Difference between revisions of "AY Honors/Accounting/Requirements"
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<section begin=Body /> | <section begin=Body /> | ||
| − | + | <b>{{Localize|Prologue}}: <section begin=reqPrologue /><noinclude><translate><!--T:1--> | |
| − | <b>Prologue: <section begin=reqPrologue /><noinclude><translate><!--T:1--> | + | </noinclude>Complete a high school or college course in accounting OR the following requirements: |
| − | </noinclude>Complete a high school or college course in accounting OR the following requirements: | ||
<noinclude></translate></noinclude><section end=reqPrologue /></b> | <noinclude></translate></noinclude><section end=reqPrologue /></b> | ||
<b>1. <section begin=req1 /><noinclude><translate><!--T:2--> | <b>1. <section begin=req1 /><noinclude><translate><!--T:2--> | ||
| − | </noinclude>What is accounting? | + | </noinclude>What is accounting? |
<noinclude></translate></noinclude><section end=req1 /></b> | <noinclude></translate></noinclude><section end=req1 /></b> | ||
<b>2. <section begin=req2 /><noinclude><translate><!--T:3--> | <b>2. <section begin=req2 /><noinclude><translate><!--T:3--> | ||
| − | </noinclude>What are some functions of an accountant? | + | </noinclude>What are some functions of an accountant? |
<noinclude></translate></noinclude><section end=req2 /></b> | <noinclude></translate></noinclude><section end=req2 /></b> | ||
<b>3. <section begin=req3 /><noinclude><translate><!--T:4--> | <b>3. <section begin=req3 /><noinclude><translate><!--T:4--> | ||
| − | </noinclude>Define the following accounting terms: | + | </noinclude>Define the following accounting terms: |
<noinclude></translate></noinclude><section end=req3 /></b> | <noinclude></translate></noinclude><section end=req3 /></b> | ||
:<b>a. <section begin=req3a /><noinclude><translate><!--T:5--> | :<b>a. <section begin=req3a /><noinclude><translate><!--T:5--> | ||
| − | </noinclude>Equity | + | </noinclude>Equity |
<noinclude></translate></noinclude><section end=req3a /></b> | <noinclude></translate></noinclude><section end=req3a /></b> | ||
:<b>b. <section begin=req3b /><noinclude><translate><!--T:6--> | :<b>b. <section begin=req3b /><noinclude><translate><!--T:6--> | ||
| − | </noinclude>Depreciation | + | </noinclude>Depreciation |
<noinclude></translate></noinclude><section end=req3b /></b> | <noinclude></translate></noinclude><section end=req3b /></b> | ||
:<b>c. <section begin=req3c /><noinclude><translate><!--T:7--> | :<b>c. <section begin=req3c /><noinclude><translate><!--T:7--> | ||
| − | </noinclude>Balance sheet | + | </noinclude>Balance sheet |
<noinclude></translate></noinclude><section end=req3c /></b> | <noinclude></translate></noinclude><section end=req3c /></b> | ||
:<b>d. <section begin=req3d /><noinclude><translate><!--T:8--> | :<b>d. <section begin=req3d /><noinclude><translate><!--T:8--> | ||
| − | </noinclude>Cash flow | + | </noinclude>Cash flow |
<noinclude></translate></noinclude><section end=req3d /></b> | <noinclude></translate></noinclude><section end=req3d /></b> | ||
:<b>e. <section begin=req3e /><noinclude><translate><!--T:9--> | :<b>e. <section begin=req3e /><noinclude><translate><!--T:9--> | ||
| − | </noinclude>Capital | + | </noinclude>Capital |
<noinclude></translate></noinclude><section end=req3e /></b> | <noinclude></translate></noinclude><section end=req3e /></b> | ||
:<b>f. <section begin=req3f /><noinclude><translate><!--T:10--> | :<b>f. <section begin=req3f /><noinclude><translate><!--T:10--> | ||
| − | </noinclude>Accounts payable | + | </noinclude>Accounts payable |
<noinclude></translate></noinclude><section end=req3f /></b> | <noinclude></translate></noinclude><section end=req3f /></b> | ||
:<b>g. <section begin=req3g /><noinclude><translate><!--T:11--> | :<b>g. <section begin=req3g /><noinclude><translate><!--T:11--> | ||
| − | </noinclude>Accounts receivable | + | </noinclude>Accounts receivable |
<noinclude></translate></noinclude><section end=req3g /></b> | <noinclude></translate></noinclude><section end=req3g /></b> | ||
:<b>h. <section begin=req3h /><noinclude><translate><!--T:12--> | :<b>h. <section begin=req3h /><noinclude><translate><!--T:12--> | ||
| − | </noinclude>General ledger | + | </noinclude>General ledger |
<noinclude></translate></noinclude><section end=req3h /></b> | <noinclude></translate></noinclude><section end=req3h /></b> | ||
:<b>i. <section begin=req3i /><noinclude><translate><!--T:13--> | :<b>i. <section begin=req3i /><noinclude><translate><!--T:13--> | ||
| − | </noinclude>Net income | + | </noinclude>Net income |
<noinclude></translate></noinclude><section end=req3i /></b> | <noinclude></translate></noinclude><section end=req3i /></b> | ||
