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Bloom’s Taxonomy in Accounting
1. Knowledge: Recalling information.
2. Comprehension: Translating, interpreting, and extrapolating information.
3. Application: Using principles or abstractions to solve novel or real-life
problems.
5. Synthesis: Creating something new.
a. To write an essay discussing the accounting career one may be interested
in and why.
Bloom’s Taxonomy in general:
1. Knowledge (K): Knowledge, as defined here, involves the recall of
specifics and universals, the recall of methods and processes, or the recall of a
2. Comprehension (C): This represents the lowest level of understanding. It
refers to a type of understanding or apprehension such that the individual
knows what is being communicated and can make use of the material or idea
being communicated without necessarily relating it to other material or seeing
its fullest implications.
4. Analysis (AN): The breakdown of a communication into its constituent
elements or parts such that the relative hierarchy of ideas is made clear and
the relations between the ideas expressed are made explicit. Such analyses
are intended to clarify the communication, to indicate how the communication
is organized, and [to show] the way in which it manages to convey its effects
as well as its basis and arrangement.
IMA: Derived from the IMA website.
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Skills
IMA-Business
Economics
The candidate should be knowledgeable of micro economics and should be able to
demonstrate an understanding of the laws of supply and demand. The candidate
should be able to define and apply knowledge of various costs including fixed,
variable, and marginal.
IMA-Global
Business
The candidate should be able to define terms associated with global trade, including
net exports and net imports. The candidate should be knowledgeable of foreign
currency terms and policies and be able to apply calculations relevant to foreign
monetary exchanges.
The candidate should be aware of the functions of the World Bank and International
Monetary Fund and be able to identify legal and ethical issues in conducting business
worldwide.
IMA-Internal
Controls
The candidate should be able to identify threats to information systems and be
The candidate should be able to demonstrate an understanding of risk assessment
and the management of risk and be able to define inherent risk, control risk, and
detection risk. The candidate should be able to define and give examples of
IMA-
Quantitative
Methods
The candidate should be able to show an understanding of the regression equation
and identifying assumptions of simple regression analysis. The candidate should be
able to demonstrate an understanding of the objectives of linear programming and
demonstrate the mathematical formulation of a constraint.
IMA-FSA
auditors for the financial statements.
The candidate should be able to identify related provisions of the Sarbanes-Oxley Act
(PCAOB).
The candidate should be able to calculate financial ratios and use the information to
measure the organization’s financial performance.
The candidate should be able to demonstrate an understanding of the development of
U.S. accounting standards and the distinct responsibilities of management and of
IMA-Budget
Preparation
The candidate should understand budgeting concepts and should be familiar with
budgeting systems. The candidate should be able to use the knowledge of budgeting
concepts and budgeting systems to prepare operational, financial, and capital budgets
and pro forma financial statements.
monopolistic competition, and oligopoly. The candidate will be able to explain
resource planning and the cost of resources.
The candidate should be knowledgeable of macroeconomics and should be able to
demonstrate an understanding of inflation, unemployment and economic growth.
The candidate should be define and calculate Gross Domestic Product (GDP). The
candidate will be knowledgeable of the business cycle and demonstrate an
understanding of fiscal monetary policies.
should understand the nature of overhead expenses; the nature of cost drivers and
other relevant principles applicable to overhead.
IMA-
Information
The candidate should be able to identify the different types of business information
processing systems and recognize that information systems support the business
IMA-
Performance
Measurement
The candidate should be able to design procedures for measuring operational goals
through a variety of methods and be able to apply analysis of variances is using
standard cost techniques.
The candidate should be able to recognize responsibility centers and reporting
segments. The candidate should understand and be able to apply transfer pricing to
organizational segments.
The candidate should be able to apply the concepts and applications related to
balanced scorecard.
conventions; identify financial statement elements for each of the financial statements
and be knowledgeable of special accounting topics.
the functions and responsibilities of the Public Company Accounting Oversight Board
(PCAOB).
The candidate should be able to identify the basic components of the annual report;
demonstrate an awareness of the Audit Committee’s level of responsibility for the
integrity of the financial information presented in the annual reports; and identify and
describe the other sections in the annual report.
continuous improvement concepts.
IMA-Strategic
Marketing
products and services; demonstrate an understanding of product line decisions and
product mix decisions; demonstrate an understanding of new product development
strategy and product life-cycle strategies.
can influence pricing decisions.
The candidate should be able to identify the interrelationships between strategy and
marketing and recognize the critical importance of customer value and customer
satisfaction. The candidate should be able to identify marketing information needs.
The candidate should be able to distinguish between products and services; classify
IMA-
Corporate
Finance
The candidate should be able to calculate rates of return ; demonstrate an
understanding of the different types of risk; and define hedging and demonstrate how
hedging can be used to manage financial risk.
The candidate should be able to define and identify the characteristics of various
financial instruments; value bonds, common stock, and preferred stock using
discounted cash flow methods; and recognize how income taxes impact financing
functions of accounting, finance, marketing, operations management, and human
and enterprise-wide planning systems.
special orders and pricing; make versus buying decisions; sale or process further
decisions; and to determine if a segment should be added or dropped. Finally, the
candidate will be able to apply concepts and knowledge related to setting prices and
target costing.
capital budgeting; discounted cash flow analysis; payback and discounted payback;
and ranking of investment projects.
AICPA Core Competency Framework –
Functional Competencies
Decision Modeling
Individuals preparing to enter the accounting profession must be able to use strategic
and critical approaches to decision-making. They must objectively consider issues,
identify alternatives, and choose and implement solution approaches in order to deliver
services and provide value.
Risk Analysis
Measurement
Measures used should be both relevant (that is, bear on the decision to be made) and
reliable (consistently measure what they purport to measure). Various measurement
and disclosure criteria used by accounting professionals—such as GAAP, OCBOA
(Other Comprehensive Basis of Accounting) and tax reporting—have been codified to
Reporting
Communicating the scope of work and findings or recommendations is an integral part
of a professional service. An accounting professional in public practice might issue an
communications to audit committees) or law. Others are based on the service applied
and the needs of those to whom the accounting professional reports.
Research
Personal Competencies
Personal competencies relate to the attitudes and behaviors of individuals preparing to
enter the accounting profession. Developing these personal competencies will enhance
the way professional relationships are handled and facilitate individual learning and
personal improvement.
Professional Demeanor
Problem Solving and Decision Making
Accounting professionals are often asked to discern the true nature of a situation and
Interaction
Leadership
Communication
Accounting professionals are called upon to communicate financial and non-financial
Project Management
Accounting professionals must successfully manage a diversity of projects throughout
their career. Individuals entering the accounting profession should demonstrate the
ability to effectively control the course of a multi-dimensional, multi-step undertaking.
This includes managing project assets, including human, financial, property, and
technical resources.
Leverage Technology to Develop and Enhance Personal Competencies
Broad Business Perspective Competencies
Broad business perspective competencies relate to the context in which accounting
Strategic/Critical Thinking
Industry/Sector Perspective
International/Global Perspective
Resource Management
Legal/Regulatory Perspective
Marketing/Client Focus
Leverage Technology to Develop and Enhance a Broad Business Perspective
AACSB: Derived from the AACSB website “The Assurance of Learning Standards. 15. Management of
Curricula”
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