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

CTE Resource Center - Verso

Virginia’s CTE Resource Center

The 2019 edition of this course is still available. Click here.

2020/2021 Competency-Based Task/Competency List for Accounting, Advanced (6321/36 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.

Using Technology to Implement Accounting Procedures

  1. Perform accounting procedures, using spreadsheet or accounting software.
  2. Create computer-generated reports.
  3. Apply technology used in the accounting profession.

Understanding Accounting Concepts for Inventory

  1. Explain the differences between a perpetual inventory system and a periodic inventory system.
  2. Record transactions, using a perpetual and periodic inventory system.
  3. Determine the cost of merchandise inventory, using current costing methods.
  4. Prepare a multiple-step income statement.
  5. Calculate inventory turnover ratios.
  6. Analyze obsolete, damaged, or slow-moving inventory.
  7. Identify security considerations related to inventory.

Understanding Accounting Concepts for Inventory

  1. Calculate the cost of fixed assets.
  2. Compare the methods of calculating depreciation.
  3. Record the depreciation of plant assets.
  4. Record the sale, trade-in, and disposal of plant assets.

Analyzing Notes/Accounts Payable and Receivable

  1. Identify notes payable and notes receivable activities.
  2. Calculate notes payable and notes receivable activities.
  3. Journalize entries for issuing and collecting a note.
  4. Describe the relationship between the Bad Debts Expense Account and Allowance for Doubtful Accounts when recording bad debts.
  5. Record for doubtful accounts receivable.
  6. Describe the purpose of aging accounts receivable.
  7. Prepare an aging of accounts receivable report.
  8. Record adjustments for accrued expenses.
  9. Record adjustments for accrued and deferred income.

Exploring Specialized Accounting Systems

  1. Examine procedures for decentralized (e.g., departmental or branch) accounting systems.
  2. Perform budgetary planning and review and other financing activities.
  3. Identify procedures for manufacturing accounting.

Implementing Accounting for a Partnership

  1. Identify the components of a partnership agreement.
  2. Record the entry for formation of a partnership.
  3. Perform end-of-period activities for a partnership.
  4. Record the distribution of earnings.
  5. Record the admittance of a new partner and the withdrawal of a partner.
  6. Record the dissolution of a partnership.

Implementing Accounting for a Corporation

  1. Distinguish the characteristics, advantages, and disadvantages of a corporation.
  2. Identify the differences between preferred stock and common stock.
  3. Record entries for issuing stock.
  4. Perform end-of-period activities for a corporation.
  5. Prepare a Statement of Retained Earnings.
  6. Record the calculation for dividend distribution.

Analyzing Financial Data

  1. Assess the financial strength of a business and its effect on the business, industry, and economy.
  2. Assess the value of a company’s intangible assets.
  3. Interpret reports to provide data for recommendations or presentations to management.
  4. Analyze cash-flow statements.
  5. Perform a trend analysis, using vertical and horizontal analysis.
  6. Utilize financial statements for financial management suggestions.

Understanding Business Ethics

  1. Investigate the role of accounting standards boards in the accounting profession.
  2. Research state and national organizations and laws that govern the accounting profession.
  3. Research instances of unethical accountancy activities, including possible consequences to individuals and the economy.
  4. Identify desirable traits of professionals in the accounting field.
  5. Identify ethical considerations for accounting professionals.

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

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

Enhancing Career Exploration and Employability Skills

  1. Differentiate between government, public, and private accounting.
  2. Investigate accounting and financial certification and designations.
  3. Investigate accounting careers.
  4. Update a résumé in a format suitable for online posting.
  5. Complete a job application process.
  6. Participate in a mock interview.
  7. Compose a letter of resignation.
  8. Update a portfolio containing representative samples of student work.
  9. Maintain a professional online presence.