The BAF3M – Financial Accounting Fundamentals course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial Analysis, and ethics and current issues in accounting.
BAF3M Financial Accounting Fundamentals, for Grade 11, Ontario Online Courses
Course Title: Financial Accounting Fundamentals, Grade 11 (BAF3M)
Course Name: Financial Accounting Fundamentals
Course Code: BAF3M
Grade: 11
Course Type: Open
Credit Value: 1.0
Prerequisite: None
Curriculum Policy Document: Business Studies, The Ontario Curriculum, Grades 11 and 12, 2006 (Revised)
Course Developer: Spadina International School
Department: Business Studies
Department Head: Business Studies Department
Development Date: 2021
Most Recent Revision Date: 2021
Tuition Fee (CAD): $359
Main Curriculum
Unit Titles and Descriptions | Time Allocated |
Business Fundamentals This unit provides students with the knowledge about explaining the difference between accounting and bookkeeping; identify the users and uses of accounting; identify the Generally Accepted Accounting Principles. As well as describe the advantages and disadvantages of different forms of business organization, including sole proprietorship, partnership, and corporation; explain the differences among the equity sections of different forms of business organization, including sole proprietorship, partnership, and corporation and The Accounting Cycle for a Service Business. | 10 |
Advanced Accounting Practices By the end of this course, students will identify merchandising business, also identify and describe the periodic and perpetual inventory systems and journalize transactions using both systems; assess the effects that transactions have on the accounts and financial statements of a merchandising business. Also, the students will be able to describe the accounting practices particular to sales tax, use accounting or application software to record transactions for a service business and use accounting or application software to prepare financial statements. | 60 |
Internal Control, Financial Analysis, and Decision Making In this unit, students will learn describe the basic elements of an internal control system, apply appropriate control measures used in accounting for assets, describe the role of budgeted financial statements in planning, controlling, and evaluating the business result, explain the importance of current assets and current liabilities when interpreting a balance sheet and describe how accounting information is used by company personnel (e.g., department managers, owners) in making decisions. | 20 |
Ethics, Impact of Technology, and Careers In this unit, students will describe the role of ethics in accounting, identify and describe current issues and developments that have an impact on accounting and the accounting profession, describe ways in which technology can affect the accounting function and distinguish among the professional accounting designations in Canada and the corresponding areas of specialization for accountant. | 10 |
Final Assessments | |
Final Project The final project is worth 30% of the final grade. | 10 |
Total | 110 |
Overall Curriculum Expectations
A. Fundamental Accounting Practices. | |
A1 | Describe the discipline of accounting and its importance for business. |
A2 | Describe the differences among the various forms of business organization. |
A3 | Demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business. |
B. Advanced Accounting Principles | |
B1 | Demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business. |
B2 | Demonstrate an understanding of the accounting practices for sales tax. |
B3 | Apply accounting practices in a computerized environment. |
C. Internal Control, Financial Analysis, and Decision Making | |
C1 | Demonstrate an understanding of internal control procedures in the financial management of a business. |
C2 | Evaluate the financial status of a business by analysing performance measures and financial statements. |
C3 | Explain how accounting information is used in decision-making. |
D. Ethics, Impact of Technology, and Careers | |
D1 | Assess the role of ethics in, and the impact of current issues on, the practice of accounting. |
D2 | Assess the impact of technology on the accounting functions in business. |
D3 | Describe professional accounting designations and career opportunities. |
Additional Information
The BAF3M Financial Accounting Fundamentals is entirely online and does not require or rely on any textbook. Students may obtain appropriate textbooks to assist them as reference texts for the BAF3M but any text is entirely optional. Not optional, however, is an internet connection.
- Accounting is the language of business. It is difficult to imagine an organization or an individual that is not affected in some way by accounting The integration of information technology and accounting software throughout the accounting curriculum will help prepare students for today’s business environment.
- BAF3M Financial Accounting for Grade 11 lends itself to a wide range of approaches in that they require students to discuss issues, solve problems using applications software, participate in business simulations, conduct research, think critically, work cooperatively, and make business decisions.
- In Business Studies are the use of case studies and simulations, teamwork, brainstorming, mind mapping, problem-solving, decision making, independent research, personal reflection, seminar presentations, direct instruction, portfolios, and hands-on applications.
- In the Grade 11 Financial Accounting Fundamentals, Teachers will help students to relate the knowledge and skills gained to issues and situations in the business world. It is essential to emphasize the relationship of business studies to the world outside the school, it affects their lives, their communities, and the world.
- The diversity of subjects and approaches represented in the Business Curriculum will allow students to find courses that are well suited to their particular learning styles and interests.
