Prairie

Mustangs

Accounting

 

This class offered students the opportunity to learn accounting using two different methods. They first learned how to complete accounting forms by hand. Then they learned to use an automated accounting system requiring computer software. The Accounting I class studied an accounting cycle for a service business organized as a sole proprietorship which included the following:

  • Changes that affect the accounting equation

  • Analyzing transactions into debit and credit parts

  • Recording transactions in a general journal

  • Posting from a general journal to a general ledger

  • Cash control systems

  • Work sheet for a service business

  • Financial statements for a proprietorship

  • Recording adjusting and closing entries for a service business

 

Students also learned the next phase ~ accounting for a merchandising business organized as a corporation. The students were exposed to the following procedures for a business structured in this manner:

  • Journalizing purchases and cash payments

  • Journalizing sales and cash receipts using special journals

  • Posting to general and subsidiary ledgers

  • Preparing payroll records

 

At the end of the year, students in this class were required to play “Accounting Monopoly”. This was a hands on experience allowing them to play a fun game, but also keep track of all transactions that were involved. Some of these transactions were:

  • Buying property, paying income tax, collecting revenue (GO), collecting Rent Expense, paying rent…etc.

  • At the end of the game, the player who accumulated the most overall Wealth was the winner. To figure this out, students prepared Balance sheets and other Financial Statements.