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).
Analyze and describe how business transactions impact the accounting equation.
Apply appropriate accounting practices to payroll.
Apply the double-entry system of accounting to record business transactions and prepare a trial balance.
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.
Calculate net pay.
Calculate permanent and temporary differences in net income and taxable income.
Calculate the cost of borrowed funds and determine the impact on the financial statements.
Complete the applicable individual income tax forms.
Complete the steps in the accounting cycle in order to prepare the financial statements.
Deliver a speech and make a presentation.
Demonstrate ethical decision-making skills and conduct in a business scenario.
Demonstrate the ability to work within a team concept.
Demonstrate the skills and competencies required to be successful in the accounting profession and/or in an accounting-related career.
Describe career opportunities in the accounting profession.
Describe how current events impact the accounting profession.
Describe how disclosure requirements impact financial reporting.
Describe the composition of taxable income and calculate income tax.
Describe the current and historical regulatory environment of the accounting profession (identify the major policy-setting bodies in the accounting profession and explain their roles).
Describe the different forms of business ownership and the advantages and disadvantages of each form.
Describe the impact of technology on the accounting process.
Describe the information provided in each financial statement and how the statements articulate with each other.
Describe the purpose of journals and ledgers and their relationship.
Describe the purpose of the accounting system.
Describe the relationship between the closing process, the financial statements, and the post-closing trial balance.
Describe the relationships among assets, liabilities, and equity on the balance sheet.
Describe the skills and competencies needed to be successful in the accounting profession.
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.
Determine the initial valuation of long-term debt instruments and their impact on the financial statements.
Develop a working knowledge of individual income tax procedures and requirements to comply with tax laws and regulations.
Develop an understanding and working knowledge of an annual report and financial statements.
Distinguish between generally accepted accounting principles and income tax law.
Exhibit leadership skills.
Explain how accounting information is used to allocate resources in the business and personal decision-making process.
Explain how and why the conceptual framework of accounting and generally accepted accounting principles provide guidance and structure for preparing financial statements.
Explain how the different forms of business ownership are reported in the financial statements.
Explain how the different types of business operations are reflected in the financial statements.
Explain the accounting methods used to determine the value of accounts receivable to be reported on the balance sheet and describe the effect on the income statement.
Explain the difference between the periodic and perpetual inventory methods.
Explain the need for a code of ethics in accounting and the ethical responsibilities required of accountants.
Explain the need for adjusting entries and record adjusting entries.
Explain the purposes of the closing process and record closing entries.
Explain why income for financial reporting and taxable income are calculated differently.
Identify and apply appropriate information technology to the accounting system.
Identify and apply internal control procedures used to safeguard assets and ensure the integrity of the accounting information system.
Identify and describe generally accepted accounting principles (GAAP), and explain how the application of GAAP impacts the recording of financial transactions and the preparation of financial statements.
Identify and describe the cost flow assumptions for inventory and explain the impact on the balance sheet and income statement.
Identify and explain the advantages and disadvantages of different types of accounting systems.
Identify and explain the classifications within assets, liabilities, and equity.
Identify and use information technology productively.
Identify liabilities categorized as other long-term obligations, such as deferred income tax liability and post-retirement benefits.
Identify sources for obtaining financial reports.
Identify the classifications in an income statement and explain their relationship to each other (revenue, expense, gains, losses).
Identify, calculate, and record depreciation, depletion, and amortization and explain the impact on the financial statements.
Prepare payroll reports.
Prepare the financial statements for the different types of business operations and ownership structures.
Record equity-related transactions.
Record revenue-related transactions.
Record transactions for accounts payable and other short-term debt.
Record transactions for accounts receivable, including uncollectible accounts, write-offs, and recoveries.
Record transactions for long-term debt instruments.
Record transactions resulting in gains and losses.
Understand the role that accountants play in business and society.