BAT4M Accounting Cycle Test Review List

For Tuesday March 18

Please review the following:

• Basic Accounting Terms (accounting duties, debit/credit, etc.)
• Accounting Concepts (Time Period, Business Entity, Going Concern, Monetary Unit Assumption)
• GAAPs (9 principles: cost principle, objectivity, conservatism, revenue recognition, expense recognition, matching principle, consistency, materiality, full disclosure)
• Trial Balance (organization, format)
• Financial Statements (Income Statement and Balance Sheet, formatting, calculating Owner's Equity)
• General Journal and General Ledger (entries, formatting)
• Adjusting Entries (definition, determining if they are necessary, creating adjusting entries)
• Closing Entries (4 entries, permanent/temporary accounts, Income Summary)
• Accounting Ethics
• Basic Calculations

You will have to do some Math. Bring a calculator if you need to.

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 - 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

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

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.