Common Planner
K–12 Standards

ACCOUNTING 52.0301.00

Other Arizona CTE sets

DEMONSTRATE THE STEPS OF THE ACCOUNTING CYCLEACC 1

  • 1.1

    Explain the purpose of the accounting cycleACC 1.1

  • 1.2

    Define terminology related to the accounting cycleACC 1.2

  • 1.3

    Demonstrate the fundamental accounting equationACC 1.3

  • 1.4

    Classify items as assets, liabilities, or equityACC 1.4

  • 1.5

    Determine how equity is affected by revenue, expense, and drawing accountsACC 1.5

  • 1.6

    Practice the double-entry system of accountingACC 1.6

  • 1.7

    Analyze the effect of business transactions on the basic accounting equation using source documentsACC 1.7

  • 1.8

    Develop the process of journalizing business transactionsACC 1.8

  • 1.9

    Explain the relationship of the journal to the ledgerACC 1.9

  • 1.10

    Post transactions from the journal to the ledgerACC 1.10

  • 1.11

    Prepare a trial balance including determining necessary adjustmentsACC 1.11

  • 1.12

    Prepare financial statementsACC 1.12

  • 1.13

    Explain the purposes of the closing processACC 1.13

  • 1.14

    Prepare a post-closing trial balanceACC 1.14

GENERATE PROCEDURES FOR CASH CONTROLACC 2

  • 2.1

    Define petty cashACC 2.1

  • 2.2

    Complete check stubs or register manually and using computerized systemsACC 2.2

  • 2.3

    Enter appropriate data on a deposit slipACC 2.3

  • 2.4

    Reconcile a bank statementACC 2.4

  • 2.5

    Establish procedures for managing and reconciling petty cash manually and using computerized systemsACC 2.5

  • 2.6

    Understand and show knowledge of the Electronic Funds Transfer (EFT) processACC 2.6

DETERMINE PROCEDURES FOR ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLEACC.3

  • 3.1

    Establish and maintain the accounts receivable subsidiary ledgerACC 3.1

  • 3.2

    Process sales orders and invoicesACC 3.2

  • 3.3

    Process customer paymentsACC 3.3

  • 3.4

    Analyze accounts receivable using an aging schedule to determine doubtful accountsACC 3.4

  • 3.5

    Establish and maintain the accounts payable subsidiary ledgerACC 3.5

  • 3.6

    Maintain vendor filesACC 3.6

  • 3.7

    Process invoices for paymentACC 3.7

  • 3.8

    Journal and reconcile credit card statementsACC 3.8

  • 3.9

    Process accounts payable checksACC 3.9

  • 3.10

    Explain the relationship of subsidiary ledgersACC 3.10

DETERMINE PAYROLLACC.4

  • 4.1

    Prepare and journal payroll records using manual and computerized systemsACC 4.1

  • 4.2

    Calculate earnings for various methods of compensation (commissions, hourly, and salary)ACC 4.2

  • 4.3

    Compute employee deductions to determine net payACC 4.3

  • 4.4

    Calculate employer’s payroll taxesACC 4.4

  • 4.5

    Prepare basic federal payroll forms (e.g., W-2, W-4, 940, 941)ACC 4.5

EVALUATE ASSETS, LIABILITIES, AND EQUITYACC.5

  • 5.1

    Define and use terminology related to assets and liabilitiesACC 5.1

  • 5.2

    Explain the purposes of notes receivableACC 5.2

  • 5.3

    Maintain inventory recordsACC 5.3

  • 5.4

    Apply inventory costing procedures (FIFO, LIFO, and weighted average)ACC 5.4

  • 5.5

    Compute the cost basis of assetsACC 5.5

  • 5.6

    Calculate depreciations (e.g., Straight Line, Double Declining)ACC 5.6

  • 5.7

    Identify internal controls used to protect assets from loss, waste, theft, forgery, and embezzlementACC 5.7

  • 5.8

    Determine current and long-term liabilities and assetsACC 5.8

  • 5.9

    Apply revenue realization and matching principles to an income statement for service and merchandising businessesACC 5.9

  • 5.10

     Determine cost of goods sold and gross profit for merchandising and manufacturing businesses ACC 5.10

DEMONSTRATE AN UNDERSTANDING OF BASIC BUSINESS, ECONOMIC, AND FINANCIAL MANAGEMENT PRACTICESACC.6

  • 6.1

    Describe basic methods used to organize accounting records and information.ACC 6.

  • 6.2

    Review a budget based on an organization’s business planACC 6.2

  • 6.3

    Review an income statement for an organizationACC 6.3

  • 6.4

    Review a balance sheet for an organizationACC 6.4

  • 6.5

    Interpret financial information for decision making and planningACC 6.5

  • 6.6

    Monitor and adjust business operations based on financial performanceACC 6.6

  • 6.7

    Describe the impact of quality business communications on the success of an organizationACC 6.7

  • 6.8

    Manage customer relationsACC 6.8

  • 6.9

    Explain the role of insurance in managing riskACC 6.9

  • 6.10

    Explain the role of accounting in support of the five functions of management (planning, organizing, directing, staffing, and controlling) and related decision makingACC 6.10

  • 6.11

    Define the differences among service, merchandising, and manufacturing businessesACC 6.11

APPRAISE COMPONENTS OF BUSINESS OPERATIONSACC.7

  • 7.1

    Explain GAAP (Generally Accepted Accounting Principles) and other basic accounting methodsACC 7.1

  • 7.2

    Differentiate between taxation at the personal and business levelACC 7.2

  • 7.3

    Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnershipACC 7.3

  • 7.4

    Explain the purpose of various accounts (common stock, preferred stock, paid-in capital, retained earnings, and dividends for a corporation)ACC 7.4

  • 7.5

    Identify three basic types of business funding (operating, investing, and financing)ACC 7.5

  • 7.6

    Identify not-for-profit and governmental organizations accounting requirementsACC 7.6

ASSESS THE FINANCIAL PERFORMANCE OF A BUSINESSACC.8

  • 8.1

    Analyze the income statement and balance sheet of a businessACC 8.1

  • 8.2

    Analyze current and long-term assets including their impact on the financial statementsACC 8.2

  • 8.3

    Analyze current and long-term liabilities including their impact on the financial statementsACC 8.3

  • 8.4

    Analyze the statement of cash flow and the effect on healthy performanceACC 8.4

  • 8.5

    Calculate financial ratios (price earnings, quick, liquidity, and merchandise inventory turnover)ACC 8.5

  • 8.6

    Determine the effect of changes in sales volume, unit costs, and unit sales process on net incomeACC 8.6

USE ACCOUNTING TECHNOLOGY IN MANAGING FINANCIAL INFORMATIONACC.9

  • 9.1

    Use spreadsheet software to organize, calculate, and complete an accounting financial statementACC 9.1

  • 9.2

    Use spreadsheet and/or accounting software to prepare charts and graphs used to analyze the financial condition of a businessACC 9.2

EXAMINE ETHICAL STANDARDS IN ACCOUNTINGACC.10

  • 10.1

    Differentiate between ethical and legal issuesACC 10.1

  • 10.2

    Describe social responsibility in accountingACC 10.2

  • 10.3

    Explain the importance of high ethical standards in the preparation of financial statementsACC 10.3

Frequently asked questions

What grade levels do these standards cover?
Grade 10, Grade 11, VOCATIONALTRAINING, and Grade 12

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