AY Honor Accounting

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< AY HonorsAY Honors/Accounting
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Accounting

Skill Level

3

Year

1938

Version

29.09.2022

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

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.

4. Be able to reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit.