FINANCIAL MANAGEMENT & RECORDKEEPING
COURSE DESCRIPTION
This integrated, collaboratively taught Financial Management and Recordkeeping class will provide all students an opportunity to study the four basic fundamental math operations with respect to how they are used in recordkeeping/business computations. Students will increase their problem-solving skills through the analysis of various business transactions . By satisfying requirements of this study, all students will become more informed, skilled, productive, employable, and socially responsible citizens.
SWRSD OUTCOMES
Outcome 6: Students use a variety of ways to think and to reason when solving problems and making thoughtful decisions.
Outcome 9: Students use technology for adapting to and intitiating productive change.
Outcome 10:Students demonstrate liesure, vocational and life skills.
COURSE OUTLINE
CONTENT (Essential course facts, concepts, and basic skills; assessed with teacher-made tests and rubrics)
Major Units of Study
A. Basic Business Records
Alaska Content Standard(s): Standard A; Employabiliy Standards: A student will be able to apply critical &crative thinking skills to make decisions and solve problems.
Key Elements: Student will know about, understand, and demonstrate the ability to
1. accurately execute transaction for receiving cash.
* compute sales tax.
* prepare a sales slip and receipts including subtotal, tax, and total.
* demonstrate the ability to correctly make change.
* recognize all component parts of a correctly-written check.
* prove payment stubs and checks received by mail and prepare a payment slip.
2. cashier’s activities
* identify the common features of electronic cash registers.
* total cash, checks, paid-out slips correctly and compute total cash receipts.
* prepare a proof of cash report agreeing with audit tape.
3. records for small business
* record receipts and payments in a classified cash book.
* prove and close the classified cash book.
4. petty cash and travel records
* prepare and make entries in a petty cash vouchers and cash summary.
* prove and close a petty cash book.
5. business banking records
* count and wrap bills and coins.
* prepare a cash tally sheet and a bank deposit slip for monies.
B. Applied Business Records
Alaska Content Standard(s): Standard A; Employabiliy Standards: A student will be able to apply critical & crative thinking skills to make decisions and solve problems.
Key Elements: Student will know about, understand, and demonstrate the ability to
1. recording retail charge sales
* prepare charge sales slips and credit memos for posting.
* post charge sales and sales returns to customer’s account.
* prepare customer’s statement of account and post cash receipts to account.
2. inventory records
*determine which items on an inventory listing need to be reorder and prepare a low-stock report.
3. ordering and receiving stock
* use a stock card to prepare a purchase requisition and price quotations.
* use price quotations to prepare a purchase order.
* prepare a receiving record on items purchased.
* update stock cards and complete and inventory sheet.
4. accounts payable procedures
* find the credit, discount and amount due on an invoice.
* check and compare total on invoice with purchase order.
* post purchase invoices and purchase returns to creditors’ accounts.
* post payments made to creditors’ to their account.
C. Basic Accounting Records
Alaska Content Standards: Standard A; Employabiliy Standards: A student will be able to apply critical and crative thinking skills to make decisions and solve problems.
Key Elements: Student will know about, understand, and demonstrate the ability to
1. assets, liabilities, and owner’s equity
* define assets, liabilities, and owner’s equity.
* compute owner’s equity, given total assets and total liabilities.
* complete a balance sheet, including the heading, assets, liabilities, and owner’s equity section.
2. accounts
* draw and label the debit and credit sides of a T account.
* record entries in a T account and compute the difference between the entries on both sides and determine if the total debits equal the total credits.
* prepare a balance sheet from T accounts.
3. changes in accounts
* record transactions involving increases and decreases in asset, liability, and owners equity accounts.
4. general journal and ledger accounts
* name the five column headings of the general journal.
* locate and provide information about the date money columns and the pages of the general journal.
* state three reasons for recording transactions in a journal.
* make the opening entry in the general journal and journalize transactions.
5. ledger accounts and posting
* explain the use and purpose of columns and data on a ledger account.
* identify a given number account as an asset, liability, or owner’s equity account.
* post entries from the general journal to ledger accounts.
6. special journal for purchases and cash payments
* journalize credit purchases in a purchases journal.
* post entries from a purchases journal to ledger accounts.
* journalize purchases returns and allowances.
* journalize transactions in a cash payments journal.
* post entries from cash payments journal to ledger accounts.
7. special journals for sales and cash receipts
* journalize transactions in a sales journal.
* post entries from the sales journal to ledger accounts.
* journalize transactions in a cash receipts journal.
* post entries from cash receipts journal to ledger accounts.
8. trial balance and financial statements
* prepare a trial balance.
* prepare an income statement for a service business.
* prepare a balance sheet for a service business.
