Framework for Accounting
CIP Code: 520301 / Total Framework Hours: 180
Course: Accounting / Exploratory:
Textbook: Century 21 Accounting 7th ed.: Ross, Gilbertson, Lehman, hanson
COMPONENTS AND COMPETENCIES
Performance Assessments / By reading and comprehending important ideas and details, students will analyze and journalize business transactions, showing cause and effect on the accounting equation. Students will think critically about accounting information they have gathered from various sources and use problem-solving skills to manage, organize and maintain that information in ledgers and by creating, reviewing and preparing financial statements and completing the steps in the accounting process.
The FBLA Accounting Competitive Event provides an assessment tool that may be utilized for this course.
STANDARDS AND COMPETENCIES

Standard:THE ACCOUNTING CYCLE

/ Total Learning Hours for Standard: 90
Competency
Description /
  • Explain the advantages and disadvantages of two forms of business ownership—sole proprietorships, partnerships.
  • Define accounting and explain the purpose of the accounting system.
  • Define the concept of generally accepted accounting principles.
  • Demonstrate an understanding of the fundamental accounting equation.
  • Classify items as assets, liabilities, or owner’s equity.
  • Describe the purpose of the revenue, expense, and drawing accounts and illustrate their effects on owner’s equity.
  • Analyze business transactions using source documents and describe the effect on the accounting equation.
  • Explain the double-entry system of accounting and apply debit and credit rules when analyzing business transactions.
  • Explain the purpose of the journal and the process of journalizing business transactions.
  • Analyze the relationship of the journal to the ledger
  • Explain the purpose of a ledger account and post information from the journal to the ledger
  • Prepare a trial balance.
  • Explain the purpose of adjusting entries.
  • Analyze the trial balance to determine the necessary adjustments to prepare financial statements.
  • Prepare and explain the purposes of each financial statement and describe the way they articulate with each other.
  • Explain the purposes of the closing process and journalize and post closing entries.
  • Use spreadsheet and accounting software to maintain accounting records and describe the differences between manual and computerized accounting systems.
  • Evaluate the effect of adjusting entries on financial statements.

EALRs or GLEs (Taught & Assessed in Standards)
Math / A1.8. Core Processes: Reasoning, problem solving, and communication
A1.8.A Analyze a problem situation and represent it mathematically.
A1.8.B Select and apply strategies to solve problems.
A1.8.C Evaluate a solution for reasonableness, verify its accuracy, and interpret the solution in the context of the original problem.
A1.8.D Generalize a solution strategy for a single problem to a class of related problems, and apply a strategy for a class of related problems to solve specific problems.
A1.8.E Read and interpret diagrams, graphs, and text containing the symbols, language, and conventions of mathematics.
A1.8.F Summarize mathematical ideas with precision and efficiency for a given audience and purpose.
A1.8.G Synthesize information to draw conclusions, and evaluate the arguments and conclusions of others.
A1.8.H Use inductive reasoning about algebra and the properties of numbers to make conjectures, and use deductive reasoning to prove or disprove conjectures.
M1.2. Core Content: Characteristics and behaviors of functions
M1.2.A Determine whether a relationship is a function and identify the domain, range, roots, and independent and dependent variables.
M1.2.B Represent a function with a symbolic expression, as a graph, in a table, and using words, and make connections among these representations.
M1.3. Core Content: Linear functions, (Algebra, Geometry/Measurement, equations, and relationships Data/Statistics/Probability)
M1.3.A Write and solve linear equations and inequalities in one variable.
M1.3.G Describe the correlation of data in scatterplots in terms of strong or weak and positive or negative
M1.4.A Distinguish between inductive and deductive reasoning.
A1.6. Core Content: Data and distributions (Data/Statistics/Probability)
A1.6.A Use and evaluate the accuracy of summary statistics to describe and compare data sets.
A1.6.B Make valid inferences and draw conclusions based on data. Determine whether arguments based on data confuse association with causation. Evaluate the reasonableness of and make judgments about statistical claims, reports, studies, and conclusions.
A1.6.C Describe how linear transformations affect the center and spread of univariate data.
A1.6.E Describe the correlation of data in scatterplots in terms of strong or weak and positive or negative.
M1.6. Core Content: Numbers, expressions, and operations (Numbers, Operations, Algebra)
M1.6.B Determine whether approximations or exact values of real numbers are appropriate, depending on the context, and justify the selection.
M1.6.C Recognize the multiple uses of variables, determine all possible values of variables that satisfy prescribed conditions, and evaluate algebraic expressions that involve variables
M1.6.D Solve an equation involving several variables by expressing one variable in terms of the others.
G.1. Core Content: Logical arguments and proofs (Logic)
G.1.A Distinguish between inductive and deductive reasoning.
G.1.C Use deductive reasoning to prove that a valid geometric statement is true.
G.1.E Identify errors or gaps in a mathematical argument and develop counterexamples to refute invalid statements about geometric relationships.
Reading / 1.3 Build vocabulary through wide reading
1.3.2 Understand and apply content/academic vocabulary critical to the meaning of the text, including vocabularies relevant to different contexts, cultures and communities.
2.1 Demonstrate evidence of reading comprehension.
2.1.4 Apply comprehension-monitoring strategies for informational and technical materials, complex narratives, and expositions: use prior knowledge.
3.2. Read to perform a task.
3.2.2 Apply understanding of complex information, including functional documents, to perform a task.
SKILLS
Leadership / Employability / Analytical, Logical & Creative Thinking
1.5 The student will be involved in activities that require applying theory, problem solving, and using critical and creative thinking skills while understanding outcomes of related decisions.
FBLA provides leadership activities that correlate with this framework. Example activities can be found in the Core Leadership Skills document at .
A corresponding activity to help students achieve this skill will be completed as per the website activities. /

