Accounting 1

Accounting Concepts1

  • 1

    Explain the purpose of accounting 1.1

  • 2

    Explain the ethics associated with accounting practices. 1.2

  • 3

    Define terminology related to accounting concepts and principles 1.3

  • 4

    Define the three forms of ownership 1.4

  • 5

    Apply the accounting equation to business transactions 1.5

  • 6

    Classify accounts 1.6

  • 7

    Utilize a chart of accounts 1.7

  • 8

    Explain the importance of the Accounting Concepts / Generally Accepted Accounting Principles (GAAP) 1.8

  • 9

    Explain the double entry system of accounting 1.9

  • 10

    Apply debit and credit rules to business transactions1.10

Accounting Cycle2

  • 1

    Define terminology related to the accounting cycle process 2.1

  • 2

    Analyze source documents 2.2

  • 3

    Analyze transactions 2.3

  • 4

    Journalize transactions using various journal formats 2.4

  • 5

    Post transactions to the appropriate ledger 2.5

  • 6

    Create a trial balance 2.6

  • 7

    Create a worksheet 2.7

  • 8

    Prepare an income statement for a service business organized as a proprietorship 2.8

  • 9

    Prepare an income statement for a merchandising business organized as a corporation 2.9

  • 10

    Prepare a balance sheet for a service business organized as a sole proprietorship 2.10

  • 11

    Prepare a balance sheet for a merchandising business organized as a corporation 2.11

  • 12

    Prepare a schedule of accounts receivable 2.12

  • 13

    Prepare a schedule of accounts payable 2.13

  • 14

    Prepare a statement of stockholder’s equity for a merchandising business set up as a corporation 2.14

  • 15

    Journalize adjusting entries 2.15

  • 16

    Post adjusting entries 2.16

  • 17

    Journalize closing entries 2.17

  • 18

    Post closing entries 2.18

  • 19

    Prepare a post-closing trial balance2.19

Cash Control3

  • 1

    Define terminology related to cash control and banking activities 3.1

  • 2

    Identify cash control procedures (e.g. signature cards and deposit slips). 3.2

  • 3

    Write checks 3.3

  • 4

    Maintain a check register 3.4

  • 5

    Endorse checks 3.5

  • 6

    Explain the process for proving cash 3.6

  • 7

    Prove cash 3.7

  • 8

    Reconcile a bank statement 3.8

  • 9

    Journalize entries related to petty cash 3.9

  • 10

    Post entries related to petty cash 3.10

  • 11

    Journalize entries related to banking activities 3.11

  • 12

    Post entries related to banking activities 3.12

  • 13

    Journalize entries related to cash short and over 3.13

  • 14

    Post entries related to cash short and over3.14

Payroll Procedures4

  • 1

    Define terminology related to payroll 4.1

  • 2

    Calculate time cards 4.1

  • 3

    gross earnings (e.g. hourly rate, piece rate, and salary/commission). 4.1

  • 4

    Calculate net earnings 4.1

  • 5

    Prepare a payroll register 4.1

  • 6

    Prepare payroll checks 4.1

  • 7

    Maintain an employee earnings record 4.1

  • 8

    Calculate employer’s payroll taxes (e.g., social security, federal and state unemployment, and Medicare) 4.1

  • 9

    Journalize entries related to payroll 4.1

  • 10

    Post entries related to payroll 4.1

  • 11

    Prepare federal, state, and local payroll reports4.1

Digital Applications5

  • 1

    Define terminology related to digital accounting systems 5.1

  • 2

    Differentiate between manual and digital accounting systems 5.1

  • 3

    Use spreadsheets and/or software to complete the accounting cycle 5.1

  • 4

    Use spreadsheets and/or software to maintain cash control 5.1

  • 5

    Use spreadsheets and/or software to prepare payroll5.1

Frequently asked questions

What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, and Grade 12
Where can I read the official document?
Accounting 1