Big Ideas
Big Ideas
Financial literacy promotes the financial well-being of both individuals and businesses.
Business creates opportunities to enable change.
Tools and technologies can be adapted for specific purposes.
Content
Learning Standards
Content
financial reporting for sole proprietorships, partnerships, co-operatives, and corporations
accounting principles
generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)
and practices
basic payroll processes
for example, general payroll remittances, required payroll tax documents
inventory systems
last-in first-out (LIFO), first-in first-out (FIFO), perpetual and periodic, cost of goods sold
best suited for different business models
detailed ledger accounts
periodic and perpetual inventory methods
accounts receivable, accounts payable
specialized accounting journals
for example, subsidiary ledger, synoptic journal, cash receipts journal, sales journal, cash payments journal, purchases journal
account reconciliation
internal controls
for example, asset management, inventory management, cash management, controls against theft and fraud
established to protect assets and ensure accuracy
coordination and facilitation skills for projects and processes
interpersonal and presentation skills
for example, professional communications, collaboration, follow-ups, and courtesies; technological or visual supports to accompany marketing or demonstrations at meetings and conferences; social media and networking
to promote products or services and to interact with potential customers/clients
industry best practices
career options and opportunities in various accounting sectors
Curricular Competency
Learning Standards
Curricular Competency
Applied Design
Conduct research
for example, with the client/business to understand when, where, why, and how they provide their products and services and to determine the best-fit accounting system/ledger for the task/service at hand
to acquire a deep understanding of the issue and its context
Identify criteria for success, constraints
limiting factors, such as legal requirements and ramifications, expenses, ease of use, labour intensiveness
, and possible unintended negative consequences
Identify, critique, and use a variety of sources of inspiration
may include experiences, users, experts, thought leaders
and information may include industry best practices, professionals, experts, secondary sources, collective pools of knowledge in communities and collaborative atmospheres both online and offline
Generate ideas, individually and collaboratively, to contribute to the creation of a business product
Use applicable and effective approaches for choosing a strategy or developing solutions
Determine ethical considerations
for example, potential conflicts or grey areas
of proposed strategies and solutions
Create a draft approach to satisfy business needs
Determine the location of data sources and develop accounting efficiencies for initial setup and ongoing processing
Obtain and evaluate critical feedback
For example, does the software chosen best support the business in question? Are all necessary reports and documents being generated?
from multiple sources, both initially and over time
Based on feedback received and evaluated, make changes to accounting products
for example, spreadsheets, reports, inputs, and information-sources
or processes as needed
Perform applicable analyses to uncover trends, patterns
can include unexpected or conflicting findings that may require additional investigations
, and relationships
Assess the current and projected financial strength of a business
Obtain pertinent information through different sources
for example, financial documents, source documents, users
Identify tools, technologies, materials, processes, and time needed for development and implementation
Share progress during the accounting cycle to generate feedback and promote collaboration
Describe the financial status of enterprises based on analysis of financial documents
Critically evaluate their ability to work effectively, both individually and collaboratively, including the ability to implement project management processes
setting goals, planning, organizing, constructing, monitoring, and leading during execution
Applied Skills
Choose an appropriate form, scale, and level of detail
present the ideas developed after looking at best practices, and make the presentation succinct
for communicating outcomes in a clear and concise manner
Evaluate safety issues
for example, viruses, phishing, privacy (digital); ergonomics, lifting, repetitive stress injuries (physical)
for themselves, co-workers, and users in both physical and digital environments
Identify and critically assess skills needed related to current or projected tasks, and develop specific plans
for example, explore relevant organizations, courses, professional development opportunities, designations (e.g., CPA [including CGA, CA, CMA])
to learn or refine skills over time
Evaluate and apply a framework
for example, generic multi-step problem-solving processes, established multi-step problem-solving corporate frameworks
for solving problems and making financial decisions
Applied Technologies
Explore existing, new, and emerging tools, technologies, and systems and evaluate their suitability for the task at hand
Evaluate impacts, including unintended negative consequences, of choices made about technology use
Use digital technologies to generate results and support facts and findings