CLUSTER
Business and Marketing
CONCENTRATION
Accounting Adult
WVEIS CODE
BM1481
NATIONAL STANDARDS
National Standards for Business Education
ONET Codes and Occupations:
13-2011.01 – Accountants
13-2011.02 – Auditors
13-2081.00 – Tax Examiners and Collectors, Revenue Agents
13-2082.00 – Tax Preparers
43-3031.00 – Bookkeeping, Accounting and Auditing Clerks
43-3051.00 – Payroll and Timekeeping Clerks
Sample of job titles upon completion of the concentration: Accounting Clerk, Accounts Payable Clerk,
Accounts Receivable Clerk, Bookkeeper, Payroll Clerk
Sample of job titles upon completion of additional education: Accountant, Accounting Manager, Auditor,
Financial Auditor, General Accountant, Payroll Administrator, Payroll Specialist, Staff Accountant, Tax
Advisor, Tax Consultant, Tax Preparer
INDUSTRY CREDENTIALS
Accounting Basic – http://www.nocti.org/PDFs/JobReady/3000_Accounting_Basic.pdf
Accounting Principles Basic – ExamIn - http://www.opac.com/examin/
REQUIRED COURSES (Sequence Required for Accounting Courses)
WVEIS Code
Course
1401
Accounting Principles I
1403
Accounting Principles II
1411
Business Computer Applications I
1419
Business Math
ELECTIVE COURSES
WVEIS Code
1449
1512
Course
Office Management
Workplace Practicum
1
REQUIRED COURSE SKILL SETS
Career Preparation Skills
Safety
Leadership Development
Customer and Personal Service
Accounting Principles
Accounting Process
Financial Reports
Financial Analysis
Compliance
Interpretation and Use of Data
Clerical Applications
Basic Computer Applications
Computation Skills
Banking and Personal Finance
Basic Accounting Concepts
Insurance Fundamentals
2
Skill set standards for Career Preparation Skills, Safety, Leadership Development and Customer and Personal
Service should be integrated throughout the concentration as remaining skill sets are delivered.
Skill Set
Knowledge Objectives
Career Preparation Skills
Students will demonstrate knowledge of
Performance Objectives
 career paths.
 goal development and achievement.
 attitudes and work habits that support career retention and advancement.
 communication in varied contexts.
Students will
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Skill Set
Knowledge Objectives
relate skills and abilities to possible career pathways.
explain methods of goal development.
exhibit methods of time management and task coordination.
practice professionalism in punctuality, appropriate dress, task completion,
etc.
 investigate methods of supervision such as giving and receiving feedback and
instruction.
 develop and present a statement of their personal work ethic beliefs.
 prepare an application, cover letter, resume and thank you letter.
 create a personal portfolio for use when applying for employment.
 practice simulated job interviews.
Safety
Students will demonstrate knowledge of
Performance Objectives
 safety procedures.
 accident reporting agencies.
Students will
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recognize the main causes of accidents.
research agencies that are responsible for emergencies in the workplace.
develop a plan which outlines the procedures for handling an accident.
demonstrate operating instructions before using any equipment.
establish procedures for safe evacuation of the worksite in the event of an
emergency.
follow safety and security procedures.
3
Skill Set
Knowledge Objectives
Leadership Development
Students will demonstrate knowledge of
Performance Objectives
 public speaking.
 parliamentary law.
 leadership concepts.
 characteristics of effective teams and organizations.
Students will
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Skill Set
Knowledge Objectives
develop and deliver speeches.
participate in meetings using parliamentary law procedures.
attend leadership conferences or training (local, state or national).
volunteer in community service opportunities.
participate in career development events.
Customer and Personal Service
Students will demonstrate knowledge of
Performance Objectives
 customer needs assessment.
 quality standards for services.
 evaluation of customer satisfaction.
Students will
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hear and resolve complaints from customers or the public.
check completed work for spelling, punctuation and format.
access customer needs, meet quality standards for service and evaluate
customer satisfaction.
confer with customers by telephone or in person to provide information about
products or services, take or enter orders, cancel accounts or obtain details of
complaints.
keep records of customer interactions or transactions, recording details of
inquiries, complaints or comments, as well as actions taken.
check to ensure that appropriate changes were made to resolve customers'
problems.
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Accounting Principles I
Skill Set
Knowledge Objectives
BM1401
Accounting Principles
Students will demonstrate knowledge of
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Performance Objectives
generally accepted accounting principles (GAAP).
application and impact of GAAP on the recordkeeping of financial
transactions.
 preparation of financial statements.
Students will
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Skill Set
Knowledge Objectives
describe and explain the conceptual framework of accounting and generally
accepted accounting principles and assumptions.
 define assets, liabilities, equity, revenue, expenses gains and losses.
 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.
 determine the cost of inventory for merchandising.
 record transactions for accounts payable and other short-term debt.
 record equity-related transactions.
 describe the criteria used to determine revenue recognition.
 record revenue-related transactions.
 describe the criteria used to determine expense recognition.
 record expense-related transactions.
 identify and apply appropriate information technology to the accounting
system.
 describe how accounting information facilitates management decision-making.
