COMPETENCIES

SHOW-ME STANDARDS

Sample Activities

Assessments

A.   Accounting Concepts   

1.

Define terminology relating to accounting concepts.  

CA1, 1.5 

Study Guides and teacher prepared work sheets.

Short Answer tests provide with materials and teacher prepared quizzes.

2.

Apply generally accepted accounting principles and concepts. 

MA1, 4.1  

Teacher directed completion of problems.

Problems provided with chapters.

Teacher prepared work sheets.

Problem tests provided with materials.

Teacher prepared tests.

3.

Apply the double-entry system of accounting. 

MA1, 4.1  

4.

Apply the accounting equation. 

MA4, 1.6  

5.

Apply debit and credit rules when analyzing business transactions. 

MA1, 3.7  

6.

Classify accounts. 

CA3, 1.6  

7.

Define the three forms of ownership. 

CA1, 1.10  

Class discussion of topics.

Short answer tests..

8.

Identify how accounting serves as a basis for careers.

CA6, 1.10, 4.8  

9.

Explain the importance of ethical business decisions.

CA6, 1.10, 4.4 

12.

Exhibit appropriate interpersonal skills for the workplace (e.g., teamwork, communication, attitude, punctuality, cultural sensitivity). 

1.10, 4.6 

Students complete selected problems as a group.

Students help other students solve problems before teacher assistance.

Teacher observation of work in class and time management.

B.   Complete the Accounting Cycle Process    

1.

Define terminology relating to the accounting cycle process. 

CA1, 1.5  

Study Guides and teacher prepared work sheets.

Short Answer tests provide with materials and teacher prepared quizzes.

2.

Analyze transactions. 

MA1, 4.1  

Problems provided with chapters.

Teacher prepared work sheets.

Teacher directed completion of problems.

Problem tests provided with materials.

Teacher prepared tests.

Scoring guide for accuracy and completeness of work.

3.

Prepare and utilize a chart of accounts. 

CA1, 1.4, 1.6  

4.

Journalize transactions using various journal formats. 

MA1, MA3, 1.6, 3.5  

5.

Journalize and post entries related to uncollectible accounts (e.g., writing off accounts, reinstating accounts).

MA1, MA3, 1.6, 3.5  

6.

Post transactions to general ledgers. 

MA1, 1.8  

7.

Post transactions to subsidiary ledgers. 

MA1, 1.8  

8.

Prove cash. 

MA1, 1.6  

9.

Calculate depreciation for plant assets. 

MA1, 1.6  

10.

Prepare a worksheet. 

MA1, MA3, 1.8, 1.10  

11.

Calculate the cost of merchandise inventory using the FIFO, LIFO, and weighted average methods. 

MA1, 1.6   

12.

Calculate estimated uncollectible accounts expense. 

MA1, 1.6  

13.

Prepare and analyze an income statement for a service business. 

CA3, MA3, 1.8  

14.

Prepare an income statement for a merchandising business. 

CA3, MA3, 1.8  

15.

Prepare a balance sheet for a sole proprietorship. 

CA3, MA3, 1.8  

16.

Prepare a balance sheet for a partnership. 

CA3, MA3, 1.8  

17.

Prepare a balance sheet for a corporation. 

CA3, MA3, 1.8  

18.

Prepare a schedule of accounts receivable. 

CA3, 1.8  

19.

Prepare a schedule of accounts payable. 

CA3, 1.8  

20.

Prepare a statement of owners’ equity. 

CA3, 1.8  

21.

Prepare a statement for distribution of net income. 

CA3, MA3, 1.8  

22.

Prepare a statement of stockholders’ equity. 

CA3, MA3, 1.8  

23.

Journalize and post adjusting entries (e.g., supplies, insurance, merchandise inventory, federal income tax). 

MA1, MA3, 1.6, 3.5  

24.

Journalize and post closing entries. 

MA1, MA3, 1.6, 3.5  

25.

Prepare a post-closing trial balance. 

MA1, 1.8   

26.

Complete a manual accounting simulation.

MA1, MA3, 1.10  

C.   Maintain Cash Control    

1.

Define terminology relating to cash control. 

CA1, 1.5  

Study Guides and teacher prepared work sheets.

Tests provide with materials and teacher prepared quizzes.

2.

Identify cash control procedures (e.g., signature cards, deposit slips, internal/external controls, check clearing). 

CA1, 1.6  

3.

Write checks. 

1.8  

Problems provided with chapters.

Teacher prepared work sheets.

Teacher directed completion of problems.

Problem tests provided with materials.

Teacher prepared tests.

Scoring guide for accuracy and completeness of work.

4.

Maintain a check register or stubs. 

MA1, 1.8 

5.

Endorse checks. 

1.8 

6.

Reconcile a bank statement. 

MA1, 1.6  

7.

Journalize and post to establish and replenish petty cash. 

MA1, MA3, 1.6, 1.10  

8.

Journalize and post entries related to banking activities. 

MA1, MA3, 1.6, 1.10  

9.

Explain the benefits of electronic funds transfer (e.g., ATM transactions, debit card, direct deposit). 

CA1, 1.10   

D.   Complete Payroll Procedures    

1.

Define terminology relating to payroll. 

CA1, 1.5  

Study Guides and teacher prepared work sheets.

Tests provide with materials and teacher prepared quizzes.

2.

Calculate time cards. 

MA1, 1.7  

Problems provided with chapters.

Teacher prepared work sheets.

Teacher directed completion of problems.

Problem tests provided with materials.

Teacher prepared tests.

Scoring guide for accuracy and completeness of work.

3.

Calculate gross earnings (e.g., hourly rate, piece rate, salary/commission. 

MA1, 1.7  

4.

Calculate net earnings (e.g., FICA, federal withholding, insurance). 

MA1, MA3, 1.7  

5.

Prepare and maintain payroll records. 

MA1, MA3, 1.7, 1.8  

6.

Prepare payroll checks. 

CA1, MA1, MA3, 1.8  

7.

Calculate employer’s payroll taxes (e.g., social security, federal and state unemployment, Medicare). 

MA1, MA3, 1.7, 3.5  

8.

Prepare federal, state, and local payroll reports. 

MA1, MA3, 1.8, 3.5  

9.

Journalize and post entries related to payroll. 

MA1, MA3, 1.6, 1.10  

E.   Maintain Computerized Accounting Systems    

1.

Define terminology relating to computerized accounting systems. 

CA1, 1.5   

Study Guides and teacher prepared work sheets.

Tests provide with materials and teacher prepared quizzes.

2.

Differentiate between manual and computerized accounting systems. 

CA1, CA3, 1.5, 3.1, 4.1   

3.

Use spreadsheets and/or software to complete the accounting cycle. 

MA1, 1.4   

Use of Excel throughout the course to assist in completion of problems.

Automated accounting software to maintain accounting records

Accuracy of inputting information into computer.

Accuracy in designing and inputting formulas into templates for accounting records.

Assess accuracy of automated work with an electronic auditor program.

4.

Use spreadsheets and/or accounting software to maintain cash control. 

MA1, 1.4  

5.

Use spreadsheets and/or accounting software to prepare payroll.

MA1, 1.4  

6.

Complete a computerized accounting simulation. 

MA1, MA3, 1.4, 1.8