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\nPrerequisite: None  \nSkill Test: \\# 210  \nCOURSE DESCRIPTION  \nStudents will develop skills beginning with an understanding of the basic elements and concepts of double-entry accounting systems related to service businesses organized as a sole proprietorship. Skills include understanding of the accounting equation, analyzing business transactions, entering transactions in journals, posting to ledgers, compiling end-of-period financial statements, preparing closing entries, and managing cash.  \nCORE STANDARDS, OBJECTIVES, AND INDICATORS  \nSTANDARD 1  \nStudents will acquire accounting vocabulary and business skills used in accounting.  \nObjective 1: Define accounting , explain the purpose of the accounting system , and apply each step of the accounting cycle.  \nObjective 2: Define and use accounting terminology and generally accepted accounting principles (GAAP) .  \nObjective 3: Demonstrate critical thinking, problem solving, and decision making skills.  \nObjective 4: Demonstrate team building to enhance cooperative learning and interpersonal skills.  \nObjective 5: Understand and use business ethics in accounting decision making.  \nObjective 6: Identify and explain the three forms of business ownership.  \na. List the characteristics, advantages, and disadvantages of a sole proprietorship, partnership, and corporation.  \nObjective 7: Identify and explain three types of businesses.  \na. List the characteristics of service, merchandising, and manufacturing businesses.  \nObjective 8: Demonstrate mathematical calculations necessary for accounting procedures.  \nSTANDARD 2  \nStudents will list and identify characteristics of the three basic accounting equation elements.  \nObjective 1: Demonstrate an understanding of the fundamental accounting equation.  \na. Understand the accounting equation: Assets = Liabilities + Owner’s Equity  \nb. Explain mathematically why the accounting equation must be in balance.  \nc. Manipulate the accounting equation to find the missing variable.  \nObjective 2: Classify accounts as assets, liabilities, or owner’s equity.  \nSTANDARD 3  \nStudents will apply the theory of debit and credit to the accounting equation, define a business transaction, and show how and why accounts are increased and decreased.  \nObjective 1: Apply the rules of double-entry accounting to business transactions.  \na. Refer to a chart of accounts to identify accounts that are affected.  \nb. Show the resulting changes that occur within the accounting equation.  \nObjective 2: Identify and describe the purpose of permanent/real accounts  \nObjective 3: Identify and describe the purpose of temporary/nominal accounts  \nObjective 4: Use T-accounts to analyze business transactions into debits and credits.  \na. Identify normal balance, increase and decrease sides of all accounts.  \nb. Calculate changes in account balances.  \nc. Calculate the increases/decreases to owner’s equity from each of the temporary accounts.  \nd. Show that the accounting equation is in balance.  \nSTANDARD 4  \nStudents will identify and use source documents for journalizing transactions, post journal entries to a ledger, and prepare a trial balance.  \nObjective 1: Use source documents to analyze business transactions.  \na. Identify different types of source documents.  \nb. Evaluate checks , invoices, memorandums, receipts, and register tapes to determine accounts affected by a transaction.  \nObjective 2: Explain the purpose of the general journal  \na. Record journal transactions in chronological order.  \nb. Journal includes complete transaction.  \nObjective 3: Use appropriate steps to journalize transactions verifying that debits equal credits.  \nObjective 4: Explain the purpose of the general ledger.  \na. Organize the ledger according to account classification.  \nb. Use general ledger account information to prepare financial statements.  \nObjective 5: Post informat","cbCaiaopr3HZfjo7","https://ap.wps.com/l/cbCaiaopr3HZfjo7","pdf",79078,"English","# Course Description\n# Core Standards, Objectives, and Indicators\n## Standard 1\n## Standard 2\n## Standard 3\n## Standard 4\n## Standard 5\n## Standard 6","[{\"question\":\"What foundational accounting topics does Accounting I cover for sole proprietorship service businesses?\",\"answer\":\"It covers the accounting equation, analyzing business transactions, journalizing and posting to ledgers, compiling end-of-period financial statements, preparing closing entries, and managing cash.\"},{\"question\":\"How do students use the accounting equation in this course?\",\"answer\":\"Students demonstrate that Assets = Liabilities + Owner’s Equity, explain mathematically why it must balance, and manipulate the equation to find missing variables.\"},{\"question\":\"What skills are required to complete the accounting cycle in Accounting I?\",\"answer\":\"Students journalize and post closing entries, identify temporary accounts that need closing, bring revenue/sales and expense accounts to zero balances, and complete the cycle through the documented process.\"}]","Accounting I - Core Standards, Objectives, and Indicators | PDF"]