Monday 17 October 2011

Economic Management Sciences Grade 8

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ECONOMIC MANAGEMENT SCIENCES – GRADE 8 LEVEL
COURSE: AN INTRODUCTION TO RECORD KEEPING IN BUSINESS
TERM 2 – 2012

COURSE OUTLINE

Course Co-ordinator
Ms. R. Budden
Welbedene Secondary (Chatsworth)
076 172 1144

Purpose of the course
v  To equip students with the knowledge to differentiate between financial concepts.
v  To equip learners with the knowledge and skills in recording cash transactions in the Cash Journals, posting to the General Ledger and to extract a trial balance.

Specific Learning Outcomes for the Course
The learner should be able to:
v  Demonstrate knowledge and the ability to apply a range of managerial, consumer and financial skills.
v  Distinguish between financial concepts used in business.
v  Record elementary transactions in the cash journals.
v  Use the cash journals to post to the general ledger, demonstrating the link that exists.
v  Prepare a trial balance.

OUTLINE OF THE COURSE

LESSONS
THEMES TO BE COVERED
Lesson One
Introduction and definitions of financial concepts
Lesson Two
The Cash Receipts Journal
Lesson Three
The Cash Payments Journal
Lesson Four
Comprehensive activity of recording in the cash journals
Lesson Five
Posting to the General Ledger
Lesson Six
The Trial Balance


Course Lessons:
Lesson one: Introduction and definitions of financial concepts
The first part of the lesson will incorporate an introduction to the course by examining the purpose of accounting in business, discussion of the content to be used and the delivery of each lesson.
Examine and discuss financial concepts relative to record keeping such as Capital, Sales, Cost of sales, Bank, Trading stock, Salary/Wages, and Rent income/expense. 

The lesson will also involve using the financial concepts to distinguish which journal they are relative to, thus introducing the Cash Receipts Journal (CRJ) and Cash Payments Journal.

Erasmus, A.B. & Ginsberg, D.  (2005).  Economic Management Sciences for Young Entrepreneurs. 1st ed. Cape Town: Effective Teaching Publishers (Pty) Ltd.

Lesson Two: Cash Receipts Journal
In beginning this lesson it is necessary to distinguish between a service and trading undertaking, by defining them.

Investigate the purpose of each column, e.g. doc number, sundry accounts.
Use an illustrative activity to show how the cash receipts journal is drawn up by using basic examples.  Describe how transactions differ for a trading and service business.

Checkley, S. & Slabber, A.  (2008).  EMS 8 & 9. 1st ed.  Cape Town: All Publishers.

Lesson Three: The Cash Payments Journal
Illustrative activity: record elementary transactions in the cash payments journal.
Emphasize the difference between the receipt and payment journals. 

New Generation: Economic Management Sciences, Grade 8. (2005) New Generation Publishers.


Lesson Four: Comprehensive activity recording in the cash journals.
The aim of this lesson is to incorporate transactions of receipts and payments into one activity – Super Stores.  The student should be able to differentiate between income and expense transactions by recording them in the relevant journals.

Checkley, S. & Slabber, A.  (2008).  EMS 8 & 9. 1st ed.  Cape Town: All Publishers.

Lesson Five: Posting to the General Ledger
Discussion of the general ledger:  divided into two sections – the Balance Sheet Accounts Section and the Nominal Accounts Section. Determine the type of accounts that are recorded in each section e.g Balance Sheet Accounts – Assests, Owner’s Equity and Liabilities, and Nominal Accounts – income and expenses. 

Use the cash journals to post to the general ledger.  Discuss the debit and credit side of the ledger; thus introducing how opening balances of accounts are recorded.  The cash journals of Super Stores is used to establish the transfer to the general ledger.


Lesson Six: The Trial Balance
What is a trial balance? What is the purpose of a trial balance? How does this link to the cash journals?

In light of the above, the concept of the trial balance will be discussed in the first part of the lesson.  Introduction of an elementary activity: drawing up a trial balance.

Use previous activity of recording in the cash journals and posting to the ledger of Super Stores, to draw up the trial balance of the business.  Thus demonstrating the link that exists.

Checkley, S. & Slabber, A.  (2008).  EMS 8 & 9. 1st ed.  Cape Town: All Publishers.

Attendance
It is compulsory that students attend all lessons to successfully complete the course.  An attendance register will be taken at each lesson.

Preparation
Journal books and the relevant literature must be present at all lessons to equip students with a better understanding and to ensure that all in-class activities are completed.

Homework activities of previous lessons must be completed in order to have the knowledge and skills required to move onto new concepts.

Assessment
Students will be assessed to the extent in which they are able to participate academically.  This includes the ability to learn, study, analyse, and apply financial terminology and skills in record keeping.  This should be done in conjunction with the course material provided (worksheets, textbooks and online references), class work and homework activities.  

Specifically students will be assessed on their ability to:
v  Understand and define financial concepts relative to record keeping and other fields of economic and management sciences.
v  Use financial transactions to record in the cash journals.
v  Use the cash journals to post to the general ledger.
v  Draw up a trial balance based on the information given in the general ledger.

Assessment for the course is three-fold:
v  Class test one – The Cash Receipts and Cash Payments Journal.
v  Class test two – Posting to the General Ledger and drawing up of a trial balance.
v  Assignment

Class Test One
The first class test will assess students on their ability to record cash transactions in a combined activity of receipts and payments, into the relevant journals.  The activity of Soweto Traders (New Generation) will be revised to adequately prepare students for the test.

New Generation: Economic Management Sciences, Grade 8. (2005) New Generation Publishers.

Specifically students will be assessed on:
v  Distinguishing between receipt and payment transactions.
v  Recording the cash transactions in the correct journal.

Class Test Two
The second class test will assess students’ knowledge and skills in posting from the cash journals to the general ledger.  As a result of this transfer, students will use the information in preparing a trial balance.  The activity on Goose Traders (pg 110) will be used for revision purposes.

Checkley, S. & Slabber, A.  (2008).  EMS 8 & 9. 1st ed.  Cape Town: All Publishers.

Specifically students will be assessed on:
v  Using the cash journals to post to the general ledger by drawing up the specific accounts.
v  Recording transactions on the appropriate side of the ledger (debit or credit).

Assignment
The assignment covers all aspects of record keeping articulated throughout the course.

Specifically students will be assessed on:
v  Explain financial concepts (e.g assets, owner’s equity, capital)
v  Recording cash transactions in the cash receipts and cash payments journal.
v   Posting to the general ledger.
v  Drawing up a trial balance.

Compulsory:
v  All students must complete all assessment tasks, as it comprises the term mark which will be used towards the final evaluation of the learning area at year-end.














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