8-2 Final Project II Submission: Professional Relevance Essay
Submit the second part of your final project. Your professional relevance essay should be a complete, polished artifact reflecting the incorporation of feedback gained throughout the course.
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>Export Summary
| This document was exported from Numbers. Each table was converted to an Excel worksheet. All other objects on each Numbers sheet were placed on separate worksheets. Please be aware that formula calculations may differ in Excel. |
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| Table 1 |
Chart of
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Chart of Accounts
Table 1 Chart of Accounts
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| July Journal Entries |
Table 1
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July Journal Entries
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| August Journal Entries |
Table 1
August Journal Entries
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| September Journal Entries |
Table 1
September Journal Entries
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| Inventory Valuation |
Table 1
Inventory Valuation
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Accounts
Table 1
T-Accounts
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Table 1
| Trial Balance |
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| Adjusting Entries |
Table 1
Adjusting Entries
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| Income Statement |
Table 1
Income Statement
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| Retained Earnings |
Table 1
Statement of Retained Earnings
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| Balance Sheet |
Table 1
Balance Sheet
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| Closing Entries |
Table 1
Closing Entries
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| Post Closing Trial Balance |
Table 1
Post Closing Trial Balance
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| Reversing Entries |
Table 1
Reversing Entries
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Chart of Accounts
| Print this page to use for your journal entries. Only accounts on this page can be used. |
| Asset Accounts |
Liability Accounts |
Equity Accounts |
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| Acct # |
Acct #
Acct #
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| Cash |
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| 10 |
1
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| Notes Payable |
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| 20 |
1
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| Common Stock |
301 |
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| Baking Supplies |
102 |
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| Accounts Payable |
202 |
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| Dividends |
302 |
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| Prepaid Rent |
103 |
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| Wages Payable |
203 |
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| Prepaid Insurance |
10
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| 4 |
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| Interest Payable |
204 |
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| Baking Equipment |
105 |
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| Office Supplies |
106 |
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| Accounts Receivable |
107 |
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| Accumulated Depreciation |
10
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| 8 |
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| Merchandise Inventory |
109 |
Revenue Accounts |
| This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. |
Acct #
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| Bakery
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| Sales |
401 |
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| Merchandise Sales |
402 |
| Expense Accounts |
Acct #
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| Baking Supplies Expense |
| 50 |
1
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| Rent Expense |
502 |
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| Insurance Expense |
503 |
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| Misc. Expense |
504 |
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| Business License Expense |
505 |
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| Advertising Expense |
506 |
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| Wages Expense |
507 |
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| Telephone Expense |
508 |
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| Interest Expense |
509 |
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| Depreciation Expense |
