understand the need for closing entries at the end of the fiscal period
• Describe the four steps in the process of closing the accounts at the end of the fiscal period
• Identify temporary and permanent accounts.

Success Criteria

I will know I am successful when:

• I can record the journal entries to close temporary accounts
• I can explain why closing entries are necessary.

Key Terms

• Temporary Accounts: Accounts that must be closed (balance converted to 0) at the end of a fiscal period. Examples: Revenues, Expenses, Drawings.
• Permanent Accounts: Accounts that can carry a balance from period to period. Examples: Assets, Liabilities, Capital.
• Income Summary (or Revenue and Expense Summary): A temporary account used to close the revenues and expenses and quickly show whether the company earned or loss money in the period. It is closed to the Capital account.

Process

1. At the end of a fiscal period (month, quarter or year), temporary accounts need to be "emptied" with a closing entry that reduces the account balance to zero.
2. Revenue and Expenses need to be recognized and recorded for the time period when incurred. Drawings must be closed as well.
3. Close the temporary accounts into an account called "Income Summary" or "Revenue and Expense Summary". Follow this order:
   1. Close all the revenues (a debit entry in the revenue account that matches with a credit entry in the Income Summary). For example, in Service Fees, create a debit entry called "Closing Entry" for the account balance and a matching credit entry in Income Summary called or "To close revenue".
   2. Close all the expenses (a credit entry in the expense(s) account and a debit entry in Income Summary). You can close all the expenses with a compound entry (multiple credit entries for each expense account and one debit entry in Income Summary.
   3. Close the Income Summary into the Capital account (if the company earned income, use a debit entry in Income Summary and a credit entry in Capital to show an increase in value, if the company incurred a loss, use a credit entry in Income Summary and a debit entry in Capital to show a decrease in value).
   4. Close Drawings into Capital (credit Drawings the sum of all that was withdrawn by the owner in the fiscal period and debit Capital).
4. Remember to make entries in the General Journal and the General Ledger.

Example

Activity

• Raptors Accounting
• On the last day of the month, the accountant may have to journalize transactions, make adjusting entries and complete the closing entries.

BTT1O - ESL - Don't Trust Every Website

This video of a wolf in the Athlete's Village at the Sochi Olympics caused a commotion*.

Is this reliable?

* excitement or confusion. "The video caused a commotion since everyone was excited because they thought that a wild animal was inside the building."

BAT4M - Adjusting Entries, Continued

Textbook

Be familiar with these parts of the textbook that match what we will cover during the next few classes:

• Adjusting Entries: page 156
• Closing Entries: page 206
• Reversing Entries: page 231

Last Class

Here are the solutions from last class's problem.

Reminder

This spreadsheet compares the difference between declining balance and straight-line amortization.

Adjusting Entries

Detailed Definition

Accrual basis accounting means that a business will recognize revenue that has been earned, but not yet received, and claim expenses incurred, but not yet paid. The accounting term “accrued expense” means an expense which has been incurred during the accounting period but has not been paid or recorded.

Terminology

• Accrued revenues are revenues that have been earned in this year but the customer will not be invoiced for payment until the next year. A temporary current asset is created when the adjusting entry is recorded.
• Accrued expenses are expenses that have been incurred but the invoice will not be received until the next year. A temporary current liability is created when the adjusting entry is recorded.

Process

1. Calculate the amount of the revenue earned or expense incurred from the last time money was paid/received up to the year-end date.
2. Make the adjusting entry to record the revenue or expense.

