Accounting
A full high-school course in the language of business, from Luca Pacioli’s Venice and the Medici partnerships to the Dutch East India Company’s shares, Carnegie’s cost sheets and the lessons of Kreuger and Enron, with every journal entry, trial balance and statement worked out by hand and kept in a real set of books.
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What to cover
42 of 50 lessons are MUST COVER. They are tested on the unit tests and exams, or are skills the SAT/ACT relies on. OPTIONAL lessons are enrichment. Do them if time allows. The course is complete when the MUST COVER lessons are done.
Unit 1: The Language of Business
- MUST COVER 1.1 Pacioli and the Merchants of Venice · exam
- MUST COVER 1.2 The Accounting Equation · exam
- MUST COVER 1.3 The Double-Entry Idea: Datini of Prato · exam
- MUST COVER 1.4 The Chart of Accounts: Fugger’s Counting Room · exam
- MUST COVER 1.5 Why Honest Books Matter · exam
Unit 2: Recording Transactions
- MUST COVER 2.1 Debits and Credits: The Merchant’s Trust · exam
- MUST COVER 2.2 The Journal: George Washington’s Account Books · exam
- OPTIONAL 2.3 Posting to the Ledger
- MUST COVER 2.4 The Trial Balance · exam
- MUST COVER 2.5 Finding and Correcting Errors · exam
Unit 3: The Accounting Cycle
- MUST COVER 3.1 Accrual versus Cash: From Voyages to Periods · exam
- MUST COVER 3.2 Adjusting Entries: Franklin’s Fire Insurance · exam
- MUST COVER 3.3 The Worksheet: Accountants’ Spreadsheets · exam
- MUST COVER 3.4 Closing Entries: The Day of Reckoning · exam
- OPTIONAL 3.5 The Full Cycle: Lincoln’s Store and a Practice Set
Unit 4: Financial Statements
- MUST COVER 4.1 The Income Statement: Wedgwood Finds His Costs · exam
- MUST COVER 4.2 The Statement of Owner’s Equity: Franklin and Hall · exam
- MUST COVER 4.3 The Balance Sheet: The Bank of England Reports · exam
- MUST COVER 4.4 The Statement of Cash Flows: Profitable and Broke · exam
- OPTIONAL 4.5 Reading a Real Annual Report: U.S. Steel to the 10-K
Unit 5: Cash and Internal Control
- MUST COVER 5.1 Cash and the Bank Reconciliation · exam
- MUST COVER 5.2 Petty Cash and the Incorruptible Cashier · exam
- MUST COVER 5.3 Internal Control and Separation of Duties · exam
- MUST COVER 5.4 Fraud: Ivar Kreuger and the 1932 Collapse · exam
- MUST COVER 5.5 Ethics and the Accountant’s Vocation · exam
Unit 6: Receivables and Inventory
- MUST COVER 6.1 Accounts Receivable: Singer Sells on Credit · exam
- MUST COVER 6.2 Bad Debts: The Medici and the King · exam
- OPTIONAL 6.3 Inventory Systems: From the Counting Book to the Bar Code
- MUST COVER 6.4 FIFO, LIFO and Average Cost · exam
- MUST COVER 6.5 Cost of Goods Sold and Gross Margin: Woolworth’s Five and Ten · exam
Unit 7: Long-Term Assets and Liabilities
- MUST COVER 7.1 Plant Assets and Straight-Line Depreciation: Arkwright’s Mill · exam
- MUST COVER 7.2 Declining-Balance and Units-of-Production Depreciation · exam
- MUST COVER 7.3 Notes and Interest: Fugger Lends to an Emperor · exam
- MUST COVER 7.4 Payroll and Payroll Taxes: Ford’s $5 Day · exam
- MUST COVER 7.5 Bonds and Leases, Simply · exam
Unit 8: Partnerships and Corporations
- MUST COVER 8.1 Partnerships: The Medici Model · exam
- OPTIONAL 8.2 The Corporation: From the Dutch East India Company to Today
- MUST COVER 8.3 Stock: Issuing Shares from Buttonwood to Today · exam
- MUST COVER 8.4 Dividends and Retained Earnings: Ford versus the Dodge Brothers · exam
- MUST COVER 8.5 Nonprofit and Church Accounting: George Müller’s Reports · exam
Unit 9: Analysis and Auditing
- MUST COVER 9.1 Ratio Analysis: Liquidity and Solvency · exam
- MUST COVER 9.2 Profitability and the DuPont Formula · exam
- MUST COVER 9.3 Auditing and the CPA: The McKesson & Robbins Case · exam
- OPTIONAL 9.4 Enron, Arthur Andersen and the 2002 Reforms
- OPTIONAL 9.5 Careers in Accounting
Unit 10: Managerial Accounting
- MUST COVER 10.1 Cost Behavior and Break-Even: Counting the Cost · exam
- MUST COVER 10.2 Job and Process Costing: Carnegie’s Cost Sheets · exam
- MUST COVER 10.3 Budgets: Joseph’s Seven Years · exam
- MUST COVER 10.4 Capital Decisions and Present Value: Franklin’s 200-Year Gift · exam
- OPTIONAL 10.5 Capstone: Milton Hershey and a Small Business’s Books
36-week pacing calendar
From the course’s own 33-week pacing guide, with catch-up and review weeks added to fill a 36-week (180-day) year.