510 |
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| Office Supplies Expense |
511 |
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| Cost of Goods Sold |
512 |
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July Journal Entries
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| Peyton Approved |
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| General Journal Entries |
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| Jul/
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| 18 |
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| Date |
Accounts
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| Debit |
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edit
| 01″ “July” “2020 |
Cash
$
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| 10,000 |
Common Stock
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| $10,000 |
| 01/Jul |
| Baking supplies |
| $
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| 6,500 |
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| Accounts Payable |
$6,500
| 03/Jul |
Cash $10,000
| Notes Payable |
$10,000
| 07/Jul |
Rent Expense
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| $
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| 1,500 |
Prepaid Rent $1,500
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| Cash |
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| $3,000 |
| 10/Jul |
Business License Expense
| $
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| 3
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| 75 |
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| Cash |
$
| 375 |
| 11/Jul |
Misc Expense |
| $
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| 25 |
0
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| Cash |
$
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| 250 |
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| 13/Jul |
Baking Equipment
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| $
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| 6,000 |
| Common Stock |
$6,000
13/Jul Advertising Expense
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| $
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| 200 |
Cash $200
| 14/Jul |
Office Supplies
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| $
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| 300 |
Cash $300
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| 31/Jul |
Telephone Expense
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| $75 |
Accounts Payable $75
31/Jul
| Preid Insurance |
| $
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| 2,
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| 400 |
Cash $2,400
31/Jul Wages Expense
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| $
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| 120 |
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| Wages Payable |
$120
31/Jul Cash $10,000
Accounts Receivable
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| $
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| 5,000 |
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| Bakery Sales |
$15,000 |
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| Total |
| $54,
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| 22 |
0
$54,220
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| – 0 |
– 0
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August Journal Entries
Peyton Approved
General Journal Entries Put entries in shaded cells
| Aug/18 |
Date Accounts Debit
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| Credit |
| 05/Aug |
Wages Payable $120
Cash $120
| 08/Aug |
Cash
| $3,800 |
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| Accounts Receivable |
$3,800
| 10/Aug |
Accounts Payable $75
Cash $75
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| 15/Aug |
Baking Supplies $5,000
Accounts Payable $5,000
15/Aug Wages Expense
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| $
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| 48 |
0
Wages Payable
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| $
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| 480 |
15/Aug Rent Expense $1,500
Cash $1,500
| 18/Aug |
Cash $3,000
Accounts Receivable $3,000
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| 20/Aug |
Accounts Payable
| $
| 8,500 |
Cash $8,500
20/Aug
Wages Payable $480
Cash $480
| 22/Aug |
Office Supplies $300
Cash $300
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| 31/Aug |
Telephone Expense $75
Accounts Payable $75
31/Aug Wages Expense
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| $
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| 420 |
Wages Payable $420
31/Aug Cash
| $12,500 |
Accounts Receivable
| $7,500 |
Bakery Sales
| 20,000 |
Total
| $43,750 |
$ 43,750 |
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September Journal Entries
Peyton Approved