- By ensuring that students engage in experiential learning and real-world applications, teachers can help them develop the practical, current business knowledge and skills they need They also focus on employability skills, thereby building a foundation for the development of school-to-work transition programs.
At Spadina International School, all BAF3M Accounting Fundamentals Curriculum overall expectations outlined by the Ontario Ministry of Education are accounted for instruction and accordingly for evaluation. A student’s achievement of the overall expectations is evaluated on the basis of his or her achievement of related specific expectations. Likewise, SIS Teachers develop learning goals based on the BAF3M curriculum expectations and share them with students through the Financial Accounting Grade 11 Syllabus.
Evidence of SIS student achievement for evaluation is continually collected on every BAF3M Financial Accounting lesson from three different sources: observations, conversations, and student products. Observations are gathered from discussion areas or video evidence. Effective conversations will be fostered through apps that enable forums, discussions or feedback. Student products may be in the form of tests or exams and/or assignments for evaluation. Assignments for evaluation may include rich performance tasks, demonstrations, projects, and/or essays, contributions to online discussions, completion of online assignments, portfolio submissions, projects and presentations, website development, electronic presentations, Online collaborative projects, oral presentations, interviews, dissertations or Student-led conferencing or Student-led conferencing.
In the the Grade 11 Accounting Fundamentals, learning is assessed and evaluated in a balanced manner with respect to four levels of the achievement chart, defined as follows:
Level Below 50%: represents achievement way below the provincial standard
Level 1 represents achievement that falls much below the provincial standard, obtained if Performance is under 59% of marks.
Level 2 represents achievement that approaches the provincial standard, obtained if performance is between 60% and 69% of marks.
Level 3 represents the provincial standard for achievement, attained if performance is between 70% and 79% of marks.
Level 4 identifies achievement that surpasses the provincial standard, reached if performance is over 80% of marks
Categories of Knowledge and Skills
The following are the four broad areas of knowledge and skills within which SIS subject/course expectations are organized. The categories are to be considered interrelated, reflecting the wholeness and interconnectedness of learning, therefore each one accounts for 25%:
- Knowledge and Understanding: Subject-specific content acquired in each grade/course (knowledge), and the comprehension of its meaning and significance (understanding)
- Thinking: The use of critical and creative thinking skills and/or processes
- Communication: The conveying of meaning through various forms
- Application: The use of knowledge and skills to make connections within and between various contexts
Learning Skills and Work Habits
The development of learning skills and work habits is an integral part of a Spadina International School student’s learning, and are Responsibility, Organization, Independent Work, Collaboration, Initiative and Self-regulation, and will be evaluated and reported as E – Excellent, G Good, S Satisfactory, N Needs improvement.
SIS students will develop most of their duties and responsibilities online, such as consulting the BAF3M Grade 11 syllabus, access the reading material and teacher’s lectures, watching videos or conferences, participating in forums or discussions, uploading student products, and writing exams. Students’ products and homework assignments could be developed offline depending on the task but will have an online component to upload the results.
The evaluation for Accounting Fundamentals BAF3M is based on the student’s achievement of the the Grade 11 Financial Accounting curriculum expectations and the demonstrated skills required for effective learning. The final percentage grade represents the quality of the student’s overall achievement of the expectations for Grade 11 Finance and reflects the corresponding level of achievement as described in the achievement chart for the discipline. A credit is granted and recorded for BAF3M Financial Accounting if the student’s grade is 50% or higher. The final grade will be determined as follows:
- 70% of the grade will be based upon evaluations conducted throughout the BAF3M Grade 11. This portion of the grade will reflect the student’s most consistent level of achievement throughout Accounting Fundamentals for Grade 11, although special consideration will be given to more recent evidence of achievement.
- 30% of the grade will be based on final evaluations administered at the end of the course. The final assessment may be a final exam, a final project, or a combination of both an exam and a project.
Spadina International School will issue a Report Card following the guidelines of the Ontario Ministry of Education. It will contain the information about the BAF3M Financial Accounting, the percentage mark, the evaluation for the six learning skills and work habits, strengths and steps for improvement. The report card will be issued once the SIS Student has completed 50% of the BAF3M Financial Accounting Fundamentals course and at the end.
Spadina International School report cards ensure that all SIS Students and their parents receive standard, clear, detailed, and straightforward information about student progress and achievement based on the expectations and standards outlined in the Ontario curriculum.
Program Planning Considerations
Classroom teachers are the key educators of students who have special education needs. They have a responsibility to help all students learn, and they work collaboratively with special education resource teachers, where appropriate, to achieve this goal. Special Education Transformation: The Report of the Co-Chairs With the Recommendations of the Working Table on Special Education, 2006 endorses a set of beliefs that should guide program planning for students with special education needs in all disciplines.
