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Core Standards of the Course
Standard 1
Students will acquire and use accounting terminology and professional attitude and skills throughout the study of accounting.
Objective 1
Define accounting and explain the purpose of the accounting system.
Objective 2
Define and use accounting terminology and generally accepted accounting principles effectively.
Objective 3
Develop and demonstrate critical thinking and problem solving skills.
Objective 4
Develop and demonstrate team building to enhance cooperative learning and interpersonal skills.
Objective 5
Develop and demonstrate business ethics.
Objective 6
Show quality of work.
Objective 7
Enhance decision making skills.
Objective 8
Explore technological advances and programs within the field of accounting.
Objective 9
Identify and explain three forms of business ownership.
- Sole Proprietorship
- Partnership
- Corporation.
Objective 10
Identify and explain three types of businesses.
- Service
- Merchandising
- Manufacturing
Standard 2
Students will list and identify characteristics of the three basic accounting equation elements.
Objective 1
Demonstrate an understanding of the fundamental accounting equation.
Objective 2
Classify items as assets, liabilities, or owner's equity accounts.
Objective 3
Explain why the accounting equation must be in balance.
Standard 3
Students will apply the theory of debit and credit to the accounting equation, define a business transaction, and show how and why accounts are increased and decreased.
Objective 1
Demonstrate the theory of debit and credit to increase and decrease accounts and the resulting changes that occur in the accounting equation.
Objective 2
Explain and give examples of business transactions; refer to a chart of accounts to identify the account titles that are increased or decreased.
Objective 3
Use T-accounts to show increase/decrease effects brought about by business transactions.
Objective 4
Identify temporary accounts: income and expense accounts.
Objective 5
Describe the purposes of the revenue/sales, expense and drawing/withdrawal accounts and illustrate the effects on owner's equity.
Objective 6
Explain the concept that debits must equal credits.
Standard 4
Students will identify and use source documents for journalizing transactions; students will post journal entries to a ledger.
Objective 1
Identify several different types of source documents.
Objective 2
Analyze business transactions from source documents; journalize transactions using various journal formats.
Objective 3
Explain the purpose of a journal and its relationship to the ledger.
Objective 4
Explain the purpose of a ledger account.
Objective 5
Post information from the journal to the ledger, and explain the need for post-referencing in accounting; use the audit trail to trace a transaction.
Standard 5
Students will prepare, analyze and interpret Financial Statements.
Objective 1
Prepare a Trial Balance and explain its uses and limitations.
Objective 2
Identify and use correct methods for locating and correcting errors shown by the trial balance.
Objective 3
Prepare a formal Income Statement.
Objective 4
Assess the need for identifying Net Income/Net Loss and providing data to management.
Objective 5
Determine the change in Owner's Equity over the fiscal period.
Objective 6
Prepare a formal Balance Sheet.
Objective 7
Prepare and explain the purposes of each financial statement and describe the way they articulate with each other.
Standard 6
Students will prepare closing entries and a Post-Closing Trial Balance.
Objective 1
Identify the accounts that need to be closed.
Objective 2
Journalize and post the closing entries.
Objective 3
Prepare a Post-Closing Trial Balance.
Standard 7
Students will demonstrate proper cash management.
Objective 1
Define cash.
Objective 2
Identify cash control techniques.
Objective 3
Review banking vocabulary and identify the specific details of business-related banking forms/documents.
Objective 4
Prepare banking documents / forms.
Objective 5
Prepare a bank statement reconciliation and make necessary journal entries.
Standard 8
Students will acquire automated accounting competency or calculator proficiency if computers are not available (OPTIONAL STANDARD).
Objective 1
Use spreadsheet and accounting software to maintain accounting records.
Objective 2
Describe the differences between manual and computerized accounting systems.
Objective 3
Demonstrate basic math functions on the computer or calculator.
Objective 4
Use the computer or calculator as a tool for verification of processed work.
Objective 5
Identify types of computer and application software available in the marketplace.
Objective 6
Explore internet web sites for accounting purposes.
Objective 7
Explore careers associated with technological advances in accounting.
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