Portfolio Project Directions and Rubric
This is part of thePortfolio Project is worth 20% of your overall grade.
Completing this Assessment will help you to meet the following:
Course Outcomes
- Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization.
- Complete and evaluate inventory systems and cost flow methods.
- Compute bad debts using the direct and allowance method.
- Compute and evaluate depreciationmethods and apply the methods to fixed and
- Examine appropriate acquisition and disposal of assets.
- Solve basic partnership and corporate accounting transactions including presentation of equity on balance sheet.
Program Outcomes
Accounting Associates:
- Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.
Business Associates:
- Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.
Institutional Outcome
- Information Literacy and Communication – Utilize current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
Scenario
You accepted an accounting position at SBK Company. They want you to create a basic set of accounting books for a merchandising company using Excel. Your experiences will take you through the accounting cycle as you complete your company’s requests.
Directions
You will first have to figure out what accounts you are going to need and how to classify them. Once you have figured out what general ledger accounts you need, do the journal entries. Next, you will use an inventory ledger using LIFO to compute the cost of goods sold, put those numbers into the journal, and post to the general ledgers. At month-end, you have received information about a customer that has gone bankrupt and will have to be written off via direct write-off. Remember to post. Now that it is the end of the month, you have to compute the depreciation for the equipment you purchased at the beginning of the month using straight-line for the month. The owner has become concerned about liability, so the company is converting from a sole proprietorship to a corporation. You, therefore, have to do the required entries.
Once you have completed that, you will finish the month-end accounting activities. You will do your trial balance to check your work. Once your trial balance has balanced, you are now to create the three financial statements for the month. You will complete, in good form, an Income Statement, Retained Earnings Statement, and Balance Sheet.
Finally, you will now have to set up the records for next month by closing the journals and the ledgers. You are also to check if you’re still in balance by doing a post-closing trial balance. Be sure to double-check that all temporary accounts are properly closed and not reflected on the post-closing trial balance.
Requirements and Formatting
Your Portfolio Project must be formatted as follows:
- Use the word templates provided for the classification exercise.
- Use the excel templates provided for the remaining sections of the project.
Deadline
Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below in the Deliverable Descriptions.
Deliverable Descriptions
Week 1: Classification Exercise
In order for you to understand what accounts you will need in the company, you will complete the classification exercise on the separate Classification Word document provided. Included in this document, you will also do a trial balance to help with this classification process.
Week 2: Journalization
Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries and general ledger posting. Remember to compute account balances as you post. Excel templates are provided in blackboard. NOTE: You will determine the COGS amounts in week 3, make sure to put the entries in without the amounts.
| Date | Transaction |
| July 1 | Owner invested $100,000 cash into the business. |
| July 2 | Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. |
| July 5 | Purchased 20 coats at $50 each terms 2/10, n/30. |
| July 9 | Paid $200 for the shipping of the coats on July 5th. |
| July 11 | Purchased another 10 coats at $60 each term 2/10, n/30. |
| July 15 | Paid the rent of $2000. |
| July 15 | Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project. |
| July 16 | Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. |
| July 22 | Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. |
| July 24 | Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked. |
| July 26 | Bob paid his bill within the discount period. |
| July 31 | Paid electric bill $100. |
Week 3: Inventory
After completing the journal entries, you will now compute the COGS for the purchasing and sales of the coats. You have been given an inventory ledger in the excel templates to post to. Use LIFO (last in first out) to do your computations. Remember to take the numbers you computed and put them in the journal. After putting in all the required numbers, post to the appropriate ledger.
Week 4: Bad Debts & Depreciation
You have found out that Argus has gone bankrupt. Using the direct write-off method, you are to write him off on July 31st. Do the appropriate journal entry and post to correct ledgers. It’s also the end of the month, so you are to compute the depreciation on the asset purchased on the 2nd. Use the straight-line method and take only one month’s depreciation (zero residual value). Do the appropriate journal entry and post to correct ledgers.