More Uses

Adjusting Entry	Account Debited	Account Credited
Recording salaries for one month that will not be paid until later.	Salaries Expense	Wages/Salaries Payable
Paying salaries that were earned last month but not paid until now.	Wages/Salaries Payable	Bank
Recording interest revenue that was earned during a time period but will not be paid until later.	Accrued Interest	Interest Revenue
Receiving payment of interest that was earned in an earlier time period.	Bank	Accrued Interest
Recording depreciation of a fixed asset.	Amortization/Depreciation Expense	Accumulated Amortization/Depreciation
Writing off bad (uncollectible) debts.	Bad Debt Expense	Accounts Receivable
Recording the insurance expense for a time period.	Insurance Expense	Prepaid Insurance
Recording revenue that was paid in advance.	Bank	Unearned Revenue
Recording the consumption of office supplies.	Supplies Expense	Office Supplies

Practice Exercise

C.I.S. Company

• Instructions
• Worksheet

Resources

Accrued Revenues and Expenses

Depreciation

BTT1O - Google Tips

In class, we will discuss some search tips to help get the information that you need when you are researching. Here are some graphic organizers to help remind you.

BTT1O - Microsoft Excel Research Assignment

Assessment of Learning

1) Learning Goals

• Use Google and Internet search techniques to research a topic
• Display the information coherently using Microsoft Excel
• Make informed statements about the data, supported by online research

2) Success Criteria

I will know that I am successful when:

• I research a topic of my choice and find interesting facts and figures
• I display the data in Excel in a way that highlights key points
• I summarize my findings in writing
• I include complete formatting (M.S. Excel and Works Cited List)

3) Expectations

Students will demonstrate the following expectations during the assessment:

• Productivity Software
  • use spreadsheet software to perform a variety of tasks
• Digital Literacy
  • apply effective techniques when conducting electronic research

4) Components

Each assignment will include the following components:

• A table of data (5x10)
• A line chart showing changes over time
• Two charts showing a snapshot of data at a specific time
• A paragraph summarizing the data and its significance
• A list of citations

5) Deadline

Submit in the Drop-Off Box by Wednesday March 5th

6) Supporting Documents

• Instructions
• Example Assignment
• Rubric

BAT4M - Cash Flow Statement Make-Up

For students who want to make-up the Cash Flow Statement assignment only.

1. Visit Yahoo Finance (Link: http://finance.yahoo.com/) and select the company of your choice.
2. Look at the Cash Flow statement (side menu, bottom left, under Financial Statements).
3. Summarize the cash flow statement and how it has changed in recent years (one paragraph).
4. Research the company: why has the cash flow changed (one paragraph).
5. Compare and contrast the statement with a competitor (one paragraph).
6. Due: Monday March 3rd.

You can use point-form/list style if you want. Quality is more important than quantity.

BTT1O - Tuesday's Class

Typing

Print out your progress reports

MS Excel

Demonstration

Individual Work

1. Tables
2. Charts
3. Formulas: Click here for help with data entry

BTT1O - ESL - Microsoft Word Assessment

Deadline

Please submit all three Micrsoft Word documents to the drop-off box by Friday February 27th.

Rubric

Click here for the rubric.

Checklist

You will be evaluated on these three items:

1. Internet Safety Terms Tables
2. “My Favourite Website”
3. Review of Website Reliability

BAT4M - Adjusting Entries

Introduction

Adjusting entries are part of the Accounting Cycle and consist of entries made at the end of fiscal period as part of the Time Period Concept and to better match expenses and revenues.

Learning Goals

• Explain why adjusting entries are necessary
• Analyze information and decide whether an adjusting entry is needed
• Record adjusting entries for prepaid expenses and unearned revenues in a general journal

Uses of Adjusting Entries

• Match unearned revenue and prepaid expenses to the time period that the transaction occurred
• Account for the use of supplies and depreciation in each period
• Divide items that might have been paid in a lump sum into smaller periods (like rent and insurance)

Practice Activity

We will do some of this activity together in class and you will do some on your own. Click here.

Additional Resources

Prepaid Expesnses

Unearned Revenue

Amortization and Depreciation Entries

BTT1O - Excel Formulas

Today's Class

1. Typing in Ultra Key
2. Formulas Demonstration
3. Work on Excel

Formulas Example

Click here for the formulas spreadsheet for the demonstration.

