Common Planner
K–12 Standards

Advanced Accounting (6321)

Other Virginia CTE sets

Demonstrating Personal Qualities and Abilities1

  • a

    Demonstrate creativity and innovation.1.a

  • b

    Demonstrate critical thinking and problem solving.1.b

  • c

    Demonstrate initiative and self-direction.1.c

  • d

    Demonstrate integrity.1.d

  • e

    Demonstrate work ethic.1.e

Demonstrating Interpersonal Skills2

  • a

    Demonstrate conflict-resolution skills.2.a

  • b

    Demonstrate listening and speaking skills.2.b

  • c

    Demonstrate respect for diversity.2.c

  • d

    Demonstrate customer service skills.2.d

  • e

    Collaborate with team members.2.e

Demonstrating Professional Competencies3

  • a

    Demonstrate big-picture thinking.3.a

  • b

    Demonstrate career- and life-management skills.3.b

  • c

    Demonstrate continuous learning and adaptability.3.c

  • d

    Manage time and resources.3.d

  • e

    Demonstrate information-literacy skills.3.e

  • f

    Demonstrate an understanding of information security.3.f

  • g

    Maintain working knowledge of current information-technology (IT) systems.3.g

  • h

    Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.3.h

  • i

    Apply mathematical skills to job-specific tasks.3.i

  • j

    Demonstrate professionalism.3.j

  • k

    Demonstrate reading and writing skills.3.k

  • l

    Demonstrate workplace safety.3.l

Examining All Aspects of an Industry4

  • a

    Examine aspects of planning within an industry/organization.4.a

  • b

    Examine aspects of management within an industry/organization.4.b

  • c

    Examine aspects of financial responsibility within an industry/organization.4.c

  • d

    Examine technical and production skills required of workers within an industry/organization.4.d

  • e

    Examine principles of technology that underlie an industry/organization.4.e

  • f

    Examine labor issues related to an industry/organization.4.f

  • g

    Examine community issues related to an industry/organization.4.g

  • h.

    Examine health, safety, and environmental issues related to an industry/organization.4.h

Addressing Elements of Student Life5

  • a

    Identify the purposes and goals of the student organization.5.a

  • b

    Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.5.b

  • c

    Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.5.c

  • d

    Identify Internet safety issues and procedures for complying with acceptable use standards.5.d

Exploring Work-Based Learning6

  • a

    Identify the types of work-based learning (WBL) opportunities.6.a

  • b

    (Optional) Reflect on lessons learned during the WBL experience.6.b

  • c

    Explore career opportunities related to the WBL experience.6.c

  • d

    (Optional) Participate in a WBL experience, when appropriate.6.d

Using Technology to Implement Accounting Procedures7

  • a

    Perform accounting procedures, using spreadsheet or accounting software.7.a

  • b

    Create computer-generated reports.7.b

  • c

    Apply technology used in the accounting profession.7.c

Understanding Accounting Concepts for Inventory8

  • a

    Explain the differences between a perpetual inventory system and a periodic inventory system.8.a

  • b

    Record transactions, using a perpetual and periodic inventory system.8.b

  • c

    Determine the cost of merchandise inventory, using current costing methods.8.c

  • d

    Prepare a multiple-step income statement.8.d

  • e

    Calculate inventory turnover ratios.8.e

  • f

    Analyze obsolete, damaged, or slow-moving inventory.8.f

  • g

    Identify security considerations related to inventory.8.g

Understanding Accounting Concepts for Inventory9

  • a

    Calculate the cost of fixed assets.9.a

  • b

    Compare the methods of calculating depreciation.9.b

  • c

    Record the depreciation of plant assets.9.c

  • d

    Record the sale, trade-in, and disposal of plant assets.9.d

Analyzing Notes/Accounts Payable and Receivable10

  • a

    Identify notes payable and notes receivable activities.10.a

  • b

    Calculate notes payable and notes receivable activities.10.b

  • c

    Journalize entries for issuing and collecting a note.10.c

  • d

    Describe the relationship between the Bad Debts Expense Account and Allowance for Doubtful Accounts when recording bad debts.10.d