Week 5: Corporations
It’s the end of the month, and the owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive 1,000 shares of $75 par common stock for the original investment. Do the required entry and post to the general ledger using the excel templates provided. Once you updated the general ledger, create a Trial Balance to ensure that your debits equal your credits.
Week 6: Financial Statements Creation and Analysis
Once you have completed and checked your work with a trial balance from the previous weeks, your employer has asked you to create Financial Statements. Be sure to do the income statement, retained earnings statement, and balance sheet for the company. Make sure you do each Financial Statement in good form, including the appropriate Title Information for each statement.
Week 7: Closing Entries and Post-Closing Trial Balance and Final Submission to ePortfolio
It is the final step in the accounting cycle. You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided.
This is the final submission of your Portfolio Project. Incorporate instructor feedback, make any additional corrections, and submit to your ePortfolio.
Upload your Portfolio Project to the Program Outcome in your ePortfolio listed below. Use the following naming convention: ACCT205– Portfolio Project.
Accounting, AAS:
- Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.
Business, AAS:
- Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.
For directions on how to upload your project to your ePortfolio, please see Student Resources in Blackboard on the navigation pane.
Week 7.5: Reflection
For the final piece of your Portfolio Project, you will reflect upon the course, and the project. How does it directly relate to your future workplace and career. This reflection will be delivered as a Word document 1-2 pages in length, double spaced, 12 pt font.
For this reflection:
- Analyze the importance of this project to your future career.
- In your own words, reflect on how this project meets the Program and Institutional outcomes as stated on the first page.
- Hypothesize on how this company will do using the financial statements you created.
Upload and submit your final reflection.
| ACCT205 – Week 1: Classification Exercise Rubric | ||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points |
| Classifications & Types of accounts 60 points | 54-60 points Submitted without errors or minor errors. | 42-53 points Submitted with more than minor errors, each of the submissions. | 0-41 points Did not submit or missing a significant amount of data; numerous errors. | |
| Trial Balance 30 points | 27-30 points Trial Balance equals and is complete. | 21-26 points Trial Balance is complete but doesn’t equal. | 0-20 points Trial Balance is not complete and doesn’t equal. | |
| Grammar/Mechanics 10 points | 9-10 points Minor or no errors. | 7-8 points Some errors. | 0-6 points Multiple errors. | |
| Instructor Feedback | Total Points: |
| ACCT205 – Week 2: Journalization | ||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points |
| Journalization | 54-60oints | 42-53 points | 0-41 points | |
| Ledgers 40 points | 36-40 points | 28-35 points | 0-27 points | |
| Instructor Feedback | Total Points: |
| ACCT205 – Week 3: Inventory | ||||
| Criteria | Exceeds Expectations | Meets Expectations . | Needs Improvement | Points |
| Inventory Computation 50 points | 45-50 points The student completely understands the concept of how to correctly calculate and record inventory. | 35-44 points The student mostly understands the concept of how to correctly calculate and record inventory. | 0-34 points The student really doesn’t understands the concept of how to correctly calculate and record inventory. | |
| Journal Entry points | 23-25 points Submitted without errors or minor errors.Entries done in good form. | 18-20 points Submitted with minor errors, each of the submissions:Journal Entries1-5 entries incorrectly formatted/not balanced | 0-19 points Did not submit or missing a significant amount of data; numerous errors.Four or more JEs are not in proper form/unbalanced. | |
| Ledgers 25 points | 23-25 points Complete with no errors. Followed Generally Accepted Accounting Principles with no errors. | 18-20 points Complete with some errors. Followed Generally Accepted Accounting Principles with minor errors. | 0-19 points Not complete with numerous errors. Didn’t follow Generally Accepted Accounting Principles with multiple errors. | |
| Instructor Feedback | Total Points: |
| ACCT205 – Week 4: Bad Debts & Depreciation | ||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points |