BTT1O - ESL - Typing Assessment on Thursday

• On Thursday February 27th, there will be an in-class typing assessment.
• If you are not present Thursday, you can do the test the next class that you attend.
• It will be based on what you have been practicing recently.
• Criteria for Success: Accuracy, typing technique, speed.
• Strand: Application.

BTT1O - ESL - Website Review (Is this website reliable?)

Purpose

Google News (http://news.google.ca) allows you to search the most recent news items about a topic. However, you still need to ensure that the source is reliable.

Task

1. Search for a topic in Google News
2. Write down the important information about the article (title, author, address, source, date)
3. Write a short summary of the article
4. Rate the website according to reliability, objectivity and accuracy and explain why
5. Use a table to create a 4 row, 3 column table that has terms (reliable, objective, accurate), synonyms (words with similar meanings) and definitions (word meanings).

M.S. Word Formatting

Include this formatting in your document.

• A table with borders and shading
• Single line spacing
• A title and headings, with fonts

Example

Click here for a sample document.

Additional Resources

Create a Table

Table Borders and Shading

BAT4M - Review Period

Minds On

• In this clip from Storage Wars, what accounting principles does Darrell violate?
• What about in this clip?

Reminder

There is an in-class assignment on next Monday about the Accounting Cycle and Financial Statements.

Review Exercises

Accounting Cycle

• Instructions
• Worksheets
• Solutions (don't peek)

Financial Statements

• Trial Balance and Blank Spreadsheets (for Income Statement and Balance Sheet)
• Solutions (don't peek)

BTT1O - Excel Charts

Sample Chart

Here is the chart for today's in-class demonstration.

Reminder

• Drop your table off (with your name) by Friday.
• We will finish the Chart activity on Monday

BTT1O - ESL - My Favourite Website (MS Word Document)

Agenda

1. Continue typing with UltraKey at the start of the period. This will lead to a typing assessment.
2. Finish your M.S. Word table with Internet Safety terms.
3. Create another Word document. Review a website that you enjoy visiting.
   1. What is the website about?
   2. How often do you visit the website?
   3. What do you like about the site? (use a list/numbers for this)
   4. Include these items:
   1. bold/underline/italic/different fonts/colours to make a title and headings
   2. a list of at least three terms
   3. a picture
   4. check spelling and typing
   5. change line spacing to Double Line Spacing
4. Drop off the assignment in the class box.

Example

Click here for an example of the task.

Resources

How to Make a List

Insert a Picture

Check Spelling

Change Line Spacing

BTT1O - M.S. Excel Table

Sample Table

Here is a table for today's in-class demonstration.

Reminder

Drop your table off (with your name) by Friday.

BAT4M - Accounting Principles from Chapters 1 & 2

Next Assessment of Learning

• Date: In class on Monday February 24th
• Topic: Some variation of the accounting cycle and financial statements

Last Class

We worked on Income Statements and Balance Sheets for R. Brown accounting. Here are the solutions. I want to stress that checking your work after you do the practice activities is an important part of self-evaluation and preparing for tests and assignments.

Accounting Concepts

• Textbook Pages: 52-56
• Canada hass followed International Financial Reporting Standards since July 2011
• Last year, you studied key concepts and principles for Canadian accountants. Four significant concepts that you should know and be able to explain in your own words are:
  1. The Business Entity Concept
  2. Going Concern Assumption
  3. Time Period Concept
  4. Monetary Unit Assumption

Accounting Principles

• Textbook: Look up each principle in the index at the back of the text.
• Generally Accepted Accounting Principles (GAAP) are the general guidelines (rules) for recording accounting transactions and the preparation of financial statements.
• Essential accounting principles that you should be able to understand and apply to case studies:
  1. Principle of Conservatism
  2. Objectivity Principle
  3. Revenue Recognition Convention
  4. Expense Recognition Convention
  5. Matching Principle
  6. Cost Principle
  7. Consistency Principle
  8. Materiality Principle
  9. Full Disclosure Principle.