| Week | Plan | Done | Notes |
|---|---|---|---|
| Wk 1 | Day 1: Lesson 1.1 Pacioli and the Merchants of Venice: video, teaching and worked examples Day 2: Lesson 1.1: project and notebook Day 3: Lesson 1.1: practice set and corrections Day 4: Lesson 1.2 The Accounting Equation: video, teaching and worked examples Day 5: Lesson 1.2: project and notebook | ||
| Wk 2 | Day 1: Lesson 1.2: practice set and corrections Day 2: Lesson 1.3 The Double-Entry Idea: Datini of Prato: video, teaching and worked examples Day 3: Lesson 1.3: project and notebook Day 4: Lesson 1.3: practice set and corrections Day 5: Lesson 1.4 The Chart of Accounts: Fugger’s Counting Room: video, teaching and worked examples | ||
| Wk 3 | Day 1: Lesson 1.4: project and notebook Day 2: Lesson 1.4: practice set and corrections Day 3: Lesson 1.5 Why Honest Books Matter: video, teaching and worked examples Day 4: Lesson 1.5: project and notebook Day 5: Lesson 1.5: practice set and corrections | ||
| Wk 4 | Day 1: Unit 1 test Day 2: Lesson 2.1 Debits and Credits: The Merchant’s Trust: video, teaching and worked examples Day 3: Lesson 2.1: project and notebook Day 4: Lesson 2.1: practice set and corrections Day 5: Lesson 2.2 The Journal: George Washington’s Account Books: video, teaching and worked examples | ||
| Wk 5 | Day 1: Lesson 2.2: project and notebook Day 2: Lesson 2.2: practice set and corrections Day 3: Lesson 2.3 Posting to the Ledger: video, teaching and worked examples Day 4: Lesson 2.3: project and notebook Day 5: Lesson 2.3: practice set and corrections | ||
| Wk 6 | Day 1: Lesson 2.4 The Trial Balance: video, teaching and worked examples Day 2: Lesson 2.4: project and notebook Day 3: Lesson 2.4: practice set and corrections Day 4: Lesson 2.5 Finding and Correcting Errors: video, teaching and worked examples Day 5: Lesson 2.5: project and notebook | ||
| Wk 7 | Day 1: Lesson 2.5: practice set and corrections Day 2: Unit 2 test Day 3: Lesson 3.1 Accrual versus Cash: From Voyages to Periods: video, teaching and worked examples Day 4: Lesson 3.1: project and notebook Day 5: Lesson 3.1: practice set and corrections | ||
| Wk 8 | Day 1: Lesson 3.2 Adjusting Entries: Franklin’s Fire Insurance: video, teaching and worked examples Day 2: Lesson 3.2: project and notebook Day 3: Lesson 3.2: practice set and corrections Day 4: Lesson 3.3 The Worksheet: Accountants’ Spreadsheets: video, teaching and worked examples Day 5: Lesson 3.3: project and notebook | ||
| Wk 9 | Day 1: Lesson 3.3: practice set and corrections Day 2: Lesson 3.4 Closing Entries: The Day of Reckoning: video, teaching and worked examples Day 3: Lesson 3.4: project and notebook Day 4: Lesson 3.4: practice set and corrections Day 5: Lesson 3.5 The Full Cycle: Lincoln’s Store and a Practice Set: video, teaching and worked examples | ||
| Wk 10 | Day 1: Lesson 3.5: project and notebook Day 2: Lesson 3.5: practice set and corrections Day 3: Unit 3 test Day 4: Lesson 4.1 The Income Statement: Wedgwood Finds His Costs: video, teaching and worked examples Day 5: Lesson 4.1: project and notebook | ||
| Wk 11 | Day 1: Lesson 4.1: practice set and corrections Day 2: Lesson 4.2 The Statement of Owner’s Equity: Franklin and Hall: video, teaching and worked examples Day 3: Lesson 4.2: project and notebook Day 4: Lesson 4.2: practice set and corrections Day 5: Lesson 4.3 The Balance Sheet: The Bank of England Reports: video, teaching and worked examples | ||
