FCPS Program of Studies

Career and Technical Ed Curriculum

Accounting 1

Accounting offers students the opportunity to learn about the financial operations of modern business enterprises and prepares students to make better financial decisions for the future. Students study accounting concepts for sole proprietorships, partnerships, and corporations to understand the fundamental accounting equation, the business transaction analysis process, and the elements of financial reporting. Interpretation of accounting information is mastered through decision-making and problem-solving approaches that include source documents, case studies, and simulations. Technology integration and related accounting software applications are used to enhance skills to analyze and evaluate financial situations. Internet learning activities are used to reinforce research, communication, and team building skills. Course topics include forms of ownership, accounts receivable/accounts payable systems, payroll, taxes, and banking activities. Upon completion of this course, students will be able to complete an accounting cycle from transactions to financial statements. The cooperative education (Business Cooperative Internship--679920) method is available for this course. Students combine classroom instruction and supervised on-the-job training in an approved position with continuing supervision throughout the school year.

Last Updated: 05/27/11 02:05 PM

CTE.ACT1

Standard 1

DEVELOP WORKPLACE READINESS SKILLS: PERSONAL QUALITIES AND PEOPLE SKIL

Benchmark 1.001

Demonstrate Positive Work Ethic

	Indicator 1.001.001
	Demonstrate a positive work ethic

Benchmark 1.002

Demonstrate Integrity

	Indicator 1.002.001
	Demonstrate integrity

Benchmark 1.003

Demonstrate Teamwork Skills

	Indicator 1.003.001
	Demonstrate teamwork skills

Benchmark 1.004

Demonstrate Self-Representation Skills

	Indicator 1.004.001
	Demonstrate self-representation skills

Benchmark 1.005

Demonstrate Diversity Awareness

	Indicator 1.005.001
	Demonstrate diversity awareness

Benchmark 1.006

Demonstrate Conflict-Resolution Skills

	Indicator 1.006.001
	Demonstrate conflict-resolution skills

Benchmark 1.007

Demonstrate Creativity and Resourcefulness

	Indicator 1.007.001
	Demonstrate creativity and resourcefulness

CTE.ACT1

Standard 2

DEVELOP WORKPLACE READINESS SKILLS: PROFESSIONAL KNOWLEDGE AND SKILLS

Benchmark 2.008

Demonstrate Effective Speaking and Listening Skills

	Indicator 2.008.001
	Demonstrate effective speaking and listening skills

Benchmark 2.009

Demonstrate Effective Reading and Writing Skills

	Indicator 2.009.001
	Demonstrate effective reading and writing skills

Benchmark 2.010

Demonstrate Critical-Thinking and Problem-Solving Skills

	Indicator 2.010.001
	Demonstrate critical-thinking and problem-solving skills

Benchmark 2.011

Demonstrate Healthy Behaviors and Safety Skills

	Indicator 2.011.001
	Demonstrate healthy behaviors and safety skills

Benchmark 2.012

Demonstrate an Understanding of Workplace Organizations, Systems, etc.

	Indicator 2.012.001
	Demonstrate an understanding of workplace organizations, systems, etc.

Benchmark 2.013

Demonstrate Lifelong-Learning Skills

	Indicator 2.013.001
	Demonstrate lifelong-learning skills

Benchmark 2.014

Demonstrate Job Acquisition and Advancement Skills

	Indicator 2.014.001
	Demonstrate job acquisition and advancement skills

Benchmark 2.015

Demonstrate Time, Task, and Resource-Management Skills

	Indicator 2.015.001
	Demonstrate time, task, and resource-management skills

Benchmark 2.016

Demonstrate Job-Specific Mathematics Skills

	Indicator 2.016.001
	Demonstrate job-specific mathematics skills

Benchmark 2.017

Demonstrate Customer-Service Skills

	Indicator 2.017.001
	Demonstrate customer-service skills

CTE.ACT1

Standard 3

DEVELOP WORKPLACE READINESS SKILLS: TECHNOLOGY KNOWLEDGE AND SKILLS

Benchmark 3.018

Demonstrate Proficiency with Technologies Common to an Occupation

	Indicator 3.018.001
	Demonstrate proficiency with technologies common to an occupation

