Accounting+TEKS

[|accountanthove.co.uk] ** Texas Administrative Code (TAC), Title 19, Part II ** ** Chapter 120. Texas Essential Knowledge and Skills for Business Education **

§120.42. Accounting I (One-Half to One Credit).

(a) General requirements. This course is recommended for students in Grades 10-12.

(b) Introduction. Students implement personal and interpersonal skills to strengthen individual performance in the workplace and in society and to make a successful transition to the workforce and/or postsecondary education. Students apply technical skills to address business applications of emerging technologies. Students develop a foundation in the economical, financial, technological, international, social, and ethical aspects of business to become competent consumers, employees, and entrepreneurs.

(c) Knowledge and skills.

(1) The student demonstrates an understanding of the accounting cycle for a service business. The student is expected to:

(A) describe the purpose of accounting;

(B) apply basic accounting concepts and terminology;

(C) demonstrate the effects of transactions on the accounting equation, for example, T accounts;

(D) prepare a chart of accounts;

(E) apply information from source documents;

(F) post general journal entries;

(G) prepare a trial balance;

(H) calculate and record end-of-period adjustments;

(I) update accounts through adjusting and closing entries;

(J) prepare a post-closing trial balance; and

(K) prepare financial statements.

(2) The student demonstrates an understanding of the accounting cycle for an inventory-based or a merchandising business. The student is expected to:

(A) contrast the characteristics of a service and a merchandising business;

(B) analyze transactions relating to purchase and sale of merchandise;

(C) record transactions in special journals;

(D) prepare schedules for subsidiary ledgers;

(E) generate trial balances and end-of-period adjustments; and

(F) prepare financial statements.

(3) The student performs payroll and banking procedures. The student is expected to:

(A) compute gross pay;

(B) compute net pay;

(C) compute employee-paid withholdings;

(D) compute and complete payroll tax expense forms;

(E) compute salary expenses;

(F) prepare payroll registers;

(G) record payroll transactions in journals;

(H) complete payroll tax forms;

(I) determine methods of dissemination of payroll funds, for example, direct deposit, and mail;

(J) reconcile a bank statement; and

(K) prepare commercial bank deposits.

(4) The student performs specialized accounting procedures. The student is expected to:

(A) calculate and record depreciation of plant assets;

(B) prepare depreciation schedules;

(C) determine and record uncollectible accounts receivable;

(D) record inventories;

(E) calculate and record notes payable and notes receivable;

(F) open and replenish a petty cash fund and journalizes transactions;

(G) calculate interest due and payable and journalizes transactions involving notes payable and receivable; and

(H) calculate bad debts expense and journalizes transactions involving uncollectible accounts.

(5) The student recognizes the different forms of business organizations, for example, proprietorship, partnership, corporation, and non-profit organizations. The student is expected to:

(A) compare the various forms of business organizations;

(B) list advantages and disadvantages of each form of business organization; and

(C) identify the various accounting functions involved with each form of business organization.

(6) The student identifies career opportunities in the accounting field. The student is expected to:

(A) describe the purpose of accounting; and

(B) interview members of the accounting field to investigate entry-level job requirements, career tracks for the profession, and projected trends for the future.

(7) The student practices productivity skills as they apply to accounting. The student is expected to:

(A) follow oral and written instructions;

(B) develop time management skills by setting priorities for completing work as scheduled;

(C) make decisions using appropriate accounting concepts;

(D) explain the concepts of integrity and confidentiality as related to the accounting profession;

(E) perform accounting procedures using manual and automated methods;

(F) complete the accounting cycle within an assigned time frame; and

(G) demonstrate use of the numeric keypad by touch.

Source: The provisions of this §120.42 adopted to be effective September 1, 1998, 22 TexReg 4985.