FINANCE PATHWAY - ACCOUNTING PATHWAY

FIN ACCT 12.1.0

Business Law

FIN ACCT 12.1.0

K&S Statement: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions.

FIN ACCT 12.1.1

Understand regulation of accounting to adhere to government requirements.

1. Discuss the impact of the Sarbanes-Oxley Act of 2002 on accounting (SP)
2. Describe the role of the Securities and Exchange Commission (SEC) in regulating the accounting industry (SP)

Discuss state regulation of the accounting industry (SP)

FIN ACCT 12.2.0

Financial Analysis

FIN ACCT 12.2.0

K&S Statement: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources.

FIN ACCT 12.2.1

Classify, record, and summarize data to produce needed financial information.

1. Discuss the nature of the accounting cycle (CS)
2. Demonstrate the effects of transactions on the accounting equation (CS)
3. Prepare a chart of accounts (CS)
4. Use T accounts (CS)
5. Record transactions in a general journal (CS)
6. Post journal entries to general ledger accounts (CS)
7. Prepare a trial balance (CS)
8. Journalize and post adjusting entries (CS)
9. Journalize and post closing entries (CS)
10. Prepare a post-closing trial balance (CS)
11. Prepare work sheets (SP)
12. Discuss the nature of annual reports (SP)
13. Discuss the use of financial ratios in accounting (SP)
14. Determine business liquidity (MN)
15. Calculate business profitability (MN)
16. Prepare income statements (MN)
17. Prepare a statement of equity and retained earnings (MN)
18. Prepare balance sheets (MN)
19. Project future revenues and expenses (MN)

Apply bankruptcy prediction models (MN)

FIN ACCT 12.2.2

Maintain cash controls to track cash flow.

1. Explain cash control procedures (e.g. signature cards, deposit slips, internal/external controls, cash clearing, etc.) (CS)
2. Prove cash (CS)
3. Journalize/post entries to establish and replenish petty cash (CS)
4. Journalize/post entries related to banking activities (CS)
5. Explain the benefits of electronic funds transfer (EFT) (CS)
6. Prepare bank deposits (CS)
7. Prepare purchase requisitions (CS)
8. Prepare purchase orders (CS)
9. Prepare sales slips (CS)
10. Prepare invoices (CS)
11. Explain the nature of the voucher system (CS)
12. Prepare vouchers (CS)
13. Record transactions using a voucher system (CS)

FIN ACCT 12.2.3

1. Perform accounting functions specific to a merchandising business to classify, record, and summarize business data.
2. Explain the nature of special journals (CS)
3. Record transactions in special journals (CS)

FIN ACCT 12.2.4

1. Perform accounts payable functions to record, control, and disburse payments to vendors.
2. Explain the nature of accounts payable (CS)
3. Maintain a vendor file (CS)
4. Analyze purchase transactions (CS)
5. Post to an accounts payable subsidiary ledger (CS)
6. Prepare a credit memorandum for returned goods (CS)
7. Process invoices for payment (CS)
8. Process accounts payable checks (CS)
9. Prepare an accounts payable schedule (SP)

FIN ACCT 12.2.5

Perform accounts receivable functions to record, control, and collect payments due from the sale of goods and services.

1. Explain the nature of accounts receivable (CS)
2. Maintain a customer file for accounts receivable (CS)
3. Analyze sales transactions (CS)
4. Post to an accounts receivable subsidiary ledger (CS)
5. Process sales orders and invoices (CS)
6. Process sales returns and allowances (CS)
7. Process customer payments (CS)
8. Prepare customer statements (CS)
9. Process uncollectible accounts (CS)
10. Prepare an accounts receivable schedule (SP)

Determine uncollectible accounts receivable (MN)

FIN ACCT 12.2.6

Maintain inventory records to track the location, quantity, and value of current assets.

1. Record inventory usage (CS)
2. Process invoice of inventory (CS)
3. Process results of inventory (CS)

Process inventory adjustments (CS)
Determine the cost of inventory (SP)

FIN ACCT 12.2.7

Complete payroll procedures to calculate, record, and distribute payroll earnings.

1. Calculate time cards (CS)
2. Maintain employee earnings records (CS)
3. Calculate employee earnings (e.g. gross earnings, net pay) (SP)
4. Calculate employee-paid withholdings (SP)
5. Prepare a payroll register (SP)
6. Record the payroll in the general journal (SP)
7. Complete payroll tax expense forms (SP)

Prepare federal, state, and local payroll tax reports (SP)

FIN ACCT 12.2.8

1. Perform specialized accounting procedures to track cash flow.
2. Process notes payable and receivable (SP)
3. Determine the book value of a plant asset (SP)
4. Prepare depreciation schedules (SP)
5. Record the disposition of assets (SP)
6. Account for intangible assets (MN)
7. Analyze accounting records to make business decisions (MN)

FIN ACCT 12.2.9

Utilize cost accounting methods to track, record, and analyze business costs.