| Wk 12 | Day 1: Lesson 4.3: project and notebook Day 2: Lesson 4.3: practice set and corrections Day 3: Lesson 4.4 The Statement of Cash Flows: Profitable and Broke: video, teaching and worked examples Day 4: Lesson 4.4: project and notebook Day 5: Lesson 4.4: practice set and corrections | ||
| Wk 13 | Day 1: Lesson 4.5 Reading a Real Annual Report: U.S. Steel to the 10-K: video, teaching and worked examples Day 2: Lesson 4.5: project and notebook Day 3: Lesson 4.5: practice set and corrections Day 4: Unit 4 test Day 5: Lesson 5.1 Cash and the Bank Reconciliation: video, teaching and worked examples | ||
| Wk 14 | Day 1: Lesson 5.1: project and notebook Day 2: Lesson 5.1: practice set and corrections Day 3: Lesson 5.2 Petty Cash and the Incorruptible Cashier: video, teaching and worked examples Day 4: Lesson 5.2: project and notebook Day 5: Lesson 5.2: practice set and corrections | ||
| Wk 15 | Day 1: Lesson 5.3 Internal Control and Separation of Duties: video, teaching and worked examples Day 2: Lesson 5.3: project and notebook Day 3: Lesson 5.3: practice set and corrections Day 4: Lesson 5.4 Fraud: Ivar Kreuger and the 1932 Collapse: video, teaching and worked examples Day 5: Lesson 5.4: project and notebook | ||
| Wk 16 | Day 1: Lesson 5.4: practice set and corrections Day 2: Lesson 5.5 Ethics and the Accountant’s Vocation: video, teaching and worked examples Day 3: Lesson 5.5: project and notebook Day 4: Lesson 5.5: practice set and corrections Day 5: Unit 5 test | ||
| Wk 17 | Catch-up and review week (no new lessons) | ||
| Wk 18 | Day 1: Review day for the midterm Day 2: Midterm exam Day 3: Lesson 6.1 Accounts Receivable: Singer Sells on Credit: video, teaching and worked examples Day 4: Lesson 6.1: project and notebook Day 5: Lesson 6.1: practice set and corrections | ||
| Wk 19 | Day 1: Lesson 6.2 Bad Debts: The Medici and the King: video, teaching and worked examples Day 2: Lesson 6.2: project and notebook Day 3: Lesson 6.2: practice set and corrections Day 4: Lesson 6.3 Inventory Systems: From the Counting Book to the Bar Code: video, teaching and worked examples Day 5: Lesson 6.3: project and notebook | ||
| Wk 20 | Day 1: Lesson 6.3: practice set and corrections Day 2: Lesson 6.4 FIFO, LIFO and Average Cost: video, teaching and worked examples Day 3: Lesson 6.4: project and notebook Day 4: Lesson 6.4: practice set and corrections Day 5: Lesson 6.5 Cost of Goods Sold and Gross Margin: Woolworth’s Five and Ten: video, teaching and worked examples | ||
| Wk 21 | Day 1: Lesson 6.5: project and notebook Day 2: Lesson 6.5: practice set and corrections Day 3: Unit 6 test Day 4: Lesson 7.1 Plant Assets and Straight-Line Depreciation: Arkwright’s Mill: video, teaching and worked examples Day 5: Lesson 7.1: project and notebook | ||
| Wk 22 | Day 1: Lesson 7.1: practice set and corrections Day 2: Lesson 7.2 Declining-Balance and Units-of-Production Depreciation: video, teaching and worked examples Day 3: Lesson 7.2: project and notebook Day 4: Lesson 7.2: practice set and corrections Day 5: Lesson 7.3 Notes and Interest: Fugger Lends to an Emperor: video, teaching and worked examples | ||
| Wk 23 | Day 1: Lesson 7.3: project and notebook Day 2: Lesson 7.3: practice set and corrections Day 3: Lesson 7.4 Payroll and Payroll Taxes: Ford’s $5 Day: video, teaching and worked examples Day 4: Lesson 7.4: project and notebook Day 5: Lesson 7.4: practice set and corrections | ||
| Wk 24 | Day 1: Lesson 7.5 Bonds and Leases, Simply: video, teaching and worked examples Day 2: Lesson 7.5: project and notebook Day 3: Lesson 7.5: practice set and corrections Day 4: Unit 7 test Day 5: Lesson 8.1 Partnerships: The Medici Model: video, teaching and worked examples | ||
