Lesson: 14-17

Topic: AccountEdge

Objectives:

During this unit, students will learn to use AccountEdge to record transactions, produce source documents, and generate financial statements.

Method of Instruction and Evaluation:

Students will watch the following AccountEdge training videos:

Students will download the trial version of AccountEdge from: ca.accountedge.com

 Evaluation:

Students will engage in a three-part AccountEdge Simulation. The phases of the simulation are outlined as follows:

1. Setup: In this stage, the student establishes her business file within AccountEdge. Note: Select the option to "create your own accounts."

2. Transaction: In the transaction stage, students will record two types of transactions: i) peer-to-peer, and ii) centralized.

i) Peer-to-Peer: These are sales and purchases between the student businesses established within the Simply Accounting simulation. Students should aim to secure two peer-to-peer transactions within the simulation.

ii) Centralized: These transactions are dictated by the course instructor.

3. Demonstration Test: This is the stage of the simulation where students present their AccountEdge file to the class, and the teacher asks the student a variety of questions regarding his/her business as well as her general proficiency using AccountEdge.


Expectations Addressed:

The expectations addressed by this lesson have been highlighted below.

Strand 1: The Accounting Cycle

Accounting Principles and Practices

By the end of this course, students will:

– apply Generally Accepted Accounting Principles (GAAP) (e.g., matching principle, conservatism principle, realization [aka revenue recognition principle] principle) in the accounting cycle;
– demonstrate the relationship between GAAP and accounting practices (e.g., matching principle and adjusting entries, cost principle and asset valuation);
– describe the roles of various agencies (e.g., Canadian Institute of Chartered Accountants, Certified General Accountants Association of Ontario, Society of Management Accountants of Ontario, Ontario Securities Commission, Canada Revenue Agency) and their effects on accounting practices.

Accounting Cycle in a Computerized Environment

By the end of this course, students will:

– record transactions, using a computerized accounting system, for a service business and a merchandising business;
– prepare a trial balance and detailed financial statements, using applications software;
– record adjusting, closing, and reversing entries, using a computerized accounting system.

Ethics and Issues in Accounting

By the end of this course, students will:

– describe the impact of ethical issues on accounting practices;
– analyze the effects of current issues on financial accounting (e.g., transactions off the balance sheet, fraudulent practices in financial statement reporting, manipulation of GAAP, move towards global accounting practices);
– evaluate the impact of the evolution of technology on the field of accounting

Resources:

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