Action PIs

  1. Comply with financial reporting and internal control regulations in accounting (BL)

  2. Demonstrate the effects of transactions on the accounting equation (FI)

  3. Prepare a chart of accounts (FI)

  4. Journalize business transactions (FI)

  5. Post journal entries to general ledger accounts (FI)

  6. Create a trial balance (FI)

  7. Journalize and post adjusting entries (FI)

  8. Journalize and post closing entries (FI)

  9. Prepare a post-closing trial balance (FI)

  10. Identify and correct accounting errors (FI)

  11. Prepare worksheets (FI)

  12. Reconcile cash (FI)

  13. Account for petty cash (records cash, record income) (FI)

  14. Account for cash payments (record cash, record expenses) (FI)

  15. Accounts for purchases (purchase requisitions, purchase orders, invoices, vouchers) (FI)

  16. Process accounts payable (maintain vendor file, post to ledger, process invoices and checks) (FI)

  17. Account for sales (e.g., invoices, sales receipts, etc.) (FI)

  18. Process accounts receivable (e.g., post to ledger, process payment, process uncollectible account, etc.) (FI)

  19. Record inventory transactions (FI)

  20. Process inventory adjustments (e.g., shrinkage, obsolescence, returns, etc.) (FI)

  21. Determine the cost/value of inventory (FI)

  22. Maintain employee earnings records (e.g., timecards, time sheets, etc.) (FI)

  23. Calculate employee earnings (FI)

  24. Calculate employee deductions (FI)

  25. Calculate payroll taxes (FI)

  26. Account for payroll transactions (e.g., earnings, taxes, benefits, other deductions) (FI)

  27. Process payroll payments and remittances (e.g., employees, benefits, taxes) (FI)

  28. Prepare federal, state, and local payroll tax returns and reports (FI)

  29. Account for long-term assets (e.g., record acquisition, record depreciation/amortization, record disposal) (FI)

  30. Account for long-term liabilities (e.g., bonds payable, notes payable, leases, etc.) (FI)

  31. Account for provisions (e.g., restructurings, warranties, customer refunds, etc.) (FI)

  32. Calculate taxes owed by clients (i.e., individual and business) (FI)

  33. Account for taxes (FI)

  34. Prepare tax returns for clients (i.e., individuals and business) (FI)

  35. Identify tax issues for clients (FI)

  36. Analyze transactions and accounts (e.g., purchase, sales, sales returns and allowances, uncollectible accounts, depreciation, debt) (FI)

  37. Explain the purpose of internal accounting controls (FI)

  38. Assess financial accounting fraud risk (FI)

  39. Determine the components of internal accounting control procedures for a business (FI)

  40. Maintain internal accounting controls (FI)

  41. Conduct audit engagements (FI)

  42. Maintain job order cost sheets (FI)

  43. Calculate the cost of goods sold (FI)

  44. Apply cost accounting techniques (e.g., job costing, process costing, standard costing, activity based costing [ABC]) (FI)

  45. Project future revenues and expenses (FI)

  46. Process preliminary budget detail (FI)

  47. Select confidence levels (NF)

  48. Test data for definitive relationships (NF)

  49. Test data for definitive associations (NF)

  50. Test data for meaningful differences (NF)

  51. Use statistical data inferences to draw preliminary conclusions (NF)

  52. Apply mathematical data analysis modeling techniques (NF)

  53. Use data analysis software (NF)

  54. Interpret descriptive statistics for business decision making (NF)

  55. Interpret business data correlations (NF)

  56. Draw conclusions on the research question/issue (NF)

  57. Document business processes (OP)

  58. Identify the business process problem/issue (OP)

  59. Define data needs and limitations (e.g., data fields, constraints, assumptions, variations expectations) (OP)

  60. Identify data acquisition strategies (OP)

  61. Analyze business processes (e.g., measure efficiency, benchmark metrics) (OP)

  62. Recommend improvements to business processes (OP)