Accounting Principles I WVEIS Code 1401

Accounting Principles I WVEIS Code 1401

This course prepares students with the basic principles of the accounting cycle. Students study the basic principles, concepts and practices of the accounting cycle which includes financial statements, banking, payroll, business ownerships and an accounting career orientation.

Standard 1: Accounting Careers (1401.S.1)

Investigate accounting as a career.

Career Objectives

Students will:

1401.1.1 Define the purpose of accounting and the role it plays in our economy.

1401.1.2 Use appropriate accounting terminology.

1401.1.3 Discuss entry-level accounting positions and their education requirements.

1401.1.4 Identify confidentiality concepts and policies.

1401.1.5 Identify characteristics of professional and ethical conduct.

Standard 2: Accounting Cycle (1401.S.2)

Analyze accounting procedures, as applied to the accounting cycle.

Procedures Objectives

Students will:

1401.2.1 Demonstrate the effects of transactions on the accounting equation.

1401.2.2 Identify and use source documents.

1401.2.3 Prepare a chart of accounts using proper numerical sequencing.

1401.2.4 Demonstrate the purpose of a general journal and how it relates to a ledger.

1401.2.5 Post general journal entries to the general ledger and update the account balances.

1401.2.6 Prepare a trial balance.

1401.2.7 Prepare/create financial statements.

1401.2.8 Calculate and record end-of-period adjustments.

1401.2.9 Prepare post-closing trial balance.

1401.2.10 Use specialized accounting software, or spreadsheets, to maintain accounting records.

1401.2.11 Identify the differences between computerized and manual accounting procedures.

Standard 3: The Accounting Cycle for Specialized Procedures (1401.S.3)

Students will implement specialized accounting procedures as applied to the accounting cycle.

The Accounting Cycle Objectives

Students will:

1401.3.1 Differentiate between the different types of business ownerships.

1401.3.2 Differentiate between a service and a merchandising business.

1401.3.3. Analyze transactions relating to the purchase of merchandise and record in special journals.

1401.3.4 Analyze transactions relating to sale of merchandise and record in special journals.

1401.3.5 Analyze financial statements.

Standard 4: Payroll and Banking Procedures (1401.S.4)

Analyze payroll and banking procedures.

Payroll and Banking Procedures Objectives

Students will:

1401.4.1 Define methods used to determine gross earnings.

1401.4.2 Explain the purpose of deductions and withholdings.

1401.4.3 Compute gross earnings, deductions and net pay for an employee.

1401.4.4 Record and post transactions associated with payroll activities.

1401.4.5 Create and maintain employee earnings records.

1401.4.6 Demonstrate generation of payroll checks.

1401.4.7 Demonstrate the ability to write business checks and complete check stubs and check registers.

1401.4.8 Demonstrate the ability to prepare bank deposits slips.

1401.4.9 Identify and demonstrate the three types of check endorsements.

1401.4.10 Reconcile a bank statement, prepare journal entries, and post.

1401.4.11 Demonstrate an understanding for replenishing of and preparing journal entries for the petty cash fund.