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ACCOUNTING
1
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ACCOUNTING
2
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Accounting
1
Standards and
Benchmarks
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GRADE: 10th, 11th, and 12th Grade
SUBJECT: Accounting 1
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COURSE DESCRIPTION:
The purpose of accounting is to have
students acquire the knowledge and
abilities to keep efficient and effective
records. Students will develop an
understanding of proprietorships,
partnerships, and corporations while
completing the accounting
cycle.
COURSE BENCHMARKS:
1. Complete the various steps of the
accounting cycle.
2. Determine the value of assets,
liabilities, and owner's equity.
3. Prepare, interpret, and analyze
financial statements for service and
merchandising businesses.
4. Apply appropriate accounting principles
to various forms of ownership, payroll,
and income taxation.
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Benchmark 1: Complete
the various steps of the accounting
cycle.
Indicators:
A. Apply the accounting equation.
B. Explain the purpose of each step of the
accounting equation.
C. Use the accounting cycle.
Benchmark 2: Determine the value of
assets, liabilities, and owner's
equity.
Indicators:
A. Explain when and why assets,
liabilities, and owner's equity are
used.
B. Distinguish between each of the
generally accepted accounting
principles.
C. Apply the generally accepted accounting
principles.
D. Compare the roles of sole
proprietorships, partnerships, and
corporations.
Benchmark 3: Prepare,
interpret, and analyze financial
statements for service and merchandising
businesses.
Indicators:
A. Compose and describe an income
statement and balance sheet for service
and merchandising businesses.
B. Explain the importance of ethical
standards in the preparation of financial
statements.
C. Apply revenue allocation in the
preparation of financial statements for
service and merchandising businesses.
D. Calculate cost and profit for a service
and merchandising business.
Benchmark 4: Apply appropriate
accounting principles to various forms of
ownership, payroll, and income
taxation.
Indicators:
A. Prepare and maintain payroll
records.
B. Calculate deductions (e.g., federal
income taxes, Social Security, Medicare,
state income taxes, federal unemployment,
and state unemployment.
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Accounting
1
Course Map
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Accounting
2
Standards and
Benchmarks
**********************************************************************************
GRADE: 11th and 12th Grade
SUBJECT: Accounting 2
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COURSE DESCRIPTION:
The purpose of Accounting 2 is to further
develop student knowledge of effective
record keeping. Students will develop an
understanding of corporations and
not-for-profit organizations while
completing the accounting
cycle.
COURSE BENCHMARKS:
1. Complete the various steps of the
accounting cycle.
2. Determine the value of assets,
liabilities, and owner's equity.
3. Prepare, interpret, and analyze
financial statements for corporations and
not-for-profit organizations.
4. Apply appropriate accounting principles
to cost and management accounting and to
various forms of
ownership.
**********************************************************************************
Benchmark 1:
Complete the various steps of the
accounting cycle.
Indicators:
A. Apply the accounting equation.
B. Explain the purpose of each step of the
accounting equation.
C. Use the accounting cycle.
Benchmark 2: Determine the value
of assets, liabilities, and owner's
equity.
Indicators:
A. Explain when and why assets,
liabilities, and owner's equity are
used.
B. Distinguish between each of the
generally accepted accounting
principles.
C. Apply the generally accepted accounting
principles.
D. Compare these principles when
accounting for corporations and
not-for-profit organizations.
Benchmark 3: Prepare, interpret, and
analyze financial statements for
corporations and not-for-profit
organizations.
Indicators:
A. Compose and describe an income
statement and balance sheet for
corporations and not-for-profit
organizations.
B. Explain the importance of ethical
standards in the preparation of financial
statements.
C. Apply revenue allocation in the
preparation of financial statements for
corporations and not-for-profit
organizations.
D. Calculate cost and profit for
corporations and not-for-profit
organizations.
Benchmark 4: Apply appropriate accounting
principles to payroll, cost, and
management accounting and to various forms
of ownership.
Indicators:
A. Prepare and maintain payroll
records.
B. Calculate deductions and benefits
(e.g., federal income taxes, Social
Security, state income taxes, federal
unemployment, state unemployment, FICA
taxes, vacation pay, sick leave, and
personal leave).
C. Prepare and maintain inventory records,
budgets, cash flows, and cost
records.
Accounting
2
Course Map
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