| Write-Off Content 20 points | 18-20 points Student understands the concept of how to correctly calculate the write-off a bad debt and depreciation. | 14-17 points Student mostly understands the concept of how to correctly calculate the write-off a bad debt and depreciation. | 0-13 points Student really does not understand how to correctly complete the write-off of a bad debt and compute depreciation. | |
| Computation of Depreciation 20 points | 18-20 points Submitted without errors or minor errors.Entries done in good form.General Ledger | 14-17 points Submitted with minor errors, each of the submissions:Journal EntriesGeneral Ledger1-5 entries incorrectly formatted/not balanced | 0-13 points Did not submit or missing a significant amount of data; numerous errors.Two or more JEs are not in proper form/unbalanced. | |
| Journal Entry 20 points | 18-20 points Submitted without errors or minor errors.Entries done in good form. | 14-17 points Submitted with minor errors, each of the submissions:Journal Entries1-5 entries incorrectly formatted/not balanced | 0-13 points Did not submit or missing a significant amount of data; numerous errors.JEs are not in proper form/unbalanced. | |
| Ledgers 40 points | 36-40 points Complete with no errors. Followed Generally Accepted Accounting Principles with no errors. | 28-35 points Complete with some errors. Followed Generally Accepted Accounting Principles with minor errors. | 0-27 points Not complete with numerous errors. Didn’t follow Generally Accepted Accounting Principles with multiple errors. | |
| Instructor Feedback | Total Points: |
| ACCT205 – Week 5: Corporations | ||||
| Criteria | Exceeds Expectations . | Meets Expectations . | Needs Improvement | Points |
| Corporation Journal Entry 10 points | 9-10 points Submitted without errors or minor errors.Entries done in good form.Properly formatted | 7-8 points Submitted with minor errors, each of the submissions:Journal Entriesentries incorrectly formatted/not balanced | 0-6 points Did not submit or missing a significant amount of data; numerous errors.JEs are not in proper form/unbalanced. | |
| Ledgers 30 points | 27-30 points Complete with no errors.Followed Generally Accepted Accounting Principles with no errors. | 21-26 points Complete with some errors.Followed Generally Accepted Accounting Principles with minor errors. | 0-20 points Not complete with numerous errors.Didn’t follow Generally Accepted Accounting Principles with multiple errors. | |
| Trial Balance 60 points | 54-60 points Submitted without errors:In proper form/balanced | 42-53 points Submitted with minor errorsMinor statement mistakes, incorrectly formatted/not balanced | 0-41 points Did not submit or missing a significant amount of data; numerous errors.Not in proper form/unbalanced | |
| Instructor Feedback | Total Points: |
| ACCT205 – Week 6: Financial Statements Creation and Analysis | ||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points |
| Income Statement 40 points | 36-40 points Submitted without errors:In proper form/balanced | 28-35 points Submitted with minor errorsMinor statement mistakes, incorrectly formatted/not balanced | 0-27 points Did not submit or missing a significant amount of data; numerous errors.Not in proper form/unbalanced | |
| Statement of Retained Earnings 20 points | 18-20 points Submitted without errorsIn proper form/balanced | 14-17 points Submitted with minor errorsMinor statement mistakes, incorrectly formatted/not balanced | 0-13 points Did not submit or missing a significant amount of data; numerous errors.Not in proper form/unbalanced | |
| Balance Sheet 40 points | 36-40 points Submitted without errorsIn proper form/balanced | 28-35 points Submitted with minor errorsMinor statement mistakes, incorrectly formatted/not balanced | 0-27 points Did not submit or missing a significant amount of data; numerous errors.Not in proper form/unbalanced | |
| Instructor Feedback | Total Points: |
ACCT205 – Portfolio Project Final Submission Grading Rubric | |||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points | |
| Classifications 10 points | 9-10 points Submitted without errors or minor errors. | 7-8 points Submitted with more than minor errors, each of the submissions. | 0-6 points Did not submit or missing a significant amount of data; numerous errors.Student does not understand how to correctly complete assigned tasks. | ||