Information

A. Acquires and Evaluates Information
B. Organizes and Maintains Information
C. Interprets and communicates information
D. Uses computers to process

Technology

A. Selects Technology—chooses procedures, tools or equipment including computers and related technologies. / Analysis
Classification
Cause/Effect
Problem Solving
Reasoning
Relevance to Work: Employees in the accounting field must have a general knowledge of vocabulary terms and accounting procedures.
COMPONENTS AND COMPETENCIES
Performance Assessments / In building upon the established vocabulary, students will classify and analyze assets and determine necessary scheduled activities in processing the transactions using assets in the accounting equation such as banking activities, and managing accounts receivable ledgers.
By gathering and organizing information from a variety of sources, students will interpret and extract the necessary information and communicate that information in a way that demonstrates social responsibility to family, community, business and industry.
Components of FBLAs Accounting Event would be an appropriate performance assessment tool for this unit.
STANDARDS AND COMPETENCIES
Standard: / Total Learning Hours for Standard: 30
Competency
Description / THE ACCOUNTING PROCESS

Assets

  • Define and identify current and long-term assets and explain their impact on financial statements.
  • Define cash; prepare bank reconciliation; establish, maintain, and reconcile petty cash and change accounts; identify cash control techniques; explain the benefits of electronic fund transfers, electronic data interchange, and uses of a debit card.
  • Create and maintain the accounts receivable subsidiary ledger and an account for credit card sales.
  • Establish and maintain accounts for receivables and related interest.
  • Explain the purpose of depreciation.
  • Use spreadsheet or accounting software to maintain accounting records for short-term assets.
  • Compare and analyze various depreciation methods and their impact on financial statements.

