Accounting 1
Course Introduction
Core Standards of the Course
Strand 1
Students will define generally accepted accounting principles and basic business structures.
Standard 1
Define accounting and generally accepted accounting principles (GAAP).
Standard 2
Identify each step of the accounting cycle.
Standard 3
Identify and explain business structures
Strand 2
Students will identify the three basic accounting equation elements, apply them to accounts, and use them in the accounting equation.
Standard 1
Identify the characteristics of an asset, liability, and owner's equity.
Standard 2
Demonstrate an understanding of the fundamental accounting equation.
Standard 3
Classify accounts as assets, liabilities, or owner’s equity.
Performance Skills
Accounting Equation:
Strand 3
Students will explain the process of analyzing transactions using double-entry accounting and determine debit(s) and credit(s).
Standard 1
Explain the basic steps of double-entry accounting in business transactions.
Standard 2
Define debit and credit and identify the effect of each on individual accounts.
Standard 3
Explain how to use T-accounts as a tool to analyze business transactions into debit(s) and credit(s).
Performance Skills
Double-entry Accounting:
Strand 4
Students will identify and use source documents to journalize transactions, post journal entries to the ledger, and prepare a trial balance.
Standard 1
Identify and categorize source documents and explore the effect of technological advances on each source document.
Standard 2
Define and explain the purpose of the general journal and journalize business transactions.
Standard 3
Define and explain the purpose of the general ledger and post debits and credits from the journal to the ledger accounts.
Standard 4
Define the trial balance and explain how it could be equal but not accurate.
Performance Skills
Journalizing and Posting:
Strand 5
Students will describe the process of creating the income statement and balance sheet.
Standard 1
Identify the appropriate headings for the income statement and balance sheet.
Standard 2
Explain the process of creating an income statement.
Standard 3
Define ending capital and the calculation for the ending capital account balance.
Standard 4
Explain the process of creating a balance sheet.
Performance Objective
Financial Reports:
Strand 6
Students will demonstrate how to close an accounting period.
Standard 1
Identify and describe the purpose of permanent and temporary accounts.
Standard 2
Define a closing entry and describe how closing entries change capital (e.g. net income increases capital, net loss and withdrawals/drawing decreases capital)
Standard 3
Describe the difference between a trial balance and a post-closing trial balance.
Performance Objective
Closing entries:
Strand 7
Students will explain the importance of cash control documents and systems in relation to the protection of the business' cash.
Standard 1
Connect banking documents to cash controls
Standard 2
Describe the process of reconciling a bank statement with the checkbook balance and identify the necessary journal entries.
Performance Objective
Cash Controls:
Strand 8
Students will explore automated accounting.
Standard 1
Describe the differences between manual and computerized accounting systems.
Standard 2
Identify and explore the use of automated accounting software, such as:
Standard 3
Explore Internet sites and mobile apps for accounting purposes (e.g. AICPA, start here go places, IRS, Intuit, Accounting today, Journal of Accountancy, Securities and Exchange Commission, Xero, Sage)
Standard 4
Explore careers in the field of accounting (e.g. accountant, accounting clerk, CPA)
http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE). Send questions or comments to USBE Specialist - Racheal Routt and see the CTE/Business, Finance and Marketing website. For general questions about Utah's Core Standards contact the Director - THALEA LONGHURST. These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Board of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.