AY Honor Accounting

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< AY HonorsAY Honors/Accounting
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Skill Level

3

Year

1938

Version

24.10.2021

Approval Authority

North American Division

Accounting Honor.png
Accounting
Vocational
Skill Level
123
Approval Authority
North American Division
Year of Introduction

1938

See also

Technician Master Award

Overview

The Challenging Part

The most challenging requirement of this honor is probably this:


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.