| (a) General requirements. This course is recommended
for students in Grades 10-12. Recommended prerequisite: Principles
of Business, Marketing, and Finance. Students shall be awarded one
credit for successful completion of this course.
(b) Introduction.
(1) Career and technical education instruction provides
content aligned with challenging academic standards and relevant technical
knowledge and skills for students to further their education and succeed
in current or emerging professions.
(2) The Finance Career Cluster focuses on planning,
services for financial and investment planning, banking, insurance,
and business financial management.
(3) Accounting encompasses careers that record, classify,
summarize, analyze, and communicate a business's financial information/business
transactions for use in management decision making. Accounting includes
such activities as bookkeeping, systems design, analysis, and interpretation
of accounting information.
(4) In Accounting I, students will investigate the
field of accounting, including how it is impacted by industry standards
as well as economic, financial, technological, international, social,
legal, and ethical factors. Students will reflect on this knowledge
as they engage in the process of recording, classifying, summarizing,
analyzing, and communicating accounting information. Students will
formulate and interpret financial information for use in management
decision making.
(5) Students are encouraged to participate in extended
learning experiences such as career and technical student organizations
and other leadership or extracurricular organizations.
(6) Statements that contain the word "including" reference
content that must be mastered, while those containing the phrase "such
as" are intended as possible illustrative examples.
(c) Knowledge and skills.
(1) The student demonstrates professional standards/employability
skills as required by business and industry. The student is expected
to:
(A) demonstrate effective oral and written communication
skills;
(B) perform numerical and arithmetic applications;
(C) demonstrate an understanding of integrity and strong
work ethic;
(D) demonstrate attention to detail in completed assignments;
and
(E) demonstrate effective problem solving.
(2) The student communicates an understanding of the
accounting industry. The student is expected to:
(A) describe the purpose of accounting and financial
reporting;
(B) discuss its impact on industry; and
(C) describe Generally Accepted Accounting Principles
(GAAP).
(3) The student uses career planning concepts, tools,
and strategies to explore accounting careers. The student is expected
to:
(A) discuss the significance of responsibility in accounting
such as ethical and social responsibility;
(B) explore careers in accounting, including education
requirements, roles, and responsibilities of certified public accountants,
general ledger accountants, management accountants, auditors, government
accountants, international accountants, forensic accountants, and
senior management in accounting; and
(C) identify accounting licensing and certification
programs, including professional designations for accountants such
as certified public accountant and certified management accountant.
(4) The student uses equations, graphical representations,
accounting tools, strategies, and automated systems in real-world
situations to maintain, monitor, control, and plan the use of financial
resources. The student will complete an accounting cycle for a service
business. The student is expected to:
(A) illustrate the accounting cycle;
(B) analyze the effects of transactions on the accounting
equation and use T accounts to analyze transactions;
(C) prepare a chart of accounts;
(D) journalize transactions in a general journal;
(E) post journal entries to general ledger accounts;
(F) prepare work sheets;
(G) prepare a trial balance;
(H) journalize and post adjusting and closing entries;
(I) prepare a post-closing trial balance; and
(J) prepare financial statements, including income
statements, balance sheets, statements of stockholders' equity, and
changes in owners' equity.
(5) The student analyzes cash controls. The student
is expected to:
(A) explain cash control procedures such as bank account
access, dual control, timely account reconciliations, and security
of check stock;
(B) prove cash and reconcile bank statements;
(C) journalize and post entries to establish and replenish
petty cash;
(D) journalize and post entries related to banking
activities; and
(E) explain the benefits of electronic funds transfer.
(6) The student performs accounting functions for a
merchandising business. The student is expected to explain the nature
of special journals and recording transactions in special journals.
(7) The student performs accounts payable functions.
The student is expected to:
(A) maintain a vendor file;
(B) analyze purchase transactions;
(C) post to an accounts payable subsidiary ledger;
(D) process invoices for payment;
(E) prepare a schedule of accounts payable; and
(F) analyze the impact of accounts payable on the balance
sheet and cash flow statements.
(8) The student performs accounts receivable functions.
The student is expected to:
(A) explain the nature of accounts receivable;
(B) maintain a customer file for accounts receivable;
(C) analyze sales transactions;
(D) post to an accounts receivable subsidiary ledger;
(E) process sales orders, returns, and allowances;
(F) process customer payments;
(G) process uncollectible accounts;
(H) prepare a schedule of accounts receivable;
(I) determine uncollectible accounts receivable; and
(J) analyze the impact of accounts receivable on the
balance sheet and cash flow statements.
(9) The student investigates merchandise inventory
to determine the impact on a company's financial position. The student
is expected to:
(A) discuss the importance of merchandise inventory
to a corporation, including the benefits of determining the most efficient
inventory levels;
(B) explain the difference between periodic and perpetual
methods of calculating inventory quantities, including the use of
inventory records, stock records, and point-of-sale terminals;
(C) calculate the cost of inventory, including the
First In, First Out (FIFO) method, Last In, First Out (LIFO) method,
weighted average method, and the Gross Profit method of estimating
inventory; and
(D) analyze the results of valuing inventory under
the FIFO method, LIFO method, weighted average method, and the Gross
Profit method of estimating inventory to determine the effect on Net
Income and Gross Profit.
(10) The student completes payroll procedures to calculate,
record, and distribute payroll earnings and analyzes the impact of
these expenses on a company's financial position. The student is expected
to:
(A) interpret time cards to calculate hours worked;
(B) maintain employee earnings records and registers;
(C) calculate employee earnings, including gross earnings,
withholdings, and net pay;
(D) journalize salary expenses;
(E) calculate employer payroll taxes;
(F) journalize payroll tax expenses;
(G) discuss payroll tax expense forms and reports;
and
(H) analyze the impact of salary expenses and payroll
tax expense on total expenses and net income.
(11) The student performs specialized accounting functions
for a corporation and completes an accounting cycle. The student is
expected to:
(A) analyze the articles of incorporation needed to
start a corporation;
(B) journalize the issuance of stock;
(C) compute dividends payable on stock;
(D) complete a work sheet for a corporation, including
calculating adjustments for depreciation, merchandise inventory, and
federal taxes;
Cont'd... |