EALRs or GLEs (Taught & Assessed in Standards)
Math / A1.8. Core Processes: Reasoning, problem solving, and communication
A1.8.A Analyze a problem situation and represent it mathematically.
A1.8.B Select and apply strategies to solve problems.
A1.8.C Evaluate a solution for reasonableness, verify its accuracy, and interpret the solution in the context of the original problem.
A1.8.D Generalize a solution strategy for a single problem to a class of related problems, and apply a strategy for a class of related problems to solve specific problems.
A1.8.E Read and interpret diagrams, graphs, and text containing the symbols, language, and conventions of mathematics.
A1.8.F Summarize mathematical ideas with precision and efficiency for a given audience and purpose.
A1.8.G Synthesize information to draw conclusions, and evaluate the arguments and conclusions of others.
A1.8.H Use inductive reasoning about algebra and the properties of numbers to make conjectures, and use deductive reasoning to prove or disprove conjectures.
M1.2. Core Content: Characteristics and behaviors of functions
M1.2.A Determine whether a relationship is a function and identify the domain, range, roots, and independent and dependent variables.
M1.2.B Represent a function with a symbolic expression, as a graph, in a table, and using words, and make connections among these representations
A1.6. Core Content: Data and distributions (Data/Statistics/Probability)
A1.6.A Use and evaluate the accuracy of summary statistics to describe and compare data sets.
A1.6.B Make valid inferences and draw conclusions based on data. Determine whether arguments based on data confuse association with causation. Evaluate the reasonableness of and make judgments about statistical claims, reports, studies, and conclusions.
A1.6.C Describe how linear transformations affect the center and spread of univariate data.
A1.6.E Describe the correlation of data in scatterplots in terms of strong or weak and positive or negative.
M1.6. Core Content: Numbers, expressions, and operations (Numbers, Operations, Algebra)
M1.6.B Determine whether approximations or exact values of real numbers are appropriate, depending on the context, and justify the selection.
A1.1.E Solve problems that can be represented by exponential functions and equations.
G.1. Core Content: Logical arguments and proofs (Logic)
G.1.A Distinguish between inductive and deductive reasoning.
G.1.C Use deductive reasoning to prove that a valid geometric statement is true.
G.1.E Identify errors or gaps in a mathematical argument and develop counterexamples to refute invalid statements about geometric relationships.
Reading / 1.3Build vocabulary through wide reading.
1.3.2 Understand and apply content/academic vocabulary critical to the meaning of the text, including vocabularies relevant to different contexts, cultures and communities.
3.2Read to perform a task.
3.2.2 Apply understanding of complex information, including functional documents, to perform a task.
SKILLS
Leadership / Employability / Analytical, Logical & Creative Thinking
3.2 The student will demonstrate social responsibility in family, community, and business and industry.
FBLA provides leadership activities that correlate with this framework. Example activities can be found in the Core Leadership Skills document at .
A corresponding activity to help students achieve this skill will be completed as per the website activities. /

Resources

A. Time—selects goal-relevant activities, ranks them, allocates time, and prepares and follows schedules.

Information

A. Acquires and Evaluates Information
B. Organizes and Maintains Information
C. Interprets and Communicates Information / Classify
Analysis
Precision
Relevance to Work: Employees in the field of accounting must be able to determine what an asset is and how assets fit into and affect the accounting equation.
COMPONENTS AND COMPETENCIES
Performance Assessments / By classifying various liabilities and using precision in performing tasks from the analysis of information gathered from a variety of sources, students will be precise in creating and maintaining the accounts payable and its subsidiary ledger, and decision-making skills regarding accounts.
Using real-world scenarios or simulations (either manual or computerized), students will comprehend and synthesize information and ideas, and will perform scheduled procedures regarding that information.
STANDARDS AND COMPETENCIES
Standard: / Total Learning Hours for Standard: 12
Competency
Description / THE ACCOUNTING PROCESS
Liabilities
  • Define and identify current and long-term liabilities and explain their impact on financial statement.
  • Create and maintain the accounts payable subsidiary ledger.
  • Establish and maintain accounts for payables.
  • Use spreadsheet or accounting software to maintain accounting records for short-term liabilities.