SKILLS (Essential processes or skills, universally taught by all teachers in all courses; assessed with teacher-made rubrics and/or tests)
Major Categories of Skills
A. Cross-curricular and/or Integrative Skills
Key Elements: Student will know about, understand, and demonstrate the ability to
1. effectively communicate (listen, observe, read, write, discuss, present, explain, persuade, defend)
2. apply a variety of mathematical concepts and skills (logic, statistical interpretation, plotting and analyzing graphs, concluding, predicting trends) to solve common day-to-day problems
3. use a variety of higher order thinking skills (hypothesizing, estimating, analyzing, classifying, synthesizing, evaluating,inferring, generalizing) to solve common day-to-day problems
4. set and achieve goals (brainstorm, envision, plan, research, manage time, persist, complete)
5. produce quality products (plan, organize, draft, evaluate, revise, improve, persist, complete)
B. Technological Skills
Key Elements: Student will know about, understand, and demonstrate the ability to
1. use modern technology (computers, scanners, copiers, printers, calculators, audio/visual tools, telephones, fax machines, calculators) to solve common, day-to-day problems
2. apply basic computer applications (word processing, spreadsheet, database, graphics, desktop publishing, Internet, e-mail) to produce quality products, including
• multimedia presentations (speeches, demonstrations, lectures)
• reports, bids, proposals, instructions, manuals
• research polls, surveys, checklists
• graphs, tables, charts, maps, illustrations, photographs
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• letters (complaints, requests, replies, recommendations, applications, resumes)
• expository essays, research papers, literary works related to Financial Management and Recordkeeping
C. Life and/or Employability Skills
Key Elements: Student will know about, understand, and demonstrate the ability to
1. behave responsibly and produce quality products related to Financial Management and Recordkeeping • attend, be punctual, follow directions, manage time, stay on task, meet deadlines • safely, effectively, efficiently, accurately use the work area, materials, tools, & technology
• set short and long-term goals, plan, use higher order thinking skills, seek help, persist
2. work well with others (cooperate, develop group unity, determine leadership roles, contribute to group success, allow others to contribute, resolve group conflicts, make group decisions)
3. relate Financial Management and Recordkeeping content and skills to your personal life and the lives of others
• respect and treat others equally, from the perspective of the needs and rights of all people
• responsibily examine (be aware, know resources, research, consider, discuss) current Financial Management and Recordkeeping issues and/or events that personally affect you or others
• effectively support opinions in productive ways (preplan, research, logically organize, give specific examples, illustrate, recommend)
4. use new knowledge, understanding, skills and tools to solve real life problems, make decisions or choices , and predict logical consequences or possibilities
5. acquire career knowledge and skills related to employment opportunities in financial management related organizations
• compare colleges, technical, or business schools (locations, size, costs, special programs)
• apply for admission, complete applications for scholarships or other financial aids
• develop a four-year schedule of classes, including alternatives for those not available 6. present oneself in an employable manner
• wear appropriate dress and be physically well-groomed • demonstrate good speaking and/or interviewing skills
• complete all written forms (letter of application, resume, required forms, legal documents) • provide a portfolio that shows special products, skills, experiences, achievements, awards
D. Cultural Relevance:
Alaska Content Standards for Culturally Responsive Schools: Student Standards A-E
Key Elements: Student will know about, understand, and demonstrate the ability to
1. respect ones own cultural heritage, traditions, and language
• interview elders in order to compile personal genealogies and/or a local history
• identify local cultural values and traditional responsibilities to the environment
• respect and live in tune with local cultural values and traditions
2. build on local knowledge & skills to achieve future success in the world at large by
• using methods from ones own traditions to learn about the world beyond ones village
• understanding how the local culture relates to others in the area, state, nation, and world
• making appropriate choices regarding the long-term consequences of ones own actions
3. participate in a variety of traditional activities related to the local culture, including
• subsistence activities, arts and crafts, dance and music, sports and recreation
• community government, tribal, and church affairs
• total wellness programs (drug and alcohol free programs, parenting, nutrition, exercise)
4. engage in family-related activities based on traditional ways of knowing and learning, including
• consistent, respectful, loving interactions with Parents and Elders that show appreciation of their roles as providers and care givers, culture bearers, and educators in the community
• self-assess ones own strengths and needs in order to make appropriate life choices
5. explain the processes, forces, and interactions of the world and its varied cultures, includinng the
• interrelationships of the spiritual, natural, and human world
• geographical and ecological resources of the local environment
• impact of the environment on the origins of culture and ones personal cultural perspective
• the nature of diversity and the need for change over time
• cross-cultural influences, interactions, conflicts, communications, and resolutions
INSTRUCTIONAL RESOURCES AND MATERIALS
A. Community Resources Related to Course
Each individual and/or team of instructors, with the help of long time staff, students, parents and other concerned community members should cooperatively compile and periodically update a list of village elders, parents, local government leaders, business persons, and other concerned, active members of the community willing to share their wealth of experiences, knowledge and skills.
B. Major Internet Web Site Addresses Related to Course (a tiny sample)
• Consumer
http://www.halifax.cbc.ca/streetcents/stox/
• Consumer
http://www.kn.pacbell.com/wired/bluewebn
• Business
http://www.thomson.com/swpco/bused.html
• Business http://www.primarysources.msu.edu/curricula/lessons/manu/marketing/
• Business
http://www.aboutwork.com
• Business
http://www.cybf.ca
C. Media Center: Southwest Region School District
• Contact Roz Goodman, the Southwest Region Media Specialist, for help. She has lists of materials related to specific subject areas and will help you find Internet resources or other materials
• The Alaska State Framework for Business Education (This resource is full of
suggestions for activities, teaching/assessment strategies, lesson plans, web site addresses etc.)
