Translate

Accounting 1 Learning Targets

Business-Mktg, Accounting 1

ALT 1 - Accounting PrinciplesUnderstand the fundamental accounting principles.

AST 1.1 - Defining Principles  :  I can define and use generally accepted accounting principles (GAAP).

AST 1.2 - Understanding Equations  :  I can understand the accounting equation.

AST 1.3 - Business Ethics  :  I can understand and use business ethics in accounting decision making.

AST 1.4 - Preparing Charts  :  I can prepare a chart of accounts.

ALT 2 - Debit and CreditUnderstand the theory of debit and credit and their impact on the accounting equation.

AST 2.1 - Journalizing Transactions  :  I can use source documents for journalizing transactions.

AST 2.2 - Posting Journal Entries  :  I can post journal entries to a ledger.

AST 2.3 - Preparing Statements  :  I can prepare a Statement of Accounts Receivable and Accounts Payable.

AST 2.4 - Preparing Reports  :  I can prepare a Trial Balance report.

ALT 3 - Financial StatementsUnderstand financial statements as they apply to a service business organized as a sole proprietorship.

AST 3.1 - Preparing Worksheets  :  I can prepare a Worksheet using information found in the general ledger.

AST 3.2 - Entries on the Worksheet  :  I can calculate and record adjusting entries on the Worksheet.

AST 3.3 - Financial Columns  :  I can calculate & transfer balances to the appropriate financial columns on the worksheet.

AST 3.4 - Income Statements  :  I can create and analyze an Income Statement using information from the Worksheet.

AST 3.5 - Owner's Equity Statement  :  I can create and analyze a Statement of Owner's Equity using information from the Worksheet and Income Statement.

AST 3.6 - Balance Sheet  :  I can create and analyze a Balance Sheet using information from the Worksheet & Statement of Owner's Equity.

ALT 4 - Accounting CycleUnderstand how to complete the accounting cycle as it applies to a service business organized as a sole proprietorship.

AST 4.1 - Adjusting Entries  :  I can journalize and post Adjusting Entries using the Worksheet.

AST 4.2 - Closing Entries  :  I can journalize and post Closing Entries using the Worksheet.

AST 4.3 - Balance Report  :  I can create and analyze a Post Closing Trial Balance Report.

ALT 5 - Cash Control SystemsUnderstand cash control systems.

AST 5.1 - Accounting Terms  :  I can define accounting terms related to using a checking account and or a petty cash fund.

AST 5.2 - Petty Cash  :  I can analyze and journalize petty cash transactions.

AST 5.3 - Bank Service Charges  :  I can identify and journalize bank service charges.

AST 5.4 - Use Cash Control Systems  :  I can use a cash control systems.

ALT 6 - Payroll RecordsUnderstand how to prepare payroll records as it applies to a merchandising business organized as a corporation.

AST 6.1 - Preparation and Maintenance  :  I can prepare and maintain payroll records.

AST 6.2 - Calculate Earnings  :  I can calculate earnings at an hourly and/or piece rate and on a salary, commission, and any combination there of.

AST 6.3 - Calculate Deductions  :  I can calculate deductions including Federal income tax, Social Security tax, Medicare tax, State Income tax, and other deductions to determine net pay.

AST 6.4 - Payroll Taxes  :  I can calculate employer’s payroll taxes (e.g., Social Security, Medicare, Federal Unemployment, and State Unemployment) and employee benefits paid by the employer.

AST 6.5 - Earnings and Payroll Reports  :  I can prepare earnings and payroll reports.

AST 6.6 - Payroll Transactions  :  I can journalize payroll transactions.

AST 6.7 - Payroll Transactions  :  I can post payroll transactions.

ALT 7 - Specialty Journals

Understand sales, purchases, cash receipts and cash payment transactions recorded in specialty journals for a business organized as a corporation.

AST 7.1 - Source Documents  :  I can verify and analyze different source documents related to business transactions.

AST 7.2 - Evaluate Source Documents  :  I can evaluate source documents to determine accounts affected by a transaction.

AST 7.3 - Analyze Transactions  :  I can analyze transactions for purchases and cash payments including journalizing and posting of purchase of merchandise, cash payments, return of merchandise to vendors, calculate purchases discounts, and update all account balances.

AST 7.4 - Sales and Cash Receipts  :  I can analyze transactions for sales and cash receipts including journalizing and posting of sale of merchandise (including calculation of sales tax), cash receipts (from cash sales and terminal summary transactions), return of the merchandise from customers, calculate sales discounts, and update all account balances.

AST 7.5 - Subsidiary Ledger  :  I can prove subsidiary ledger by preparing a schedule of accounts payable and a schedule of accounts receivable.

ALT 8 - AccountsUnderstand the ability to handle uncollectible accounts/bad debts/doubtful accounts for a business organized as a corporation.

AST 8.1 - Transactions  :  I can explain the purpose of and record transactions related to uncollectible accounts/bad debts/doubtful accounts.

AST 8.2 - Calculate Entries  :  I can calculate the adjusting entries related to uncollectible accounts/bad debts/doubtful accounts.

ALT 9 - DividendsUnderstand the principles of dividends.

AST 9.1 - Explanation of Transactions  :  I can explain the purpose of and record transactions related to the declaration of dividends.

AST 9.2 - Recording Transactions  :  I can record transactions related to the payment of dividends.

ALT 10 - Depreciation of Assets

Understand the principles of depreciation of assets as a means of cost allocation for a business organized as a corporation.

AST 10.1 - Transactions  :  I can explain the purpose of and record transactions related to depreciation of assets.

AST 10.2 - Estimate Depreciation Expense  :  I can estimate depreciation expense using the straight-line method to compute ending book value.

ALT 11 - Cycle and Statements

Understand how to complete the accounting cycle and create financial statements for a business organized as a corporation.

AST 11.1 - Create and Analyze a Worksheet  :  I can create and analyze a Worksheet.

AST 11.2 - Income Statement  :  I can create and analyze an Income Statement using information from the Worksheet.

AST 11.3 - Statement of Equity  :  I can create and analyze a Statement of Stockholder's Equity using information from the Worksheet & Income Statement.

AST 11.4 - Balance Sheet  :  I can create and analyze a Balance Sheet using information from the Worksheet & Statement of Owner's Equity.

AST 11.5 - Journalize and Post Entries  :  I can journalize and post Adjusting Entries using the Worksheet.

AST 11.6 - Journalize and Post Closing Entries  :  I can journalize and post Closing Entries using the Worksheet.

AST 11.7 - Post Closing Trial Balance Report  :  I can create and analyze a Post Closing Trial Balance Report.

ALT 12 - Key Professional Skills

Students will apply and demonstrate key professional skills to facilitate business success and to progress in business, accounting, marketing, sales, and service careers.

AST 12.1 - Articulate Thoughts and Ideas  :  I can articulate thoughts and ideas effectively using oral, written and nonverbal communication skills in a variety of forms and contexts.

AST 12.2 - Effective Feedback  :  I can incorporate feedback effectively.

AST 12.3 - Working Independently  :  I can utilize time and manage workload efficiently in order to complete tasks without direct oversight.

AST 12.4 - Professionalism  :  I can present myself professionally and ethically.