BUSINESS EDUCATION STUDENT RECORD SHEET
Colorado Vocational Business Program learners are required to meet the following minimal CORE competencies at 80% or better.
CORE Competencies:
Communication Skills, Human Relation Skills, Career Management, Management Skills, Economic Awareness, Technology Skills, Telephone Skills, Leadership Skills, Ethics, Safety / Work Environment
ACCOUNTING COMPETENCIES
A. Accounting Overview
 | Define accounting |
| Define and identify asset, liability, owner’s equity, revenue, cost and expense accounts |
| Apply the fundamental accounting equation using the concept of debits and credits |
| List the steps in the accounting cycle |
| List the characteristics related to service and merchandising enterprise |
| Demonstrate use of calculator to perform accounting and financial functions |
B. Journalizing and Posting
| Journalize a group of business transactions involving the elements of the accounting equation for service and merchandising enterprises |
| Post entries from journals to general and subsidiary ledgers |
| Determine and verify account balances |
| Journalize and post adjusting entries for service and merchandising enterprises |
| Journalize and post closing entries for service and merchandising enterprises |
| Make corrections using the ruling and correcting entry methods |
| Record the entries to establish and maintain a petty cash fund |
C. Financial Statements
| Prepare a trial balance and end-of-period worksheets for both service and merchandising types of enterprises |
| Prepare an income statement, owner’s equity statement, and a balance sheet for service and merchandising enterprises directly from the worksheet |
| Prepare a post-closing trial balance for both servicing and merchandising enterprises |
| Prepare a net worth statement personally and for a business |
| Prepare a spending plan personally and for a business |
D. Reconciliation
| Reconcile a bank statement |
| Record the required journal entries directly from the bank reconciliation |
E. Payroll
| Prepare a payroll register and journalize the related payroll entry |
| Journalize the entry to record the employer’s payroll tax expense |
| Maintain employees’ individual earning records |
| Journalize transactions using special journals |
| Demonstrate the effects of employee benefit choices on payroll |
F. Automated Accounting Systems
| Demonstrate the ability to utilize computerized accounting techniques |
G. Decision Making
| Apply decision-making and problem-solving skills through case studies |
| Understand the ethics involved in financial management |
| Demonstrate ability to choose appropriate credit card options for personal use and business use |
| Demonstrate ability to choose appropriate employee benefit options |
H. Career Paths
| Research and identify career options available upon completion of the accounting program |
| Discuss career opportunities resulting from emerging technologies |
| Discuss career opportunities in the area of entrepreneurship |