Common Planner
K–12 Standards

Computerized Accounting II: Grades 11, 12

Other Arkansas CTE sets

Review of Accounting Cycle

  • 1.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions1.1.1

  • 1.2

    Describe the importance of making ethical business decisions

    1. 1.

      Discuss ethical and unethical business practices1.2.1

  • 1.3

    Identify forms of business organizations

    1. 1.

      Classify three major forms of business organizations1.3.1

  • 1.4

    Identify the accounting careers and student organizations

    1. 1.

      Compare and contrast different accounting careers1.4.1

    2. 2.

      Encourage students to participate in FBLA competition1.4.2

  • 1.5

    Review the steps in the accounting cycle

    1. 1.

      Review the components of the accounting equation and determine how they are impacted.1.5.1

  • 1.6

    Explain the differences between manual and computerized accounting

    1. 1.

      Use accounting spreadsheet software to complete the accounting cycle of a business1.6.1

Departmentalized Accounting Using Special Journals

  • 2.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions2.1.1

  • 2.2

    Explain the procedures for a departmentalized business using purchases and cash payments journals

    1. 1.

      Journalize transactions for a departmentalized business2.2.1

    2. 2.

      Journalize transactions for a departmentalized business using purchases and cash payments journals2.2.2

  • 2.3

    Explain the procedures for a departmentalized business using sales and cash receipts journals

    1. 1.

      Journalize transactions for a departmentalized business2.3.1

    2. 2.

      Journalize transactions for a departmentalized business using sales and cash receipts journals2.3.2

  • 2.4

    Identify the steps in preparing payroll

    1. 1.

      Prepare forms needed to complete the payroll2.4.1

    2. 2.

      Journalize payroll2.4.2

    3. 3.

      Calculate and record employer's payroll taxes2.4.3

    4. 4.

      Deposit payroll taxes on time2.4.4

  • 2.5

    Explain financial reporting procedures

    1. 1.

      Prepare financial statements for a departmentalized business (interim departmental statement of gross profit, responsibility statements, departmental margin statements, schedules of accounts receivable and payable, statement of stockholders equity, income statement, balance sheet, post-closing trial balance, and work sheet2.5.1

Accounting for Special Procedures

  • 3.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions3.1.1

  • 3.2

    Explain inventory planning and valuation

    1. 1.

      Calculate inventory costing using FIFO, LIFO, weighted average, and lower of cost or market value3.2.1

    2. 2.

      Estimate inventory using gross profit and retail methods and analyze the effects of errors in costing inventory3.2.2

  • 3.3

    Explain accounting procedures for uncollectible accounts using allowance and direct write off methods

    1. 1.

      Calculate amounts for figuring uncollectible accounts using allowance and direct write off methods3.3.1

    2. 2.

      Journalize uncollectible account transactions3.3.2

    3. 3.

      Calculate accounts receivable turnover ratio and average number of days for payment3.3.3

  • 3.4

    Explain accounting procedures for plant assets

    1. 1.

      Journalize entries for plant assets and depreciation3.4.1

    2. 2.

      Calculate depreciation on plant assets using straight-line and other methods3.4.2

  • 3.5

    Explain accounting procedures for notes payable and receivable, prepaid expenses, accrued expenses, accrued revenue, and unearned revenue

    1. 1.

      Calculate accrued revenue and expenses3.5.1

    2. 2.

      Journalize accrued revenue and expenses, notes payable and receivable, prepaid expenses, unearned revenue3.5.2

Corporation Accounting

  • 4.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions4.1.1

  • 4.2

    Explain how to set up a business as a corporation

    1. 1.

      Journalize transactions in starting and operating a corporation4.2.1

    2. 2.

      Summarize shareholder rights and responsibilities4.2.2

  • 4.3

    Explain the procedures for acquiring capital for a corporation

    1. 1.

      Journalize transactions in issuing and reacquiring stock for a corporation4.3.1

    2. 2.

      Journalize transactions in issuing bonds4.3.2

  • 4.4

    Explain procedures in preparing end-of-fiscal period reports for a corporation

    1. 1.

      Prepare financial statements and other reports for a corporation4.4.1

    2. 2.

      Journalize adjusting, closing, and reversing entries for a corporation4.4.2

Frequently asked questions

What grade levels do these standards cover?
Grade 11 and Grade 12
When were these standards adopted?
2010
Where can I read the official document?
Computerized Accounting II

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