Obtain, evaluate, and share information about employing appropriate financial reporting procedures and avoiding conflicts of interest.
Outline the ethical standards accountants are required to uphold.
Legal Requirements
Research, evaluate, and communicate legal procedures for forming and dissolving various business organizations in ways that comply with industry standards.
Examples: sole proprietorship, partnership, nonprofit organization
Cost Accounting
Analyze and utilize cost accounting procedures to complete transaction reports and financial statements for a merchandising business.
Analyze and use cost accounting procedures to journalize entries for initial investment and for liquidation.
Vouchers
Describe the voucher method and how it relates to preparation and payment of accounts payable and expenses.
Current Issues and Trends
Gather and share information on current accounting trends and issues and use the results to analyze accounting’s impacts on society.
Explain how accounting data can be used to analyze and predict future economic trends.
Describe how accounting information is used in making business and personal decisions.
Identify international organizations that establish trade regulations and standards to facilitate business among countries.
Examples: International Court of Justice (ICJ), International Monetary Fund (IMF), Universal Postal Union (UPU), General Agreement on Tariffs and Trade (GATT), International Code Council (ICC), the European Union (EU)
Career Opportunities
Research and share information on career and entrepreneurial opportunities, responsibilities, and educational credentialing requirements related to specialized accounting professions.
Gather and share information on professional accounting organizations and the benefits of membership.
Business Finance
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.
Financial Procedures
Determine needed resources and avenues for funding new business ventures or expansions.
Interpret inventory records to account for quantities, location, and cost of inventory for a given business.
Discuss methods of controlling inventory.
Examples: FIFO, LIFO, average cost method
Calculate the cost of current inventory of a given business.
Perform manual and electronic financial functions for financial institutions and consumers.
Examples: generating financial documents, creating customer accounts
Assess revenue and expenses to determine net income and net loss.
Calculate net income and net loss for given businesses.
Calculate revenue and expenses to determine net income or net loss for a given business during a specified period of time.
Calculate employee withholdings and employer payroll expenses for a given business.
