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{{HonorSubpage}}

<section begin=Body />

<b>{{Localize|Prologue}}: <section begin=reqPrologue /><noinclude></noinclude>Complete a high school or college course in accounting OR the following requirements:
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<b>1. <section begin=req1 /><noinclude></noinclude>What is accounting?
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<b>2. <section begin=req2 /><noinclude></noinclude>What are some functions of an accountant?
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<b>3. <section begin=req3 /><noinclude></noinclude>Define the following accounting terms:
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:<b>a. <section begin=req3a /><noinclude></noinclude>Equity
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:<b>b. <section begin=req3b /><noinclude></noinclude>Depreciation
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:<b>c. <section begin=req3c /><noinclude></noinclude>Balance sheet
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:<b>d. <section begin=req3d /><noinclude></noinclude>Cash flow
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:<b>e. <section begin=req3e /><noinclude></noinclude>Capital
<noinclude></noinclude><section end=req3e /></b>

:<b>f. <section begin=req3f /><noinclude></noinclude>Accounts payable
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:<b>g. <section begin=req3g /><noinclude></noinclude>Accounts receivable
<noinclude></noinclude><section end=req3g /></b>

:<b>h. <section begin=req3h /><noinclude></noinclude>General ledger
<noinclude></noinclude><section end=req3h /></b>

:<b>i. <section begin=req3i /><noinclude></noinclude>Net income
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:<b>j. <section begin=req3j /><noinclude></noinclude>Retirement planning
<noinclude></noinclude><section end=req3j /></b>

<b>4. <section begin=req4 /><noinclude></noinclude>What are some advantages of computerized accounting?
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<b>5. <section begin=req5 /><noinclude></noinclude>What type of education and skills are necessary to be an accountant?
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<b>6. <section begin=req6 /><noinclude></noinclude>What certifications are available for accountants? How do they differ from earning a college degree in accounting?
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<b>7. <section begin=req7 /><noinclude></noinclude>Identify and define at least ten accounting career disciplines.
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<b>8. <section begin=req8 /><noinclude></noinclude>Individually or as a group, discuss the biblical principles of each of the following texts, drawing comparisons to the field of accounting:
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:<b>a. <section begin=req8a /><noinclude></noinclude>Internal Controls – 2 Chronicles 24:11
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:<b>b. <section begin=req8b /><noinclude></noinclude>Accountability – Ecclesiastes 4:1-2
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:<b>c. <section begin=req8c /><noinclude></noinclude>Balancing – Leviticus 19:35-36, Deuteronomy 25:13-16
<noinclude></noinclude><section end=req8c /></b>

:<b>d. <section begin=req8d /><noinclude></noinclude>Integrity and Values – 2 Corinthians 8:16-20
<noinclude></noinclude><section end=req8d /></b>

:<b>e. <section begin=req8e /><noinclude></noinclude>Monitoring – 2 Kings 12:16, Luke 16
<noinclude></noinclude><section end=req8e /></b>

<b>9. <section begin=req9 /><noinclude></noinclude>Briefly describe the difference between an individual who is a “millionaire” versus an individual with a net worth of a million dollars. Include a discussion of liquid and non-liquid assets.
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<section begin=challenge />
<b>10. <section begin=req10 /><noinclude></noinclude>Complete three of the following:
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:<b>a. <section begin=req10a /><noinclude></noinclude>Reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit.
<noinclude></noinclude><section end=req10a /></b>

:<b>b. <section begin=req10b /><noinclude></noinclude>Show transactions necessary for acquisition or deposit of assets, and acquisition and disposal of liability. Show transactions necessary to close income and expense accounts at year-end.
<noinclude></noinclude><section end=req10b /></b>

:<b>c. <section begin=req10c /><noinclude></noinclude>Be able to write an income statement from a trial balance.
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:<b>d. <section begin=req10d /><noinclude></noinclude>Be able to correctly classify balance sheet items with short-term asset, long-term asset, contra asset, short-term liability, long-term liability, and equity.
<noinclude></noinclude><section end=req10d /></b>
<section end=challenge />
<section end=Body />

<noinclude>[[Category:Honor Requirements|{{#titleparts:{{PAGENAME}}|1|2}}]]
[[Category:Honor Requirements Revision 3|{{#titleparts:{{PAGENAME}}|1|2}}]]
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AY Honors/Accounting/Requirements/en - Revision history

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