• Teaching Study Skills & Strategies in High School (includes activities); Active Learning: 101 Strategies to Teach Any Subject (includes activities)
D. Itinerant Travel Kits and/or Permanent Core Skills Instructors’ Materials
• Videos Related to Course
The Firm
• Simulations and/or Activity Packets Related to Course
• CD ROMs/Software Related to Course
• Text and/or Supplemental Books Related to Course
Assessment Guidelines and Grading still “under construction” and awaiting additional in-put)
Teacher-made tests will be required: pre-tests, daily and/or weekly quizzes, Unit Tests, Final
Exams
Processes/Skills will be assessed with rubrics or checklists containing very specific criteria for student performance.
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(The Following Still Needs Input, Thought, and Work)
ASSESSMENT GUIDELINES AND GRADING
The primary goal of this class is to give all students an opportunity to gain essential new knowledge, comprehension, and skills. To determine if all students are actually attaining this goal, regular, in-progress assessment of student progress will be part of daily in-progress activities and final student projects.
• cooperatively develop traditional teacher-made daily/weekly quizzes, unit tests, and final trimester exams
designed to measure student knowledge and comprehension of basic course content.
• cooperatively plan and consistently apply a variety of student performance assessments (rubrics,
check-lists) to evaluate in-progress and summary student skill development.
CONTENT KNOWLEDGE TESTS
Minimum Requirements: At the very least, course Content will be regularly assessed with traditional
Teacher-made Tests (multiple choice, completion, true/false, matching, short essay).
• daily or weekly Quizzes should be given as part of normal, on-going classroom procedures.
• periodic reviews and subsequent summary Unit Exams will be given in every course.
• comprehensive reviews and summary Trimester Final Exams will be given in every course. • Unit and Trimester Final Exams should measure student retention and comprehension of the most important factual content (who, what, where, when, why, how) and improvement of basic skills (recall, reading, thinking, writing, calculating).
Suggestions:
• Pretest or use the test-study-test method rather than simply study-test. Pretesting at the start of a unit helps both students and teachers discover What They Already Know and What They Need to Learn.
• Wh en necessary develop individualized tests to account for individual learning styles and/or special learning difficulties. Consult Special Education teachers and counselors for help.
• Reteach and Retest when needed to improve and/or reinforce student knowledge and comprehension.
• Promptly grade and review results of all quizzes, tests, or exams. Students want, need, and have the right to quickly know how they have done on tests.
• Use tests as a teaching tool: require students to correct all factual errors and/or process mistakes.
• Teach students How to Take Tests. Important skills are involved and students need to learn them.
CRITERION-REFERENCED TESTS (CRT’s)
• Core Skills Language Arts and Mathematics teachers at the secondary level still have the duty of teaching, testing, and accurately recording student progress on the district's standardized CRT Tests and are accountable for accurately recording student progress on these tests.
• Note: Because all secondary teachers are members of collaborative teams, all secondary teachers are expected to assist their team partners help all students successfully complete, at the very least, Banks 7 and 8 of the CRT's.
STUDENT PERFORMANCE RUBRICS
• Rubrics will be used to better teach and assess the development of essential Skills (listening, reading, speaking, critical thinking,writing, research, cooperative group work, discussion, problem solving, decision-making, use of technology, social behavior, employability, social behavior/citizenship, cultural relevance) and to determine the quality of final products
• Rubrics must include clearly stated, easily understood directions, and specific information about what students will be expected to do and learn. Quality standards and deadlines should be included.
• Rubrics will be assigned at the beginning of any activity whose major objective is the acquisition and application of essential Skills. Carefully explain exactly how a particular rubric will be used.
• Use rubrics as a teaching tool. Teach all students how to use rubrics to self-assess the quality of their own work and/or that of their classmates--and their teachers.
EXTRA CREDIT WORK
In order to encourage students to pursue high level performances and quality products, all students who have completed required work, including any expected revisions, should be given an opportunity and encouraged to do Extra Credit work that might increase the depth and/or breadth of their understanding.
• Note that extra does not mean in place of; rather, extra means in addition to. Students should thus be allowed and encouraged to voluntarily complete additional, challenging tasks that might broaden or deepen their understanding.
• Assessment of Extra Credit work should follow the same systematic guidelines and/or utilize the same type of assessment rubrics, tests, or other techniques used to evaluate required work.
GRADING
All students will be held accountable for meeting the minimum requirements of all courses and will earn grades based on their ability to demonstrate the acquisition of basic content knowledge and comprehension, and their ability to apply specific essential skills to produce quality finished products. Final Grades in all courses will follow on a traditional “A”, “B”, “C”, “D”, “F”, “I”, system.
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