Benchmark 3.019

Demonstrate Information Technology Skills

	Indicator 3.019.001
	Demonstrate information technology skills

Benchmark 3.020

Demonstrate an Understanding of Internet Use and Security Issues

	Indicator 3.020.001
	Demonstrate an understanding of Internet use and security issues

Benchmark 3.021

Demonstrate Telecommunications Skills

	Indicator 3.021.001
	Demonstrate telecommunications skills

CTE.ACT1

Standard 4

UNDERSTAND ALL ASPECTS OF INDUSTRY

Benchmark 4.022

Examine Planning at Individual Business and Overall Industry Levels

	Indicator 4.022.001
	Examine planning at individual business and overall industry levels

Benchmark 4.023

Explain Management Methods

	Indicator 4.023.001
	Explain management methods

Benchmark 4.024

Examine Finance: Decisions, Raising Capital, Expansion, etc.

	Indicator 4.024.001
	Examine finance: decisions, raising capital, expansion, etc.

Benchmark 4.025

Describe Technical and Production Skills for Production Techniques

	Indicator 4.025.001
	Describe technical and production skills for production techniques

Benchmark 4.026

Examine Underlying Principles of Technology

	Indicator 4.026.001
	Examine underlying principles of technology

Benchmark 4.027

Examine Labor Issues: Worker Rights, Labor Unions, etc.

	Indicator 4.027.001
	Examine labor issues: worker rights, labor unions, etc.

Benchmark 4.028

Describe Community Issues

	Indicator 4.028.001
	Describe community issues

Benchmark 4.029

Examine Concepts of Health, Safety and Environmental Issues

	Indicator 4.029.001
	Examine concepts of health, safety and environmental issues

CTE.ACT1

Standard 5

ADDRESS ELEMENTS OF STUDENT LIFE

Benchmark 5.030

Identify the Purposes and Goals of the Student Organization

	Indicator 5.030.001
	Identify the purposes and goals of the student organization

Benchmark 5.031

Explain the Benefits and Responsibilities of Organization Membership

	Indicator 5.031.001
	Explain the benefits and responsibilities of organization membership

Benchmark 5.032

Demonstrate Leadership Skills Through Participation in Activities

	Indicator 5.032.001
	Demonstrate leadership skills through participation in activities

Benchmark 5.033

Identify Internet Safety Issues and Comply with Acceptable Use Standar

	Indicator 5.033.001
	Identify Internet safety issues and comply with acceptable use standar

CTE.ACT1

Standard 6

UNDERSTAND THE ACCOUNTING CYCLE FOR A SERVICE BUSINESS

Benchmark 6.034

Describe the Purpose of Accounting & its Role in the Global Economy

	Indicator 6.034.001
	Identify common types of accounts

	Indicator 6.034.002
	Explain the reasons that record keeping and accounting are essential

	Indicator 6.034.003
	Describe the information conveyed by accounting records

	Indicator 6.034.004
	Describe impact of accounting records on economy & investor confidence

Benchmark 6.035

Demonstrate the Effects of Transactions on the Accounting Equation

	Indicator 6.035.001
	Use the basic accounting equation to show the effects of transactions

Benchmark 6.036

Use Source Documents to Journalize Transactions

	Indicator 6.036.001
	Identify and verify source documents

	Indicator 6.036.002
	Interpret and demonstrate how the source documents are used

Benchmark 6.037

Prepare a Chart of Accounts

	Indicator 6.037.001
	Prepare a specifically ordered and numbered list of accounts

Benchmark 6.038

Prepare Customer Invoices for a Service Business

	Indicator 6.038.001
	Prepare customer invoices for a service business

	Indicator 6.038.002
	Review payment terms, receivable terms, and payment discounts

Benchmark 6.039

Receive Vendor Invoices for a Service Business

	Indicator 6.039.001
	Review and record invoices, purchases, accounts payable, and balances

Benchmark 6.040

Analyze Transactions Through the Use of T Accounts

	Indicator 6.040.001
	Enter titles and amounts on the debit and credit sides of T accounts

Benchmark 6.041

Record Transactions in a General Journal

	Indicator 6.041.001
	Enter the date, account titles, document number, etc. in a journal

Benchmark 6.042

Post Journal Entries to the General Ledger

	Indicator 6.042.001
	Transfer the amounts from the journal into the general ledger accounts

