Business Standards and Benchmarks

Accounting

Standard 1: Understand the concepts and apply the principles of accounting and financial decision-making

Benchmark: Recognize and understand basic terminology, principles, and concepts in the accounting process

a. TLW identify accounting terminology (e.g., assets, liabilities, owner’s equity) (Reading S1B2-a)

b. TLW demonstrate an understanding of accounting principles (e.g., historical cost, ongoing concern, matching revenue and expenses)

c. TLW demonstrate an awareness of basic accounting concepts by completing related activities

d. TLW recognize and define grade appropriate or content appropriate vocabulary (Reading S1B2-a)

Benchmark: Complete the various steps of the accounting cycle and explain the purpose of each step using manual and/or computerized systems

a. TLW describe the functions of a basic accounting system

b. TLW describe the need for the concept of documentation (e.g., checks & balances, dual entry system, etc.)

c. TLW analyze source documents

d. TLW journalize business transactions

e. TLW compute money transactions (i.e., making change, handling petty cash, preparing bank deposits, electronic funds transfer, reconciling bank statements) (Math S1B4)

f. TLW total and prove journal(s) (Math S1B3)

g. TLW post transactions and maintain ledger(s) (e.g., general, subsidiary, payroll)

h. TLW prepare worksheet and related financial statements (Math S1B4)

i. TLW journalize and post-adjusting and closing entries

j. TLW prepare a post closing trial balance (Math S2B3)

k. TLW use advanced computation procedures. (Math S1B4)

Benchmark: Interpret and analyze financial statements

a. TLW identify financial tasks to be performed

b. TLW interpret and apply numerical information (e.g., tables, graphs, and charts)

c. TLW analyze a series of financial statements for trends over a period of time (Biology Basic S1B1-c)

d. TLW graph and analyze data. (Biology S1B1-1,2)

e. TLW use prior knowledge and experience to respond to new information. (Reading S2B1-c)

Benchmark: Apply appropriate accounting principles to satisfy the legal requirements of a business

a. TLW describe the payroll process and calculate payroll and related taxes (Math S2B1)

b. TLW demonstrate a familiarity with common government regulations affecting business (e.g., FICA, Medicare)

c. TLW identify various types of depreciation methods

d. TLW calculate plant asset depreciation (Math S1B2)