In Online High Schools in Canada classroom, students may demonstrate various strengths and needs. Teachers plan programs that recognize this diversity and give students perform tasks that respect their particular abilities so that all students can derive the most significant possible benefit from the teaching and learning process at the best high school in Canada. The use of flexible groupings for instruction and the provision of ongoing assessment are essential elements of programs that accommodate diverse learning needs.
Spadina International School is the best high school in Canada, and as such delivers English as a Second Language (ESL) programs for students whose first language is a language other than English, or is a variety of English significantly different from that used for instruction. Appropriate adaptations include:
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Modification of some or all of the subject expectations so that they are challenging but attainable for the learner at his or her present level of English proficiency, given the necessary support from the teacher;
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Use of a variety of instructional strategies (e.g., extensive use of visual cues, graphic organizers, scaffolding; previewing of textbooks, pre-teaching of key vocabulary; peer tutoring; strategic use of students’ first languages);
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Use of a variety of learning resources (e.g., visual material, simplified text, bilingual dictionaries, and materials that reflect cultural diversity);
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Use of assessment accommodations (e.g., granting of extra time; use of oral interviews, demonstrations or visual representations, or tasks requiring completion of graphic organizers or close sentences instead of essay questions and other assessment tasks that depend heavily on proficiency in English).
When learning expectations in any course are modified for an English language learner, this information must be clearly indicated on the student’s report card.
The implementation of antidiscrimination principles in Spadina International school influences all aspects of school life. It promotes a school climate that encourages all students to work to attain high standards, affirms the worth of all students, and helps students strengthen their sense of identity and develop a positive self-image. SIS encourages staff and students alike to value and show respect for diversity in the school and the wider society. As the best high school in Canada, SIS adopts measures to provide a safe environment for learning, free from harassment, violence, and expressions of hate.
Antidiscrimination education encourages Spadina students to think critically about themselves and others in the world around them in order to promote fairness, healthy relationships, and active, responsible citizenship.
Financial literacy strategy is a fundamental component to gaining the OSSD diploma in Spadina International School by covering OSSD diploma requirements and includes the four key components of citizenship, economic understanding, personal finances, and consumer awareness. Financial literacy builds students’ understanding of personal finances, the local and global economy, and the results of their choices as consumers.
Financial literacy means having the knowledge and skills to make responsible economic and financial decisions with confidence. In today’s complex world, young people need a wide range of skills and knowledge to make informed choices. Financial literacy will help students to:
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Carefully consider their financial choices. This can apply to everyday decisions, like buying groceries to bigger investments, like paying for tuition or buying a car.
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Understand basic money management.
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Develop their own perspectives on financial matters, such as interest rates, mortgage rules or the Canadian or global economy.
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Participate fully in society as knowledgeable, responsible citizens who can confidently make decisions about where and how to invest their money.
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Stay financially stable and healthy throughout life.
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Understand the impact of economic choices on the world they live
Teachers who are planning a program in Financial Accounting Fundamentals – BAF3M will make an effort to take into account considerations for Gaining the accredited high school diploma online, which aligns with the Ontario Ministry of Education policy and initiatives in a number of important areas. The Ontario curriculum also builds on and reinforces certain aspects of the Mathematics curriculum. For example, clear, concise communication involves the use of various diagrams, charts, tables, and graphs to organize, interpret, and present information.
In Finance studies courses, students will develop their ability to ask questions and conduct research as they plan and manage projects. They need to learn a variety of research methods in
order to carry out their investigations and to know which methods to use in a particular inquiry. Students need to learn how to locate relevant information in a variety of print and
electronic sources, including books and articles, manuals, newspapers, websites, databases, tables, diagrams, and charts. As they advance through the grades, students will be expected to use these sources with increasing sophistication. They will also be expected to distinguish between primary and secondary sources, determine their validity and relevance, and use them inappropriate ways. This is especially true with respect to electronic research sources.
Critical thinking is the process of thinking about ideas or situations in order to understand them fully, identify their implications, and/or make a judgement about what is sensible or reasonable to believe or do. Critical thinking includes skills such as questioning, predicting, hypothesizing, analysing, synthesizing, examining opinions, identifying values and issues, detecting bias, and distinguishing between alternatives.
Spadina International School is a Canadian online high school where Students use critical thinking skills in science when they assess, analyze, and/or evaluate the impact of something on society and the environment; when they form an opinion about something and support that opinion with logical reasons; or when they create personal plans of action with regard to making a difference. In order to do these things, students need to examine the opinions and values of others, detect bias, look for implied meaning in their readings, and use the information gathered to form a personal opinion or stance while availing of a High School Diploma.