Benchmark 6.043

Prepare a Trial Balance

	Indicator 6.043.001
	List general ledger account titles,balances to ensure debits = credits

Benchmark 6.044

Plan End-of-Period Adjustments Using a Work Sheet

	Indicator 6.044.001
	Use a work sheet to bring certain account balances up to date

Benchmark 6.045

Prepare Financial Statements For a Service Business

	Indicator 6.045.001
	Prepare an income statement

	Indicator 6.045.002
	Prepare a balance sheet

Benchmark 6.046

Prepare Entries to Close Temporary Accounts

	Indicator 6.046.001
	Identify temporary accounts

	Indicator 6.046.002
	Analyze transactions to organize temporary accounts for next period

Benchmark 6.047

Journalize Adjusting and Closing Entries For a Service Business

	Indicator 6.047.001
	Transfer the adjustments from the work sheet to the journal

	Indicator 6.047.002
	Transfer the balances of the temporary accounts

Benchmark 6.048

Analyze the Differences Between Net Income and Net Loss

	Indicator 6.048.001
	Calculate net income or net loss

	Indicator 6.048.002
	Make changes on the work sheet

	Indicator 6.048.003
	Journalize closing entries

	Indicator 6.048.004
	Assess the impact on owner’s equity

Benchmark 6.049

Prepare a Post-Closing Trial Balance For a Service Business

	Indicator 6.049.001
	List accounts with balances to ensure equation is still in balance

Benchmark 6.050

Summarize the Progression of Source Documents to Financial Reports

	Indicator 6.050.001
	Chart the accounting cycle periodically from beginning to end

	Indicator 6.050.002
	Identify the way transactions are recorded and have impact on reports

Benchmark 6.051

Describe Record-Organization and Retention-Schedule Procedures

	Indicator 6.051.001
	Identify records needed to support financial statements

	Indicator 6.051.002
	Indicate the length of time a business is required to retain records

Benchmark 6.052

Identify Special Transactions That Require Tax Review

	Indicator 6.052.001
	Identify special transactions that require tax review

Benchmark 6.053

Maintain Financial Records for a Business, Using Accounting Software

	Indicator 6.053.001
	Journalize and record adjusting entries using accounting software

	Indicator 6.053.002
	Select and open files using accounting software

	Indicator 6.053.003
	Save files using accounting software

	Indicator 6.053.004
	Journalize and post transactions using accounting software

	Indicator 6.053.005
	Prepare financial statements using accounting software

	Indicator 6.053.006
	Generate reports using accounting software

Benchmark 6.054

Maintain Financial Records for a Business, Using Spreadsheet Software

	Indicator 6.054.001
	Journalize and record adjusting entries using spreadsheet software

	Indicator 6.054.002
	Select and open files using spreadsheet software

	Indicator 6.054.003
	Save files using spreadsheet software

	Indicator 6.054.004
	Journalize and post transactions using spreadsheet software

	Indicator 6.054.005
	Prepare financial statements using spreadsheet software

	Indicator 6.054.006
	Generate reports using spreadsheet software

CTE.ACT1

Standard 7

UNDERSTAND THE ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS

Benchmark 7.055

Compare Accounting Procedures for Different Types of Ownership/Cycles

	Indicator 7.055.001
	Evaluate similarities and differences in accounting records

	Indicator 7.055.002
	Distinguish between cash versus accrual systems

	Indicator 7.055.003
	Distinguish between fiscal year/calendar year reporting requirements

Benchmark 7.056

Differentiate Between a Service and a Merchandising Business

	Indicator 7.056.001
	Differentiate between a service and a merchandising business

Benchmark 7.057

Journalize Purchase Transactions

	Indicator 7.057.001
	Record the purchase of merchandise and the way it is being purchased

Benchmark 7.058

Record Sales Transactions for a Merchandising Business

	Indicator 7.058.001
	Post receipts of the day, including cash sales and sales on credit

Benchmark 7.059

Identify Special Journals and Their Uses

	Indicator 7.059.001
	Identify the characteristics and uses of a cash payments journal

	Indicator 7.059.002
	Identify the characteristics and uses of a cash receipts journal

	Indicator 7.059.003
	Identify the characteristics and uses of a sales journal

	Indicator 7.059.004
	Identify the characteristics and uses of a purchases journal

