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CLUSTER Business and Marketing

CONCENTRATION Accounting (Adult)

WVEIS CODE BM1481

NATIONAL STANDARDS National Standards for Business Education

ONET Codes and Occupations:13-2011.01 – Accountants13-2011.02 – Auditors13-2081.00 – Tax Examiners and Collectors, Revenue Agents13-2082.00 – Tax Preparers43-3031.00 – Bookkeeping, Accounting and Auditing Clerks43-3051.00 – Payroll and Timekeeping Clerks

Sample of job titles upon completion of the concentration: Accounting Clerk, Accounts Payable Clerk, Accounts Receivable Clerk, Bookkeeper, Payroll Clerk

Sample of job titles upon completion of additional education: Accountant, Accounting Manager, Auditor, Financial Auditor, General Accountant, Payroll Administrator, Payroll Specialist, Staff Accountant, Tax Advisor, Tax Consultant, Tax Preparer

INDUSTRY CREDENTIALSAccounting Basic – http://www.nocti.org/PDFs/JobReady/4000_Accounting_Basic.pdf Accounts Payable Fundamentals – http://www.brainbench.com/xml/bb/common/testcenter/keyword.xmlAccounts Receivable/Billing Fundamentals – http://www.brainbench.com/xml/bb/common/testcenter/keyword.xml Bookkeeping Fundamentals – http://www.brainbench.com/xml/bb/common/testcenter/keyword.xml

REQUIRED COURSES (Sequence Required for Accounting Courses)WVEIS Code Course1401 Accounting Principles I1403 Accounting Principles II1411 Business Computer Applications I1419 Business Math

ELECTIVE COURSESWVEIS Code Course 1449 Office Management1512 Workplace Practicum

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http://careertech.k12.wv.us/documents/1512WorkplacePracticum.docx

http://careertech.k12.wv.us/documents/1449OfficeManagement.docx

http://www.brainbench.com/xml/bb/common/testcenter/keyword.xml



http://www.nocti.org/PDFs/JobReady/4000_Accounting_Basic.pdf

REQUIRED COURSE SKILL SETSCareer Preparation SkillsSafetyLeadership DevelopmentCustomer and Personal ServiceAccounting PrinciplesAccounting ProcessFinancial ReportsFinancial Analysis ComplianceInterpretation and Use of DataClerical ApplicationsBasic Computer ApplicationsComputation SkillsBanking and Personal FinanceBasic Accounting ConceptsInsurance Fundamentals

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Skill set standards for Career Preparation Skills, Safety, Leadership Development and Customer and Personal Service should be integrated throughout the concentration as remaining skill sets are delivered.

Skill Set Career Preparation SkillsKnowledge Objectives

BM.1

Students will demonstrate knowledge of

career paths. goal development and achievement. attitudes and work habits that support career retention and advancement. communication in varied contexts.

Performance Objectives

BM.2BM.3BM.4BM.5BM.6

BM.7BM.8BM.9

BM.10

Students will

relate skills and abilities to possible career pathways. explain methods of goal development. exhibit methods of time management and task coordination. practice professionalism in punctuality, appropriate dress, task completion, etc. investigate methods of supervision such as giving and receiving feedback and

instruction. develop and present a statement of their personal work ethic beliefs. prepare an application, cover letter, resume and thank you letter. create a personal portfolio for use when applying for employment. practice simulated job interviews.

Skill Set SafetyKnowledge Objectives

BM.11


safety procedures. accident reporting agencies.


BM.12BM.13BM.14BM.15

BM.16BM.17BM.18

Students will

recognize the main causes of accidents. develop a plan which outlines the procedures for handling an accident. demonstrate operating instructions before using any equipment. establish procedures for safe evacuation of the worksite in the event of an

emergency. demonstrate methods of extinguishing fires. determine safety rules on the job. follow proper handling and storage procedures of hazardous materials.

3

Skill Set Leadership DevelopmentKnowledge Objectives

BM.19


public speaking. parliamentary law. leadership concepts. characteristics of effective teams and organizations.


BM.20BM.21BM.22BM.23BM.24

Students will

develop and deliver speeches. participate in meetings using parliamentary law procedures. attend leadership conferences or training (local, state or national). volunteer in community service opportunities. participate in career development events.

