Business Standards and Benchmarks

Advanced Accounting

Standard 1: Understand the concepts and apply the principles of accounting, financial decision-making and personal finance as related to departmentalized accounting, management accounting and cost accounting

Benchmark: Understand and apply payroll theories and procedures.

a. TLW describe the process of calculating payroll and related payroll taxes (Reading S2B1-c)

b. TLW understand the relationship between gross pay, net pay, and deductions (Reading S2B1-c)

c. TLW calculate earnings (Math S2B1)

d. TLW calculate deductions (Math S2B1)

e. TLW calculate employer’s payroll taxes (Math S2B1)

Benchmark: Understand business ownership and government relations

a. TLW prepare payroll reports (Math S2B3)

b. TLW explain the advantages and disadvantages of the three forms of business ownership – sole proprietorship, partnership, and corporation (Reading S2B1-c)

Standard 2: Prepare, interpret, and analyze financial statements using manual systems for service, merchandising, and manufacturing businesses

Benchmark: Interpret and create basic financial statements

a. TLW prepare basic financial statements (Math S2B3)

b. TLW describe basic financial statements (Reading S2B1-c)

c. TLW identify interrelationships of financial statements (Reading S2B1-c)

d. TLW calculate financial ratios (Math S2B1)

e. TLW prepare income statements (Math S2B3)

f. TLW prepare trial balances (Math S2B3)

g. TLW use a variety of journal formats to journalize business transactions (Math S2B2)

h. TLW prepare and utilize budgets (Math S2B1)

i. TLW complete basic business forms and record (Math S2B3)

j. TLW describe net profit/loss from a worksheet (Math S2B3)