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Standard 1: Understands and
applies basic procedures in the accounting cycle |
Level 4 Benchmarks (Grades 9-12)
- Uses the fundamental accounting equation
(i.e., assets = liabilities plus owner’s
equity)
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- Understands the function of a balance
sheet (i.e., a major report that lists the
various asset, liability, and owner’s equity
items)
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- Understands the rules of debit and
credit
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- Understands the nature of the
double-entry system
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- Understands the concepts of accounts
receivable and accounts payable
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