Skill Set Customer and Personal ServiceKnowledge Objectives

BM.25


customer needs assessment. quality standards for services. evaluation of customer satisfaction.


BM.26BM.27

BM.28

BM.29

BM.30

Students will

hear and resolve complaints from customers or the public. greet visitors or callers and handle their inquiries or direct them to the

appropriate persons according to their needs. access customer needs, meet quality standards for service and evaluate

customer satisfaction. keep records of customer interactions or transactions, recording details of

inquiries, complaints or comments, as well as actions taken. check to ensure that appropriate changes were made to resolve customers'

problems.

Skill Set Literacy and NumeracyKnowledge objectives

BM.31


literacy and numeracy skills required to solve complex. real-world problems associated with their career/technical content area. improve their thinking and reasoning skills.


BM.32

BM.33

BM.34

BM.35

Students will

utilize a variety of technical sources (e.g., Internet, manuals, journals, directions, reports, etc.) to complete career/technical assignments and projects.

demonstrate writing skills required to complete career/technical assignments and projects.

demonstrate accuracy in calculating and measuring graphical work required to complete career/technical assignments and projects.

analyze tables, charts, graphs and multiple data sources to complete

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career/technical assignments and projects.

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Accounting Principles I BM1401

Skill Set Accounting PrinciplesKnowledge Objectives

1401.1


generally accepted accounting principles (GAAP). application and impact of GAAP on the recordkeeping of financial

transactions. preparation of financial statements.


1401.2

1401.31401.4

1401.51401.61401.71401.81401.9

1401.101401.111401.12

1401.13

Students will

describe and explain the conceptual framework of accounting and generally accepted accounting principles and assumptions.

define assets, liabilities, equity, revenue, expenses gains and losses. explain the accounting methods used to determine the value of accounts

receivable to be reported on the balance sheet and describe the effect on the income statement.

determine the cost of inventory for merchandising. record transactions for accounts payable and other short-term debt. record equity-related transactions. describe the criteria used to determine revenue recognition. record revenue-related transactions. describe the criteria used to determine expense recognition. record expense-related transactions. identify and apply appropriate information technology to the accounting

system. describe how accounting information facilitates management decision-making.

Skill Set Accounting ProcessKnowledge Objectives

1401.14


steps in the accounting cycle. preparing financial statements.


1401.151401.161401.171401.18

1401.191401.20

1401.21

1401.221401.23

Students will

describe the purpose of the accounting system. describe the purpose of journals and ledgers and their relationship. describe the impact of technology on the accounting process. identify and explain the advantages and disadvantages of different types of

accounting systems. differentiate between accounting and bookkeeping. analyze and describe how business transactions impact the accounting

equation. apply the double-entry system of accounting to record business transactions

and prepare a trial balance. explain the need for adjusting entries and record adjusting entries. explain the purposes of the closing process and record closing entries.

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1401.24

1401.25

prepare the financial statements for the different types of business operations and ownership structures.

describe the relationship between the closing process, the financial statements and the post-closing trial balance.

Skill Set Financial ReportsKnowledge Objectives

1401.26


annual reports. financial statements.


1401.271401.281401.29

1401.30

1401.31

1401.32

1401.331401.341401.35

1401.361401.37

1401.38

1401.39

1401.401401.41

Students will

identify sources for obtaining financial reports. describe the users and uses of financial information. explain the role of management and the auditor in preparing and issuing an

annual report. explain the role of accounting and regulatory organizations in relation to

financial reports. describe the information provided in each financial statement and how the

statements articulate with each other. describe the relationship between assets, liabilities and equity on the balance

sheet. identify and explain the classifications within assets, liabilities and equity. identify the different formats of an income statement. identify the classifications in an income statement and explain their

relationship to each other (revenue, expenses, gains, losses). describe changes in the ownership structure using the statement of equity. explain how and why the conceptual framework of accounting and generally

accepted accounting principles provide guidance and structure for preparing financial statements.

describe the different forms of business ownership and the advantages and disadvantages of each form.

explain how the different forms of business ownership are reported in the financial statements.

identify the different types of business operations. explain how the different types of business operations are reflected in the

financial statements.

Skill Set Financial AnalysisKnowledge Objectives

1401.42


financial conditions and operating results of a company. financial statements and information needed to make informed business

decisions.