| Journalization 30 points | 27-30 points Submitted without errors or minor errors. Entries done in good form.General LedgerTrial BalanceProperly formatted | 21-26 points Submitted with minor errors, each of the submissions: Journal EntriesGeneral Ledger Trial Balance1-5 entries incorrectly formatted/not balanced | 0-20 points Did not submit or missing a significant amount of data; numerous errors.6 or more JEs are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Bad Debts 10 points | 9-10 points Submitted without errors or minor errors. Entries done in good formProperly formatted | 7-8 points Submitted with minor errors, each of the submissions: Journal Entries1-3 entries incorrectly formatted/not balanced | 0-6 points Did not submit or missing a significant amount of data; numerous errors.4 or more JEs are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Depreciation 10 points | 9-10 points Submitted without errors or minor errors. Entries done in good formProperly formatted | 7-8 points Submitted with minor errors, each of the submissions: Journal Entries1-2 entries incorrectly formatted/not balanced | 0-6 points Did not submit or missing a significant amount of data; numerous errors.3 or more JEs are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Corporation entires 10 points | 9-10 points Submitted without errors: Adjusting EntriesAdjusted Trial BalanceIn proper form/balanced | 7-8 points Submitted with minor errors, each of the submissions: Adjusting EntriesAdjusted Trial Balance1-3 entries incorrectly formatted/not balanced | 0-6 points Did not submit or missing a significant amount of data; numerous errors.4 or more entries are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Financial Statements 20 points | 18-20 points Submitted without errors: Income StatementStatement of Owners’ EquityBalance SheetIn proper form/balanced | 14-17 points Submitted with minor errors, each of the submissions: Income StatementStatement of Owners’ EquityBalance Sheet1 statement incorrectly formatted/not balanced | 0-13 points Did not submit or missing a significant amount of data; numerous errors.2 or more statements are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Closing entries and post-closing trial balance 10 points | 9-10 points Submitted without errors: Closing EntriesPost Closing Trial BalanceIn proper form/balanced | 7-8 points Submitted with minor errors, each of the submissions: Closing EntriesPost Closing Trial Balance1-2 entries incorrectly formatted/not balanced | 0-6 points Did not submit or missing a significant amount of data; numerous errors.3 or more entries are not in proper form/unbalancedStudent does not understand how to correctly complete assigned tasks. | ||
| Instructor Comments: | Total Points: | ||||
| ACCT110 – Portfolio Project Reflection Grading Rubric | ||||
| Criteria | Exceeds Expectations | Meets Expectations | Needs Improvement | Points |
| Articulation 70 points | 63-70 points Reflection addresses the assigned Bryant & Stratton College Program and Institutional Outcomes in detail. Provides a deep, thoughtful reflection on how knowledge gained from the project will be relevant to their personal or professional life. | 49-62 points Reflection briefly addresses the assigned Bryant & Stratton College Program and Institutional Outcomes. Provides a reflection on how knowledge gained from the project will be relevant to their personal or professional life. | 0 – 48 points Reflection does not address all the required elements. The assigned Bryant & Stratton College Program and Institutional Outcomes may be missing or lacking significant detail. Does not make clear connections between the project and their personal or professional life. | |
| Reflection on Financial Statements 10 points | 9-10 points Reflection addresses the analysis of the financial statements with all statements being referenced for the financial statement analysis outcome. | 7-8 points Reflection addresses the analysis of the financial statements with most statements being referenced for the financial statement analysis outcome. | 0-6 points Reflection addresses the analysis of the financial statements with some statements being referenced for the financial statement analysis outcome. | |
| Delivery 20 points | 18 – 20 points Writes in complete sentences and well-developed paragraphs with 0 or 1 errors in grammar, spelling, and punctuation. The reflection flows and transitions naturally between ideas. Meaning is clear, and the reflection is easy to read. | 14 – 17 points Writes in complete sentences but makes 2 to 4 errors in grammar, spelling, and punctuation. Reflection is generally easy to read and understand. | 0 – 13 points Writes in incomplete sentences or uses list/bullet format. Makes 5 or more errors in grammar, spelling, and punctuation. Errors distract the reader. The writer’s meaning is unclear. | |
| Instructor Feedback | Total Points: |
– Accounting Principles II
Portfolio Project Directions and Rubric
This is part of thePortfolio Project is worth 20% of your overall grade.
