Accounting

Subdomains

Click on the subdomain titles to examine the range of skills and concepts a student can expect to demonstrate for assessment of this Domain:

• Accounting Information Systems
• Auditing
• Federal Income Tax
• Financial Accounting

Accounting Information Systems

• The student understands the nature and purpose of information systems.
• The student understands the need for and uses of internal control systems.
• The student understands information system auditing.

Auditing

• The student understands the roles, responsibilities, and professional standards of the Public Accountant.
• The student understands the Code of Professional Conduct for public accountants.
• The student understands Internal Control Structure.
• The student understands how to audit financial statements.
• The student understands what information to include in each form of audit documentation.
• The student is knowledgeable about assurance services unrelated to auditing but provided by auditors.

Federal Income Tax

• The student understands the nature, purpose, and scope of the current U.S. tax system.
• The student determines the tax treatment for partnerships, estates, and trusts.
• The student determines tax treatments for individual income tax returns.

Financial Accounting

• The student understands the scope and purpose of accounting standards.
• The student reconciles the differences between rules for accounting and rules for income tax.
• The student can record leases and pensions.
• The student can use various methods to value receivables and inventories.
• The student can perform accounting for long term assets.
• The student can use various methods of depreciation.
• The student can account for the issuance of bonds.
• The student can value liabilities.
• The student accounts for the effects of stock and retained earnings on stockholder’s equity.
• The student understands recording for investments.
• The student can account for income.