# CTE Resource Center - Verso - Accounting, Advanced NBEA Achievement Standards for Accounting Correlation by Task

CTE Resource Center - Verso

Virginia’s CTE Resource Center

NBEA Achievement Standards for Accounting Correlation by Task

In this course, the following tasks/competencies reinforce the standards listed beside them. Teachers may identify additional reinforcements in locally developed instructional materials.

Task/Competency Number Task/Competency Statement Standards
39 Perform accounting procedures, using spreadsheet or accounting software. NBEA Achievement Standards for Accounting: Apply information technology to conduct financial analysis. ♦ Describe the impact of technology on the accounting process.
40 Create computer-generated reports. NBEA Achievement Standards for Accounting: Describe the impact of technology on the accounting process.
41 Apply technology used in the accounting profession. NBEA Achievement Standards for Accounting: Describe the impact of technology on the accounting process.
42 Explain the differences between a perpetual inventory system and a periodic inventory system. NBEA Achievement Standards for Accounting: Explain the difference between the periodic and perpetual inventory methods.
43 Record transactions, using a perpetual and periodic inventory system. NBEA Achievement Standards for Accounting: 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. ♦ Explain the difference between the periodic and perpetual inventory methods.
44 Determine the cost of merchandise inventory, using current costing methods. NBEA Achievement Standards for Accounting: Determine the cost of inventory for merchandising and manufacturing businesses and apply appropriate valuation methods. ♦ Explain the difference between the periodic and perpetual inventory methods.
46 Calculate inventory turnover ratios. NBEA Achievement Standards for Accounting: Determine the cost of inventory for merchandising and manufacturing businesses and apply appropriate valuation methods.
47 Analyze obsolete, damaged, or slow-moving inventory. NBEA Achievement Standards for Accounting: Determine the cost of inventory for merchandising and manufacturing businesses and apply appropriate valuation methods. ♦ Explain the difference between the periodic and perpetual inventory methods.
48 Identify security considerations related to inventory. NBEA Achievement Standards for Accounting: Identify and apply internal control procedures used to safeguard assets and ensure the integrity of the accounting information system.
49 Calculate the cost of fixed assets. NBEA Achievement Standards for Accounting: 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.
51 Record the depreciation of plant assets. NBEA Achievement Standards for Accounting: Determine the impact on the financial statements when assets are sold, disposed, or rendered obsolete.
52 Record the sale, trade-in, and disposal of plant assets. NBEA Achievement Standards for Accounting: 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.
53 Identify notes payable and notes receivable activities. NBEA Achievement Standards for Accounting: Calculate the cost of borrowed funds and determine the impact on the financial statements. ♦ Record transactions for accounts payable and other short-term debt.
55 Journalize entries for issuing and collecting a note. NBEA Achievement Standards for Accounting: 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. ♦ Record transactions for accounts receivable, including uncollectible accounts, write-offs, and recoveries.
57 Record for doubtful accounts receivable. NBEA Achievement Standards for Accounting: 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.
60 Record adjustments for accrued expenses. NBEA Achievement Standards for Accounting: Describe the criteria used to determine expense recognition. ♦ Distinguish between expenses and losses. ♦ Distinguish between the accrual basis of accounting and the cash basis of accounting and discuss the impact each has on the financial statements.
61 Record adjustments for accrued and deferred income. NBEA Achievement Standards for Accounting: Describe the criteria used to determine revenue recognition. ♦ Distinguish between revenue and gains. ♦ Distinguish between the accrual basis of accounting and the cash basis of accounting and discuss the impact each has on the financial statements. ♦ Record revenue-related transactions.
62 Examine procedures for decentralized (e.g., departmental or branch) accounting systems. NBEA Achievement Standards for Accounting: Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions. ♦ Explain how the different types of business operations are reflected in the financial statements.
63 Perform budgetary planning and review and other financing activities. NBEA Achievement Standards for Accounting: Assess the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions. ♦ Perform a horizontal and vertical analysis of the income statement and balance sheet.