Completing this Assessment will help you to meet the following:
Course Outcomes
Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization.
Complete and evaluate inventory systems and cost flow methods.
Compute bad debts using the direct and allowance method.
Compute and evaluate depreciationmethods and apply the methods to fixed and
Examine appropriate acquisition and disposal of assets.
Solve basic partnership and corporate accounting transactions including presentation of equity on balance sheet.
Program Outcomes
Accounting Associates:
· Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.
Business Associates:
· Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.
Institutional Outcome
· Information Literacy and Communication – Utilize current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
Scenario
You accepted an accounting position at SBK Company. They want you to create a basic set of accounting books for a merchandising company using Excel. Your experiences will take you through the accounting cycle as you complete your company’s requests.
Directions
You will first have to figure out what accounts you are going to need and how to classify them. Once you have figured out what general ledger accounts you need, do the journal entries. Next, you will use an inventory ledger using LIFO to compute the cost of goods sold, put those numbers into the journal, and post to the general ledgers. At month-end, you have received information about a customer that has gone bankrupt and will have to be written off via direct write-off. Remember to post. Now that it is the end of the month, you have to compute the depreciation for the equipment you purchased at the beginning of the month using straight-line for the month. The owner has become concerned about liability, so the company is converting from a sole proprietorship to a corporation. You, therefore, have to do the required entries.
Once you have completed that, you will finish the month-end accounting activities. You will do your trial balance to check your work. Once your trial balance has balanced, you are now to create the three financial statements for the month. You will complete, in good form, an Income Statement, Retained Earnings Statement, and Balance Sheet.
Finally, you will now have to set up the records for next month by closing the journals and the ledgers. You are also to check if you’re still in balance by doing a post-closing trial balance. Be sure to double-check that all temporary accounts are properly closed and not reflected on the post-closing trial balance.
Requirements and Formatting
Your Portfolio Project must be formatted as follows:
· Use the word templates provided for the classification exercise.
· Use the excel templates provided for the remaining sections of the project.
Deadline
Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below in the Deliverable Descriptions.
Deliverable Descriptions
Week 1: Classification Exercise
In order for you to understand what accounts you will need in the company, you will complete the classification exercise on the separate Classification Word document provided. Included in this document, you will also do a trial balance to help with this classification process.
Week 2: Journalization
Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries and general ledger posting. Remember to compute account balances as you post. Excel templates are provided in blackboard. NOTE: You will determine the COGS amounts in week 3, make sure to put the entries in without the amounts.
Date
Transaction
July 1
Owner invested $100,000 cash into the business.
July 2
Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value.
July 5
Purchased 20 coats at $50 each terms 2/10, n/30.
July 9
Paid $200 for the shipping of the coats on July 5th.
July 11
Purchased another 10 coats at $60 each term 2/10, n/30.
July 15
Paid the rent of $2000.
July 15
Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project.
July 16
Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 22
Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 24
Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked.
July 26
Bob paid his bill within the discount period.
July 31
Paid electric bill $100.
Week 3: Inventory
After completing the journal entries, you will now compute the COGS for the purchasing and sales of the coats. You have been given an inventory ledger in the excel templates to post to. Use LIFO (last in first out) to do your computations. Remember to take the numbers you computed and put them in the journal. After putting in all the required numbers, post to the appropriate ledger.
Week 4: Bad Debts & Depreciation
You have found out that Argus has gone bankrupt. Using the direct write-off method, you are to write him off on July 31st. Do the appropriate journal entry and post to correct ledgers. It’s also the end of the month, so you are to compute the depreciation on the asset purchased on the 2nd. Use the straight-line method and take only one month’s depreciation (zero residual value). Do the appropriate journal entry and post to correct ledgers.
Week 5: Corporations
It’s the end of the month, and the owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive 1,000 shares of $75 par common stock for the original investment. Do the required entry and post to the general ledger using the excel templates provided. Once you updated the general ledger, create a Trial Balance to ensure that your debits equal your credits.