Benchmark 7.060

Journalize Taxable and Nontaxable Sales Transactions

	Indicator 7.060.001
	Calculate the tax due on transactions

	Indicator 7.060.002
	Record the sale of merchandise

Benchmark 7.061

Post From Journals to General and Subsidiary Ledgers

	Indicator 7.061.001
	Transfer amounts from a journal to a ledger

	Indicator 7.061.002
	Understand the use of subsidiary ledgers

Benchmark 7.062

Prepare Schedules for Subsidiary Ledgers

	Indicator 7.062.001
	Prepare a schedule to show the total accounts receivable

	Indicator 7.062.002
	Prepare a schedule to show the total accounts payable

	Indicator 7.062.003
	Show that each schedule equals the general ledger controlling account

Benchmark 7.063

Prepare Customer Invoices for a Merchandising Business

	Indicator 7.063.001
	Prepare customer invoices for a merchandising business

	Indicator 7.063.002
	Review payment terms, terms of sale, and payment discounts

Benchmark 7.064

Receive Vendor Invoices for a Merchandising Business

	Indicator 7.064.001
	Review and record invoices, purchases, accounts payable & balances

Benchmark 7.065

Generate Trial Balance & End-of-Period Adjustments Using a Work Sheet

	Indicator 7.065.001
	List all general ledger accounts to ensure debits equal credits

	Indicator 7.065.002
	Use a work sheet to plan corrections, accruals, write-offs, etc.

Benchmark 7.066

Prepare Financial Statements for a Merchandising Business

	Indicator 7.066.001
	Prepare income statements that show profit or loss over time

	Indicator 7.066.002
	Prepare balance sheets that show assets, liabilities & owner’s equity

Benchmark 7.067

Analyze Financial Statements for a Merchandising Business

	Indicator 7.067.001
	Include component percentages and ratios to show return on investment

Benchmark 7.068

Prepare to Close Temporary Accounts for a Merchandising Business

	Indicator 7.068.001
	Identify temporary accounts

	Indicator 7.068.002
	Analyze transactions to prepare temporary accounts for next period

Benchmark 7.069

Journalize Adjusting and Closing Entries For a Merchandising Business

	Indicator 7.069.001
	Transfer the adjustments from the work sheet to the journal

	Indicator 7.069.002
	Post the transactions from the journal to the ledger

Benchmark 7.070

Prepare a Post-Closing Trial Balance For a Merchandising Business

	Indicator 7.070.001
	List accounts with balances to ensure equation is still in balance

Benchmark 7.071

Summarize the Progression of Source Documents to Financial Reports

	Indicator 7.071.001
	Chart the accounting cycle periodically from beginning to end

	Indicator 7.071.002
	Identify the way transactions are recorded and have impact on reports

Benchmark 7.072

Describe Record-Organization and Retention-Schedule Procedures

	Indicator 7.072.001
	Identify records needed to support financial statements

	Indicator 7.072.002
	Indicate the length of time a business is required to retain records

Benchmark 7.073

Maintain Financial Records for a Business, Using Accounting Software

	Indicator 7.073.001
	Journalize and record adjusting entries using accounting software

	Indicator 7.073.002
	Select and open files using accounting software

	Indicator 7.073.003
	Save files using accounting software

	Indicator 7.073.004
	Journalize and post transactions using accounting software

	Indicator 7.073.005
	Prepare financial statements using accounting software

	Indicator 7.073.006
	Generate reports using accounting software

Benchmark 7.074

Maintain Financial Records for a Business, Using Spreadsheet Software

	Indicator 7.074.001
	Journalize and record adjusting entries using spreadsheet software

	Indicator 7.074.002
	Select and open files using spreadsheet software

	Indicator 7.074.003
	Save files using spreadsheet software

	Indicator 7.074.004
	Journalize and post transactions using spreadsheet software

	Indicator 7.074.005
	Prepare financial statements using spreadsheet software

	Indicator 7.074.006
	Generate reports using spreadsheet software

CTE.ACT1

Standard 8

UNDERSTAND CASH CONTROL SYSTEMS

Benchmark 8.075

Reconcile a Bank Statement

	Indicator 8.075.001
	Compare bank statement to the cash account balance & make adjustments

	Indicator 8.075.002
	Identify errors/make corrections if the amounts & records do not agree

Benchmark 8.076

Journalize Banking Transactions

	Indicator 8.076.001
	Journalize service charges, bank fees, EFTs, dishonored checks, etc.