Accounting Process
Students will demonstrate knowledge of
Performance Objectives
 steps in the accounting cycle.
 preparing financial statements.
Students will
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describe the purpose of the accounting system.
describe the purpose of journals and ledgers and their relationship.
describe the impact of technology on the accounting process.
identify and explain the advantages and disadvantages of different types of
accounting systems.
differentiate between accounting and bookkeeping.
analyze and describe how business transactions impact the accounting
equation.
apply the double-entry system of accounting to record business transactions
and prepare a trial balance.
explain the need for adjusting entries and record adjusting entries.
5
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Skill Set
Knowledge Objectives
explain the purposes of the closing process and record closing entries.
prepare the financial statements for the different types of business operations
and ownership structures.
 describe the relationship between the closing process, the financial statements
and the post-closing trial balance.
Financial Reports
Students will demonstrate knowledge of
Performance Objectives
 annual reports.
 financial statements.
Students will
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identify sources for obtaining financial reports.
describe the users and uses of financial information.
explain the role of management and the auditor in preparing and issuing an
annual report.
explain the role of accounting and regulatory organizations in relation to
financial reports.
describe the information provided in each financial statement and how the
statements articulate with each other.
describe the relationship between assets, liabilities and equity on the balance
sheet.
identify and explain the classifications within assets, liabilities and equity.
identify the different formats of an income statement.
identify the classifications in an income statement and explain their
relationship to each other (revenue, expenses, gains, losses).
describe changes in the ownership structure using the statement of equity.
explain how and why the conceptual framework of accounting and generally
accepted accounting principles provide guidance and structure for preparing
financial statements.
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.
explain how the different types of business operations are reflected in the
financial statements.
6
Skill Set
Knowledge Objectives
Financial Analysis
Students will demonstrate knowledge of
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Performance Objectives
financial conditions and operating results of a company.
financial statements and information needed to make informed business
decisions.
Students will
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Skill Set
Knowledge Objectives
discuss the information that can be obtained from analyzing financial
statements.
 assess profitability by calculating and interpreting financial ratios.
 apply information technology to conduct financial analysis.
 identify and explain common methods for creating financial statements and
financial ratios.
 describe the ethical and legal implications resulting from others’ manipulation
of financial statements and financial ratios.
 analyze cash flow from operating activities to assess profitability and liquidity.
Compliance
Students will demonstrate knowledge of
Performance Objectives
 individual income tax procedures.
 tax laws and regulations.
Students will
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describe the process by which tax laws are created.
describe the composition of taxable income and calculate income tax.
complete the applicable individual income tax forms.
identify, discuss and apply strategies for minimizing taxable income.
distinguish between tax avoidance and tax evasion.
explain why income for financial reporting and taxable income are calculated
differently.
calculate net pay.
calculate employer’s payroll taxes.
prepare payroll reports.
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Accounting Principles II
Skill Set
Knowledge Objectives
BM1403
Accounting Principles
Students will demonstrate knowledge of
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Performance Objectives
generally accepted accounting principles (GAAP).
application and impact of GAAP on the recordkeeping of financial
transactions.
 preparation of financial statements.
Students will
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Skill Set
Knowledge Objectives
identify the sections in an annual report and the purpose of each section.
record transactions for accounts receivable, including uncollectible accounts.
explain the difference between the periodic and perpetual inventory methods.
determine the cost of inventory for manufacturing businesses and apply
appropriate valuation methods.
 identify and describe the cost flow assumptions for inventory and explain the
impact on the balance sheet and income statement.
 describe the criteria used to distinguish between capital expenditures and
revenue expenditures.
 identify, calculate and record depreciation and explain the impact on the
financial statements.
 determine the impact on the financial statements when assets are sold,
disposed or rendered obsolete.
 explain how operating results, capital contributions and distribution of
earnings affect equity for the various types of business structures.
 identify and describe the different classes of stock and explain the rights
afforded each class of stock.
 explain how the acquisition and sale of a company’s own stock affects the
financial statements.
 distinguish between revenue and gains.
 distinguish between expenses and losses.
 record transactions resulting in gains and losses.
Interpretation and Use of Data
Students will demonstrate knowledge of
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planning and control principles to evaluate the performance of an organization.
differential analysis and present-value concepts to make decisions.
8
Performance Objectives
Students will
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Skill Set
Knowledge Objectives
identify and apply internal control procedures used to safeguard assets and
ensure the integrity of the accounting information system.
 identify and apply appropriate information technology to the accounting
system.
 prepare a budget for planning purposes.
 describe how accounting information facilitates management decision-making.
 identify and explain the business activities reported in a statement of cash
flows (operating, investing, financing).
Financial Analysis
Students will demonstrate knowledge of
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Performance Objectives
financial conditions and operating results of a company.
financial statements and information needed to make informed business
decisions.