Week 6: Financial Statements Creation and Analysis
Once you have completed and checked your work with a trial balance from the previous weeks, your employer has asked you to create Financial Statements. Be sure to do the income statement, retained earnings statement, and balance sheet for the company. Make sure you do each Financial Statement in good form, including the appropriate Title Information for each statement.
Week 7: Closing Entries and Post-Closing Trial Balance and Final Submission to ePortfolio
It is the final step in the accounting cycle. You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided.
This is the final submission of your Portfolio Project. Incorporate instructor feedback, make any additional corrections, and submit to your ePortfolio.
Upload your Portfolio Project to the Program Outcome in your ePortfolio listed below. Use the following naming convention: ACCT205– Portfolio Project.
Accounting, AAS:
· Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.
Business, AAS:
· Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.
For directions on how to upload your project to your ePortfolio, please see Student Resources in Blackboard on the navigation pane.
Week 7.5: Reflection
For the final piece of your Portfolio Project, you will reflect upon the course, and the project. How does it directly relate to your future workplace and career. This reflection will be delivered as a Word document 1-2 pages in length, double spaced, 12 pt font.
For this reflection:
a) Analyze the importance of this project to your future career.
b) In your own words, reflect on how this project meets the Program and Institutional outcomes as stated on the first page.
c) Hypothesize on how this company will do using the financial statements you created.
Upload and submit your final reflection.
ACCT205 – Week 1: Classification Exercise Rubric
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Classifications & Types of accounts
60 points
54-60 points
Submitted without errors or minor errors.
42-53 points
Submitted with more than minor errors, each of the submissions.
0-41 points
Did not submit or missing a significant amount of data; numerous errors.
Trial Balance
30 points
27-30 points
Trial Balance equals and is complete.
21-26 points
Trial Balance is complete but doesn’t equal.
0-20 points
Trial Balance is not complete and doesn’t equal.
Grammar/Mechanics
10 points
9-10 points
Minor or no errors.
7-8 points
Some errors.
0-6 points
Multiple errors.
Instructor Feedback
Total Points:
ACCT205 – Week 2: Journalization
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Journalization
60 points
54-60oints
· Submitted without errors or minor errors.
· Entries done in good form.
· Properly formatted
42-53 points
· Submitted with minor errors, each of the submissions:
· Journal Entries
· 1-5 entries incorrectly formatted/not balanced
0-41 points
· Did not submit or missing a significant amount of data; numerous errors.
· Six or more JEs are not in proper form/unbalanced.
Ledgers
40 points
36-40 points
· Complete with no errors.
· Followed Generally Accepted Accounting Principles with no errors.
28-35 points
· Complete with some errors.
· Followed Generally Accepted Accounting Principles with minor errors.
0-27 points
· Not complete with numerous errors.
· Didn’t follow Generally Accepted Accounting Principles with multiple errors.
Instructor Feedback
Total Points:
ACCT205 – Week 3: Inventory
Criteria
Exceeds Expectations
Meets Expectations .
Needs Improvement
Points
Inventory Computation
50 points
45-50 points
The student completely understands the concept of how to correctly calculate and record inventory.
35-44 points
The student mostly understands the concept of how to correctly calculate and record inventory.
0-34 points
The student really doesn’t understands the concept of how to correctly calculate and record inventory.
Journal Entry
25 points
23-25 points
· Submitted without errors or minor errors.
· Entries done in good form.
18-20 points
· Submitted with minor errors, each of the submissions:
· Journal Entries
· 1-5 entries incorrectly formatted/not balanced
0-19 points
· Did not submit or missing a significant amount of data; numerous errors.
· Four or more JEs are not in proper form/unbalanced.
Ledgers
25 points
23-25 points
· Complete with no errors.
Followed Generally Accepted Accounting Principles with no errors.
18-20 points
· Complete with some errors.
Followed Generally Accepted Accounting Principles with minor errors.
0-19 points
· Not complete with numerous errors.
Didn’t follow Generally Accepted Accounting Principles with multiple errors.
