Apply generally-accepted accounting principles (GAAP) to identify current and long-term assets and their impact on financial statements.
Examples: capital expenditures, depreciation
Use source documents, including sales invoices, receipts, cash register tapes, records of purchases, and cash payments, to post journal entries related to sales and cash receipts, purchases, and cash transactions.
Examples: sales journal, cash receipts journal, purchases journal, cash journal
Ethics
Research and select internal company accounting control procedures to avoid fraud, prevent unethical behaviors and unauthorized access to data software systems, and ensure the safeguarding of assets and compliance with industry regulations.
Payroll and Tax Preparation
Demonstrate payroll procedures used to calculate, record, and distribute payroll earnings and related tax liabilities.
Use hourly rate, overtime, salary, commission, and salary plus commission to calculate gross earnings.
Prepare a payroll register and record payroll journal entries.
Demonstrate correct procedures for completing federal, state, and local income tax forms.
Examples: employer’s payroll taxes, federal tax returns
Leadership
Apply problem-solving and critical thinking skills to resolve workplace conflict and promote a positive atmosphere for communication, leadership, and teamwork.
Career Opportunities
Research educational requirements, workplace skills, and certifications required to pursue a specialized accounting career.
Examples: financial accounting, management accounting, auditing
Describe the accountant’s role in business and society.
Explain current issues and trends that affect the accounting profession.
Examples: accounting for complex tiered entities, non-marketable or marketable ownership interest, handling corporate mergers
Advanced Accounting
Foundational Standards
Incorporate safety procedures in handling, operating, and maintaining tools and machinery; handling materials; utilizing personal protective equipment; maintaining a safe work area; and handling hazardous materials and forces.
Demonstrate effective workplace and employability skills, including communication, awareness of diversity, positive work ethic, problem-solving, time management, and teamwork.
Explore the range of careers available in the field and investigate their educational requirements, and demonstrate job-seeking skills including resume-writing and interviewing.
Advocate and practice safe, legal, responsible, and ethical use of information and technology tools specific to the industry pathway.
Participate in a Career and Technical Student Organization (CTSO) to increase knowledge and skills and to enhance leadership and teamwork.
Discuss and demonstrate ways to value diversity.
Accounting Procedures
Apply accounting procedures for calculating, journalizing, and posting entries related to bad debt, aging receivables, and the ability to collect overdue payments.
Identify and demonstrate the application of generally-accepted accounting principles related to the life cycle of fixed assets.
Examples: recording fixed assets, calculating depreciation, book value
Compare and contrast weighted cost methods used for estimating the cost of merchandise in inventory.
Estimate the cost value of merchandise inventory using both Last In, First Out (LIFO) and First In, First Out (FIFO).
Calculate and record interest and maturity dates for notes payable and notes receivable.
Demonstrate adjusting, closing, and reversing of entries for accrued revenues and expenses.
Demonstrate accounting procedures for paying dividends and acquiring additional capital.
Complete financial statements, analyze cash flow, and critique suggested budgets for a given business or enterprise.
Ratios
Apply analysis ratios to evaluate solvency and earning power for a given business or enterprise.
Ethics
