Common Planner
K–12 Standards

Computerized Accounting I: Grades 10, 11, 12

Other Arkansas CTE sets

Computerized Accounting I

  • 1.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions1.1.1

  • 1.2

    Define two types of business operated to earn a profit (service and merchandising)

    1. 1.

      Classify two types of businesses operated for profit1.2.1

  • 1.3

    Discuss three major forms of business organizations (sole proprietorship, partnership, corporation)

    1. 1.

      Classify three major forms of business organizations1.3.1

    2. 2.

      Discuss the critical thinking skills and decision making skills needed for each type of business1.3.2

  • 1.4

    Identify accounting careers (i.e., general office clerk, bookkeepers, accountants, certified public accountant)

    1. 1.

      Compare and contrast different accounting careers1.4.1

  • 1.5

    Identify professional accounting organizations and student organizations

    1. 1.

      Compare and contrast different professional accounting organizations1.5.1

    2. 2.

      Encourage students to participate in FBLA events1.5.2

  • 1.6

    Identify and discuss the commonly accepted accounting concepts

    1. 1.

      Identify and discuss objective evidence, adequate disclosure concept, going concern concept, accounting period cycle, business entity, consistent reporting, matching expenses with revenue, historical cost, realization of revenue, consistent reporting1.6.1

  • 1.7

    Identify characteristics of professional work ethics

    1. 1.

      Discuss honesty, privacy, truthfulness, and integrity1.7.1

    2. 2.

      Discuss ethical and unethical business practices1.7.2

Basic Accounting Cycle – Service Business

  • 2.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions2.1.1

  • 2.2

    Explain steps in preparing chart of accounts

    1. 1.

      Assign account numbers, arrange accounts in the general ledger, and keep records current2.2.1

  • 2.3

    Explain the accounting equation

    1. 1.

      Identify the components of the accounting equation and determine how they are impacted2.3.1

  • 2.4

    Explain steps in analyzing transactions

    1. 1.

      Analyze transactions2.4.1

  • 2.5

    Explain steps in journalizing transactions for a service business

    1. 1.

      Record transactions in a journal2.5.1

  • 2.6

    Explain steps in posting to general ledger

    1. 1.

      Post from the journal to general ledger2.6.1

  • 2.7

    Identify parts of a work sheet

    1. 1.

      Prepare a work sheet2.7.1

  • 2.8

    Identify financial statements

    1. 1.

      Prepare financial statements: balance sheet and income statement2.8.1

  • 2.9

    Recording adjusting and closing entries

    1. 1.

      Journalize adjusting and closing entries2.9.1

    2. 2.

      Prepare a post-closing trial balance2.9.2

Cash Control and Banking Procedures

  • 3.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions3.1.1

  • 3.2

    Describe the purpose of a deposit slip

    1. 1.

      Prepare a deposit slip3.2.1

  • 3.3

    Identify the types of endorsements

    1. 1.

      Prepare various types of endorsements (i.e., restrictive, special, blank)3.3.1

  • 3.4

    Explain the purpose of preparing a check

    1. 1.

      Prepare a check3.4.1

  • 3.5

    Discuss bank reconciliation

    1. 1.

      Demonstrate the procedure of reconciling a bank statement3.5.1

  • 3.6

    Discuss dishonored checks

    1. 1.

      List the reasons banks dishonor checks3.6.1

  • 3.7

    Discuss electronic banking and associated terms (i.e., Electronic Funds Transfers [EFT], Automated Teller Machine [ATM])

    1. 1.

      Analyze and record various banking transactions in a journal (i.e., transferring of funds, night deposits)3.7.1

  • 3.8

    Describe a petty cash system

    1. 1.

      Analyze and record transactions in a journal to establish a petty cash fund3.8.1

    2. 2.

      Analyze and record transactions in a journal to replenish a petty cash fund3.8.2

Basic Accounting Cycle – Merchandising Business

  • 4.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions4.1.1

  • 4.2

    Explain steps in journalizing transactions relating to a merchandising business

    1. 1.

      Journalize transactions for a merchandising business foundation4.2.1

  • 4.3

    Explain posting to general and subsidiary ledgers (accounts receivable and accounts payable ledgers)

    1. 1.

      Post transactions to general and subsidiary ledgers (accounts receivable, accounts payable ledgers)4.3.1

  • 4.4

    Identify the elements of the schedules of accounts receivable and accounts payable

    1. 1.

      Prove the subsidiary ledgers by preparing schedules of accounts receivable and accounts payable4.4.1

  • 4.5

    Analyze financial statements for merchandising business

    1. 1.

      Prepare financial statements for a merchandising business4.5.1

    2. 2.

      Compute and analyze component percentages4.5.2

  • 4.6

    Explain steps for journalizing adjusting and closing entries for a merchandising business

    1. 1.

      Journalize adjusting and closing entries for a merchandising business4.6.1

    2. 2.

      Prepare a post-closing trial balance4.6.2

Payroll Accounting

  • 5.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions5.1.1

  • 5.2

    Discuss payroll system

    1. 1.

      Discuss the importance of accurate payroll records5.2.1

    2. 2.

      Calculate gross earnings and net pay5.2.2

    3. 3.

      Prepare payroll register5.2.3

    4. 4.

      Prepare an employee earnings record5.2.4

    5. 5.

      Prepare payroll checks5.2.5

    6. 6.

      Journalize payroll5.2.6

  • 5.3

    Discuss employer's payroll taxes

    1. 1.

      Calculate and record employer's payroll taxes (Social Security, Medicare, State unemployment, and Federal unemployment)5.3.1

  • 5.4

    Identify tax reports that are prepared regularly by the employer

    1. 1.

      Prepare employee payroll forms:<ul><li>W-2</li><li>W-3</li><li>W-4</li><li>941</li></ul>5.4.1

Frequently asked questions

What grade levels do these standards cover?
Grade 10, Grade 11, and Grade 12
When were these standards adopted?
2013
Where can I read the official document?
Computerized Accounting I

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