:<b>j. <section begin=req3j /><noinclude><translate><!--T:14--> | :<b>j. <section begin=req3j /><noinclude><translate><!--T:14--> | ||
| − | </noinclude>Retirement planning | + | </noinclude>Retirement planning |
<noinclude></translate></noinclude><section end=req3j /></b> | <noinclude></translate></noinclude><section end=req3j /></b> | ||
<b>4. <section begin=req4 /><noinclude><translate><!--T:15--> | <b>4. <section begin=req4 /><noinclude><translate><!--T:15--> | ||
| − | </noinclude>What are some advantages of computerized accounting? | + | </noinclude>What are some advantages of computerized accounting? |
<noinclude></translate></noinclude><section end=req4 /></b> | <noinclude></translate></noinclude><section end=req4 /></b> | ||
<b>5. <section begin=req5 /><noinclude><translate><!--T:16--> | <b>5. <section begin=req5 /><noinclude><translate><!--T:16--> | ||
| − | </noinclude>What type of education and skills are necessary to be an accountant? | + | </noinclude>What type of education and skills are necessary to be an accountant? |
<noinclude></translate></noinclude><section end=req5 /></b> | <noinclude></translate></noinclude><section end=req5 /></b> | ||
<b>6. <section begin=req6 /><noinclude><translate><!--T:17--> | <b>6. <section begin=req6 /><noinclude><translate><!--T:17--> | ||
| − | </noinclude>What certifications are available for accountants? How do they differ from earning a college degree in accounting? | + | </noinclude>What certifications are available for accountants? How do they differ from earning a college degree in accounting? |
<noinclude></translate></noinclude><section end=req6 /></b> | <noinclude></translate></noinclude><section end=req6 /></b> | ||
<b>7. <section begin=req7 /><noinclude><translate><!--T:18--> | <b>7. <section begin=req7 /><noinclude><translate><!--T:18--> | ||
| − | </noinclude>Identify and define at least ten accounting career disciplines. | + | </noinclude>Identify and define at least ten accounting career disciplines. |
<noinclude></translate></noinclude><section end=req7 /></b> | <noinclude></translate></noinclude><section end=req7 /></b> | ||
<b>8. <section begin=req8 /><noinclude><translate><!--T:19--> | <b>8. <section begin=req8 /><noinclude><translate><!--T:19--> | ||
| − | </noinclude>Individually or as a group, discuss the biblical principles of each of the following texts, drawing comparisons to the field of accounting: | + | </noinclude>Individually or as a group, discuss the biblical principles of each of the following texts, drawing comparisons to the field of accounting: |
<noinclude></translate></noinclude><section end=req8 /></b> | <noinclude></translate></noinclude><section end=req8 /></b> | ||
:<b>a. <section begin=req8a /><noinclude><translate><!--T:20--> | :<b>a. <section begin=req8a /><noinclude><translate><!--T:20--> | ||
| − | </noinclude>Internal Controls – 2 Chronicles 24:11 | + | </noinclude>Internal Controls – 2 Chronicles 24:11 |
<noinclude></translate></noinclude><section end=req8a /></b> | <noinclude></translate></noinclude><section end=req8a /></b> | ||
:<b>b. <section begin=req8b /><noinclude><translate><!--T:21--> | :<b>b. <section begin=req8b /><noinclude><translate><!--T:21--> | ||
| − | </noinclude>Accountability – Ecclesiastes 4:1-2 | + | </noinclude>Accountability – Ecclesiastes 4:1-2 |
<noinclude></translate></noinclude><section end=req8b /></b> | <noinclude></translate></noinclude><section end=req8b /></b> | ||
| Line 95: | Line 92: | ||
:<b>d. <section begin=req8d /><noinclude><translate><!--T:23--> | :<b>d. <section begin=req8d /><noinclude><translate><!--T:23--> | ||
| − | </noinclude>Integrity and Values – 2 Corinthians 8:16-20 | + | </noinclude>Integrity and Values – 2 Corinthians 8:16-20 |
<noinclude></translate></noinclude><section end=req8d /></b> | <noinclude></translate></noinclude><section end=req8d /></b> | ||
:<b>e. <section begin=req8e /><noinclude><translate><!--T:24--> | :<b>e. <section begin=req8e /><noinclude><translate><!--T:24--> | ||
| − | </noinclude>Monitoring – 2 Kings 12:16, Luke 16 | + | </noinclude>Monitoring – 2 Kings 12:16, Luke 16 |
<noinclude></translate></noinclude><section end=req8e /></b> | <noinclude></translate></noinclude><section end=req8e /></b> | ||
<b>9. <section begin=req9 /><noinclude><translate><!--T:25--> | <b>9. <section begin=req9 /><noinclude><translate><!--T:25--> | ||
| − | </noinclude>Briefly describe the difference between an individual who is a “millionaire” versus an individual with a net worth of a million dollars. Include a discussion of liquid and non-liquid assets. | + | </noinclude>Briefly describe the difference between an individual who is a “millionaire” versus an individual with a net worth of a million dollars. Include a discussion of liquid and non-liquid assets. |
