Student Learnings: What students should
know and be able to do
Define accounting and explain the purpose of
the accounting system.
Define the concept of generally accepted accounting
principles and ascertain the source of these standards.
Demonstrate an understanding of the fundamental
accounting equation.
Classify items as assets, liabilities, or owner's
equity.
Describe the purposes of the revenue, expense,
and drawing accounts and illustrate the effects on owner's equity.
Describe and prepare a variety of source documents.
Analyze business transactions using source
documents and describe the effect on the accounting equation.
Explain a double-entry system of accounting
and apply debit and credit rules when analyzing business transactions.
Journalize business transactions using various
journal formats.
Explain the purpose of a journal and its relationship
to the ledger.
Explain the purpose of a ledger account and
post information from the journal to the ledger.
Prepare a trial balance and explain its uses
and limitations.
Analyze the trial balance to determine the
necessary adjustments (accruals and deferrals) to prepare financial
statements.
Prepare and explain the purposes of each financial
statement and describe the way they articulate with each other.
Explain the purposes of the closing process,
journalize and post closing entries, and prepare a post-closing
trial balance.
Use spreadsheet and accounting software to
maintain accounting records and describe the differences between
manual and computerized accounting systems.
Explain the purpose of the capital and drawing
accounts for a sole proprietorship and partnership.
Create and maintain the accounts payable subsidiary
ledger.
Define cash, prepare bank reconciliation, establish
and maintain petty cash accounts, identify cast control techniques,
explain ATM and EFT transactions and uses of a debit card.
Create and maintain accounts receivable subsidiary
ledger, account for credit card sales, and apply appropriate accounting
techniques for uncollectible accounts.
Calculate deductions including federal income
tax, state income tax, Social Security tax, Medicare tax and other
deductions to determine net pay.
Calculate employer's payroll taxes including
Social Security, Medicare, federal unemployment, state unemployment,
other taxes, and other employee benefits paid by the employer.
Prepare and maintain payroll records using
manual and computerized systems.
Calculate earnings at hourly and piece rate
and on salary, commission, and salary/commission basis.
Differentiate and prepare taxes at the personal
and business levels.
Research and identify career options in accounting