| Wk 25 | Day 1: Lesson 8.1: project and notebook Day 2: Lesson 8.1: practice set and corrections Day 3: Lesson 8.2 The Corporation: From the Dutch East India Company to Today: video, teaching and worked examples Day 4: Lesson 8.2: project and notebook Day 5: Lesson 8.2: practice set and corrections | ||
| Wk 26 | Day 1: Lesson 8.3 Stock: Issuing Shares from Buttonwood to Today: video, teaching and worked examples Day 2: Lesson 8.3: project and notebook Day 3: Lesson 8.3: practice set and corrections Day 4: Lesson 8.4 Dividends and Retained Earnings: Ford versus the Dodge Brothers: video, teaching and worked examples Day 5: Lesson 8.4: project and notebook | ||
| Wk 27 | Day 1: Lesson 8.4: practice set and corrections Day 2: Lesson 8.5 Nonprofit and Church Accounting: George Müller’s Reports: video, teaching and worked examples Day 3: Lesson 8.5: project and notebook Day 4: Lesson 8.5: practice set and corrections Day 5: Unit 8 test | ||
| Wk 28 | Day 1: Lesson 9.1 Ratio Analysis: Liquidity and Solvency: video, teaching and worked examples Day 2: Lesson 9.1: project and notebook Day 3: Lesson 9.1: practice set and corrections Day 4: Lesson 9.2 Profitability and the DuPont Formula: video, teaching and worked examples Day 5: Lesson 9.2: project and notebook | ||
| Wk 29 | Day 1: Lesson 9.2: practice set and corrections Day 2: Lesson 9.3 Auditing and the CPA: The McKesson & Robbins Case: video, teaching and worked examples Day 3: Lesson 9.3: project and notebook Day 4: Lesson 9.3: practice set and corrections Day 5: Lesson 9.4 Enron, Arthur Andersen and the 2002 Reforms: video, teaching and worked examples | ||
| Wk 30 | Day 1: Lesson 9.4: project and notebook Day 2: Lesson 9.4: practice set and corrections Day 3: Lesson 9.5 Careers in Accounting: video, teaching and worked examples Day 4: Lesson 9.5: project and notebook Day 5: Lesson 9.5: practice set and corrections | ||
| Wk 31 | Day 1: Unit 9 test Day 2: Lesson 10.1 Cost Behavior and Break-Even: Counting the Cost: video, teaching and worked examples Day 3: Lesson 10.1: project and notebook Day 4: Lesson 10.1: practice set and corrections Day 5: Lesson 10.2 Job and Process Costing: Carnegie’s Cost Sheets: video, teaching and worked examples | ||
| Wk 32 | Day 1: Lesson 10.2: project and notebook Day 2: Lesson 10.2: practice set and corrections Day 3: Lesson 10.3 Budgets: Joseph’s Seven Years: video, teaching and worked examples Day 4: Lesson 10.3: project and notebook Day 5: Lesson 10.3: practice set and corrections | ||
| Wk 33 | Day 1: Lesson 10.4 Capital Decisions and Present Value: Franklin’s 200-Year Gift: video, teaching and worked examples Day 2: Lesson 10.4: project and notebook Day 3: Lesson 10.4: practice set and corrections Day 4: Lesson 10.5 Capstone: Milton Hershey and a Small Business’s Books: video, teaching and worked examples Day 5: Lesson 10.5: project and notebook | ||
| Wk 34 | Day 1: Lesson 10.5: practice set and corrections Day 2: Unit 10 test Day 3: Review day for the final Day 4: Final exam | ||
| Wk 35 | Catch-up week: finish any MUST COVER lesson not yet done | ||
| Wk 36 | Year-end review, portfolio and records |
Grading: Practice sets (completed and corrected) 15%, Projects (complete, accurate, balanced books) 25%, Ledger notebook (neat, dated, honest corrections) 10%, Unit tests 30%, Midterm exam 10%, Final exam 10%. Scale: A 90–100, B 80–89, C 70–79, D 60–69, F below 60.