General Journal Entries Put entries in shaded cells
| Sep/18 |
Date Accounts Debit Credit
| 01/Sep |
Dividends $10,000
Cash
| $10,0000 |
| 05/Sep |
Wages Payable $420
Cash $420
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| 07/Sep |
Merchandise Inventory
| $
| 60 |
Cash $60
| 08/Sep |
Cash
| $4,000 |
Accounts Receivable $4,000
| 10/Sep |
Accounts Payable $75
Cash $75
| 11/Sep |
Baking Supplies
| $
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| 7,000 |
Accounts Payable $7,000
| 13/Sep |
Accounts Payable $5,000
Cash $5,000
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| 15/Sep |
Wages Expense
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| $
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| 456 |
Wages Payable $456
15/Sep Rent Expense $1,500
Cash $1,500
15/Sep Cash
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| $
| 68 |
Merchandise Sales $68
15/Sep Cost of Goods Sold $48
Merchandise Inventory $48
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| 20/Sep |
Wages Payable $456
Cash $456
20/Sep Merchandise Inventory
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| $
| 122 |
Cash $122
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| 24/Sep |
Cash
| $
| 153 |
Merchandise Sales $153
24/Sep Cost of Goods Sold
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| $
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| 109.6 |
0
Cash $109.60
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| 30/Sep |
Merchandise Inventory
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| 151.25 |
Cash
| $151.25 |
30/Sep Wages Expense $480
Wages Payable $480
30/Sep Cash
| $14,000 |
Accounts Receivable $6,000
Bakery Sales
| $20,000 |
Total
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| $50,098.85 |
$50,098.85
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Inventory Valuation
| FIFO |
USE THIS ONE FOR THE SEPTEMBER ENTRIES |
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| Purchases |
Date Purchases Sales
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| Ending Inventory |
Dr |
Cr
9/7: 10 bottles purchased at $6 |
07/Sep 10
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| $ 6.00 |
| $
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| 60.00 |
10 $ 6.00
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| $ 60.00 |
07/Sep
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| Merchandise Inventory (10 x $6) |
60.00
9/20: 20 bottles purchased at $6.10 |
Cash 60.00
| 9/30: 25 bottles purchased at $6.05 |
15/Sep 8 $ 6.00
| $
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| 48.00 |
2 $ 6.00
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| $ 12.00 |
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| Purchased inventory |
Sales – selling price, $8.50 a bottle |
| 9/15: 8 bottles |
20/Sep 20
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| $ 6.10 |
| $
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| 122.00 |
2 $ 6.00 $ 12.00 15/Sep
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| Cash (8 x $8.50) |
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| 68.00 |
9/24: 18 bottles |
20 $ 6.10
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| $ 122.00 |
Merchandise Sales |
68.00
22
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| $ 134.00 |
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| Record sale of inventory |
24/Sep 2 $ 6.00 $ 12.00
15/Sep
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| Cost of Goods Sold (8 X $6) |
48.00
| 16 |
$ 6.10
$ 97.60 |
4 $ 6.10
| $ 24.40 |
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| Merchandise Inventory |
48.00
| $ 109.60 |
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| Recorded the cost of goods sold |
30/Sep 25
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| $ 6.05 |
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| $ 151.25 |
4 $ 6.10 $ 24.40 20/Sep
Merchandise Inventory (20 x $6.10 ) |
122.00
25 $ 6.05 $ 151.25 Cash 122.00
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| 29 |
| $
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| 175.65 |
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| 55 |
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| $
| 333.25 |
|
| 26 |
$
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| 157.6 |
0
29 $ 175.65
24/Sep
|
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| Cash (18 x 8.50) |
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| 153.00 |
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| Merchandise Sales |
153.00
Record sale of inventory
24/Sep
| Cost of Goods Sold (2 x $6)+(16 x $6.10) |
109.60
Merchandise Inventory 109.60
Recorded the cost of goods sold
30/Sep
|
|
| Merchandise Inventory (25 x $6.05) |
151.25
Cash 151.25
| LIFO |
Purchases Sales Ending Inventory 07/Sep Merchandise Inventory (10 x $6) 60.00
07/Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 Cash 60.00
Purchased inventory