Students will
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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.
perform a horizontal and vertical analysis of the income statement and balance
sheet.
assess liquidity and solvency by calculating financial ratios.
compare debt and equity financing and explain the impact on the financial
statements.
assess capital structure by calculating and interpreting financial ratios.
research industry averages and explain their use in assessing the financial
condition, operating results, profitability, liquidity and capital structure.
use the statement of cash flow to analyze business activities (operating,
investing, financing).
9
Business Computer Applications I
BM1411
Skill Set
Knowledge Objectives
Clerical Applications
Students will demonstrate knowledge of
Performance Objectives
 administrative and clerical procedures and systems.
 word processing.
 managing files and records.
 designing forms.
 other office procedures and terminology.
Students will
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Skill Set
Knowledge Objectives
answer telephones and give information to callers, take messages or transfer
calls to appropriate individuals.
 file and maintain records.
 compile, copy, sort and file records of office activities, business transactions
and other activities.
 make copies of correspondence or other printed material.
 review work done by others to check for correct spelling and grammar, ensure
that company format policies are followed and recommend revisions.
 compose, type and distribute meeting notices, routine correspondence and
reports.
 gather, register and arrange the material to be typed, following instructions.
 review correspondence for format and typographical accuracy, assemble the
information into a prescribed form with the correct number of copies and
submit it to an authorized official for signature.
Basic Computer Applications
Students will demonstrate knowledge of
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electronic equipment.
computer hardware and software, including applications.
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Performance Objectives
Students will
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differentiate amongst hardware, software, system software and application
software.
suggest and check alternate spellings, locations and/or listing formats for
customers lacking details or complete information.
operate office equipment such as fax machines, copiers and phone systems,
and use computers for spreadsheet, word processing, database management
and other applications.
compile, sort and verify the accuracy of data before it is entered.
compare data with source documents or re-enter data in verification format to
detect errors.
store completed documents in appropriate locations.
format documents, insert graphics, create tables, sort data and use templates.
transmit information or documents to customers, using computer, mail or
facsimile machine.
maintain and update filing, inventory, mailing and database systems, either
manually or using a computer.
notify supervisor or computer maintenance technicians of equipment
malfunctions.
locate and attach appropriate files to incoming correspondence requiring
replies.
add new material to file records or create new records as necessary.
find and retrieve information from files in response to requests from
authorized users.
type correspondence, reports, text and other written material from rough
drafts, corrected copies, voice recordings, dictation or previous versions,
using a computer or word processor.
perform basic presentation functions to create, format, edit, save and print a
presentation.
operate spreadsheet, database programs and other types of software to load
and manipulate data and to produce reports.
operate new office technologies as they are developed and implemented.
demonstrate netiquette, acceptable use policy and ethical practices related to
Internet access.
integrate Internet information into software applications.
retrieve, separate and sort program output as needed and send data to
specified users.
type acknowledgement letters to persons sending correspondence.
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Business Math
BM1419
Skill Set
Knowledge Objectives
Computation Skills
Students will demonstrate knowledge of
Performance Objectives
 computation skills needed to solve business and consumer problems.
Students will
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Skill Set
Knowledge Objectives
solve problems that involve numbers, decimals and fractions.
solve problems that involve percentages, ratios and proportions.
analyze tables, charts and graphs.
Banking and Personal Finance
Students will demonstrate knowledge of
Performance Objectives
 payroll records, taxation, personal cash management and credit management.
Students will
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Skill Set
Knowledge Objectives
calculate earnings using different wage plans.
determine payroll deductions and compute net pay.
prepare a deposit slip, maintain a checkbook and prepare a reconciliation
statement.
 analyze the types of savings and checking accounts currently available.
 identify and demonstrate how certified checks and cashier’s checks are used.
 classify endorsements and state when to use each.
 prepare a budget for personal money management.
 compute individual income taxes.
 compare an installment contract and a promissory note.
 calculate interest and maturity value for an installment contract and a
promissory note.
 determine the balance due for installment purchases.
 compile finance/additional charges, periodic payment, total cost and the
annual percentage rate (APR) on an installment contract.
Basic Accounting Concepts
Students will demonstrate knowledge of
Performance Objectives
 basic accounting concepts.
Students will
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calculate purchase cost, salvage value, useful life, depreciation base and book
value.
compute depreciation by the following methods: straight-line, sum-of-yearsdigits, declining balance and unit-of-production.
compute physical inventory value using FIFO, LIFO, specific identification
and average cost methods.
compute net profit or loss.
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Skill Set
Knowledge Objectives
determine the dollar amount of cost, markup or sales price when one of the
three variables is unknown.
 determine the dollar amount of markdowns, regular selling price or reduced
price when one of the three variables is unknown.
 complete a sales invoice with sales information and sale tax.
 categorize each element of the fundamental accounting equation (Assets =
Liabilities + Owner’s Equity).
 prove the debit and credit theory.
 interpret a balance sheet.
 interpret an income statement.
 distribute partnership income (revenue) or loss by different methods.
 calculate commissions.
Insurance Fundamentals
Students will demonstrate knowledge of
Performance Objectives
 term and whole life insurance.
Students will
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compute insurance premiums.
examine differences between term and whole life insurance policies.
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