Vocational Education - Accounting I

Vocational Education

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Elkhorn Public Schools

Business Curriculum

Vocational Education - Accounting I

Accounting Overview

Course Introduction
The learner will be able to describe how personal skills, values, and lifestyle goals affect career decisions.

Strand	Scope	Source
Accounting I	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.2.0

Careers
The learner will be able to find information about a variety of careers.

Strand	Scope	Source
Accounting I	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.2.0

Types
The learner will be able to describe the types of businesses and organizations that hire accountants.

Strand	Scope	Source
Accounting I	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.2.0

Evaluation
The learner will be able to demonstrate ability to understand chapter materials.

Strand	Scope	Source
Accounting I	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.2.0

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Business World

Risk Taking
The learner will be able to describe the role of profit and risk-taking in the U.S. economy.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Entrepreneurs
The learner will be able to explain who entrepreneurs are and what they do.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Different Types of Businesses
The learner will be able to describe the differences among service, merchandising, and manufacturing forms of business.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Different Forms of Business Ownership
The learner will be able to discuss the differences among sole proprietorship, partnership, and corporate forms of ownership.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Free Enterprise System
The learner will be able to describe the role of accounting in a free enterprise system.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Financial and Managerial Accounting
The learner will be able to explain the differences between financial and management accounting.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Accounting Principles
The learner will be able to describe the three basic assumptions that underlie accounting principles.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

Accounting Terms
The learner will be able to define the accounting terms introduced in this chapter.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 8.5.0

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Owner's Investment, Cash, and Credit

Accounts in Business Transactions
The learner will be able to explain how accounts are used in business transactions.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.6.0

Analyzing Business Transactions
The learner will be able to identify the steps used to analyze business transactions.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.6.0

Owner Investments
The learner will be able to explain how investments by the owner affect the accounting equation.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.6.0

Cash Payment Transaction
The learner will be able to explain how a cash payment transaction affects the accounting equation.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.6.0

Credit Transaction
The learner will be able to explain how a credit transaction affects the accounting equation.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.6.0

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Assets, Liabilities, and Owners Equity

Debit and Credit Rules
The learner will be able to apply the rules of debit and credit to asset, liability, and owner's equity accounts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

T Accounts
The learner will be able to use T accounts to analyze a business transaction into its debit and credit parts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Normal Balances
The learner will be able to identify the normal balance of accounts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

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Revenue, Expenses, and Withdrawals

Permanent vs Temporary Accounts
The learner will be able to explain the difference between permanent accounts and temporary capital accounts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Debit and Credit Rules
The learner will be able to list and apply the rules of debit and credit for revenue, expense, and withdrawals accounts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Analyzing Transactions
The learner will be able to use the six-step method to analyze transactions affecting revenue, expense, and withdrawals accounts.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

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General Journal Transactions

The Accounting Cycle
The learner will be able to explain the first three steps in the accounting cycle.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Source Documents
The learner will be able to give and describe several source documents.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Journalizing
The learner will be able to explain the process of journalizing.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

General Journal Entries
The learner will be able to describe the steps to make and correcting general journal entries.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

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Posting To The General Ledger

Posting Process
The learner will be able to describe the steps in the posting process.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Trial Balance
The learner will be able to prepare a trial balance.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Trial Balance Errors
The learner will be able to locate and correct trial balance errors.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

Correcting Entries
The learner will be able to record correcting entries in the general journal.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.7.0

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The Six Column Worksheet

Worksheet
The learner will be able to explain the purpose of the worksheet.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Six-Column Worksheet
The learner will be able to describe and prepare the parts of the six-column worksheet.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Net Income and Loss
The learner will be able to calculate a net income and a net loss.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Financial Statements

Income Statement
The learner will be able to explain and prepare the income statement.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Statement of Changes in Owner's Equity
The learner will be able to explain and prepare a statement of changes in owner's equity.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Balance Sheet
The learner will be able to explain and prepare a balance sheet.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Return On Sales Percentage
The learner will be able to explain and compute the return on sales percentage.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Liquidity Ratios
The learner will be able to calculate liquidity ratios and explain their function.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Completing the Accounting Cycle

Temporary Capital Accounts
The learner will be able to explain why temporary capital accounts are closed at the end of the fiscal year.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Income Summary and the Capital Account
The learner will be able to explain the income summary account and its relationship to the capital account.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Closing Entries
The learner will be able to analyze and journalize closing entries.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Posting Closing Entries
The learner will be able to post the closing entries to the general ledger.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Post-Closing Trial Balance
The learner will be able to prepare a post-closing trial balance.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Cash Control and Banking Activities

Internal Controls
The learner will be able to describe the internal controls used to protect cash.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Checking Account
The learner will be able to describe the forms needed to open and use a checking account.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Checks and Check Stubs
The learner will be able to accurately prepare checks and check stubs.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Bank Reconciliation
The learner will be able to reconcile a bank statement.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Bank Service Charges
The learner will be able to journalize and post entries relating to bank service charges.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Payroll Accounting