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1401.43

1401.441401.451401.46

1401.47

1401.48

Students will

discuss the information that can be obtained from analyzing financial statements.

assess profitability by calculating and interpreting financial ratios. apply information technology to conduct financial analysis. identify and explain common methods for creating financial statements and

financial ratios. describe the ethical and legal implications resulting from others’ manipulation

of financial statements and financial ratios. analyze cash flow from operating activities to assess profitability and liquidity.

Skill Set ComplianceKnowledge Objectives

1401.49


individual income tax procedures. tax laws and regulations.


1401.501401.511401.521401.531401.541401.55

1401.561401.571401.58

Students will

describe the process by which tax laws are created. describe the composition of taxable income and calculate income tax. complete the applicable individual income tax forms. identify, discuss and apply strategies for minimizing taxable income. distinguish between tax avoidance and tax evasion. explain why income for financial reporting and taxable income are calculated

differently. calculate net pay. calculate employer’s payroll taxes. prepare payroll reports.

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Accounting Principles II BM1403

Skill Set Accounting PrinciplesKnowledge Objectives

1403.1


generally accepted accounting principles (GAAP). application and impact of GAAP on the recordkeeping of financial

transactions. preparation of financial statements.


1403.21403.31403.41403.5

1403.6

1403.7

1403.8

1403.9

1403.10

1403.11

1403.12

1403.131403.141403.15

Students will

identify the sections in an annual report and the purpose of each section. record transactions for accounts receivable, including uncollectible accounts. explain the difference between the periodic and perpetual inventory methods. determine the cost of inventory for manufacturing businesses and apply

appropriate valuation methods. identify and describe the cost flow assumptions for inventory and explain the

impact on the balance sheet and income statement. describe the criteria used to distinguish between capital expenditures and

revenue expenditures. identify, calculate and record depreciation and explain the impact on the

financial statements. determine the impact on the financial statements when assets are sold,

disposed or rendered obsolete. explain how operating results, capital contributions and distribution of

earnings affect equity for the various types of business structures. identify and describe the different classes of stock and explain the rights

afforded each class of stock. explain how the acquisition and sale of a company’s own stock affects the

financial statements. distinguish between revenue and gains. distinguish between expenses and losses. record transactions resulting in gains and losses.

Skill Set Interpretation and Use of DataKnowledge Objectives

1403.16

Students will demonstrate the knowledge of

planning and control principles to evaluate the performance of an organization. differential analysis and present-value concepts to make decisions.

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1403.17

1403.18

1403.191403.201403.21

Students will

identify and apply internal control procedures used to safeguard assets and ensure the integrity of the accounting information system.

identify and apply appropriate information technology to the accounting system.

prepare a budget for planning purposes. describe how accounting information facilitates management decision-making. identify and explain the business activities reported in a statement of cash

flows (operating, investing, financing).Skill Set Financial AnalysisPerformance Objectives

1403.22

Students will demonstrate the knowledge of

financial conditions and operating results of a company. financial statements and information needed to make informed business

decisions.Knowledge Objectives

1403.23

1403.24

1403.251403.26

1403.271403.28

1403.29

Students will

recognize the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and explain the information that can be obtained from each type of analysis.

perform a horizontal and vertical analysis of the income statement and balance sheet.

assess liquidity and solvency by calculating financial ratios. compare debt and equity financing and explain the impact on the financial

statements. assess capital structure by calculating and interpreting financial ratios. research industry averages and explain their use in assessing the financial

condition, operating results, profitability, liquidity and capital structure. use the statement of cash flow to analyze business activities (operating,

investing, financing).

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Business Computer Applications I BM1411

Skill Set Clerical ApplicationsKnowledge Objectives

1411.1


administrative and clerical procedures and systems. word processing. managing files and records. designing forms. other office procedures and terminology.


1411.2

1411.31411.4

1411.51411.6

1411.7

1411.81411.9

Students will

answer telephones and give information to callers, take messages or transfer calls to appropriate individuals.

file and maintain records. compile, copy, sort and file records of office activities, business transactions

and other activities. make copies of correspondence or other printed material. review work done by others to check for correct spelling and grammar, ensure

that company format policies are followed and recommend revisions. compose, type and distribute meeting notices, routine correspondence and

reports. gather, register and arrange the material to be typed, following instructions. review correspondence for format and typographical accuracy, assemble the

information into a prescribed form with the correct number of copies and submit it to an authorized official for signature.

