Accounting I Students Help Profits Rise!
Launch the media gallery 1 playerAccounting I students Connor, Tiffany, Mykil, and Hunter have been working in the business world as accountants for Rico Sanchez, without even leaving the classroom!
Rico Sanchez is a Disc Jockey who runs his service business as a proprietorship. Using this simulation packet, Accounting I students were responsible for completing all accounting work for the business, which reinforced the concepts learned during the first semester. The simulation packet provided all of the documents needed to complete all daily accounting transactions and month-end reports for the owner, which in turn allows an owner to evaluate if any changes are needed to be successful. The students also completed several end-of-fiscal- period reports for evaluation and had to summarize how the business is doing financially.
Currently, we are recording returns and discounts a business may use and will soon be learning how to complete all aspects of payroll. This will definitely help give them a clearer picture of taxes and will make them understand where all that money goes that comes out of their paychecks! The simulations we do in class are manual so the students will understand the reasons for transactions they complete, but we will also begin to cover how a computer program like Quickbooks does a lot of that work for you and the advantages of automation!
As the school year continues, the students will complete future simulations titled Unique Global Imports and Electro, Inc, both of which are merchandising businesses organized as corporations. And someday Mrs. Selting can definitely see all students put their knowledge to work in a business field!