Benchmark 8.077

Maintain Petty Cash Records

	Indicator 8.077.001
	Record all transactions involving petty cash

	Indicator 8.077.002
	Ensure security control

	Indicator 8.077.003
	Identify and track types of source documents required for petty cash

Benchmark 8.078

Maintain a Checking Account

	Indicator 8.078.001
	Perform all aspects of opening and using a checking account

Benchmark 8.079

Identify Security Considerations Related to Cash Control Systems

	Indicator 8.079.001
	Describe steps for controlling access to cash, petty cash, and checks

	Indicator 8.079.002
	Explain why segregation of duties is necessary

Benchmark 8.080

Maintain Banking Records, Using Accounting Software

	Indicator 8.080.001
	Journalize and record adjusting entries using accounting software

	Indicator 8.080.002
	Select and open files using accounting software

	Indicator 8.080.003
	Save files using accounting software

	Indicator 8.080.004
	Journalize and post transactions using accounting software

	Indicator 8.080.005
	Prepare financial statements using accounting software

	Indicator 8.080.006
	Generate reports using accounting software

Benchmark 8.081

Maintain Banking Records, Using Spreadsheet Software

	Indicator 8.081.001
	Journalize and record adjusting entries using spreadsheet software

	Indicator 8.081.002
	Select and open files using spreadsheet software

	Indicator 8.081.003
	Save files using spreadsheet software

	Indicator 8.081.004
	Journalize and post transactions using spreadsheet software

	Indicator 8.081.005
	Prepare financial statements using spreadsheet software

	Indicator 8.081.006
	Generate reports using spreadsheet software

CTE.ACT1

Standard 9

IMPLEMENT PAYROLL AND PAYROLL TAX PROCEDURES

Benchmark 9.082

Describe Methods Used to Determine Gross Earnings

	Indicator 9.082.001
	Define gross earnings

	Indicator 9.082.002
	Describe the methods used to determine gross earnings

Benchmark 9.083

Explain the Purposes of Withholdings and Other Deductions

	Indicator 9.083.001
	Explain the purposes of withholdings and other deductions

Benchmark 9.084

Compute Gross Earnings, Deductions, and Net Pay on a Payroll Register

	Indicator 9.084.001
	Verify time records and calculate the number of hours worked

	Indicator 9.084.002
	Calculate gross earnings

	Indicator 9.084.003
	Use charts to determine deductions and withholdings

	Indicator 9.084.004
	Subtract deductions and determine net pay

Benchmark 9.085

Journalize Payroll Transactions

	Indicator 9.085.001
	Record salary expense and payroll taxes expense transactions

Benchmark 9.086

Maintain Employee Earnings Records

	Indicator 9.086.001
	Record total payroll information for individual employees

	Indicator 9.086.002
	Retain required records

Benchmark 9.087

Generate Payroll Checks

	Indicator 9.087.001
	Prepare the payroll check and the check stub

Benchmark 9.088

Identify Source Documents Required for Adding and Deleting Employees

	Indicator 9.088.001
	Identify and describe the purpose of the VA4, W4, and I9 forms

Benchmark 9.089

Describe Record-Organization and Retention-Schedule Procedures

	Indicator 9.089.001
	Identify records needed to support payroll statements

	Indicator 9.089.002
	Indicate the length of time a business is required to retain records

Benchmark 9.090

Prepare Employer Tax Returns

	Indicator 9.090.001
	Complete the 941 form

	Indicator 9.090.002
	Report new hires

	Indicator 9.090.003
	Report unemployment numbers

	Indicator 9.090.004
	Complete year-end employee reporting

Benchmark 9.091

Prepare Employee Tax Returns

	Indicator 9.091.001
	Complete a 1040EZ form

Benchmark 9.092

Maintain Financial Records of the Payroll, Using Accounting Software

	Indicator 9.092.001
	Compute and record payroll transactions and related financial records

Benchmark 9.093

Maintain Financial Records of the Payroll, Using Spreadsheet Software

	Indicator 9.093.001
	Compute and record payroll transactions and related financial records

