2018/2019 Competency-Based Task/Competency List for Accounting, Advanced (6321/36 weeks)
Tasks/competencies when marked as such; they and/or additional tasks/competencies may be taught at the discretion of the school division. All other tasks are considered essential statewide and are required of all students.are considered optional
Demonstrating Workplace Readiness Skills: Personal Qualities and People Skills
Demonstrating Workplace Readiness Skills: Professional Knowledge and Skills
- Demonstrate effective speaking and listening skills.
- Demonstrate effective reading and writing skills.
- Demonstrate critical-thinking and problem-solving skills.
- Demonstrate healthy behaviors and safety skills.
- Demonstrate an understanding of workplace organizations, systems, and climates.
- Demonstrate lifelong-learning skills.
- Demonstrate job-acquisition and advancement skills.
- Demonstrate time-, task-, and resource-management skills.
- Demonstrate job-specific mathematics skills.
- Demonstrate customer-service skills.
Demonstrating Workplace Readiness Skills: Technology Knowledge and Skills
Examining All Aspects of an Industry
- Examine aspects of planning within an industry/organization.
- Examine aspects of management within an industry/organization.
- Examine aspects of financial responsibility within an industry/organization.
- Examine technical and production skills required of workers within an industry/organization.
- Examine principles of technology that underlie an industry/organization.
- Examine labor issues related to an industry/organization.
- Examine community issues related to an industry/organization.
- Examine health, safety, and environmental issues related to an industry/organization.
Addressing Elements of Student Life
- Identify the purposes and goals of the student organization.
- Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
- Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
- Identify Internet safety issues and procedures for complying with acceptable use standards.
Using Technology to Implement Accounting Procedures
Understanding Accounting Concepts for Inventory
- Explain the differences between a perpetual inventory system and a periodic inventory system.
- Journalize transactions, using a perpetual inventory system.
- Determine cost of merchandise inventory, using current costing methods.
- Prepare a multiple-step income statement.
- Calculate inventory turnover ratios.
- Analyze obsolete, damaged, or slow-moving inventory.
- Identify security considerations related to inventory.
Understanding Accounting Concepts for Fixed Assets
Analyzing Notes/Accounts Payable and Receivable
- Perform notes payable and notes receivable activities.
- Journalize entries for issuing and collecting a note.
- Describe the relationship between the Bad Debts Expense Account and Allowance for Doubtful Accounts when recording bad debts.
- Estimate and record uncollectible accounts receivable.
- Prepare an aging of accounts receivable report.
- Record adjustments for accrued expenses.
- Record adjustments for accrued and deferred income.
Exploring Specialized Accounting Systems
Implementing Accounting for a Partnership
Implementing Accounting for a Corporation
- Identify the characteristics, advantages, and disadvantages of a corporation.
- Identify the differences between preferred stock and common stock.
- Journalize entries for issuing stock.
- Perform end-of-period activities.
- Prepare a Statement of Retained Earnings.
- Calculate and record dividend distribution.
Analyzing Financial Data
- Assess the financial strength of a business and its impact on the business, industry, and economy.
- Assess the value of a company’s intangible assets.
- Interpret computer-generated reports to provide data for recommendations or presentations to management.
- Prepare cash-flow statements.
- Perform trend analysis, using vertical and horizontal analysis.
Understanding Business Ethics
- Research state and national organizations and laws that govern the accounting profession.
- Research instances of unethical accountancy activities, including possible consequences to individuals and the economy.
- Identify desirable traits of professionals in the accounting field.
- Identify ethical considerations for accounting professionals.
Preparing for Industry Certification and/or College Level Examination Program (CLEP) Testing
- Describe the process and requirements for obtaining industry certifications and/or taking CLEP examinations related to the Accounting, Advanced course.
- Identify testing skills/strategies for a certification and/or CLEP examination.
- Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification or CLEP exams).
- Successfully complete an industry certification or CLEP examination representative of skills learned in this course (e.g., IC3, NOCTI, CLEP).
Enhancing Career Exploration and Employability Skills
- Differentiate between public and private accounting.
- Investigate accounting careers.
- Update résumé in a format suitable for online posting.
- Complete a job application process.
- Participate in a mock interview.
- Compose a letter of resignation.
- Update a portfolio containing representative samples of student work.
- Maintain a professional online presence.
- Investigate the role of accounting standards boards in the accounting profession.
- Investigate accounting and financial certification and designations.