1. Maintain job order cost sheets (SP)
2. Calculate the cost of goods sold (SP)
3. Compute overhead rates (SP)
4. Apply overhead to jobs (MN)
5. Conduct cost-volume-profit analysis (MN)
6. Develop standard variable costs for a product (MN)
7. Calculate variances (MN)
8. Conduct variance analysis (MN)
9. Perform cost allocation functions (MN)
10. Prepare cost of production reports (MN)

FIN ACCT 12.2.10

1. Prepare budget reports to make business decisions.
2. Process preliminary budget detail (MN)
3. Prepare budget reports (MN)

Determine relevant cost and revenue data for decision-making purposes (MN)

FIN ACCT 12.2.11

Perform accounting functions specific to a partnership to classify, record, and summarize business data.

1. Analyze a partnership agreement (MN)
2. Allocate profits and losses to the partners (MN)
3. Prepare a statement of partners’ equities (MN)
4. Prepare a balance sheet for a partnership (MN)
5. Account for the revaluation of assets and liabilities prior to the dissolution of a partnership (MN)
6. Account for the sale of a partnership interest (MN)
7. Account for the withdrawal of a partner from a partnership (MN)

FIN ACCT 12.2.12

Perform accounting functions specific to a corporation to classify, record, and summarize corporate data.

1. Discuss the nature of a consolidated financial statement (MN)
2. Explain methods to account for the issuance of stock (MN)
3. Analyze the articles of incorporation needed to start a corporation (MN)
4. Compute the number of shares of common stock to be issued on the conversion of convertible preferred stock (MN)
5. Compute dividends payable on stock (MN)
6. Prepare a balance sheet for a corporation (MN)
7. Complete a worksheet for a corporation (MN)
8. Prepare an income statement for a corporation (MN)

Prepare a statement of equity and retained earnings for a corporation (MN)

FIN ACCT 12.2.13

Determine suitable internal accounting controls to ensure the proper recording of financial transactions.

1. Explain the purpose of internal accounting controls (SP)
2. Determine the components of internal accounting control procedures (MN)
3. Maintain internal accounting controls (MN)

FIN ACCT 12.2.14

Conduct an audit to verify the integrity of a business’ financial reporting process, accounting functions, and internal controls.

1. Explain the nature of audits (SP)
2. Discuss the nature of the Statement on Auditing Standards No. 99 (Considerations of Fraud in a Financial Statement Audit) (MN)
3. Conduct an audit (MN)
4. Prepare auditing reports (MN)

FIN ACCT 12.2.15

1. Perform tax accounting functions to lessen clients’ tax burdens.
2. Explain record keeping procedures for tax accounting (SP)
3. Identify tax issues for clients (SP)
4. Explain the role of accountants in income tax planning (SP)
5. Integrate tax strategies with family financial goals (SP)
6. Discuss the nature of corporate tax accounting (SP)

FIN ACCT 12.3.0

Information Management

FIN ACCT 12.3.0

K&S Statement: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making.

FIN ACCT 12.3.1

Utilize technology to record and analyze accounting transactions.

1. Discuss the use of data mining in accounting (SP)
2. Integrate technology into accounting (SP)

FIN ACCT 12.4.0

Professional Development

FIN ACCT 12.4.0

K&S Statement: Understands concepts, tools, and strategies used to explore, obtain, and develop in an accounting career.

FIN ACCT 12.4.1

Understand careers in accounting to determine which role and responsibilities best match personal abilities and traits.

1. Discuss the role and responsibilities of certified public accountants (CPAs) (SP)
2. Describe the role and responsibilities of general ledger accountants (SP)
3. Explain the role and responsibilities of management accountants (SP)
4. Discuss the role and responsibilities of auditors (SP)
5. Discuss the role and responsibilities of government accountants (SP)
6. Explain the role and responsibilities of international accountants (SP)
7. Discuss the role and responsibilities of forensic accountants (SP)
8. Discuss the role and responsibilities of senior management in accounting (SP)

FIN ACCT 12.4.2

Explore licensing and certification in the accounting industry to enhance professional development.

1. Discuss professional designations for accountants (e.g. CPA, CMA, ABA, etc.) (SP)

FIN ACCT 12.4.3

Understand the fundamentals of cost accounting to obtain a foundation for employment in the accounting industry.

1. Explain the nature of cost accounting (e.g. activities, costs, cost drivers, etc.) (SP)
2. Discuss the use of cost-volume-profit analysis (SP)
3. Discuss cost accounting systems (e.g. job order costing, process costing, activity-based costing [ABC], project costing, etc.) (SP)
4. Explain the nature of cost accounting decision making (SP)
5. Discuss the nature of cost accounting budgets (SP)
6. Discuss the use of variance analysis for cost accounting (SP)
7. Discuss the nature of cost allocation (SP)

FIN ACCT 12.4.4

Understand the significance of responsibility in accounting to act appropriately in the workplace.

1. Describe social responsibility in accounting (SP)
2. Discuss responsibility accounting (SP)

FIN ACCT 12.4.5

Acquire knowledge of Generally Accepted Accounting Principles to adhere to general accounting standards.
Discuss the use of Generally Accepted Accounting Principles (GAAP) (SP)