BU2
From Brush Schools Wiki
Go back to main HSAI Standards page
Contents |
Accounting Standard 2
Apply generally accepted accounting principles to determine the value of assets, liabilities, and owner’s equity.
Standard in Kid Friendly Language
Use accounting rules to figure assets, liabilities, and owner's equity.
Standard Unwrapped
KNOW
Vocabulary
- accounting system
- manual accounting system
- computerized accounting system
- GAAP (generally accepted accounting principles)
- financial reports
- financial accounting
- management accounting
- business entity
- accounting period
- going concern
Property: Ownership and Control
- property
- property rights
- financial claims
- credit
- creditor
Financial Claims
- assets
- investments
- equity
- owner's equity
- liabilities
- accounting equation
Transactions
- business transaction
- account
- accounts receivable
- accounts payable
- on account
- revenue
- expense
- withdrawal
- ledger
- chart of accounts
- double-entry accounting
- T account
- debit
- credit
- normal balance
- temporary capital accounts
- permanent accounts
- revenue recognition
ABLE TO DO
- Recognize generally accepted accounting principles.
- List and define each part of the accounting equation.
- Explain how transactions affect assets, liabilities, and owner's equity.
- Explain the difference between revenue and expenses.
- Apply the rules of debit and credit.
- Identify the normal balance of accounts.
- Explain the difference between permanent accounts and temporary capital accounts.
Instructional Strategies
- PowerPoint Lectures
- Graphic Organizers
- Homework and Practice
- Student Work Papers
Assessment Strategies
- Vocabulary Quiz
- Student Work Papers
- Chapter Tests