<noinclude></translate></noinclude><section end=req9 /></b> | <noinclude></translate></noinclude><section end=req9 /></b> | ||
| + | <section begin=challenge /> | ||
<b>10. <section begin=req10 /><noinclude><translate><!--T:26--> | <b>10. <section begin=req10 /><noinclude><translate><!--T:26--> | ||
| − | </noinclude>Complete three of the following: | + | </noinclude>Complete three of the following: |
<noinclude></translate></noinclude><section end=req10 /></b> | <noinclude></translate></noinclude><section end=req10 /></b> | ||
:<b>a. <section begin=req10a /><noinclude><translate><!--T:27--> | :<b>a. <section begin=req10a /><noinclude><translate><!--T:27--> | ||
| − | </noinclude>Reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit. | + | </noinclude>Reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit. |
<noinclude></translate></noinclude><section end=req10a /></b> | <noinclude></translate></noinclude><section end=req10a /></b> | ||
:<b>b. <section begin=req10b /><noinclude><translate><!--T:28--> | :<b>b. <section begin=req10b /><noinclude><translate><!--T:28--> | ||
| − | </noinclude>Show transactions necessary for acquisition or deposit of assets, and acquisition and disposal of liability. Show transactions necessary to close income and expense accounts at year-end. | + | </noinclude>Show transactions necessary for acquisition or deposit of assets, and acquisition and disposal of liability. Show transactions necessary to close income and expense accounts at year-end. |
<noinclude></translate></noinclude><section end=req10b /></b> | <noinclude></translate></noinclude><section end=req10b /></b> | ||
:<b>c. <section begin=req10c /><noinclude><translate><!--T:29--> | :<b>c. <section begin=req10c /><noinclude><translate><!--T:29--> | ||
| − | </noinclude>Be able to write an income statement from a trial balance. | + | </noinclude>Be able to write an income statement from a trial balance. |
<noinclude></translate></noinclude><section end=req10c /></b> | <noinclude></translate></noinclude><section end=req10c /></b> | ||
:<b>d. <section begin=req10d /><noinclude><translate><!--T:30--> | :<b>d. <section begin=req10d /><noinclude><translate><!--T:30--> | ||
| − | </noinclude>Be able to correctly classify balance sheet items with short-term asset, long-term asset, contra asset, short-term liability, long-term liability, and equity. | + | </noinclude>Be able to correctly classify balance sheet items with short-term asset, long-term asset, contra asset, short-term liability, long-term liability, and equity. |
<noinclude></translate></noinclude><section end=req10d /></b> | <noinclude></translate></noinclude><section end=req10d /></b> | ||
| + | <section end=challenge /> | ||
<section end=Body /> | <section end=Body /> | ||
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Latest revision as of 18:42, 20 July 2022
Accounting
Skill Level
3
Year
1938
Version
04.11.2024
Approval authority
North American Division
Prologue: Complete a high school or college course in accounting OR the following requirements:
1. What is accounting?
2. What are some functions of an accountant?
3. Define the following accounting terms:
- a. Equity
- b. Depreciation
- c. Balance sheet
- d. Cash flow
- e. Capital
- f. Accounts payable
- g. Accounts receivable
- h. General ledger
- i. Net income
- j. Retirement planning
4. What are some advantages of computerized accounting?
5. What type of education and skills are necessary to be an accountant?
6. What certifications are available for accountants? How do they differ from earning a college degree in accounting?
7. Identify and define at least ten accounting career disciplines.
8. Individually or as a group, discuss the biblical principles of each of the following texts, drawing comparisons to the field of accounting:
- a. Internal Controls – 2 Chronicles 24:11
- b. Accountability – Ecclesiastes 4:1-2
- c. Balancing – Leviticus 19:35-36, Deuteronomy 25:13-16
- d. Integrity and Values – 2 Corinthians 8:16-20
- e. Monitoring – 2 Kings 12:16, Luke 16
9. Briefly describe the difference between an individual who is a “millionaire” versus an individual with a net worth of a million dollars. Include a discussion of liquid and non-liquid assets.
10. Complete three of the following:
- a. Reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit.
- b. Show transactions necessary for acquisition or deposit of assets, and acquisition and disposal of liability. Show transactions necessary to close income and expense accounts at year-end.
- c. Be able to write an income statement from a trial balance.
- d. Be able to correctly classify balance sheet items with short-term asset, long-term asset, contra asset, short-term liability, long-term liability, and equity.