The nature of Spadina International school is one of the Online High Schools in Canada, whose students´ personal computers and the internet become the most valuable lab and resource. SIS teachers will guide students to reach pedagogic, scientific, academic, and practical material on the internet. To follow the pedagogical approach of Spadina International school, students will develop skills to find updated statistical data produced by reliable public and private institutions, as well as current investigations published by recognized institutions such as research labs, universities, or recognized scholars.
Information and communications technology provide a range of tools that can significantly extend and enrich teachers’ instructional strategies and support students’ learning. For Spadina International school is the best high school in Canada, technology plays a fundamental role, and it’s inherent to its e-learning pedagogical model. The use of technology helps SIS students collect, organize, and sort the data they gather and write, edit, and present multimedia reports on their findings. Technology also makes it possible to use simulations – for instance, when field studies on a particular topic are not feasible. Students can also use digital or video cameras to record laboratory inquiries or findings on field trips, or for multimedia presentations on scientific issues.
Although the Internet is a powerful learning tool, SIS students must be made aware of issues of privacy, safety, and responsible use, as well as of the potential for abuse of this technology, particularly when it is used to promote hatred.
The Ontario Skills Passport (OSP) is a free, bilingual, web-based resource that provides teachers and students with clear descriptions of the “Essential Skills” and work habits important in work, learning, and life. Spadina International School as a compliment to the High School Diploma Online can engage students by using OSP tools and resources to show how what they learn in class can be applied in the workplace and in everyday life. For further information on the Ontario Skills Passport, including the Essential Skills and work habits, visit the Skills website.
Cooperative education programs allow students to earn Ontario high school credits online while completing a work placement in the community. These programs complement students’ academic programs and are valuable for all students, whatever their post-secondary destination. A cooperative education program comprises, at a minimum, one cooperative education course and its related course on which the cooperative education course is based.
The cooperative education course consists of a classroom component and a placement component. The classroom component includes pre-placement sessions and classroom integration sessions. The pre-placement sessions prepare students for the workplace and include instruction in areas of key importance, such as health and safety. The classroom integration sessions provide opportunities for students to reflect on and reinforce their learning in the workplace as the program progresses.
A personalized placement learning plan (PPLP) must be developed for all students in a cooperative education program. A student’s progress in achieving the curriculum expectations and in meeting the requirements identified in the PPLP must be assessed and evaluated by a teacher through regular workplace monitoring meetings with the student and the student’s workplace supervisor.
Education and career/life planning helps students develop the knowledge and skills they need to make informed choices for their education, career, and life outside school. Spadina International School students get a chance to learn more about themselves and their opportunities, set goals, and make plans to achieve them, as part of their High School Diploma. This program helps students choose the courses and activities that support their goals and interests
The goals are to:
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Ensure that students develop the knowledge and skills they need to make informed education and career/life choices through the effective application of a four-step inquiry process;
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Provide opportunities for this learning both in and outside the classroom;
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Engage parents and the broader community in the development, implementation, and evaluation of the program, to support students in their learning.
The guidance and career education program have three areas of learning – student development (i.e., the development of habits and skills necessary for learning), interpersonal development (i.e., the development of the knowledge and skills needed in getting along with others), and career development (i.e., the development of the knowledge and skills needed to set short-term and long-term goals in planning for the future). Student development and interpersonal development areas are integrated within the learning skills and work habits in all the courses at Spadina International School.
Pursuing a High School Diploma at Spadina International School is a major challenge that must also include self-care. The major health and safety concerns associated with computer use are musculoskeletal injuries (including repetitive strain injuries) and eye strain. Teachers should not only ensure that workstations are ergonomically arranged but also encourage students to maintain good posture and to take regular breaks to stand and stretch. It is also important to inform students of the mental and emotional health risks associated with social isolation – a familiar condition among heavy computer users. Various kinds of health and safety issues can arise when learning involves field trips. Out-of-school field trips can provide an exciting and authentic dimension to students’ learning experiences. They also take the teacher and students out of the predictable classroom environment and into unfamiliar settings. Teachers must preview and plan these activities carefully to protect students’ health and safety.
Ontario curriculum provides varied opportunities for Spadina International School students to learn about ethical issues and explore the role of ethics in both public and personal decision-making. During the inquiry process, students may need to make ethical judgments when evaluating evidence and positions on various issues, and when drawing their own conclusions about issues, developments, and events.
Spadina International School teachers ensure that they thoroughly address the issue of plagiarism with students. In a digital world in which we have easy access to abundant information, it is very easy to copy the words of others and present them as one’s own. Students need to be reminded of the ethical issues surrounding plagiarism, and the consequences of plagiarism should be clearly discussed before students engage in an inquiry.