NBEA (National Business Education Association) standards have been correlated to ensure that students and adults are afforded equal access to fundamental business knowledge and skills and, therefore, an equal opportunity for success in life" (National Standards for Business Education, NBEA, 2007).
Apply appropriate accounting practices to payroll.
Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions.
Calculate employer's payroll taxes.
Describe how accounting information facilitates management decision-making.
Determine the cost of inventory for merchandising and manufacturing businesses and apply appropriate valuation methods.
Determine the costs of property, plant and equipment, natural resources, and intangible assets.
Determine the impact on the financial statements when assets are sold, disposed, or rendered obsolete.
Discuss the information that can be obtained from analyzing financial statements.
Explain the difference between the periodic and perpetual inventory methods.
Explain the purpose of cost allocation.
Identify and apply internal control procedures used to safeguard assets and ensure the integrity of the accounting information system.
Identify and describe the cost flow assumptions for inventory and explain the impact on the balance sheet and income statement.
Identify and explain common methods for manipulating financial statements and financial ratios.
Identify sources for obtaining financial reports.
Identify, calculate, and record depreciation, depletion, and amortization and explain the impact on the financial statements.
Prepare master and flexible budgets and use them to evaluate performance.
Prepare payroll reports.
Use the statement of cash flow to analyze business activities (operating, investing, financing).