Where does all the money go? As a person would not go to a foreign country and not learn the language, accounting is the “language of business.” Principles of Accounting 1 is a skill-level course that is of value to all students pursuing a strong background in business, marketing, and management. Using financial information, students will learn how to make decisions about planning, organizing, and allocating resources using accounting procedures. Performing accounting activities for sole proprietorships and corporations following Generally-Accepted Accounting Procedures are included in the course. Students analyze business transactions and financial statements, perform payroll, and evaluate the effects of transactions on the economic health of a business.
Various forms of technologies and internet research will be highlighted to expose students to the resources available when learning the language of business. Employability skills are integrated into activities, tasks, and projects throughout the course standards to demonstrate the skills required by business and industry. Competencies in the co-curricular student organization, Future Business Leaders of America (FBLA), are integral components of the employability skills standard for this course.
Principles of Accounting 1 may be the second course in the Advanced Business Pathway or the third course in the Business Accounting pathway in the Finance Cluster. Students enrolled in this course should have successfully completed Introduction to Business & Technology. If students are completing the Business Accounting pathway, successful completion of the Financial Literacy course prepares students to take an End of Pathway assessment in this career area.
FIN-PA1-1 – Demonstrate employability skills required by business and industry.
FIN-PA1-2 – Analyze and evaluate the role that accountants play in business and society.
FIN-PA1-3 – Utilize career-planning concepts, tools and strategies to explore, obtain and/or consider
an accounting career.
FIN-PA1-4 – Demonstrate and understand by applying the steps of the accounting cycle to prepare
financial statements for proprietorships and corporations.
FIN-PA1-5 – Apply generally-accepted accounting principles (GAAP) and explain how the application of
GAAP impacts the recording of financial transactions, and the preparation of financial statements.
FIN-PA1-6 – Demonstrate an understanding and working knowledge of the preparation of financial
FIN-PA1-7 -- Analyze the financial condition and operating results of a business for informed decision
FIN-PA1-8 – Evaluate and determine suitable internal accounting controls to ensure the safe guarding
FIN-PA1-9 – Summarize payroll procedures in order to calculate, record, and distribute payroll
earnings and related tax liabilities.
FIN-PA1-10 – Explore how related student organizations are integral parts of career and technology
education courses through leadership development, school and community service projects, entrepreneurship development, and competitive events.