# CTE Resource Center - Verso - Accounting Task/Competency List

CTE Resource Center - Verso

Virginia’s CTE Resource Center

2019/2020 Competency-Based Task/Competency List for Accounting (6320/36 weeks)

Tasks/competencies bordered in blue are considered optional 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.

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Demonstrating Personal Qualities and Abilities

  1. Demonstrate creativity and innovation.
  2. Demonstrate critical thinking and problem solving.
  3. Demonstrate initiative and self-direction.
  4. Demonstrate integrity.
  5. Demonstrate work ethic.

Demonstrating Interpersonal Skills

  1. Demonstrate conflict-resolution skills.
  2. Demonstrate listening and speaking skills.
  3. Demonstrate respect for diversity.
  4. Demonstrate customer service skills.
  5. Collaborate with team members.

Demonstrating Professional Competencies

  1. Demonstrate big-picture thinking.
  2. Demonstrate career- and life-management skills.
  3. Demonstrate continuous learning and adaptability.
  4. Manage time and resources.
  5. Demonstrate information-literacy skills.
  6. Demonstrate an understanding of information security.
  7. Maintain working knowledge of current information-technology (IT) systems.
  8. Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.
  9. Apply mathematical skills to job-specific tasks.
  10. Demonstrate professionalism.
  11. Demonstrate reading and writing skills.
  12. Demonstrate workplace safety.

Examining All Aspects of an Industry

  1. Examine aspects of planning within an industry/organization.
  2. Examine aspects of management within an industry/organization.
  3. Examine aspects of financial responsibility within an industry/organization.
  4. Examine technical and production skills required of workers within an industry/organization.
  5. Examine principles of technology that underlie an industry/organization.
  6. Examine labor issues related to an industry/organization.
  7. Examine community issues related to an industry/organization.
  8. Examine health, safety, and environmental issues related to an industry/organization.

Addressing Elements of Student Life

  1. Identify the purposes and goals of the student organization.
  2. Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
  3. Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
  4. Identify Internet safety issues and procedures for complying with acceptable use standards.

Exploring Work-Based Learning

  1. Identify the types of work-based learning (WBL) opportunities.
  2. Reflect on lessons learned during the WBL experience.
  3. Explore career opportunities related to the WBL experience.
  4. Participate in a WBL experience, when appropriate.

Understanding the Accounting Cycle for a Service Business

  1. Describe accounting, including its purpose and importance.
  2. Describe the role accounting plays in the global economy.
  3. Identify the forms of business ownership and ways they affect accounting.
  4. Identify the basic financial statements.
  5. Explain the scope of generally accepted accounting principles (GAAP) in relation to financial reporting concepts.
  6. Demonstrate the effects of transactions on the accounting equation.
  7. Evaluate source documents to journalize transactions.
  8. Prepare a chart of accounts.
  9. Prepare customer invoices for a service business.
  10. Process vendor invoices for a service business.
  11. Analyze transactions through the use of T accounts.
  12. Record transactions in a general journal.
  13. Post journal entries to the general ledger.
  14. Prepare a trial balance.
  15. Prepare a work sheet to plan end-of-period adjustments for a service business.
  16. Prepare financial statements for a service business.
  17. Examine the differences between net income and net loss.
  18. Prepare entries to close temporary accounts for a service business.
  19. Record adjusting and closing entries for a service business.
  20. Prepare a post-closing trial balance for a service business.
  21. Describe the steps of the accounting cycle for a service business.
  22. Describe record-organization and retention-schedule procedures for a service business.
  23. Identify transactions that require tax review.
  24. Maintain financial records for a service business, using accounting software.
  25. Maintain financial records for a service business, using spreadsheet software.

Understanding the Accounting Cycle for a Merchandising Business

  1. Compare accounting procedures for different types of business ownership and business cycles.
  2. Differentiate between a service and a merchandising business.
  3. Differentiate between periodic and perpetual inventory systems in a merchandising business.
  4. Record sales transactions for a merchandising business.
  5. Identify special journals and their uses.
  6. Journalize cash receipts transactions.
  7. Post from journals to the general ledger and the accounts receivable subsidiary ledger.
  8. Prepare the schedule of accounts receivable.
  9. Prepare customer invoices for a merchandising business.
  10. Process vendor invoices for a merchandising business.
  11. Record purchase transactions for a merchandising business.
  12. Journalize cash payment transactions.
  13. Post from journals to the general ledger and the accounts payable subsidiary ledger.
  14. Prepare a work sheet to plan end-of-period adjustments for a merchandising business.
  15. Prepare financial statements for a merchandising business.
  16. Analyze financial statements for a merchandising business.
  17. Prepare entries to close temporary accounts for a merchandising business.
  18. Record adjusting and closing entries for a merchandising business.
  19. Prepare the post-closing trial balance for a merchandising business.
  20. Describe the steps of the accounting cycle for a merchandising business.
  21. Describe record-organization and retention-schedule procedures for a merchandising business.
  22. Maintain financial records for a merchandising business, using accounting software.
  23. Maintain financial records for a merchandising business, using spreadsheet software.

Understanding Cash Control Systems

  1. Reconcile a bank statement.
  2. Journalize banking transactions.
  3. Maintain petty cash records.
  4. Maintain a checking account.
  5. Prepare entries involving cash short and over.
  6. Identify security considerations related to internal control procedures.
  7. Maintain banking records, using accounting software.
  8. Maintain banking records, using spreadsheet software.

Implementing Payroll and Payroll Tax Procedures

  1. Describe payroll concepts used to determine gross earnings.
  2. Explain the purposes of payroll withholdings/deductions.
  3. Calculate employee gross earnings, withholdings, and net pay on a payroll register.
  4. Explain employer payroll taxes.
  5. Calculate employer payroll taxes.
  6. Journalize payroll and payroll tax expense transactions.
  7. Maintain employee earnings records.
  8. Generate payroll checks.
  9. Identify source documents required for adding and deleting employees from payroll.
  10. Describe record-organization and retention-schedule procedures for payroll and payroll taxes.
  11. Prepare employer tax returns.
  12. Prepare employee tax returns.
  13. Maintain financial records relating to payroll, using accounting software.
  14. Maintain financial records relating to payroll, using spreadsheet software.

Implementing Accounting for Other Scheduled Procedures

  1. Maintain records for depreciation.
  2. Describe the purpose of aging accounts receivable.
  3. Analyze records for accounts receivable write-offs.
  4. Record inventories.
  5. Maintain records for notes payable and notes receivable.
  6. Maintain records for prepaids.
  7. Maintain records for accrueds.

Understanding Accounting Business Ethics

  1. Describe confidentiality concepts and policies for accounting.
  2. Identify essential characteristics of professional conduct for accountants.

Preparing for Industry Certification and/or College Level Examination (CLEP) Testing

  1. Describe the process and requirements for obtaining industry certifications and/or taking CLEP examinations related to the Accounting course.
  2. Identify testing skills/strategies for a certification and/or CLEP examination.
  3. Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification or CLEP exams).
  4. Successfully complete an industry certification or CLEP examination representative of skills learned in this course (e.g., IC3, NOCTI, CLEP).

Developing Career Exploration and Employability Skills

  1. Explore career opportunities in accounting.
  2. Identify personal characteristics of a professional accountant.
  3. Prepare résumé in a format suitable for online posting.
  4. Identify the steps to follow in resigning from a position.
  5. Create a portfolio containing representative work samples.
  6. Identify personal presentation standards expected during interviews.
  7. Develop a professional online presence.