Core Standards of the Course
Strand 1
Students will define generally accepted accounting principles and basic business structures.
Standard 1
Define accounting and generally accepted accounting principles (GAAP).
Standard 2
Identify each step of the accounting cycle.
Standard 3
Identify and explain business structures
Strand 2
Students will identify the three basic accounting equation elements, apply them to accounts, and use them in the accounting equation.
Standard 1
Identify the characteristics of an asset, liability, and owner's equity.
Standard 2
Demonstrate an understanding of the fundamental accounting equation.
Standard 3
Classify accounts as assets, liabilities, or owner’s equity.
Performance Skills
Accounting Equation:
Strand 3
Students will explain the process of analyzing transactions using double-entry accounting and determine debit(s) and credit(s).
Standard 1
Explain the basic steps of double-entry accounting in business transactions.
Standard 2
Define debit and credit and identify the effect of each on individual accounts.
Standard 3
Explain how to use T-accounts as a tool to analyze business transactions into debit(s) and credit(s).
Performance Skills
Double-entry Accounting:
Strand 4
Students will identify and use source documents to journalize transactions, post journal entries to the ledger, and prepare a trial balance.
Standard 1
Identify and categorize source documents and explore the effect of technological advances on each source document.
Standard 2
Define and explain the purpose of the general journal and journalize business transactions.
Standard 3
Define and explain the purpose of the general ledger and post debits and credits from the journal to the ledger accounts.
Standard 4
Define the trial balance and explain how it could be equal but not accurate.
Performance Skills
Journalizing and Posting:
Strand 5
Students will describe the process of creating the income statement and balance sheet.
Standard 1
Identify the appropriate headings for the income statement and balance sheet.
Standard 2
Explain the process of creating an income statement.
Standard 3
Define ending capital and the calculation for the ending capital account balance.
Standard 4
Explain the process of creating a balance sheet.
Performance Objective
Financial Reports:
Strand 6
Students will demonstrate how to close an accounting period.
Standard 1
Identify and describe the purpose of permanent and temporary accounts.
Standard 2
Define a closing entry and describe how closing entries change capital (e.g. net income increases capital, net loss and withdrawals/drawing decreases capital)
Standard 3
Describe the difference between a trial balance and a post-closing trial balance.
Performance Objective
Closing entries:
Strand 7
Students will explain the importance of cash control documents and systems in relation to the protection of the business' cash.
Standard 1
Connect banking documents to cash controls
Standard 2
Describe the process of reconciling a bank statement with the checkbook balance and identify the necessary journal entries.
Performance Objective
Cash Controls:
Strand 8
Students will explore automated accounting.
Standard 1
Describe the differences between manual and computerized accounting systems.
Standard 2
Identify and explore the use of automated accounting software, such as:
Standard 3
Explore Internet sites and mobile apps for accounting purposes (e.g. AICPA, start here go places, IRS, Intuit, Accounting today, Journal of Accountancy, Securities and Exchange Commission, Xero, Sage)
Standard 4
Explore careers in the field of accounting (e.g. accountant, accounting clerk, CPA)