Orientation

Introduction

Financial Management 1020: Accounting Cycle 1 introduces you to the accounting cycle for a service business. A service business sells a service to the public, for example, a hairstyling salon or a tutoring service.

Big Picture

The ledger is open, the business is operating, and you are ready to start making some money.

Bring on the customers! But wait, you need to know where all that cash is coming from or going to. Accurate records will help you make important business decisions, such as what you could spend less on to make more profit. This is similar to keeping track of your own personal spending to help you budget where your money is going.

Financial Management 1020 walks you through how to record your day-to-day business activities. After completing this course, you will be qualified to apply for an entry-level position as an accounting clerk or continue further training at a post-secondary institution. This course is also a prerequisite for Financial Management 1030: Accounting Cycle 2. It is in FIN 1030 that you will learn more about the complete accounting cycle and develop further skills for use in the field of finance.

If you decide to continue with Financial Management there are additional courses available at both the high school and post-secondary levels. More training gives you the qualifications to apply for the more interesting positions.

Project 1 consists of six training rooms to help you prepare the major project required for Financial Management 1020. In this project, you will simulate working as an entry-level accounting clerk for a service business.

Suggested completion time for the course is 25 hours. You may be able to complete it in less time or it may take you a little longer. Completing the course should not take more than 32 hours, however.

Assessment

The assessment for this course is based on the assignments for each project, the final project, and meeting the basic course competencies. Assignments to be marked by your teacher are indicated by the heading Time to Work.

You will need to create a Course Portfolio where you can add documents as you go through this course. Suggestions of what to include in the Course Portfolio are provided as you work through the projects and Training Rooms. The purpose of this portfolio is to

• allow you to showcase what you know about accounting to prospective employers and/or post-secondary institutions
  
  
• provide you with an excellent review when working on the final project
  
  
• provide the foundation for you to build on in FIN1030
  
  
• provide a reference as you continue your accounting studies

Suggested weightings are as follows, but you should confirm them with your teacher:

Basic competencies are assessed throughout the course, as indicated by your teacher. Click the Basic Competencies Rubric to familiarize yourself with what is expected.

Expectations

Icon Legend

Tips and Tricks: These will help you complete assignments

GAAP: Generally Accepted Accounting Principles

Check Your Answer: Self-check to assess your understanding

Accounting Forms: Forms that you will need to do your work

Assessment or Rubric: An assignment to be assessed or a rubric for you to use as a checklist for assessment

Link to a document: Links to a document that you will need to reference

Multimedia: Movies for tutorials and further understanding

Exemplars/examples: Examples of financial documents

Saving Your Work

You will need to create a Course Folder on your desktop called FIN1020. This is where you will save all your assignments.

Your Course Portfolio can be saved as a folder inside your Course Folder or as a desktop folder specifically to collect your portfolio information. This information is presented and assessed at the end of this course.

Check with your teacher for special instructions on saving work for assessment.

Review the Creating Folders movie for instructions on creating a folder. This movie is available under Tips and Tricks in the Toolkit for you to access whenever you need it.

Please check with your teacher for instructions if you are having difficulties.

Toolkit

You will note that there is a Toolkit in the course menu. The Toolkit contains support documents and the Excel® spreadsheet accounting and workbook forms you need for the course. You will be referred here during your lessons and may access information whenever you need it.

In the Toolkit you will find the following:

• Accounting Forms—forms already created in Excel® 2007 for you to use
  
• Exemplars—examples of completed accounting forms
  
• Rubrics—checklists for you to check your assignments
  
• Tips and Tricks—suggestions to help you work through your assignments

Glossary

Note that new terms are displayed in bold text. If you would like to review the meaning of these words, you may refer to the glossary any time you wish.

Student Expectations

To achieve success in this course, read all of the instructions carefully and work thoroughly through the material. Remember, it’s the work and practice you do that will prepare you for the assignments for assessment by your teacher. Set realistic goals for yourself each day and stick to them. Do your work regularly and don’t forget to check your work before attempting your assignments. Good work habits will greatly increase your chances for success in FIN1020.

You will be required to communicate regularly with your teacher. Constant communication lets your teacher know how you are progressing and lets you discuss any concerns or issues that you may have. Communication can happen in the form of e-mails, phone calls, or other methods—whatever suits you best.

Continue to Project 1 where you will begin the journey of the Accounting Cycle.