Instructor Feedback
Total Points:
ACCT205 – Week 4: Bad Debts & Depreciation
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Write-Off Content
20 points
18-20 points
Student understands the concept of how to correctly calculate the write-off a bad debt and depreciation.
14-17 points
Student mostly understands the concept of how to correctly calculate the write-off a bad debt and depreciation.
0-13 points
Student really does not understand how to correctly complete the write-off of a bad debt and compute depreciation.
Computation of Depreciation
20 points
18-20 points
· Submitted without errors or minor errors.
· Entries done in good form.
· General Ledger
14-17 points
· Submitted with minor errors, each of the submissions:
· Journal Entries
· General Ledger
· 1-5 entries incorrectly formatted/not balanced
0-13 points
· Did not submit or missing a significant amount of data; numerous errors.
· Two or more JEs are not in proper form/unbalanced.
Journal Entry
20 points
18-20 points
· Submitted without errors or minor errors.
· Entries done in good form.
14-17 points
· Submitted with minor errors, each of the submissions:
· Journal Entries
· 1-5 entries incorrectly formatted/not balanced
0-13 points
· Did not submit or missing a significant amount of data; numerous errors.
· JEs are not in proper form/unbalanced.
Ledgers
40 points
36-40 points
· Complete with no errors.
Followed Generally Accepted Accounting Principles with no errors.
28-35 points
· Complete with some errors.
Followed Generally Accepted Accounting Principles with minor errors.
0-27 points
· Not complete with numerous errors.
Didn’t follow Generally Accepted Accounting Principles with multiple errors.
Instructor Feedback
Total Points:
ACCT205 – Week 5: Corporations
Criteria
Exceeds Expectations
.
Meets Expectations .
Needs Improvement
Points
Corporation Journal Entry
10 points
9-10 points
· Submitted without errors or minor errors.
· Entries done in good form.
· Properly formatted
7-8 points
· Submitted with minor errors, each of the submissions:
· Journal Entries
· entries incorrectly formatted/not balanced
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· JEs are not in proper form/unbalanced.
Ledgers
30 points
27-30 points
· Complete with no errors.
· Followed Generally Accepted Accounting Principles with no errors.
21-26 points
· Complete with some errors.
· Followed Generally Accepted Accounting Principles with minor errors.
0-20 points
· Not complete with numerous errors.
· Didn’t follow Generally Accepted Accounting Principles with multiple errors.
Trial Balance
60 points
54-60 points
· Submitted without errors:
· In proper form/balanced
42-53 points
· Submitted with minor errors
· Minor statement mistakes, incorrectly formatted/not balanced
0-41 points
· Did not submit or missing a significant amount of data; numerous errors.
· Not in proper form/unbalanced
Instructor Feedback
Total Points:
ACCT205 – Week 6: Financial Statements Creation and Analysis
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Income Statement
40 points
36-40 points
· Submitted without errors:
· In proper form/balanced
28-35 points
· Submitted with minor errors
· Minor statement mistakes, incorrectly formatted/not balanced
0-27 points
· Did not submit or missing a significant amount of data; numerous errors.
· Not in proper form/unbalanced
Statement of Retained Earnings
20 points
18-20 points
· Submitted without errors
· In proper form/balanced
14-17 points
· Submitted with minor errors
· Minor statement mistakes, incorrectly formatted/not balanced
0-13 points
· Did not submit or missing a significant amount of data; numerous errors.
· Not in proper form/unbalanced
Balance Sheet
40 points
36-40 points
· Submitted without errors
· In proper form/balanced
28-35 points
· Submitted with minor errors
· Minor statement mistakes, incorrectly formatted/not balanced
0-27 points
· Did not submit or missing a significant amount of data; numerous errors.
· Not in proper form/unbalanced
Instructor Feedback
Total Points:
ACCT205 – Portfolio Project Final Submission Grading Rubric
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Classifications
10 points
9-10 points
Submitted without errors or minor errors.
7-8 points
Submitted with more than minor errors, each of the submissions.
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· Student does not understand how to correctly complete assigned tasks.
Journalization
30 points
27-30 points
Submitted without errors or minor errors.
