Core Standards of the Course
Strand 1
Students will define generally accepted accounting principles and basic business structures and each step of the basic accounting cycle as related to a merchandising corporation.
Standard 1
Identify the difference in the financial statements between a merchandising corporation and a sole proprietor service business.
Standard 2
Identify each step of the accounting cycle for a merchandising corporation.
Strand 2
Students will explain and identify calculations, reports, and journal entries related to payroll.
Standard 1
Explain and identify calculations and reports related to payroll activities.
Standard 2
Identify the journal entries for employee payroll, employer payroll taxes and payment of payroll tax liabilities.
Strand 3
Students will identify and describe source documents and journal entries related to sales and cash receipt transactions.
Standard 1
Identify and evaluate source documents related to sales and cash receipt journal entries.
Standard 2
Describe the process for journalizing and posting transactions related to sales and cash receipts.
Performance Skills
Sales & Cash Receipts:
Strand 4
Students will identify and describe source documents and journal entries related to purchases and cash pay-ment transactions.
Standard 1
Identify and evaluate source documents related to purchases and cash payment journal entries.
Standard 2
Describe the process for journalizing and posting transactions related to purchases and cash payments.
Performance Skills
Purchases & Payments:
Strand 5
Students will explain and describe the purpose and procedures for common adjusting entries and how they affect the relationship between the trial balance and adjusted trial balance.
Standard 1
Explain the purpose of adjusting entries and how they relate to the matching principle.
Standard 2
Describe the procedures to calculate, journalize and post the following adjusting entries:
Standard 3
Explain the relationship between the trial balance and the adjusted trial balance.
Performance Skills
Adjusting Entries:
Strand 6
Evaluate changes to the income statement, balance sheet, and stockholders' equity for a merchandising corporation.
Standard 1
Compare and contrast the income statement between a service sole-proprietorship and a merchandising corporation.
Standard 2
Compare and contrast the balance sheet between a service sole-proprietorship and a merchandising corporation.
Standard 3
Define and identify the two permanent accounts in stockholders' equity and how they change during the accounting period.
Standard 4
Define and interpret common financial ratios and their uses to stakeholders.
Performance Objective
Financial Statements:
Strand 7
Explain and describe closing journal entries and the post-closing trial balance.
Standard 1
Explain the purpose of closing journal entries as they apply to a merchandising corporation.
Standard 2
Describe the difference between a trial balance and a post-closing trial balance for a merchandising corporation.
Performance Objective
Closing Entries:
Strand 8
Students will identify and explain different write-off methods and procedures to record write-offs using the allowance method.
Standard 1
Identify what "writing off" an accounts receivable means, why it is necessary, and the two common write-off methods.
Standard 2
Explain the journal entries related to the allowance method for writing off uncollectible accounts.
Standard 3
Explain concept of Book Value of Accounts Receivable and how to calculate it (Accounts Receivable - Allowance for Uncollectible Accounts)
Performance Skills
Uncollectible Accounts:
Strand 9
Students will define depreciation and explain the process for calculating, journalizing, and posting straight-line depreciation.
Standard 1
Define depreciation and how it relates to GAAP and the matching principle.
Standard 2
Explain the procedure for calculating depreciation using the straight-line method.
Standard 3
Identify and describe the procedure to journalize and post adjusting journal entry for depreciation.
Performance Skills
Depreciation:
Strand 10
Explore different accounting career options and how ethics and technology affect the accounting profession.
Standard 1
Explore examples of ethics in the accounting profession.
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)