2.0 ACCOUNTING AND FINANCE

2.1 Accounting Procedures And Financial Analysis (CL): Students will understand basic principles and procedures of accounting and finance. They will demonstrate competency by preparing and maintaining accounting records and interpreting financial information.

• 2.1.1 Accounting Cycle-describe the accounting cycle for a service and a merchandising business; examine transactions and complete the accounting cycle for a sole proprietorship, a partnership, and a corporation
• 2.1.2 Accounting Principles-apply accounting principles and concepts including an understanding of the fundamental accounting equation; classify items as assets, liabilities and equity
• 2.1.3 Cash Management-utilize cash management techniques including bank reconciliations and cash controls
• 2.1.4 Computer Accounting Systems-use a computer accounting system to input and process data and to generate financial statements and other reports relevant to the financial position and profitability of a business
• 2.1.5 Decision Making-describe the role of managerial accounting and the use of planning and control principles to evaluate performance of an organization
• 2.1.6 Ethics-describe the professional ethics which should be applied when preparing, analyzing and planning financial information
• 2.1.7 Financial Analysis-illustrate the use of basic concepts of financial analysis to interpret financial statements
• 2.1.8 Governing Agencies-identify agencies that affect accounting procedures and discuss regulations and compliance issues that influence business decisions
• 2.1.9 International Finance-discuss basic international terminology and theories in accounting and finance
• 2.1.10 Payroll-describe and apply payroll procedures including compensation, withholding and employee benefits
• 2.1.11 Technological Applications-examine and use technological services to achieve objectives and make decisions in accounting and finance

2.2 Financial Analysis (S): Students will understand financial concepts pertaining to personal and business finance. They will demonstrate competency by analyzing, applying, interpreting, and communicating financial analysis concepts.

• 2.2.1 Credit Analysis-analyze credit worthiness and compare alternative sources of borrowing
• 2.2.2 Economic Factors-explore and describe micro and macro economic influences on the financial analysis process
• 2.2.3 Financial Markets-describe the various types of domestic and international financial markets and discuss how these markets influence interest rates, trade deficits, and unemployment
• 2.2.4 Financial Responsibility-evaluate the cause and the corresponding effect of improper credit use
• 2.2.5 Financial Services-examine various sources of financial services; identify financial resources, rights and responsibilities available to individuals and institutions
• 2.2.6 Financial Statements-analyze and interpret financial statements for the purpose of comparing risk and return
• 2.2.7 Industry/Market Analysis-discuss the financial needs of clients and how those needs change in a dynamic and competitive marketplace
• 2.2.8 Investment Analysis-analyze investment and financing options available, prepare a cost benefit analysis
• 2.2.9 Risk Analysis-define the risk associated with financing interstate and international business transactions
• 2.2.10 Technology-apply various technological tools to assist in making credit and investment decisions
• 2.2.11 Trade Finance-identify various financial tools used in international trade

2.3 Financial And Managerial Accounting (S): Students will understand financial and managerial accounting concepts. They will demonstrate competency by analyzing data and applying, interpreting, and communicating accounting concepts and techniques.

• 2.3.1 Budgeting-create a master budget and a flexible budget; apply capital budgeting techniques to calculate long-term projections
• 2.3.2 Classified Balance Sheet-define and identify current and long-term assets and liabilities
• 2.3.3 Cost Behavior-compare and contrast types of cost behaviors and the relationship between cost, volume and profitability
• 2.3.4 Costing Methods-describe job order, process, activity-based and standard costing systems and illustrate the use of these systems in a business environment
• 2.3.5 Financial Statements-prepare, analyze and interpret financial statements
• 2.3.6 Fixed Asset Management-interpret capitalization concepts, analyze depreciation methods, and account for fixed asset acquisition, disposition, and depreciation
• 2.3.7 Internal Control-define and apply basic principles of internal control systems as they relate to the accounting cycle
• 2.3.8 Internal Reporting-identify the differences between financial statements prepared for internal and external use
• 2.3.9 International Accounting-discuss the effects of foreign exchange rates on financial transactions
• 2.3.10 Inventory Management-compare and evaluate inventory valuation methods and apply inventory management and costing procedures for both merchandising and manufacturing businesses
• 2.3.11 Operations Management-utilize cost data to analyze profitability and production efficiencies
• 2.3.12 Owner's Equity-apply appropriate concepts and techniques to account for equity investments and withdrawals for sole proprietorships, partnerships, and corporations
• 2.3.13 Receivables and Payables Management- evaluate the implications of receivables and payables management, including credit risk, realizable value, collections, and payment terms
• 2.3.14 Revenue and Expense Recognition- illustrate the process of revenue recognition and matching income and expense
• 2.3.15 Taxation- identify the basic principles of state, federal and international tax regulations