EALRs or GLEs (Taught & Assessed in Standards)
Math / A1.6. Core Content: Data and distributions (Data/Statistics/Probability)
A1.6.A Use and evaluate the accuracy of summary statistics to describe and compare data sets.
A1.6.B Make valid inferences and draw conclusions based on data. Determine whether arguments based on data confuse association with causation. Evaluate the reasonableness of and make judgments about statistical claims, reports, studies, and conclusions.
A1.8. Core Processes: Reasoning, problem solving, and communication
A1.8.A Analyze a problem situation and represent it mathematically.
A1.8.B Select and apply strategies to solve problems.
A1.8.C Evaluate a solution for reasonableness, verify its accuracy, and interpret the solution in the context of the original problem.
M1.6. Core Content: Numbers, expressions, and operations (Numbers, Operations, Algebra)
M1.6.B Determine whether approximations or exact values of real numbers are appropriate, depending on the context, and justify the selection.
A1.8.E Read and interpret diagrams, graphs, and text containing the symbols, language, and conventions of mathematics.
A1.8.F Summarize mathematical ideas with precision and efficiency for a given audience and purpose.
A1.8.G Synthesize information to draw conclusions, and evaluate the arguments and conclusions of others.
Reading / 2.3 Expand comprehension by analyzing, interpreting, and synthesizing information and ideas in literary and informational text.
2.3.1 Analyze informational/expository text and literary/narrative text for similarities and differences and cause/effect relationships.
2.3.4 Synthesize information from a variety of sources.
3.2Read to perform a task.
3.2.2 Apply understanding of complex information, including functional documents, to perform a task.
SKILLS
Leadership / Employability / Analytical, Logical & Creative Thinking
1.1The student will analyze, refine, and apply decision-making skills through classroom, family, community, and business and industry (work-related) experiences.
FBLA provides leadership activities that correlate with this framework. Example activities can be found in the Core Leadership Skills document at .
A corresponding activity to help students achieve this skill will be completed as per the website activities. /

Resources

A. Time—selects goal-relevant activities, ranks them, allocates time, and prepares and follows schedules.

Information

B. Organizes and Maintains Information
C. Interprets and communicates information
D. Uses computers to process

Technology

A. Selects Technology—chooses procedures, tools or equipment including computers and related technologies. / Classify
Analysis
Precision
Relevance to Work:Accounting employees must be able to determine what liabilities are and how they affect the accounting equation.
COMPONENTS AND COMPETENCIES
Performance Assessments / By analyzing and synthesizing information gathered and organized from a variety of sources, students will build vocabulary and expand comprehension by classifying and processing owner’s equity transactions and communicate through journals and financial statements the impact of owner’s equity from those transactions.
Through analysis and synthesis of this information, students will be able to demonstrate skills that assist in understanding and accepting responsibility.
STANDARDS AND COMPETENCIES
Standard: / Total Learning Hours for Standard: 6
Competency
Description / THE ACCOUNTING PROCESS
Owner’s Equity
  • Explain the purpose of the capital and drawing accounts for a sole proprietorship and partnership.
  • Apply appropriate accounting techniques to account for investments and withdrawals by owners.

EALRs or GLEs (Taught & Assessed in Standards)
Math / A1.8. Core Processes: Reasoning, problem solving, and communication
A1.8.A Analyze a problem situation and represent it mathematically.
A1.8.B Select and apply strategies to solve problems.
A1.8.C Evaluate a solution for reasonableness, verify its accuracy, and interpret the solution in the context of the original problem.
A1.8.D Generalize a solution strategy for a single problem to a class of related problems, and apply a strategy for a class of related problems to solve specific problems.
A1.8.F Summarize mathematical ideas with precision and efficiency for a given audience and purpose.
A1.8.G Synthesize information to draw conclusions, and evaluate the arguments and conclusions of others.
A1.8.H Use inductive reasoning about algebra and the properties of numbers to make conjectures, and use deductive reasoning to prove or disprove conjectures.
A1.6. Core Content: Data and distributions (Data/Statistics/Probability)
A1.6.A Use and evaluate the accuracy of summary statistics to describe and compare data sets.
A1.6.B Make valid inferences and draw conclusions based on data.
A1.6.C Describe how linear transformations affect the center and spread of univariate data.
G.1. Core Content: Logical arguments and proofs (Logic)
G.1.A Distinguish between inductive and deductive reasoning.
G.1.C Use deductive reasoning to prove that a valid geometric statement is true.
G.1.E Identify errors or gaps in a mathematical argument and develop counterexamples to refute invalid statements about geometric relationships.
Reading / 1.3Build vocabulary through wide reading.
1.3.2 Understand and apply content/academic vocabulary critical to the meaning of the text, including vocabularies relevant to different contexts, cultures and communities.
2.3 Expand comprehension by analyzing, interpreting, and synthesizing information and ideas in literary and informational text.
2.3.4 Synthesize information from a variety of sources.
3.2 Read to perform a task.
3.2.2 Apply understanding of complex information, including functional documents, to perform a task.
Communications / 1.1Uses listening and observation skills and strategies to focus attention and interpret information.
1.1.1Applies a variety of listening strategies to accommodate the listening situation.
SKILLS
Leadership / Employability / Analytical, Logical & Creative Thinking
2.4 The student will demonstrate skills that assist in understanding and accepting responsibility to family, community, and business and industry.
FBLA provides leadership activities that correlate with this framework. Example activities can be found in the Core Leadership Skills document at .
A corresponding activity to help students achieve this skill will be completed as per the website activities. /