Skill Set Basic Computer ApplicationsKnowledge Objectives

1411.10


electronic equipment. computer hardware and software, including applications.


1411.11

1411.12

1411.13

1411.141411.15

1411.161411.171411.18

Students will

differentiate amongst hardware, software, system software and application software.

suggest and check alternate spellings, locations and/or listing formats for customers lacking details or complete information.

operate office equipment such as fax machines, copiers and phone systems, and use computers for spreadsheet, word processing, database management and other applications.

compile, sort and verify the accuracy of data before it is entered. compare data with source documents or re-enter data in verification format to

detect errors. store completed documents in appropriate locations. format documents, insert graphics, create tables, sort data and use templates. transmit information or documents to customers, using computer, mail or

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1411.19

1411.20

1411.21

1411.221411.23

1411.24

1411.25

1411.26

1411.271411.28

1411.291411.30

1411.31

facsimile machine. maintain and update filing, inventory, mailing and database systems, either

manually or using a computer. notify supervisor or computer maintenance technicians of equipment

malfunctions. locate and attach appropriate files to incoming correspondence requiring

replies. add new material to file records or create new records as necessary. find and retrieve information from files in response to requests from authorized

users. type correspondence, reports, text and other written material from rough drafts,

corrected copies, voice recordings, dictation or previous versions, using a computer or word processor.

perform basic presentation functions to create, format, edit, save and print a presentation.

operate spreadsheet, database programs and other types of software to load and manipulate data and to produce reports.

operate new office technologies as they are developed and implemented. demonstrate netiquette, acceptable use policy and ethical practices related to

Internet access. integrate Internet information into software applications. retrieve, separate and sort program output as needed and send data to specified

users. type acknowledgement letters to persons sending correspondence.

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Business Math BM1419

Skill Set Computation SkillsKnowledge Objectives

1419.1


computation skills needed to solve business and consumer problems.Performance Objectives

1419.21419.31419.4

Students will

solve problems that involve numbers, decimals and fractions. solve problems that involve percentages, ratios and proportions. analyze tables, charts and graphs.

Skill Set Banking and Personal FinanceKnowledge Objectives

1419.5


payroll records, taxation, personal cash management and credit management.Performance Objectives

1419.61419.71419.8

1419.91419.101419.111419.121419.131419.141419.15

1419.161419.17

Students will

calculate earnings using different wage plans. determine payroll deductions and compute net pay. prepare a deposit slip, maintain a checkbook and prepare a reconciliation

statement. analyze the types of savings and checking accounts currently available. identify and demonstrate how certified checks and cashier’s checks are used. classify endorsements and state when to use each. prepare a budget for personal money management. compute individual income taxes. compare an installment contract and a promissory note. calculate interest and maturity value for an installment contract and a

promissory note. determine the balance due for installment purchases. compile finance/additional charges, periodic payment, total cost and the annual

percentage rate (APR) on an installment contract.Skill Set Basic Accounting ConceptsKnowledge Objectives

1419.18


basic accounting concepts.Performance Objectives

1419.19

1419.20

1419.21

1419.221419.23

Students will

calculate purchase cost, salvage value, useful life, depreciation base and book value.

compute depreciation by the following methods: straight-line, sum-of-years-digits, declining balance and unit-of-production.

compute physical inventory value using FIFO, LIFO, specific identification and average cost methods.

compute net profit or loss. determine the dollar amount of cost, markup or sales price when one of the

three variables is unknown.13

1419.24

1419.251419.26

1419.271419.281419.291419.301419.31

determine the dollar amount of markdowns, regular selling price or reduced price when one of the three variables is unknown.

complete a sales invoice with sales information and sale tax. categorize each element of the fundamental accounting equation (Assets =

Liabilities + Owner’s Equity). prove the debit and credit theory. interpret a balance sheet. interpret an income statement. distribute partnership income (revenue) or loss by different methods. calculate commissions.

Skill Set Insurance FundamentalsKnowledge Objectives

1419.32


term and whole life insurance.Performance Objectives

1419.331419.34

Students will

compute insurance premiums. examine differences between term and whole life insurance policies.

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