Common Planner
K–12 Standards

Accounting 2

Other Nebraska CTE sets

Explain the purpose and demonstrate the steps of the accounting cycle for a corporation using generally accepted accounting principles (GAAP)BMM.HS.2.1

  • a

    Define accounting and related concepts to explain the purpose of the accounting system and its relationship to business.BMM.HS.2.1.a

  • b

    Analyze business transactions using special journals and describe the effect on the accounting equation.BMM.HS.2.1.b

  • c

    Prepare a worksheet and financial statements to evaluate changes in a fiscal period.BMM.HS.2.1.c

  • d

    Analyze and record transactions including adjusting, closing, and correcting entries.BMM.HS.2.1.d

  • e

    Prepare posts to the ledger and compare the relationship between journals, ledgers, and financial statements.BMM.HS.2.1.e

  • f

    Compare the different forms of business ownership and the advantages and disadvantages of each form.BMM.HS.2.1.f

Prepare and maintain payroll records and business-tax-related records.BMM.HS.2.2

  • a

    Prepare and maintain payroll records and tax forms.BMM.HS.2.2.a

  • b

    Calculate various forms of earning (e.g., hourly, salary, commission).BMM.HS.2.2.b

  • c

    Calculate employee and employer tax deductions (e.g., Social Security, Medicare, state income tax, federal income tax, unemployment).BMM.HS.2.2.c

  • d

    Differentiate between taxation at the personal and business levels.BMM.HS.2.2.d

Prepare, interpret, and analyze financial statements for a corporation.BMM.HS.2.3

  • a

    Prepare an income statement, statement of stockholders’ equity, and balance sheet.BMM.HS.2.3.a

  • b

    Prepare and understand specialized financial statements for controlling and subsidiary accounts.BMM.HS.2.3.b

  • c

    Analyze the effect of the capital stock, retained earnings, and dividend accounts for a corporation.BMM.HS.2.3.c

  • d

    Evaluate the impact of data and assess financial statements including ratios to summarize business performance.BMM.HS.2.3.d

Demonstrate the skills and competencies needed to be successful and ethical in an accounting-related career.BMM.HS.2.4

  • a

    Demonstrate both verbal and nonverbal communication skills related to the workplace.BMM.HS.2.4.a

  • b

    Apply analytical, critical thinking, and leadership skills to the workplace.BMM.HS.2.4.b

  • c

    Demonstrate the ability to work in a team by setting goals and accomplishing individual and team tasks on time.BMM.HS.2.4.c

  • d

    Explain a need for a code of ethics in accounting and the ethical responsibilities required of accountants.BMM.HS.2.4.d

  • e

    Demonstrate ethical decision-making skills through business scenarios.BMM.HS.2.4.e

  • f

    Understand the use of information technology in the accounting industry.BMM.HS.2.4.f

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What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, and Grade 12

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