Case Studies

What accounting concept or principle(s) is involved and what is the correct way to handle the situation?

1. A company purchases machinery for $10,000 but an employee thinks that it's worth more and lists the asset for $15,000 on the books. Cost Principle, Conservatism, Objectivity
2. Jacobs Ltd. buys a car but owner Brad Jacobs only uses it for his personal use. Business Entity
3. A company files its 2012 financial statements using the straight-line depreciation method but decides to switch to the declining-balance method for 2013. Consistency
4. Jennifer Jones receives $20,000 in services on February 15th on account. Jones pays the account balance March 12th so the accountant records the sales in the March income statement Revenue Recognition Principle, Time Period Concept
5. After a storm, a warehouse is flooded. It seems like about half of the merchandise has been ruined so that's what the accountant writes off the books. Objectivity, Conservatism, Cost Principle
6. The depreciation of a $50 lamp, with an estimated useful life of twenty years, is included in the income statement for every month. Materiality
7. A Canadian mining company has a gold mine in a another country that is a key source of income. However, after a change in government, that country may make foreign ownership of the mine illegal. Nevertheless, nothing is mentioned in the financial statements. Going Concern, Full Disclosure, Materiality
8. Chum Lee works at the Gold and Silver Pawn shop, where $25,000 in sales occurred in January. The sales were included in January's statements but since Chum Lee had asked Rick for an advance, his pay was added to December's salary expense account. Matching Principle, Expense Recognition
9. A company with $250,000 in assets realizes that they forgot to list a $50,000 debt repayment on the statements for the previous quarter. They decide to list it in the statements when the error is discovered. Materiality
10. An accounting firm reaches an agreement with a corporate client on February 20th to provide $200,000 in services per year for five years, starting in 2014. They record $200,000 in sales on the Income Statement for 2013. Revenue Recognition, Time Period 

BTT1O - ESL - Example of MS Word Table

So far we have

• talked about online safety terms and how to protect yourself
• created a table in MS Word
• created a banner using WordArt

Example Table

Click here for a sample table.

To hand in

When you have finished your own table of terms, save it with your name in the file name and drop it off on Thursday or Friday. Thanks.

BTT1O - Introduction to Microsoft Excel

This page will introduce M.S. Excel and show you what a Grade 9 Assignment will look like (in terms of rubrics, learning goals, instructions and exemplars).

What is Microsoft Excel

• Microsoft Excel is a piece of software designed to organize data.

• Users can build tables, calculate formulas, and create charts to organize their information

• Excel shares many attributes with M.S. Word, such as the Menu Bar and Toolbars.
• The rest of the information is point and click.
• Information is written in Cells and Worksheets, instead of lines and paragraphs.
• Excel formulas perform calculations to save time and link cells from one worksheet to another for large spreadsheets.
• The correct extension for M.S. Excel is *.xls or *.xlsx
• Information in charts and tables is often better organized and easier to understand than a long paragraph of text.

Learning Goals

This is an Assessment as Learning activity. The objective of these three tasks is to:

• Apply M.S. Excel skills to display data in a clear and easy to understand format; and
• Utilize a variety of M.S. Excel formatting techniques to enhance the appearance of the information.

Success Criteria

I will know I am successful when:

• Information is entered accurately in M.S. Excel;
• It is easy to understand the data because it is properly displayed in tables and charts;
• Formulas are used to calculate values; and
• The fonts, colours, borders and shading are interesting but do not become excessive, overwhelming or hard to read.

Instructions

1. We will be working on M.S. Excel throughout the week. I will cover one topic each class on the board and there will be individual work time to practice.
2. Read the instructions in each file and complete each task individually:
   • Part 1: Tables (started on Wednesday February 19th)
   • Part 2: Charts (we'll start on Friday)
   • Part 3: Formulas
3. You can look at these spreadsheets by previous students to get an idea of what others have done.
4. Review the rubric to see how you will be evaluated.
5. Save your work early and often.
6. Drop-off each Excel task as you complete it.
7. The due date will be given as everyone progresses.

Drop-Off Box

For the ESL BTT1O class, use the drop-off box for Mr. Bourgase.

1. Open the Kipling CI folder on your desktop
2. Open the Drop-Off folder
3. Open the folder named Bourgase
4. Drag and drop your finished work into the folder named BTT1O Afternoon

Always put your full name and the name of the project in the file name and in the document that you are submitting

BAT4M: Financial Statements Review

HST Payable/Recoverable

This information is not in the textbook. Please be aware of this change in Ontario accounting procedures.

• The Harmonized Sales Tax (HST) is a value added tax that took effect in Ontario in July 2010 replacing the federal Goods and Services Tax (GST) and the Provincial Sales Tax (PST).
• Businesses charge and collect HST on sales of goods and services. They also pay HST when they purchase goods and services needed to operate their business. Each month, businesses remit the difference between the HST collected (payable) and the HST paid (recoverable) to the government.
• A business has two accounts to record HST transactions: (1) HST Recoverable. This is a contra-liability account where businesses record the HST they paid. This will be deducted from the HST Payable at the time the business makes a remittance to the government. (2) HST Payable. This is a current liability account where the business records the HST it has charged its customers. This is a liability because the business owes the HST collected to the government.
• H.S.T. in Ontario is 13%. Read problems carefully to determine if the 13% was included in the amount listed or not.

Last Class

• Last class, we reviewed the Accounting Cycle.
• Terms to know: Source Documents, General Journal and General Ledger
• We looked at the General Journal entries and did the practice exercise for Ken's Barber Shop (Solutions - students are at different stages of the activity - don't look at the solutions until you have finished).
• This information can be found in the textbook on pages 98 to 109.

Today's Class

• We will review balance sheets and income statements.
• This information can be found in the textbook on pages 62 to 65.
• Terms to know: Current Assets and Current Liabilities, Fixed Assets and Long-Term Liabilities, Revenue, Expenses, Contra-Asset and Contra-Liability accounts.
• Exercise: Based on the Trial Balance for R. Brown Accounting, create an Income Statement and a Balance Sheet in M.S. Excel.

Additional Resources

Balance Sheet

Income Statement

BTT1O, ESL - Table of Online Safety Terminology (Part 2)

Learning Goals

The objective of this task is to:

• Demonstrate an understanding of internet safety terms and how to protect yourself online; and
• Format a table and WordArt in M.S. Word.

Success Criteria

I will know I am successful when:

• The definitions and safety tips are detailed and complete;
• The phrases have been written in my own words and typed correctly; and
• The Word document is easy to understand and contains interesting designs.

Instructions

1. Open the M.S. Word document that we worked on in Tuesday's class about online safety terms and online habits
2. Complete the table based on information from class discussion
3. Format a table in M.S. Word with borders and shading
4. Use WordArt feature to create a title (we will cover this in class)
5. Save your work and drop off the assignment in the drop-off box.

Drop-Off Box

For the ESL BTT1O class, use the drop-off box for Mr. Bourgase.

1. Open the Kipling CI folder on your desktop
2. Open the Drop-Off folder
3. Open the folder named Bourgase
4. Drag and drop your finished work into the folder named BTT1O ESL First Period

Always put your full name in the file name and in the document that you are submitting

BTT1O: Online Presence

If Someone Looked You Up, What Would they Find?

Introduction

A digital tattoo is the remains of your online activities that remain years after they have taken place. For example, posts on message boards, photos and other information may be stored on a server and appear when others search for you.

Since employers may search a person's name or their previous experience (schools, jobs, etc.) it is important to balance having fun online with maintaining your reputation. "Digital Footprint" is another name for all the information that you leave as a result of your computer use.

Even web sites, blogs and tweets can be recovered - even if the original is deleted - since they are stored on the Internet Archive's WayBack Machine (http://archive.org/web/).

