Core Standards of the Course
Strand 1
Students will understand accounting terminology and basic business structures.
Standard 1
Define accounting, explain the purpose of the accounting system, and apply each step of the accounting cycle.
Standard 2
Define and use accounting terminology and generally accepted accounting principles (GAAP).
Standard 3
Identify and explain the three forms of business ownership.
Standard 4
Identify and explain three types of businesses.
Strand 2
Students will list and identify characteristics of the three basic accounting equation elements.
Standard 1
Demonstrate an understanding of the fundamental accounting equation.
Standard 2
Classify accounts as assets, liabilities, or owner’s equity.
Strand 3
Students will apply the rules of debit and credit double-entry accounting to analyze business transactions.
Standard 1
Apply the rules of double-entry accounting to business.
Standard 2
Use T-accounts to analyze business transactions into debits and credits.
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
Use source documents to analyze business transactions.
Standard 2
Explain the purpose of the general journal.
Standard 3
Explain the purpose of the general ledger.
Standard 4
Post information from the general journal to the general ledger.
Standard 5
Prepare a trial balance to prove equality of debits and credits.
Strand 5
Students will prepare, analyze and interpret financial statements.
Standard 1
Know the elements of the appropriate headings for each financial statement.
Standard 2
Prepare an income statement.
Standard 3
Determine the ending capital account balance.
Standard 4
Prepare a balance sheet.
Standard 5
Explain the purposes of each financial statement.
Strand 6
Students will demonstrate how to close an accounting period.
Standard 1
Prepare, journalize, and post closing entries.
Standard 2
Verify that the current balance of the capital account matches the ending capital account balance on the balance sheet.
Standard 3
Identify and describe the purpose of temporary and permanent accounts.
Standard 4
Prepare a post-closing trial balance to prove equality of debits and credits for permanent accounts.
Strand 7
Students will demonstrate an understanding of cash control systems.
Standard 1
Understand accounting terminology that relates to banking and cash control and identify the specific details of business-related banking forms/documents.
Strand 8 (optional)
Students will acquire automated accounting competency or calculator proficiency if computers are not available.
Standard 1
Use spreadsheet and accounting software.
Standard 2
Describe the differences between manual and computerized accounting systems.
Standard 3
Identify types of accounting software.
Standard 4
Explore Internet sites for accounting purposes.
Standard 5
Explore careers in the field of accounting.