Common Planner
K–12 Standards

Accounting & Related Services (2007)

Other Arizona CTE sets

Demonstrate Business and Financial Management Practices Needed for Entrepreneurs

  • 1.1

    Review a budget based on an accounting enterprise's business plan

  • 1.2

    Review an income statement for an accounting enterprise

  • 1.3

    Review a balance sheet for an accounting enterprise

  • 1.4

    Interpret financial information for decision making and planning

  • 1.5

    Monitor and adjust a business operation based on financial performance

  • 1.6

    Compare foreign currencies and determine how business affects exchange rates

  • 1.7

    Describe the impact of quality business communications on the success of an accounting organization

  • 1.8

    Manage customer relations

  • 1.9

    Review insurance needs for a business and its relationship to all aspects of the business

Demonstrate the Steps of the Accounting Cycle

  • 2.1

    Explain the purpose of the accounting cycle

  • 2.2

    Define terminology related to the accounting cycle

  • 2.3

    Demonstrate the fundamental accounting equation

  • 2.4

    Classify items as assets, liabilities, or owner's equity

  • 2.5

    Determine how owner's equity is affected by revenue, expense, and drawing accounts

  • 2.6

    Practice the double-entry system of accounting

  • 2.7

    Analyze the effect that business transactions have on the basic accounting equation using source documents

  • 2.8

    Develop the process of journalizing business transactions

  • 2.9

    Explain the relationship of the journal to the ledger

  • 2.10

    Post transactions from the journal to the ledger

  • 2.11

    Prepare the trial balance including determining necessary adjustments

  • 2.12

    Prepare financial statements

  • 2.13

    Explain the purposes of the closing process

  • 2.14

    Prepare a post-closing trial balance

Determine Payroll

  • 3.1

    Prepare payroll records using manual and computerized systems

  • 3.2

    Calculate earnings for various methods of payment

  • 3.3

    Compute deductions to determine net pay

  • 3.4

    Calculate employer's payroll taxes

  • 3.5

    Prepare federal, state, and local payroll reports

Generate Procedures for Cash Control

  • 4.1

    Define petty cash

  • 4.2

    Complete check stubs or register and checks manually and using general ledger accounting software

  • 4.3

    Enter appropriate data on a deposit slip

  • 4.4

    Reconcile a bank statement

  • 4.5

    Establish procedures for managing and reconciling petty cash manually and electronically

Determine Procedures for Accounts Receivable and Accounts Payable

  • 5.1

    Establish and maintain the accounts receivable subsidiary ledger

  • 5.2

    Process sales orders and invoices

  • 5.3

    Process customer payments

  • 5.4

    Analyze accounts receivable using an aging schedule to determine doubtful accounts

  • 5.5

    Establish and maintain the accounts payable subsidiary ledger

  • 5.6

    Maintain vendor files

  • 5.7

    Process invoices for payment

  • 5.8

    Process accounts payable checks

  • 5.9

    Explain the relationship of subsidiary ledgers

Valuate Assets, Liabilities, and Owner's Equity

  • 6.1

    Define terminology related to assets and liabilities

  • 6.2

    Explain the purposes of notes receivable

  • 6.3

    Maintain inventory records

  • 6.4

    Apply inventory costing procedures, such as FIFO, LIFO and weighted average

  • 6.5

    Compute the cost basis of assets

  • 6.6

    Calculate depreciations

  • 6.7

    Identify procedures to protect assets from loss, waste, theft, forgery and embezzlement

  • 6.8

    Determine current and long-term liabilities and assets

  • 6.9

    Apply the revenue realization and matching principles to an income statement for service and merchandising businesses

  • 6.10

    Determine cost of goods sold and gross profit for a merchandising and manufacturing businesses

Appraise Forms of Business Ownership

  • 7.1

    Ascertain the source and the importance of following the Generally Accepted Accounting Principles (GAAP)

  • 7.2

    Differentiate between taxation at the personal and business level

  • 7.3

    Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership

  • 7.4

    Apply appropriate accounting techniques to account for investments and withdrawals by owners

  • 7.5

    Explain the purpose of the following accounts: common stock, preferred stock, paid-in capital, retained earnings, and dividends for a corporation

  • 7.6

    Identify the three basic types of business activities—operating, investing, and financing

  • 7.7

    Identify not-for-profit and governmental organizations accounting requirements

Assess the Financial Performance of a Business

  • 8.1

    Analyze the income statement and balance sheet of a business

  • 8.2

    Analyze current and long-term assets including their impact on the financial statements

  • 8.3

    Analyze current and long-term liabilities including their impact on the financial statements

  • 8.4

    Analyze the statement of cash flow and the effect on healthy performance

  • 8.5

    Calculate merchandise inventory turnover ratios

  • 8.6

    Determine the effect of changes in sales volume, unit costs and unit sales process on net income

Use Accounting Technology in Managing Financial Information

  • 9.1

    Using spreadsheet software, organize, calculate and complete an accounting financial statement

  • 9.2

    Make projections using "what if" statements

  • 9.3

    Use spreadsheet and/or accounting software to prepare charts and graphs useful in analyzing the financial condition of a business

Examine Ethical Standards in Accounting

  • 10.1

    Differentiate between ethical and legal issues

  • 10.2

    Describe social responsibility in accounting

  • 10.3

    Explain the importance of high ethical standards in the preparation of financial statements

Explore Economic Principles of Managerial Accounting and Related Services Professions

  • 11.1

    Define the five management functions: planning, organizing, directing, staffing, and controlling

  • 11.2

    Define cost concepts and cost behavior

  • 11.3

    Explain the role of accounting as utilized in support of the five management functions and related decision making

  • 11.4

    Define the differences among service, merchandising and manufacturing businesses

Explore Accounting and Related Services Systems Theory and Practice

  • 12.1

    Demonstrate basic research techniques to organize accounting records and information

  • 12.2

    Explain how work plans and budget information are used to allocate people and resources effectivel

  • 12.3

    Explain how plans and budgets are revised to meet goals and objectives

  • 12.4

    Investigate merchandise inventory accounting principles that relate to budgetary decisions

Frequently asked questions

What grade levels do these standards cover?
VOCATIONALTRAINING
When were these standards adopted?
2007
Where can I read the official document?
CTE

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