EMC Publishing s Introductory Accounting

Transcription

1 Correlated to Indiana s Academic Standards Business, Marketing, and Information Technology (ACC I ) Indiana s Academic Standards Course Content Standards and ACC I 1 Accounting Cycle ACC I 1.1 Content Standard: Students understand and apply the various steps of the accounting cycle and comprehend the purpose of each step. ACC I Define accounting and explain the purpose of the accounting system. SE: 13-14, 18-26, 35 ACC I ACC I ACC I Explain the importance of following Generally Accepted Accounting Principles (GAAP) and interpret the standards correctly. Demonstrate a working knowledge of the fundamental accounting equation. Discuss the purpose of the elements of financial statements: assets, liabilities, contributions by owners, distributions to owners, equity, revenues, expenses, gains, and losses. SE: 4, 5 SE: 18, 20-26, 33, 36, 39 SE: 16, 17, 21, ACC I Identify a variety of source documents. SE: ACC I ACC I ACC I ACC I Analyze business transactions using source documents and interpret their effect on the accounting equation. Explain the double-entry system of accounting and demonstrate the applications of the debit and credit rules when recording and analyzing business transactions. Journalize business transactions using various journal formats. Explain the purpose of a journal and its relationship to the ledger through postings. SE: SE: 16, 55-66, 73-75, 76-79, 91, , 111, 118, 476 SE: 90-97, , 123, 126, 130, 156, 164, , SE: 90-97, 113, 127, 173 ACC I Construct and maintain the chart of accounts. ACC I Construct a worksheet and use it to prepare SE: 97-98, 113, , SE: , , 156, ,

2 ACC I Prepare a trial balance and use it to determine necessary adjusting entries. ACC I Prepare financial statements in appropriate form and specify the purpose and relationship of each statement. ACC I Describe the purpose of the closing process and prepare closing entries and the postclosing trial balance. ACC I computerized accounting systems. SE: 66-68, , , 108, 122, , , , 154 SE: 26-30, 37, 129, 130, , 189, 420, , , 489, 492, 494 SE: 66-68, , , , , , 480, 490, 493, 494, SE: 8, 13-14, 126, , 254, 325, 373, 490, 535, 537, ACC I 2 Accounting Process ACC I 2.1 Content Standard: Students use Generally Accepted Accounting Principles (GAAP) to determine the value of assets, liabilities, owner s equity, revenues, and expenses. Assets ACC I Identify assets and their effect on financial SE: 16-17, ACC I ACC I ACC I ACC I Specify the importance of internal cash control and banking activities and demonstrate their use. Explain the use of and maintain the accounts receivable subsidiary ledger. Compare, contrast and evaluate inventory concepts and apply these concepts and procedures to a merchandising business. assets. SE: , , 243, , , SE: , , 375, SE: , 425, SE: 8, 13-14, , , , 325, , 490, 535, Liabilities ACC I Identify liabilities and their effect on financial SE: 17, 290, ACC I ACC I Explain the use of and maintain the accounts payable subsidiary ledger. liabilities. SE: 290, , 312 SE: ,

3 Owner s Equity ACC I Identify the components of owner s equity and their effect on ACC I Discuss the purpose of capital and drawing accounts for sole proprietorships and partnerships. ACC I owner s equity. Revenues ACC I Identify revenues and their effect on ACC I revenues. Expenses ACC I Identify expenses and their effect on ACC I expenses. SE: 20-25, 27-28, 40, , 478, 486 SE: SE: , SE: 21, , 485 SE: SE: , 458, SE: ACC I 3 Financial Statements ACC I 3.1 Content Standard: Students interpret and analyze ACC I Analyze the income statement, owner s equity statement, and balance sheet of a business. SE: 27-30, 40-41, 42-43, 51 ACC I ACC I ACC I Analyze the financial condition of the business through the use of ratios, charts, and graphs. Discuss the importance of high ethical standards in the preparation of financial Use Generally Accepted Accounting Principles (GAAP) to apply the revenue realization and matching principles in the preparation of SE: 34, , 484, SE: 30-31, 32, 51, 71, 153, , 242, 424, 474, 526, 561, 574 SE: 5, 24, 143 3

4 ACC I Calculate the cost of goods sold and gross profit. SE: , 482, 485 ACC I ACC I Identify the impact of the cost of goods sold and gross profit components to the business enterprise. SE: SE: 45-49, ACC I 4 Special Topics ACC I 4.1 Content Standard: Students apply Generally Accepted Accounting Principles (GAAP) to various forms of ownership and payroll. Forms of Ownership ACC I Compare and contrast the advantages and disadvantages of the three forms of business ownership sole proprietorships, partnerships, and corporations. SE: Payroll ACC I Explain the importance of payroll as a business expense. SE: 507 ACC I ACC I ACC I ACC I Calculate and maintain employee payroll records. Calculate and maintain employer payroll records. Discuss the importance of current issues in human resources and payroll for a business enterprise. payroll. SE: , , , 566, 572 SE: , , , , , SE: , , 537 SE: , , , ACC I 5 Interpretation and Use of Data ACC I 5.1 Content Standard: Students use appropriate data to evaluate the performance of an organization. ACC I Interpret and evaluate financial statements to make sound business decisions. SE: ACC I Interpret and evaluate industry trends and other relevant data to make sound business decisions. This objective falls outside the scope of Introductory Accounting. 4

5 ACC I 6 Communication ACC I 6.1 Content Standard: 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 Discuss the employment opportunities and job responsibilities in business, industry, public practice, government, education, and not-for-profit professions. SE: 3-4, 242 ACC I Discuss the state and national educational and licensing requirements for careers in the business and finance professions. SE: 6-8 ACC I 6.2 Content Standard: Students read, interpret, and report financial information. ACC I Read and interpret SE: 17, 26-29, , ACC I Write summaries of financial decisions. SE: 473, 494 ACC I Present summaries for decisions. SE: 494 ACC I Use appropriate industry terminology. SE: 38-39, 75-76, 117, 159, 196, , , 366, 428, 481, 531,