Main Points Summary- Gee Wiz

The 5 most important points/topics from Chapter 1-3 are the following:

1.)  Types of Business Organizations

2.)  Users of Accounting Information

3.)  GAAPs

4.)  The Accounting Cycle [includes source documents, statements, and other Review from Grade 11 Accounting)

5.)  Correcting Errors

Types of Business Organizations

Chapter 1-3 deals with three different types of business organizations and also  non-business organizations. The three types are sole proprietorship, partnership, and corporation. Non-business organizations are not-for profit and some can be classified as government organizations.  Each type of business organization has distinct characteristics/legal issues attributed to it (taxes, unlimited vs limited liability, etc)

Users of Accounting Information

There are two distinct kinds of users of information- external and internal information users. External information users are not directly involved in running the organization and mostly use financial accounting for their information needs. Internal information users are directly involved in managed and operating the organization and mostly use managerial accounting for their information needs.

GAAPS- General Accepted Accounting Principals

GAAPS are basic assumptions and guidelines that are used when preparing financial statements. The GAAPS we learned in this chapter are: business entity concept, continuing concern concept, principle of conservatism, objectivity principle, revenue recognition convention, matching principle, time period concept, cost principle, consistency principle, materiality principle, and full disclosure principle)

Accounting Cycle

The accounting cycle is the process by which accounting statements/ is prepared. The steps followed on the accounting cycle are: 1.) Analyze Transactions 2.)Journalize 3.)Post 4.) Prepare unadjusted trial balance 4.) Adjust 5.) Prepare post-adjusted trial balance 6.) Prepare statements 7.) Close 8.) Prepare post-closing trial balance 9.) Repeat J

Source documents, general journals, ledgers (including chart of accounts), income statement, balance sheet, and trial balances are all part of the Accounting Cycle.

Correcting Errors

If an error occurs in the trial balance, there are several ways that the error can be found. The steps taken toward identifying an error include checking to see if calculations were completed correctly, checking for transposition errors, checking if debit and credit were correctly listed, and checking errors according to ledger and original journal accounts.

How Does The Unit Relate to GAAPs?

In this unit, we are review the basic GAAPs that we learn in Grade 11 Accounting. The GAAPs that we review are listed above in one of the 5 Key Points.

How does the unit relate to identifying, recording, measuring, and communication information?

In Chapters 1-3, we review how to do the first basic steps of the Accounting Cycle. We identify by examining source documents; record and measure by using the general ledger and journals; and finally communicate information by posting trial balances.

How do the topics covered ensure that accounting information is relevant, reliable, consistent, and comparable?

In Chapters 1-3, we review the GAAPS, whose primary purpose is to make information in financial statements relevant, reliable, consistent, and comparable.


The class will be divided into 5 groups.  For each unit, the groups will be assigned a task to complete.  We will rotate through the tasks so that every group performs every task at least once.

SmartBoard Activities

  • Take either course information or accounting problems from the chapters and develop smartboard activities for the unit.
  • You need at least 3 different activities/games for the unit.

Main Points Summary

  • What are the five main points and/or concepts of the unit?
  • This summary isn’t about the transactions themselves but the reasons for the transactions (i.e. don’t just list journal entries)
  • There may be more than 5 points, you goal is to pick the most important points from the chapter
  • How does the unit relate to GAAPs?
  • How does the unit relate to identifying recording, measuring, and communicating information?
  • How do the topics covered ensure that accounting information is relevant, reliable, consistent and comparable?

Review Questions

  • Create a set of review questions for the class.  These should be more than open-ended questions.  Questions should either be set-up so we can use the clickers to review the material or quizzes that can be completed on-line.
  • You should have at least 15 questions for the unit.

Homework Leaders

  • responsible for leading the initial take up of the homework questions
  • this group will be provided with the answer keys to the questions assigned for homework
  • they will be responsible for leading the class through the answers and helping to answer student questions

Free Unit

  • You aren’t required to produce anything for this unit


  • Gee Wiz
  • Sam & Associates
  • Eagles
  • CKS
  • Gemini Incorporated
SMARTBoard Activities Summary Notes Review Questions Homework Leaders Free Unit
Unit 1 Gemini Incorporated Gee  Wiz Eagles Sam & Associates CKS
Unit 2 Eagles Sam & Associates Gee  Wiz CKS Gemini Incorporated
Unit 3
Unit 4
Unit 5

Accounting Unit Tasks rubrics