Payroll Records
The learner will be able to explain the importance of payroll records.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Gross Earnings
The learner will be able to calculate gross earnings using different methods.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Deductions
The learner will be able to explain and calculate different types of deductions from gross earnings.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Payroll Register
The learner will be able to prepare a payroll register.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Employee Earnings Record
The learner will be able to prepare and employee earnings record.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Payroll Liabilities and Tax Records

Payroll Information
The learner will be able to record payroll information in the general journal.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Payroll Taxes
The learner will be able to describe and calculate the employer's payroll taxes.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Recording Payroll Taxes
The learner will be able to record the employer's payroll taxes and the payment of tax liabilities in the general journal.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Sales and Cash Receipts

Service and Merchandising Businesses
The learner will be able to explain the difference between a service business and a merchandising business.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Retailers and Wholesalers
The learner will be able to explain the difference between a retailer and a wholesaler.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Sales and Cash Receipt Transactions
The learner will be able to record a variety of sales and cash receipt transactions in a general journal.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Purchases And Cash Payments

Purchases on Account
The learner will be able to explain the procedures for processing a purchase on account.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Purchasing Process
The learner will be able to describe the accounts used in the purchasing process.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Purchases and Cash Payment Transactions
The learner will be able to record and post a variety of purchases and cash payment transactions.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Sales and Cash Receipts Journal

Special Journals
The learner will be able to identify the special journals and explain how they are used in a merchandising business.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Sales and Cash Receipts
The learner will be able to record transactions in the sales and cash receipts journal.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Schedule of Accounts Receivable
The learner will be able to prepare a schedule of accounts receivable.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Purchases and Cash Payments Journals

Special Journals
The learner will be able to explain the purpose of the purchases and cash payments journals.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Purchases and Cash Payments
The learner will be able to record transactions in the purchases and cash payments journals.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Schedule of Accounts Payable
The learner will be able to prepare a schedule of accounts payable.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Adjustments and The Ten-Column Worksheet

Ten-Column Worksheet
The learner will be able to describe and prepare a ten-column worksheet.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Adjustments
The learner will be able to calculate and journalize adjustments.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Financial Statements for a Corporation

Corporation Ownership
The learner will be able to explain how to record ownership of a corporation.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Corporate Financial Statements
The learner will be able to explain the relationship between the work sheet and the financial statements for a merchandising business.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Prepare Corporate Financial Statements
The learner will be able to prepare an income statement, balance sheet, and statement of retained earnings for a merchandising corporation.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Financial Data
The learner will be able to analyze the financial data contained on the statements.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Closing Cycle for a Merchandising Corp.

Closing Entries
The learner will be able to journalize and post closing entries for a merchandising business.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Post-Closing Trial Balance
The learner will be able to prepare a post-closing trial balance.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Publicly Held Corporations

Corporation Characteristics
The learner will be able to describe the characteristics of the corporate form of business organization.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Issue of Stock to Investors
The learner will be able to prepare journal entries to record the issue of stock to investors.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Distribution of Earnings to Owners
The learner will be able to prepare journal entries to record the distribution of earnings to owners.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Financial Statements
The learner will be able to prepare financial statements for publicly held corporations.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Cash Funds

Change Fund
The learner will be able to record and entry to establish a change fund.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Proving Cash
The learner will be able to prove cash in the cash register drawers at the end of each business day.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Establish Petty Cash
The learner will be able to record the entry to establish petty cash.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Replenish Petty Cash
The learner will be able to prepare a petty cash requisition to replenish petty cash fund, and record the journal entry to replenish petty cash fund.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Petty Cash Disbursements
The learner will be able to use a petty cash register to record petty cash disbursements.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Cash Short and Over
The learner will be able to determine whether cash is short or over, and record the amount of the shortage or overage.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

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Plant Assets and Depreciation

Plant Assets
The learner will be able to identify plant assets and explain the need to depreciate them.

Strand	Scope	Source
Accounting	Master	EHS(a) Nebraska Links to Learns BE 12.14.0

Calculate Depreciation
The learner will be able to determine book value and calculate annual and partial year depreciation for a plant asset.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

Adjusting Entries
The learner will be able to record adjusting entries in the general journal for depreciation.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

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Uncollectible Accounts

Direct Write-Off and Allowance Methods
The learner will be able to explain the direct write-off and the allowance method of accounting for uncollectible accounts.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

Journalize Write-Offs
The learner will be able to journalize the entry to record the direct write-off of an uncollectible accounts receivable.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

Estimated Uncollectible Accounts
The learner will be able to journalize the adjusting entry for estimated uncollectible accounts.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

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Inventories

Maintaining Inventory Records
The learner will be able to explain the importance of maintaining accurate inventory records.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

Periodic and Perpetual Inventory
The learner will be able to explain the difference between periodic and perpetual inventory.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0

Inventory Methods
The learner will be able to determine the cost of merchandise inventory using the specific identification; first-in, first-out; last-in, last-out; and weighted average cost methods.

Strand	Scope	Source
Accounting	Master	Elkhorn Public Schools(a) Nebraska Links to Learns BE 12.14.0