· Entries done in good form.
· General Ledger
· Trial Balance
· Properly formatted
21-26 points
Submitted with minor errors, each of the submissions:
· Journal Entries
· General Ledger
· Trial Balance
· 1-5 entries incorrectly formatted/not balanced
0-20 points
· Did not submit or missing a significant amount of data; numerous errors.
· 6 or more JEs are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Bad Debts
10 points
9-10 points
Submitted without errors or minor errors.
· Entries done in good form
· Properly formatted
7-8 points
Submitted with minor errors, each of the submissions:
· Journal Entries
· 1-3 entries incorrectly formatted/not balanced
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· 4 or more JEs are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Depreciation
10 points
9-10 points
Submitted without errors or minor errors.
· Entries done in good form
· Properly formatted
7-8 points
Submitted with minor errors, each of the submissions:
· Journal Entries
· 1-2 entries incorrectly formatted/not balanced
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· 3 or more JEs are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Corporation entires
10 points
9-10 points
Submitted without errors:
· Adjusting Entries
· Adjusted Trial Balance
· In proper form/balanced
7-8 points
Submitted with minor errors, each of the submissions:
· Adjusting Entries
· Adjusted Trial Balance
· 1-3 entries incorrectly formatted/not balanced
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· 4 or more entries are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Financial Statements
20 points
18-20 points
Submitted without errors:
· Income Statement
· Statement of Owners’ Equity
· Balance Sheet
· In proper form/balanced
14-17 points
Submitted with minor errors, each of the submissions:
· Income Statement
· Statement of Owners’ Equity
· Balance Sheet
· 1 statement incorrectly formatted/not balanced
0-13 points
· Did not submit or missing a significant amount of data; numerous errors.
· 2 or more statements are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Closing entries and post-closing trial balance
10 points
9-10 points
Submitted without errors:
· Closing Entries
· Post Closing Trial Balance
· In proper form/balanced
7-8 points
Submitted with minor errors, each of the submissions:
· Closing Entries
· Post Closing Trial Balance
· 1-2 entries incorrectly formatted/not balanced
0-6 points
· Did not submit or missing a significant amount of data; numerous errors.
· 3 or more entries are not in proper form/unbalanced
· Student does not understand how to correctly complete assigned tasks.
Instructor Comments:
Total Points:
ACCT110 – Portfolio Project Reflection Grading Rubric
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Points
Articulation
70 points
63-70 points
Reflection addresses the assigned Bryant & Stratton College Program and Institutional Outcomes in detail. Provides a deep, thoughtful reflection on how knowledge gained from the project will be relevant to their personal or professional life.
49-62 points
Reflection briefly addresses the assigned Bryant & Stratton College Program and Institutional Outcomes. Provides a reflection on how knowledge gained from the project will be relevant to their personal or professional life.
0 – 48 points
Reflection does not address all the required elements. The assigned Bryant & Stratton College Program and Institutional Outcomes may be missing or lacking significant detail. Does not make clear connections between the project and their personal or professional life.
Reflection on Financial Statements
10 points
9-10 points
Reflection addresses the analysis of the financial statements with all statements being referenced for the financial statement analysis outcome.
7-8 points
Reflection addresses the analysis of the financial statements with most statements being referenced for the financial statement analysis outcome.
0-6 points
Reflection addresses the analysis of the financial statements with some statements being referenced for the financial statement analysis outcome.
Delivery
20 points
18 – 20 points
Writes in complete sentences and well-developed paragraphs with 0 or 1 errors in grammar, spelling, and punctuation. The reflection flows and transitions naturally between ideas. Meaning is clear, and the reflection is easy to read.
14 – 17 points
Writes in complete sentences but makes 2 to 4 errors in grammar, spelling, and punctuation. Reflection is generally easy to read and understand.
0 – 13 points
Writes in incomplete sentences or uses list/bullet format. Makes 5 or more errors in grammar, spelling, and punctuation. Errors distract the reader. The writer’s meaning is unclear.
Instructor Feedback
Total Points:
