Accounting I
STANDARD	SKILLS and CONCEPTS	VOCABULARY
ACC I 1 Accounting Cycle: Students understand and apply the various steps of the accounting cycle and comprehend the purpose of each step.	ACC I 1.1.1 Define accounting and explain the purpose of the accounting system.	Accounting Accounting System
	ACC I 1.1.2 Explain the importance of following Generally Accepted Accounting Principles (GAAP) and interpret the standards correctly.
	ACC I 1.1.3 Demonstrate a working knowledge of the fundamental accounting equation.	Accounting Equation Assets Liabilities Owner's Equity
	ACC I 1.1.4 Discuss the purpose of the elements of financial statements: assets, liabilities, contributions by owners, distributions to owners, equity, revenues, expenses, gains, and losses.	Equity Revenue Expense Gain Loss
	ACC I 1.1.5 Identify a variety of source documents.	Source Document Check Invoice Sales Invoice Receipt Memorandum
	ACC I 1.1.6 Analyze business transactions using source documents and interpret their effect on the accounting equation.	Transaction Entry
	ACC I 1.1.7 Explain the double-entry system of accounting and demonstrate the applications of the debit and credit rules when recording and analyzing business transactions.	Double-Entry Accounting
	ACC I 1.1.8 Journalize business transactions using various journal formats.	Journal Journalize
	ACC I 1.1.9 Explain the purpose of a journal and its relationship to the ledger through postings.	Posting
	ACC I 1.1.10 Construct and maintain the chart of accounts.	Chart of Accounts
	ACC I 1.1.11 Construct a worksheet and use it to prepare financial statements.	Worksheet Trial Balance Balance Sheet Income Statement
	ACC I 1.1.12 Prepare a trial balance and use it to determine necessary adjusting entries.	Adjusting Entries
	ACC I 1.1.13 Prepare financial statements in appropriate form and specify the purpose and relationship of each statement.
	ACC I 1.1.14 Describe the purpose of the closing process and prepare closing entries and the post-closing trial balance.	Closing Entries Post-Closing Trial Balance Income Summary
	ACC I 1.1.15 Demonstrate the use of and describe the differences between manual and computerized accounting systems.	Computerized Accounting Systems
ACC I 2 Accounting Process: Students use Generally Accepted Accounting Principles (GAAP) to determine the value of assets, liabilities, owner’s equity, revenues, and expenses.	ACC I 2.1.1 Identify assets and their effect on financial statements.	Assets Contra Assets
	ACC I 2.1.2 Specify the importance of internal cash control and banking activities and demonstrate their use.
	ACC I 2.1.3 Explain the use of and maintain the accounts receivable subsidiary ledger.	Accounts Receivable Ledger
	ACC I 2.1.4 Compare, contrast and evaluate inventory concepts and apply these concepts and procedures to a merchandising business.
	ACC I 2.1.5 Demonstrate the use of and describe the differences between manual and computerized accounting systems for assets.
	ACC I 2.1.6 Identify liabilities and their effect on financial statements.	Liabilities Contra Liabilities
	ACC I 2.1.7 Explain the use of and maintain the accounts payable subsidiary ledger.	Accounts Payable Ledger Schedule of Accounts Payable
	ACC I 2.1.8 Demonstrate the use of and describe the differences between manual and computerized accounting systems for liabilities.
	ACC I 2.1.9 Identify the components of owner’s equity and their effect on financial statements.	Owner's Equity Equities
	ACC I 2.1.10 Discuss the purpose of capital and drawing accounts for sole proprietorships and partnerships.	Capital Drawing Account
	ACC I 2.1.11 Demonstrate the use of and describe the differences between manual and computerized accounting systems for owner’s equity.
	ACC I 2.1.12 Identify revenues and their effect on financial statements.	Revenue
	ACC I 2.1.13 Demonstrate the use of and describe the differences between manual and computerized accounting systems for revenues.
	ACC I 2.1.14 Identify expenses and their effect on financial statements.	Expenses
	ACC I 2.1.15 Demonstrate the use of and describe the differences between manual and computerized accounting systems for expenses.
	ACC I 2.1 L1 Compose financial statements using data from special and general ledgers.
	ACC I 2.1 L2 Explain the use of and maintain the sales journal
	ACC I 2.1 L3 Explain the use of and maintain the purchases journal
	ACC I 2.1 L4 Explain the use of and maintain the general journal
	ACC I 2.1 L5 Post special journal column totals to general ledger account forms.
ACC I 3 Financial Statements: Students interpret and analyze financial statements.	ACC I 3.1.1 Analyze the income statement, owner’s equity statement, and balance sheet of a business.
	ACC I 3.1.2 Analyze the financial condition of the business through the use of ratios, charts, and graphs.	Ratios Liquidity Ratios Profitability Ratios Leverage Ratios Activity Ratios
	ACC I 3.1.3 Discuss the importance of high ethical standards in the preparation of financial statements.	Ethics
	ACC I 3.1.4 Use Generally Accepted Accounting Principles (GAAP) to apply the revenue realization and matching principles in the preparation of financial statements.
	ACC I 3.1.5 Calculate the cost of goods sold and gross profit.	Cost of Goods Sold Gross Profit Gross Profit on Sales Cost of Merchandise Sold
	ACC I 3.1.6 Identify the impact of the cost of goods sold and gross profit components to the business enterprise.
	ACC I 3.1.7 Demonstrate the use of and describe the differences between manual and computerized accounting systems for financial statements.
	ACC I 3.1 L1 Compare and contrast the financial condition of businesses within an industry through the use of ratios, charts, and graphs
ACC I 4  Special Topics: Students apply Generally Accepted Accounting Principles (GAAP) to various forms of ownership and payroll.	ACC I 4.1.1 Compare and contrast the advantages and disadvantages of the three forms of business ownership—sole proprietorships, partnerships, and corporations.	Sole Propreitorship Partnership Corporation Limited Liability Partnership Share of Stock Capital Stock
	ACC I 4.1.2 Explain the importance of payroll as a business expense.	Payroll
	ACC I 4.1.3 Calculate and maintain employee payroll records.	Salary Pay Period Payroll Total Earnings Payroll Taxes Withholding Allowance Social Security Tax Medicare Tax Payroll Register Net Pay Employee Earnings Record
	ACC I 4.1.4 Calculate and maintain employer payroll records.	Federal Unemployment Tax State Unemployment Tax
	ACC I 4.1.5 Discuss the importance of current issues in human resources and payroll for a business enterprise.
	ACC I 4.1.6 Demonstrate the use of and describe the differences between manual and computerized accounting systems for payroll.
	ACC I 4.1 L1  Analyze payroll transactions and the accuracy and validity of each transaction.
ACC I 5  Interpretation and Use of Data: Students use appropriate data to evaluate the performance of an organization.	ACC I 5.1.1 Interpret and evaluate financial statements to make sound business decisions.	Balance Sheet Income Statement Statement of Cash Flows Statement of Owner's Equity
	ACC I 5.1.2 Interpret and evaluate industry trends and other relevant data to make sound business decisions.
	ACC I 5.1 L1 Compare and contrast industry data and draw conclusions about business conditions
ACC I 6  Communication: Students investigate and learn about the various career opportunities available in the accounting and CPA professions and discover how accounting relates to all career fields.	ACC I 6.1.1 Discuss the employment opportunities and job responsibilities in business, industry, public practice, government, education, and not-for-profit professions.	Certified Public Accountant Certified Management Accountant Government Accountant Certified Internal Auditor
	ACC I 6.1.2 Discuss the state and national educational and licensing requirements for careers in the business Accounting and finance professions.
	ACC I 6.2.3 Read and interpret financial statements.	Income Statement Balance Sheet Statement of Cash Flows Statement of Owner's Equity
	ACC I 6.2.4 Write summaries of financial decisions.
	ACC I 6.2.5 Present summaries for decisions.
	ACC I 6.2.6 Use appropriate industry terminology.