1) Google Yourself

• does anything come up? (try quotation marks around your name, your name and Toronto and your name 2010..2013 to limit results)
• are you happy or displeased about the information?
• what does it say about you?

You can set up a Google Alert (http://www.google.ca/alerts) to send you an email when your name appears in a search result.
Online Article: "Google Me" Link: http://digitaltattoo.ubc.ca/2013/11/07/google-me/

2) Assess Your Own Habits

• how would you evaluate your habits? (on a scale of 1 to 10)
  • privacy (limiting personal information posted online)
  • professionalism (avoiding embarrassing pictures and posts)
  • Personality (being positive, talking about your own accomplishments and those of others)
• list three good tips that would help you and your friends stay safe and private online.

Today's Task

Answer the questions in a well-formatted M.S. Word document that demonstrates your skills with that software. Save the document in a folder in your BTT1O folder.

Other Resources

• "Protect Yourself" (http://digitaltattoo.ubc.ca/protect)
• "Common Sense" (http://www.commonsensemedia.org/advice-for-parents/internet-safety-tips-high-school-kids)
• "12 Most Critical Reasons Students Need a Clean Online Presence" (http://12most.com/2012/04/12/reasons-students-need-clean-online-presence)

Closing Thought

BAT4M: Accounting Cycle

1) Welcome

My name is Mr. Bourgase and I will be teaching this class until Mr. Tulumello returns. I can be reached at brock.bourgase@tdsb.on.ca. First, we need to talk about where the course is and what information has been covered. We can review any question that you would like.

2) Accounting in the News

Rihanna: I Was Bankrupt Because of My Stupid Accountant

• Original article written by TMZ on February 12th 2014 and available at http://www.tmz.com/2014/02/12/rihanna-lawsuit-accountant-bankrupt/

Rihanna says her accountant made so many boneheaded decisions that he blew her fortune and she was "effectively bankrupt" by the end of 2009.

The singer claims in new legal docs she had $11 MILLION in cash at the beginning of 2009. Rihanna says the accountant was not on the ball and she was horrified to learn at the end of the year she had $2 million left. To make matters worse, her expenses doubled, which left her on a financial cliff.

As for how Rihanna blew through $9 million in one year ... she says her accountant gave her the green light to buy a house priced between $7 and 7 1/2 million. So she took his advice. She ultimately sold the house for a $2 million LOSS.

She also claims her 2009 tour -- Last Girl on Earth Tour -- was losing money but the accountant never gave her the heads up.

The legal docs were filed in connection with a lawsuit Rihanna filed against her accountant, claiming gross mismanagement. BTW ... Rihanna has rebounded nicely. Her net worth is now estimated at $43 mil.

3) Activity

Record the activities for Ken's Barber Shop and update the General Journal and T-Accounts in the spreadsheet file. Verify your work by updating the Trial Balance. Save the spreadsheet file on your home drive.

Instructions

• Instructions: https://drive.google.com/file/d/0BzT-yqq3ik8hZnlUdHNta1p6aDQ/
• Spreadsheet: https://drive.google.com/file/d/0BzT-yqq3ik8hM1d4MTNTU0FYYUU/

.

4) Background Information

General Journal

T-Accounts

Homework

You have been reviewing Chapters 1 & 2. Write a list of concepts that you want to review or questions that you have and email it (list 3 to 5 things). We need to balance reviewing what has been covered with moving forward in the course. If you want your questions to be anonymous, you can hand in the list on paper next class.

BTT1O ESL: Online Habits (Terminology)

Minds On

Would you be Facebook friends with this person?

Vocabulary

Keep a list of vocabulary words in your home drive in a folder labelled "BTT1O" with a clear file name.

Term	Definition	How can you protect yourself?
Phishing
Flaming
Viruses
Cyber-Bullying
Sexting
Trolling
Spam

Today's Task

• To test your Microsoft Word Skills, recreate the table above in M.S. Word and save it on your home drive.
• I will post the document we have been showing on the screen during our discussions after it is completed to be an example.