15/Sep 8 $ 6.00
|
| $ 48.00 |
2 $ 6.00 $ 12.00
15/Sep Cash (8 x $8.50) 68.00
20/Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales 68.00
20 $ 6.10 $ 122.00 Record sale of inventory
22 $ 134.00
15/Sep Cost of Goods Sold (8 X $6) 48.00
24/Sep 18 $ 6.10
| $
|
| 109.80 |
2 $ 6.00 $ 12.00 Merchandise Inventory 48.00
2 $ 6.10
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| $ 12.20 |
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| Record inventory reduction due to sale |
4
| $ 24.20 |
20/Sep
|
| Merchandise Inventory (20 x $6.10) |
122.00
30/Sep 25 $ 6.05 $ 151.25 2 $ 6.00 $ 12.00 Cash 122.00
2 $ 6.10 $ 12.20
25 $ 6.05 $ 151.25 24/Sep Cash (18 x 8.50) 153.00
29
|
| $ 175.45 |
Merchandise Sales 153.00
55 $ 333.25 26
| $ 157.80 |
29 $ 175.45 Record sale of inventory
24/Sep
| Cost of Goods Sold (18 x $6.10) |
109.80
Merchandise Inventory 109.80
Record inventory reduction due to sale
30/Sep Merchandise Inventory (25 x $6.05) 151.25
Cash 151.25
| weighted average |
Purchases Sales Ending Inventory 07/Sep Merchandise Inventory (10 x $6) 60.00
07/Sep 10 $ 6.00 $ 60.00 10 $ 6.00
| $60 |
Cash 60.00
Purchased inventory
15/Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00
15/Sep Cash (8 x $8.50) 68.00
20/Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales 68.00
20 $ 6.10 $ 122.00
| per unit |
Record sale of inventory
22 $ 134.00
| $6.09 |
15/Sep Cost of Goods Sold (8 X $6) 48.00
24/Sep 18
| $ 6.09 |
$
|
| 109.62 |
4
$ 24.38 |
Merchandise Inventory 48.00
Record inventory reduction due to sale
30/Sep 25 $ 6.05 $ 151.25 4
| $ – 0 |
25 $ 6.05 $ 151.25 20/Sep Merchandise Inventory (20 x $6.10) 122.00
55 $ 333.25 26
| $ 157.62 |
29 $ 151.25
$5.22 |
Cash 122.00
24/Sep Cash (18 x 8.50) 153.00
Merchandise Sales 153.00
Record sale of inventory
24/Sep
| Cost of Goods Sold (18 x $6.09) |
109.62
Merchandise Inventory 109.62
Record inventory reduction due to sale
30/Sep Merchandise Inventory (25 x $6.05) 151.25
Cash 151.25
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T-Accounts
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| date |
Cash date date Notes Payable date
Business License exp |
Common Stock
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| 1-Jul |
|
| 10000 |
.00
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| 10,000.00 |
| 3-Jul |
| 10-Jul |
375 10000 1-Jul
3-Jul
|
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| 10000.00 |
|
| 600 |
0
|
|
| 13-Jul |
|
| 3000.00 |
|
| 7-Jul |
– 10000 375 – – –
| 3
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| 75.00 |
10-Jul
10000 Balance |
Balance 375
| 16000 |
Balance
|
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|
| 2
|
| 50.00 |
| 11-Jul |
|
|
| 200.00 |
13-Jul
| 300.00 |
| 14-Jul |
| 2
|
| 400.00 |
|
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|
|
| 31-Jul |
31-Jul 10000.00
| 120.00 |
| 5-Aug |
|
| 8-Aug |
3800.00 |
75.00
|
| 10-Aug |
|
| 18-Aug |
3000.00
|
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|
| 150 |
0
.00
|
|
|
|
| 15-Aug |
| 8500.00 |
|
|
| 20-Aug |
Accounts Rec. |
Insurance expense |
|
|
| 480.00 |
20-Aug 31-Jul
|
| 5,000.00 |
| 380.00 |
| 22-Aug |
3,800.00 |
8-Aug
|
|
|
|
|
|
| 31-Aug |
12500.00 |
3,000.00 |
18-Aug
10000.00
|
| 1-Sep |
31-Aug
7,500.00 |
| 420.00 |
| 5-Sep |
4,000.00 |
| 8-Sep |
60.00
|
| 7-Sep |
|
|
|
|
|
|
|
|
|
|
| 30-Sep |
|
| 6,000.00 |
8-Sep
| 40000.00 |
75.00
|
| 10-Sep |
|
| 18,500 |
10,800 |
| 5000.00 |
| 13-Sep |
Balance
|
| 7,700 |
1500.00
|
|
|
|
|
|
|
| 15-Sep |
15-Sep 68.00
| 456.00 |
|
|
| 20-Sep |
122.00 20-Sep
|
|
|
| 24-Sep |
153.00
151.25 30-Sep
30-Sep
| 14000.00 |
| 67521.00 |
35284.25 |
| Balance 32236.75 – |
| Misc. expense |
Baking equipment |
Advertising expense |
11-Jul 250 13-Jul 6,000 13-Jul 200
250 – 6,000 200 –
| Balance 250 |
Balance 6,000 |
Balance 200 |
Baking supplies
| Office supplies |
Rent expense |
1-Jul 6,500 14-Jul 300 7-Jul 1500
15-Aug 5,000 22-Aug 300 15-Aug 1500
|
| 11-Sep |
7,000 15-Sep 1500
18,500 – 600 –
| 4500 |
–
| Balance 18,500 |
Balance 600 |
Balance 4500 |
| Prepaid rent |
Prepaid insurance |
Bakery Sales
7-Jul 1,500 31-Jul 2,400
| 15000 |
31-Jul
|
| 20000 |
31-Aug
20000 30-Sep
1,500 – 2,400 – –
|
|
|
|
|
| 550 |
00
| Balance 1,500 |
Balance 2,400 |
55000 Balance |
| Accounts payable |
Wages expense |
Wages payable |
6,500 1-Jul 31-Jul 120 120 31-Jul
75
|
| 30-Jul |
15-Aug 480 5-Aug 120
10-Aug 75 31-Aug 420 480 15-Aug
5,000 15-Aug 15-Sep 456 20-Aug 480
20-Aug 8,500 30-Sep 480 420 31-Aug
75 31-Aug 5-Sep 420
10-Sep 75 456 15-Sep
7,000 11-Sep 20-Sep 456
13-Sep 5,000 480 30-Sep
| 13650 |
18650 |
|
| 1956 |
–
1476 |
1956
| 5,000 Balance |
Balance 1956 |
480 Balance |
Dividends
| depreciation expense |
| Telephone expense |
1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 –
| acc dep |
| Balance 10,000 |
150 –
| Interest expense |
| Balance 150 |
| baking supplies expense |
COGS FIFO |
Interest payable |
15-Sep 48
24-Sep 109.6
| misc supplies expense |
157.6 –