CTE.ACT1

Standard 10

IMPLEMENT ACCOUNTING FOR OTHER SCHEDULED PROCEDURES

Benchmark 10.094

Maintain Records for Depreciation

	Indicator 10.094.001
	Choose acceptable methods of depreciation

	Indicator 10.094.002
	Record the decline in value of physical assets

	Indicator 10.094.003
	Allocate part of the cost of an asset that will be used up over time

Benchmark 10.095

Analyze Records for Accounts Receivable Write-Offs

	Indicator 10.095.001
	Identify uncollectible accounts

	Indicator 10.095.002
	Calculate and record information on accounts that must be written off

Benchmark 10.096

Record Inventories

	Indicator 10.096.001
	Identify components of the cost-of-goods-sold method

Benchmark 10.097

Maintain Records for Notes Payable and Notes Receivable

	Indicator 10.097.001
	Track long-term liabilities and long-term receivables

Benchmark 10.098

Maintain Records for Prepaids

	Indicator 10.098.001
	Keep records of prepaids, including insurance, rent, taxes, etc.

CTE.ACT1

Standard 11

UNDERSTAND ACCOUNTING AND BUSINESS ETHICS

Benchmark 11.099

Describe Confidentiality Concepts and Policies

	Indicator 11.099.001
	Define the concept of generally accepted accounting principles (GAAP)

	Indicator 11.099.002
	Identify the sensitive nature of data collected by accountants

	Indicator 11.099.003
	Identify the requirements for confidentiality

	Indicator 11.099.004
	Cite examples of ways confidentiality is maintained

	Indicator 11.099.005
	Cite instances when confidential information should be made public

	Indicator 11.099.006
	Cite legalities that would compel the release of confidential info.

	Indicator 11.099.007
	Discuss the consequences of a failure to maintain confidentiality

Benchmark 11.100

Identify Characteristics of Professional Conduct

	Indicator 11.100.001
	Describe the high ethical standards required for accountants

	Indicator 11.100.002
	Explain the impact of a breach of professional conduct

	Indicator 11.100.003
	Describe personal discretion

CTE.ACT1

Standard 12

DEVELOP CAREER EXPLORATION AND EMPLOYABILITY SKILLS

Benchmark 12.101

Explore Career Opportunities in Accounting

	Indicator 12.101.001
	Explore the occupations related to the accounting career cluster

	Indicator 12.101.002
	Match an individual's abilities & aptitudes with industry standards

Benchmark 12.102

Identify Personal Characteristics of a Professional Accountant

	Indicator 12.102.001
	Identify personal characteristics of a professional accountant

Benchmark 12.103

Prepare a Résumé, Including Format Suitable for Online Posting

	Indicator 12.103.001
	Prepare a résumé, including format suitable for online posting

Benchmark 12.104

Identify the Steps to Follow in Resigning From a Position

	Indicator 12.104.001
	Identify the steps to follow in resigning from a position

Benchmark 12.105

Create a Portfolio Containing Representative Samples of Student Work

	Indicator 12.105.001
	Create a portfolio

Benchmark 12.106

Identify Personal Presentation Standards Expected During Interviews

	Indicator 12.106.001
	Differentiate appropriate and inappropriate dress for an interview

	Indicator 12.106.002
	Identify the appropriate time to arrive at an interview

	Indicator 12.106.003
	Describe the importance of knowledge about the company's background

	Indicator 12.106.004
	Identify questions that may be asked of interviewees

	Indicator 12.106.005
	Identify questions that an interviewer cannot legally ask applicants

	Indicator 12.106.006
	Identify answers that an interviewee should plan in advance

	Indicator 12.106.007
	Describe how to positively portray weaknesses or inexperience

	Indicator 12.106.008
	Identify how to convey personal strengths

	Indicator 12.106.009
	Explain the benefits of participating in a mock interview

Essential - Standard, benchmark, or indicator from the VDOE Standards of Learning document. In the absence of VDOE standards for a given course, content subject to testing such as AP and IB can be labeled Essential.
Expected - Standard, benchmark, or indicator added by the FCPS Program of Studies to provide a context, a bridge, or an enhancement to the Essential SBIs.
Extended - Standard, benchmark, or indicator added by the FCPS Program of Studies generally used to differentiate instruction for advanced learners (Honors/GT)