ACCOUNTING

 


Performance Standards Completed by

Directions: Evaluate the students by checking the appropriate number or letter to indicate the degree of competency. The rating for each task should reflect employability readiness rather than the grades given in class.

Rating Scale: 3 Mastered – can work independently with no supervision

2 Requires supervision – can perform job completely with limited supervision 1 Not Mastered – requires instruction and close supervision

N No Exposure – no experience or knowledge in this area
         
3
2
1
N
IDENTIFY ACCOUNTING CAREERS
        Define terminology.
        Describe occupational opportunities.
        Analyze employment requirements and responsibilities.
        Identify advancement opportunities.
        Predict accounting career trends.
         
3
2
1
N
ANALYZE AND APPLY ACCOUNTING CONCEPTS
        Define accounting concepts.
        Apply business entity.
        Apply going concern.
        Apply accounting period cycle.
        Apply objective evidence.
        Analyze realization of revenue.
        Apply unit of measurement.
        Apply historical cost.
        Apply adequate disclosure.
        Apply consistent reporting.
         
3
2
1
N
COMPLETE THE ACCOUNTING CYCLE 

FOR A SOLE PROPRIETORSHIP
        Define terminology.
        State the accounting equation.
        Classify accounts.
        Prepare a chart of accounts.
        Open general ledger accounts.
        Record and post opening entry.
        Record transactions in the journal.
        Post transactions to the general ledger.
3
2
1
N
COMPLETE THE ACCOUNTING CYCLE 

FOR A SOLE PROPRIETORSHIP
        Complete an eight-column worksheet.
        Prepare and analyze an income statement.
        Prepare and analyze a balance sheet.
        Record and post adjusting entries.
        Record and post closing entries.
        Prepare and analyze a post-closing trial balance.
         
3
2
1
N
MAINTAIN BANKING RECORDS
        Define terminology.
        Prepare signature card.
        Complete deposit form.
        Write checks.
        Maintain checkbook register.
        Endorse checks.
        Reconcile a bank statement.
        Record journal entries related to banking activities.
         
3
2
1
N
COMPLETE THE ACCOUNTING CYCLE 

FOR A PARTNERSHIP
        Define terminology.
        Analyze and record transactions in an expanded journal.
        Record purchases transactions.
        Record cash payments transactions.
        Record sales transactions.
        Record cash receipts transactions.
        Open subsidiary ledgers.
        Post to general and subsidiary ledgers.
        Complete supporting schedules.
        Complete an eight-column worksheet.
        Prepare and analyze an income statement.
        Prepare and analyze a balance sheet.
        Prepare a distribution of net income statement.
        Prepare a capital statement.
        Record and post adjusting entries.
        Record and post closing entries.
        Prepare a post-closing trial balance.
         

 
 
3
2
1
N
COMPLETE THE ACCOUNTING CYCLE 

FOR A CORPORATION
        Define terminology.
        Record and post transactions in sales journal.
        Record and post transactions in purchases journal.
        Record and post transactions in general journal.
        Record and post transactions in cash receipts journal.
        Record and post transactions in cash payments journal.
        Analyze and record bad debts expense/direct write-off method.
        Analyze and record bad debts expense/allowance method.
        Maintain plant assets record.
        Record plant assets and depreciation transactions.
        Analyze and record notes receivable and notes payable transactions.
        Analyze and record adjustments for accrued revenue and expenses.
        Complete an eight-column worksheet.
        Prepare an income statement.
        Prepare a stockholders’ equity statement.
        Prepare a balance sheet.
        Record and post adjusting entries.
        Record and post closing entries.
        Prepare and evaluate a post-closing trial balance.
         
3
2
1
N
PROCESS PAYROLL
        Define terminology.
        Prepare employee/employer payroll forms.
        Complete time cards.
        Complete payroll register.
        Maintain employees’ earnings records.
        Record payroll transaction.
        Record employer’s payroll taxes transactions.
         
3
2
1
N
COMPLETE AN ACCOUNTING SIMULATION
        Complete a manual accounting simulation.
        Complete an automated accounting simulation.
         
3
2
1
N
DEMONSTRATE AUTOMATED 

ACCOUNTING PROCEDURES
        Define terminology.
        Build general ledger, vendor and customer master files.