| Balance 157.6 |
Merchandise Sales
68 15-Sep
| Merch. Inv. FIFO |
153 24-Sep 7-Sep 60
48 15-Sep
20-Sep 122
–
|
|
| 221 |
109.6 24-Sep
| 221 Balance |
30-Sep 151.25
333.25 157.6
| Balance 175.65 |
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Trial Balance
Peyton Approved
Trial Balance
|
| 2018 |
| Unadjusted trial balance |
Adjusting entries |
Adjusted trial balance |
Account Debit Credit Debit Credit Debit Credit
Cash
|
|
|
| 32,236.75 |
32,236.75
Baking Supplies 18,500
|
|
| 17,400 |
| 1,100 |
|
| Merchandise Inventory (FIFO) |
175.65 175.65
Prepaid Rent 1,500 1,500
Prepaid Insurance 2,400 400
| 2,000 |
Baking Equipment 6,000 6,000
Accumulated Depreciation
|
|
|
| 250.00 |
250.00
Office Supplies 600 550 50
Accounts Receivable 7,700 7,700
Notes Payable 10,000 10,000
Interest Payable 150 150
Accounts Payable 5,000 5,000
Wages Payable 480 480
Common Stock
|
| 16,000 |
16,000
Dividends 10,000 10,000
Bakery Sales
|
| 55,000 |
55,000
Merchandise Sales 221 221
Baking Supplies Expense 17,400 17,400
Rent Expense
|
| 4,500 |
4,500
Interest Expense 150 150
Insurance Expense 400 400
Depreciation Expense 250.00 250.00
Misc. Expense 250 250
Office Supplies Expense 550 550
Business License Expense 375 375
Advertising Expense 200 200
Wages Expense
| 1,956 |
1956
Telephone Expense 150 150
| COGS (FIFO) |
157.6 157.6
| Total: (FIFO) |
| 86,701 |
86,701
|
|
| 18750.00 |
18750.00
| 87101.00 |
87101.00
&”Helvetica Neue,Regular”&12&K000000&P
Adjusting Entries
Peyton Approved
| Adjusting Journal Entries |
Put entries in shaded cells
2018
Date Accounts Debit Credit
30-Sep Depreciation Expense 250
| accumulated depreciation |
250.00
30-Sep Interest Expense 150
| Interest Payable |
150
30-Sep Insurance Expense 400
| Prepaid Insurance |
400
30-Sep Baking Supplies Expense
|
| 17400 |
| Baking Supplies |
17400
30-Sep Office Supplies Expense 550
| Office Supplies |
550
18750.00 18750.00
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Income Statement
Peyton Approved
Income Statement
|
| For
| Qtr. Ending 9/30/2018 |
| Revenues: |
Bakery Sales
| $
| 55,000.00 |
Merchandise Sales
|
| 221.00 |
| Total Revenues |
| 55,221.00 |
Cost of Goods Sold 157.6
| Gross Profit (FIFO) |
55,063.40 |
| Operating Expenses: |
Baking Supplies
|
| 17,400.00 |
| Rent Expenses |
| 4,500.00 |
Insurance Expense 400.00
Business License Expense
|
| 375.00 |
Wages Expense
|
| 1,956.00 |
Advertising Expense 200.00
| Interest Expemse |
|
|
|
|
|
|
|
| 150.00 |
Telephone Expense 150.00
Depreciation Expense 250.00
Office Supplies Expense
|
| 550.00 |
| Misc.Expense |
250.00
| Total Operating Expenses: |
26,181.00 |
| Net Income (FIFO) |
|
|
| 28,882.40 |
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Statement of Retained Earnings
Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
| Beginning Balance: |
| plus Net Income (FIFO) |
28,882.40
| less Dividends: |
(10,000.00) |
| Ending Balance (FIFO): |
|
| 18,882.40 |
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Balance Sheet
Peyton Approved
Balance Sheet
| As of September 30, 2018 |
| Assets |
Liabilities and Owners’ Equity |
| Current Assets: |
Current Liabilities: |
Baking Supplies 1,100
Accounts Payable 5,000.00
Cash 32,236.75
Notes Payable 10,000.00
Prepaid Insurance
|
| 2,000.00 |
Wages Payable 480.00
Prepaid Rent
|
| 1,500.00 |
Total Current Liabilities |
15,480.00 |
Office Supplies 50.00
Baking Equipment 6,000.00
| Long-Term Liabilities: |
Accounts Receivable
|
| 7,700.00 |
Interest Payable 150.00
| Total Long-Term Liabilities: |
150.00
| Total Current Assets |
50,586.75 |
Total Liabilities: |
15,630.00 |
| Long-Term/Fixed Assets: |
Equity: |
Merchandise Inventory 175.65 Retained Earnings 18,882.40
| Less Accumulated Depreciation |
250.00 Common Stock 16000
| Total Long-Term/Fixed Assets |
(74.35) |
| Total Assets: |
| 50,512.40 |
Total Equity |
34,882.40 |
| Total Liabilities & Equity |
50,512.40
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Closing Entries
Peyton Approved
| Closing Entries |
|
| Qtr ending 9/30/2018 |
Date Accounts Debit Credit
30/Sep Bakery Sales 55,000.00
Merchandise Sales 221.00
| Income Summary |
55,221.00
30/Sep
|
| Income Summary (FIFO) |
26,338.60 |
| Baking Supplies Expense |
17,400.00
| Rent Expense |
4,500.00
| Wages Expense |
1,956.00
| Office Supplies Expense |
550.00
| Business License Expense |
375.00
| Misc. Expense |
250.00
| Depreciation Expense |
250.00
| Insurance Expense |
400.00
| Advertising Expense |
200.00
|
| Interest Expense |
150.00
| Telephone Expense |
150.00
| COGS FIFO |
157.60 |
30/Sep Income Summary (FIFO) 28,882.40
|
| Retained Earnings FIFO |
28,882.40
30/Sep Retained Earnings 10,000.00
| Dividends |
10,000.00
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Post Closing Trial Balance
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
| Unadjusted Trial Balance |
Account Debit Credit
Cash 32,236.75
Baking Supplies
| 1,100.00 |