Information

A. Acquires and Evaluates Information
C. Interprets and Communicates Information / Classify
Analysis
Relevance to Work: Accounting employees must be able to determine what owner’s equity is and how it affects the accounting equation.
COMPONENTS AND COMPETENCIES
Performance Assessments / Students will be able to read, prepare, interpret, and analyze and evaluate financial statements using manual and computerized systems for service and merchandising businesses.
In completing and maintaining work for a real or simulated customer and teaching each other about that work, students will perform ethically and will expand comprehension of the accounting process and the rules and expectations (and consequences) of accounting procedures.
STANDARDS AND COMPETENCIES
Standard: / Total Learning Hours for Standard: 15
Competency
Description / FINANCIAL STATEMENT PREPARATION AND ANALYSIS
  • Explain the importance of high ethical standards in the preparation of financial statements.
  • Apply the revenue realization and matching principles in the preparation of an income statement or statement of operations for service and merchandising businesses.
  • Determine cost of goods sold and gross profit for a merchandising business.
  • Determine cost of goods.

EALRs or GLEs (Taught & Assessed in Standards)
Math / A1.8. Core Processes: Reasoning, problem solving, and communication
A1.8.A Analyze a problem situation and represent it mathematically.
A1.8.B Select and apply strategies to solve problems.
A1.8.C Evaluate a solution for reasonableness, verify its accuracy, and interpret the solution in the context of the original problem.
A1.8.D Generalize a solution strategy for a single problem to a class of related problems, and apply a strategy for a class of related problems to solve specific problems.
A1.8.F Summarize mathematical ideas with precision and efficiency for a given audience and purpose.
A1.8.G Synthesize information to draw conclusions, and evaluate the arguments and conclusions of others.
A1.8.H Use inductive reasoning about algebra and the properties of numbers to make conjectures, and use deductive reasoning to prove or disprove conjectures.
A1.6. Core Content: Data and distributions (Data/Statistics/Probability)
A1.6.A Use and evaluate the accuracy of summary statistics to describe and compare data sets.
A1.6.B Make valid inferences and draw conclusions based on data.
A1.6.C Describe how linear transformations affect the center and spread of univariate data.
G.1. Core Content: Logical arguments and proofs (Logic)
G.1.A Distinguish between inductive and deductive reasoning.
G.1.C Use deductive reasoning to prove that a valid geometric statement is true.
G.1.E Identify errors or gaps in a mathematical argument and develop counterexamples to refute invalid statements about geometric relationships.
Reading / 2.3 Expand comprehension by analyzing, interpreting, and synthesizing information and ideas in literary and informational text.
2.3.4 Synthesize information from a variety of sources.
3.2 Read to perform a task.
3.2.2 Apply understanding of complex information, including functional documents, to perform a task.
SKILLS
Leadership / Employability / Analytical, Logical & Creative Thinking
2.7 The student will demonstrate the ability to train others to understand the established rules and expectations, rationale, and consequences and to follow those rules and expectations.
FBLA provides leadership activities that correlate with this framework. Example activities can be found in the Core Leadership Skills document at .
A corresponding activity to help students achieve this skill will be completed as per the website activities. / Interpersonal
C. Serves Clients/Customers—works to satisfy customers’ expectations

Information