| (E) prepare financial statements for a corporation,
including a balance sheet, an income statement, a statement of stockholders'
equity, and a statement of changes in retained earnings;
(F) understand that internal accounting controls exist
to ensure the proper recording of financial transactions; and
(G) identify and perform tax accounting functions such
as recordkeeping procedures and the nature of corporate tax accounting.
(12) The student describes laws and regulations in
order to manage business operations and transactions in accounting.
The student is expected to:
(A) describe regulation of accounting;
(B) identify and analyze historical events that led
to the regulation of accounting such as the fall of Enron; WorldCom;
Tyco International, Ltd.; Adelphia Communications; and Arthur Andersen;
(C) describe the impact of the Sarbanes-Oxley Act of
2002 on internal controls and financial reporting;
(D) describe the role of the Securities and Exchange
Commission in regulating the accounting industry;
(E) discuss state regulation of the accounting industry;
and
(F) identify and research a case study involving a
historically significant compliance or regulatory issue that led to
the formation of regulatory agencies or laws, including:
(i) formulating questions to analyze the issue;
(ii) gathering relevant sources;
(iii) evaluating the validity and reliability of those
sources; and
(iv) determining which laws and regulations apply.
(13) The student accesses, processes, maintains, evaluates,
and disseminates financial information to assist business decision
making. The student is expected to:
(A) use accounting technology, including discussing
the use of data mining and integrating technology into accounting;
(B) engage in an accounting simulation covering an
accounting cycle; and
(C) create a clear and coherent oral presentation that
analyzes the results of an accounting simulation covering an accounting
cycle and includes the use of correct grammar, spelling, punctuation,
and citation of resource materials.
|