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation 250.00
Office Supplies 50.00
Accounts Receivable 7,700.00
Accounts Payable 5,000.00
Wages Payable 480.00
Interest Payable 150.00
Notes Payable 10,000.00
Common Stock
| 16,000.00 |
Retained Earnings FIFO 18,882.40
| Totals |
| 50,762.40 |
50,762.40
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Reversing Entries
Peyton Approved
| Reversing Entries |
These are given to you. No other entries are needed. |
Qtr ending 9/30/2018
Date Accounts Debit Credit
30/Sep Interest Payable 150.00
Interest Expense 150.00
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1
ACC 201 Final Project II Guidelines and Rubric
Overview
One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using
information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize
transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in
working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture.
The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the
second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical
applications for furthering your own professional practice.
The final product will be submitted in Module Eight.
In this assignment, you will demonstrate your mastery of the following course outcomes:
Record financial data and adjusting entries in the preparation of a business’s financial statements
Prompt
In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical
applications within your own professional practice.
Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).
I. Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does
(or will) financial accounting play a role in your day-to-day professional life? [ACC-201-01]
II. Draw Connections
A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional
life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01]
B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each
transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01]
2
III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor
had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the
issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For
example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01]
Final Project II Rubric
Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use
double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting.
Include at least two references cited in APA format.
Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value
Introduction
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates nuanced
appreciation for the role of
financial accounting in business
Describes current or aspiring
professional identity, including
the role of financial accounting in
day-to-day life
Describes current or aspiring
professional identity, but fails to
include the role of financial
accounting in day-to-day life
Does not describe current or
aspiring professional identity
20
Draw Connections:
Transactions
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates nuanced
appreciation for the significance
of financial accounting in chosen
field
Identifies and describes at least
three transactions relevant to
profession using specific details
Identifies transactions relevant
to profession, but fails to fully
describe at least three using
specific details
Does not identify transactions
relevance to profession
20
Draw Connections:
Success of Your
Business
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates keen insight into
the relevance of financial
accounting for business success
Analyzes the relationship
between accounting transactions
and the success of current or
future business using specific
illustrating examples of impacts
on financial statements
Discusses the relationship
between accounting transactions
and the success of current or
future business, but fails to fully
or logically analyze using specific
illustrating examples
Does not discuss the relationship
between accounting transactions
and the success of current or
future business
25
https://learn.snhu.edu/d2l/lor/viewer/view.d2l?ou=6606&loIdentId=15075
3
Apply to a Scenario
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates keen insight into
the relevance of financial
accounting for business success
Proposes a sound high-level plan
to implement a proper
accounting system by citing
specific course principles that
would appropriately address
issues in the scenario
Proposes a high-level plan to
implement a proper accounting
system, but not all proposals are
sound, or fails to cite specific
course principles that would
appropriately address issues in
the scenario
Does not propose a high-level
plan to implement a proper
accounting system
30
Articulation of
Response
Submission is free of errors
related to citations, grammar,
spelling, syntax, and organization
and is presented in a
professional and easy-to-read
format
Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
5
Total 100%
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