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Finance, Grade 9 - 12, Advanced Accounting, 2009

1.) Apply accounting procedures for calculating, journalizing, and posting entries related to bad debt.

2.) Use accounting procedures related to the life cycle of fixed assets.

Examples: recording fixed assets, calculating depreciation and book value

3.) Apply the Last In First Out (LIFO), First In First Out (FIFO), and weighted cost methods to estimate the cost of merchandise inventory.

4.) Determine accounting procedures for calculating and recording interest and maturity dates for notes payable and notes receivable.

5.) Utilize accounting procedures for recording the adjusting, closing, and reversing entries for accrued revenues and expenses.

6.) Demonstrate accounting procedures for paying dividends and acquiring additional capital.

7.) Demonstrate accounting practices needed to complete financial statements, analyze cash flow, and critique projected budgets.

8.) Apply analysis ratios to evaluate solvency and earning power.

9.) Critique accounting decisions for ethical considerations.

10.) Explain legal requirements for forming and dissolving various business organizations.

Examples: sole proprietorship, partnership, nonprofit organization

11.) Apply cost accounting procedures to complete transactions and financial statements for a merchandising business.

12.) Use cost accounting procedures to journalize entries for initial investment and for liquidation.

13.) Explain the voucher method as it relates to preparation and payment of accounts payable and expenses.

14.) Determine career and entrepreneurial opportunities, responsibilities, and educational credentialing requirements related to specialized accounting professions.

15.) Utilize research results to analyze current accounting issues for their impact on society.

Examples: corporate mergers, interest rate fluctuations, unethical practices

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