Summarize professional designations, careers, and organizations within the field of accounting, including education and certification requirements.

Analyze the roles of policy-setting bodies in the accounting profession, e.g., American Institute of Certified Public Accountants (AICPA), Pennsylvania Institute of Certified Public Accountants (PICPA), Generally Accepted Accounting Principles (GAAP), and Securities and Exchange Commission (SEC).

Analyze business transactions using T-accounts to determine their impact on a business.

Analyze, journalize, and post transactions to general & subsidiary ledgers.

Perform accounting functions using technology as a tool.

Analyze and journalize transactions for short- and long-term assets.

Analyze and journalize transactions involving short- and long-term liabilities.

Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements.

Differentiate between and journalize entries for issuance or repurchase of stock and the declaration and payment of dividends.

Analyze the various methods for maintaining and valuing inventory (FIFO, LIFO, etc.) and describe their effect on financial statements.

Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts.

Describe and explain the criteria used to determine expenses and journalize the expense transactions.

Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate.

Explain how the different forms of business ownership and business operations are reported on financial statements.

Compare and contrast the accrual basis and the cash basis of accounting; assess the impact of each on the financial statements.

Analyze and perform the reconciliation of accounts.

Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner’s Equity) and understand their relevance.

Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each.

Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet.

Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios.

Assess capital structure by calculating and interpreting financial ratios.

Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure.

Analyze business activities using cash flow statements.

Analyze and perform breakeven and cost benefit analyses to support financial decisions.

Determine and calculate taxable income and tax liability for both personal and business taxes.

Demonstrate an auditing procedure that provides assurance that financial records are accurate.