64 Identify procedures for manufacturing accounting. NBEA Achievement Standards for Accounting: Explain and compare the behavior of fixed, variable, and mixed costs. ♦ Explain how to use activity-based costing and why it is used. ♦ 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 purpose of cost allocation. ♦ 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.
65 Identify the components of a partnership agreement. NBEA Achievement Standards for Accounting: Describe the different forms of business ownership and the advantages and disadvantages of each form. ♦ Explain how the different forms of business ownership are reported in the financial statements. ♦ Identify the different types of business operations.
67 Perform end-of-period activities for a partnership. NBEA Achievement Standards for Accounting: Develop an understanding and working knowledge of an annual report and financial statements. ♦ 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 explain the business activities reported in a statement of cash flows (operating, investing, financing). ♦ Identify sources for obtaining financial reports. ♦ Identify the classifications in an income statement and explain their relationship to each other (revenue, expense, gains, losses). ♦ Record equity-related transactions.
68 Record the distribution of earnings. NBEA Achievement Standards for Accounting: Explain how operating results, capital contributions, and distribution of earnings affect equity for the various types of ownership structures. ♦ Record equity-related transactions. ♦ Record revenue-related transactions.
70 Record the dissolution of a partnership. NBEA Achievement Standards for Accounting: Explain how operating results, capital contributions, and distribution of earnings affect equity for the various types of ownership structures. ♦ 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. ♦ Record equity-related transactions.
71 Distinguish the characteristics, advantages, and disadvantages of a corporation. NBEA Achievement Standards for Accounting: Describe the different forms of business ownership and the advantages and disadvantages of each form. ♦ Identify the different types of business operations.
74 Perform end-of-period activities for a corporation. NBEA Achievement Standards for Accounting: 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.
76 Record the calculation for dividend distribution. NBEA Achievement Standards for Accounting: Describe the methods and criteria used to account for investments and their impact on the financial statements. ♦ Differentiate between stock splits and stock dividends and explain how each affects equity.
77 Assess the financial strength of a business and its effect on the business, industry, and economy. NBEA Achievement Standards for Accounting: Apply differential analysis to make the following types of decisions: make or buy a product; lease or buy an asset; discontinue a department, plant, or product; offer discounted prices on special orders; replace or repair equipment. ♦ Describe how accounting information facilitates management decision-making. ♦ Evaluate company performance by applying standard costing and variance analysis.
79 Interpret reports to provide data for recommendations or presentations to management. NBEA Achievement Standards for Accounting: Apply differential analysis to make the following types of decisions: make or buy a product; lease or buy an asset; discontinue a department, plant, or product; offer discounted prices on special orders; replace or repair equipment. ♦ Describe how accounting information facilitates management decision-making. ♦ Identify and apply appropriate information technology to the accounting system.
80 Analyze cash-flow statements. NBEA Achievement Standards for Accounting: Analyze cash flow from operating activities to assess profitability and liquidity. ♦ Identify and explain the business activities reported in a statement of cash flows (operating, investing, financing).
81 Perform a trend analysis, using vertical and horizontal analysis. NBEA Achievement Standards for Accounting: Perform a horizontal and vertical analysis of the income statement and balance sheet. ♦ Recognize the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and explain the information that can be obtained from each type of analysis.
84 Research state and national organizations and laws that govern the accounting profession. NBEA Achievement Standards for Accounting: Describe the ethical and legal implications resulting from the manipulation of financial statements and financial ratios.
85 Research instances of unethical accountancy activities, including possible consequences to individuals and the economy. NBEA Achievement Standards for Accounting: Describe the ethical and legal implications resulting from the manipulation of financial statements and financial ratios.
93 Investigate accounting and financial certification and designations. NBEA Achievement Standards for Accounting: Describe career opportunities in the accounting profession. ♦ Describe how current events impact the accounting profession.
94 Investigate accounting careers. NBEA Achievement Standards for Accounting: Describe career opportunities in the accounting profession. ♦ Describe how current events impact the accounting profession.