GRADE
TEACHERS
SUBJECT
9-12
Michael
Accounting Finance and Foundations: Program of
Studies/Content Process and KOSSA Standards
Financial Accounting: Program of Studies/Content Process and
KOSSA Standards
BIG ROCKS FOR YOUR CONTENT AREA & GRADE LEVEL
What are the key pieces of content that your students MUST master in order to be prepared for
successfully transition to the next level.
Financial Decision Making
Content Process:
 Demonstrate financial calculations used by the business professional.
 Develop an understanding of credit transactions including the laws that govern
these functions
 Apply math, communication, and accounting skills in preparing and analyzing
business transactions and financial statements through ratio analysis, breakeven, productivity, cost- benefit analysis, and time value of money
KOSSA:
 Calculate units of time and show relationships (e.g., days to months, elapsed
time, interest conversion periods)
 Compute personal federal and state income taxes
 Calculate net sales, cost of goods sold, gross profit, operating expenses, and net
profit before taxes for the income statement
 Calculate the gross, operating, and net profit or loss
 Calculate the break-even point
 Explain the government’s role in the economy
 Describe and compare the role of economic institutions
 Analyze credit transactions and laws governing these functions
 Calculate the time value of money (i.e., present and future)
 Identify the characteristics of money
 Prepare a personal and a business bank reconciliation
 Reconcile the bank statement with the check register
Accounting Principles
Content Process:
 Analyze and justify purpose for double-entry accounting.
 Explain accounting terms and concepts: automated accounting, accounting
cycle, accounting framework, and account classifications.
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Identify and describe the purpose of generally accepted accounting principles
(GAAP)
 Describe and explain accounting concepts/models (e.g., debit, credit, doubleentry accounting)
 Utilize the accounting equation in several mathematical forms
 Distinguish between and explain the different accounting methods (e.g.,
inventory methods, depreciation, cash or accrual)
 Analyze and record business transactions
 Explain and apply the accounting process including the accounting cycle,
journalizing, accounting records, posting, and adjustments
Accounting Profession
Content Process:
 Research and analyze career opportunities in accounting and develop an
employment portfolio (letter of application, resume, etc.)
 Examine the importance of work/business ethics.
 Demonstrate employability and social skills relative to the career cluster
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Describe how current events impact the accounting profession
 Identify the major policy setting bodies in the accounting profession and explain
their role
 Explain the need for the code of ethics in accounting and the ethical
responsibilities required of accountants
 Explain the role accountants play in business and society
 Identify and describe the educational requirements for various careers,
professional designations, and certifications in the accounting profession
Business Knowledge
Content Process:
 Research Internet safety and e-commerce regulations.
 Assess the characteristics of money and the government’s role in the economy.
 Describe economic institutions such as banks and stock markets.
 Identify banking procedures and apply correct accounting methods for all
financial records.
 Distinguish differences in business structures such as proprietorships,
partnerships, and corporations.
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Identify student and professional business organizations
 Describe how accounting affects business operations
 Describe how business relates to accounting
 Compare and contrast the different types of ownership and business structures
 Research available resources and explain their value in relation to business and
accounting
Financial and Managerial Reporting
Content Process:
 Apply math, communication, and accounting skills in preparing and analyzing
business transactions and financial statements through ratio analysis, breakeven, productivity, cost- benefit analysis, and time value of money.
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Develop understanding, knowledge, and interpretation of annual reports and
financial statements
 Identify sources for obtaining financial reports
 Prepare and analyze a budget for a business
 Describe the users and uses of financial information
 Identify the sections of an annual report and their purposes
 Describe the relationship among assets, liabilities, and owner’s equity
 Explain the classifications within assets, liabilities, and owner’s equity (e.g.,
current versus long term, fixed assets, tangible/ intangibles)
 Identify the sections (e.g., revenue, cost of goods sold, expense) in an income
statement and explain their relationships
 Discuss information that can be obtained from analyzing financial statements
 Understand the correlation among financial statements including balance sheet,
profit/loss, net worth, statement of cash flow
 Describe the information provided in each financial statement
 Calculate the cost per unit
 Use financial statements to analyze business financial conditions
 Calculate break-even analysis and ratios and calculate measures of productivity;
cost benefit
 Recognize the primary areas of analysis (e.g., trend analysis, profitability,
liquidity) and explain the information obtained from each analysis
 Perform a horizontal and vertical analysis of the income statement and balance
sheet
Payroll and Taxes
Content:
 Calculate payroll earnings and payroll taxes including but not limited to FICA,
Federal, FUTA, and SUTA.
 Determine and complete the tax documents beginning with the W-4 through
1040 EZ.
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Explain and analyze local, state, and federal tax structures
 Calculate gross and net pay
 Explain the steps to journalize and calculate payroll
 Explain the relationship between generally accepted accounting principles and
income tax law
 Complete federal tax forms (e.g., W2, W4, 1040EZ)
Technology and Information Management
Content Process:
 Demonstrate the ability to create and analyze spreadsheets (payroll, budgets,
etc.) using Excel.
 Analyze business financial conditions through case studies.
 Utilize activities of FBLA as an integral component of course content and
leadership development.
KOSSA:
 Demonstrate the ability to use automated accounting systems
 Analyze accounting information on an excel spreadsheet
 Describe the ethical and legal implications resulting from the manipulations of
financial statements and ratios
 Apply information technology to conduct financial analysis