  • e

    Record for doubtful accounts receivable.10.e

  • f

    (Optional) Describe the purpose of aging accounts receivable.10.f

  • g

    Prepare an aging of accounts receivable report.10.g

  • h

    Record adjustments for accrued expenses.10.h

  • i

    Record adjustments for accrued and deferred income.10.i

Exploring Specialized Accounting Systems11

  • a

    Examine procedures for decentralized (e.g., departmental or branch) accounting systems.11.a

  • b

    Perform budgetary planning and review and other financing activities.11.b

  • c

    (Optional) Identify procedures for manufacturing accounting.11.c

Implementing Accounting for a Partnership12

  • a

    Identify the components of a partnership agreement.12.a

  • b

    Record the entry for formation of a partnership.12.b

  • c

    Perform end-of-period activities for a partnership.12.c

  • d

    Record the distribution of earnings.12.d

  • e

    Record the admittance of a new partner and the withdrawal of a partner.12.e

  • f

    Record the dissolution of a partnership.12.f

Implementing Accounting for a Corporation13

  • a

    Distinguish the characteristics, advantages, and disadvantages of a corporation.13.a

  • b

    Identify the differences between preferred stock and common stock.13.b

  • c

    Record entries for issuing stock.13.c

  • d

    Perform end-of-period activities for a corporation.13.d

  • e

    Prepare a Statement of Retained Earnings.13.e

  • f

    Record the calculation for dividend distribution.13.f

Analyzing Financial Data14

  • a

    Assess the financial strength of a business and its effect on the business, industry, and economy.14.a

  • b

    Assess the value of a company’s intangible assets.14.b

  • c

    Interpret reports to provide data for recommendations or presentations to management.14.c

  • d

    Analyze cash-flow statements.14.d

  • e

    Perform a trend analysis, using vertical and horizontal analysis.14.e

  • f

    Utilize financial statements for financial management suggestions.14.f

Understanding Business Ethics15

  • a

    Investigate the role of accounting standards boards in the accounting profession.15.a

  • b

    Research state and national organizations and laws that govern the accounting profession.15.b

  • c

    Research instances of unethical accountancy activities, including possible consequences to individuals and the economy.15.c

  • d

    Identify desirable traits of professionals in the accounting field.15.d

  • e

    Identify ethical considerations for accounting professionals.15.e

Preparing for Industry Certification and/or College Level Examination Program (CLEP) Testing16

  • a

    Describe the process and requirements for obtaining industry certifications and/or taking CLEP examinations related to the Accounting, Advanced course.16.a

  • b

    (Optional) Identify testing skills/strategies for a certification and/or CLEP examination.16.b

  • c

    (Optional) Demonstrate the ability to complete selected practice examinations (e.g., practice questions similar to those on certification or CLEP exams).16.c

  • d

    (Optional) Complete an industry certification or CLEP examination representative of skills learned in this course (e.g., CLEP).16.d

Enhancing Career Exploration and Employability Skills17

  • a

    Differentiate between government, public, and private accounting.17.a

  • b

    Investigate accounting and financial certification and designations.17.b

  • c

    Investigate accounting careers.17.c

  • d

    Update a résumé in a format suitable for online posting.17.d

  • e

    (Optional) Complete a job application process.17.e

  • f

    (Optional) Participate in a mock interview.17.f

  • g

    (Optional) Compose a letter of resignation.17.g

  • h

    (Optional) Update a portfolio containing representative samples of student work.17.h

  • i

    (Optional) Maintain a professional online presence.17.i

Frequently asked questions

What grade levels do these standards cover?
VOCATIONALTRAINING
Where can I read the official document?
Virtual Virginia Standards

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