Difference between revisions of "AY Honors/Accounting/Requirements"

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<b>{{Localize|Prologue}}: <section begin=reqPrologue /><noinclude><translate><!--T:1-->
 +
</noinclude>Complete a high school or college course in accounting OR the following requirements:
 +
<noinclude></translate></noinclude><section end=reqPrologue /></b>
 +
 
 +
<b>1. <section begin=req1 /><noinclude><translate><!--T:2-->
 +
</noinclude>What is accounting?
 +
<noinclude></translate></noinclude><section end=req1 /></b>
 +
 
 +
<b>2. <section begin=req2 /><noinclude><translate><!--T:3-->
 +
</noinclude>What are some functions of an accountant?
 +
<noinclude></translate></noinclude><section end=req2 /></b>
 +
 
 +
<b>3. <section begin=req3 /><noinclude><translate><!--T:4-->
 +
</noinclude>Define the following accounting terms:
 +
<noinclude></translate></noinclude><section end=req3 /></b>
 +
 
 +
:<b>a. <section begin=req3a /><noinclude><translate><!--T:5-->
 +
</noinclude>Equity
 +
<noinclude></translate></noinclude><section end=req3a /></b>
 +
 
 +
:<b>b. <section begin=req3b /><noinclude><translate><!--T:6-->
 +
</noinclude>Depreciation
 +
<noinclude></translate></noinclude><section end=req3b /></b>
 +
 
 +
:<b>c. <section begin=req3c /><noinclude><translate><!--T:7-->
 +
</noinclude>Balance sheet
 +
<noinclude></translate></noinclude><section end=req3c /></b>
 +
 
 +
:<b>d. <section begin=req3d /><noinclude><translate><!--T:8-->
 +
</noinclude>Cash flow
 +
<noinclude></translate></noinclude><section end=req3d /></b>
 +
 
 +
:<b>e. <section begin=req3e /><noinclude><translate><!--T:9-->
 +
</noinclude>Capital
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<noinclude></translate></noinclude><section end=req3e /></b>
 +
 
 +
:<b>f. <section begin=req3f /><noinclude><translate><!--T:10-->
 +
</noinclude>Accounts payable
 +
<noinclude></translate></noinclude><section end=req3f /></b>
 +
 
 +
:<b>g. <section begin=req3g /><noinclude><translate><!--T:11-->
 +
</noinclude>Accounts receivable
 +
<noinclude></translate></noinclude><section end=req3g /></b>
 +
 
 +
:<b>h. <section begin=req3h /><noinclude><translate><!--T:12-->
 +
</noinclude>General ledger
 +
<noinclude></translate></noinclude><section end=req3h /></b>
 +
 
 +
:<b>i. <section begin=req3i /><noinclude><translate><!--T:13-->
 +
</noinclude>Net income
 +
<noinclude></translate></noinclude><section end=req3i /></b>
 +
 
 +
:<b>j. <section begin=req3j /><noinclude><translate><!--T:14-->
 +
</noinclude>Retirement planning
 +
<noinclude></translate></noinclude><section end=req3j /></b>
 +
 
 +
<b>4. <section begin=req4 /><noinclude><translate><!--T:15-->
 +
</noinclude>What are some advantages of computerized accounting?
 +
<noinclude></translate></noinclude><section end=req4 /></b>
 +
 
 +
<b>5. <section begin=req5 /><noinclude><translate><!--T:16-->
 +
</noinclude>What type of education and skills are necessary to be an accountant?
 +
<noinclude></translate></noinclude><section end=req5 /></b>
 +
 
 +
<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></translate></noinclude><section end=req6 /></b>
 +
 
 +
<b>7. <section begin=req7 /><noinclude><translate><!--T:18-->
 +
</noinclude>Identify and define at least ten accounting career disciplines.
 +
<noinclude></translate></noinclude><section end=req7 /></b>
 +
 
 +
<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></translate></noinclude><section end=req8 /></b>
 +
 
 +
:<b>a. <section begin=req8a /><noinclude><translate><!--T:20-->
 +
</noinclude>Internal Controls – 2 Chronicles 24:11
 +
<noinclude></translate></noinclude><section end=req8a /></b>
 +
 
 +
:<b>b. <section begin=req8b /><noinclude><translate><!--T:21-->
 +
</noinclude>Accountability – Ecclesiastes 4:1-2
 +
<noinclude></translate></noinclude><section end=req8b /></b>
 +
 
 +
:<b>c. <section begin=req8c /><noinclude><translate><!--T:22-->
 +
</noinclude>Balancing – Leviticus 19:35-36, Deuteronomy 25:13-16
 +
<noinclude></translate></noinclude><section end=req8c /></b>
 +
 
 +
:<b>d. <section begin=req8d /><noinclude><translate><!--T:23-->
 +
</noinclude>Integrity and Values – 2 Corinthians 8:16-20
 +
<noinclude></translate></noinclude><section end=req8d /></b>
 +
 
 +
:<b>e. <section begin=req8e /><noinclude><translate><!--T:24-->
 +
</noinclude>Monitoring – 2 Kings 12:16, Luke 16
 +
<noinclude></translate></noinclude><section end=req8e /></b>
 +
 
 +
<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></translate></noinclude><section end=req9 /></b>
 +
 
 +
<section begin=challenge />
 +
<b>10. <section begin=req10 /><noinclude><translate><!--T:26-->
 +
</noinclude>Complete three of the following:
 +
<noinclude></translate></noinclude><section end=req10 /></b>
 +
 
 +
:<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></translate></noinclude><section end=req10a /></b>
 +
 
 +
:<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></translate></noinclude><section end=req10b /></b>
 +
 
 +
:<b>c. <section begin=req10c /><noinclude><translate><!--T:29-->
 +
</noinclude>Be able to write an income statement from a trial balance.
 +
<noinclude></translate></noinclude><section end=req10c /></b>
 +
 
 +
:<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></translate></noinclude><section end=req10d /></b>
 +
<section end=challenge />
 +
<section end=Body />

Latest revision as of 18:42, 20 July 2022

Other languages:
English • ‎español
Accounting

Skill Level

3

Year

1938

Version

13.05.2024

Approval authority

North American Division

Accounting AY Honor.png
Accounting
Vocational
Skill Level
123
Approval authority
North American Division
Year of Introduction
1938
See also
Technician Master Award



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.


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