Short response

ACC 201 Module Two Short Paper Guidelines and Rubric Overview: In this short paper, you will evaluate the importance of the accounting cycle by illustrating the products of that cycle and identifying the potential for problems if it is not properly followed. There is only one short paper assignment in this course, and it has a unique purpose: You can think of this exercise as establishing the conceptual framework for your remaining work in the problem sets and Final Project I. Essentially, in those activities, you will be engaging in the specific tasks of the accounting cycle and applying detailed processes on a practical level. Therefore, it is important to grasp the larger picture in this short paper so that you will be able to connect these smaller tasks and details and recognize their larger significance. Prompt: In a well-crafted short paper, respond to the following questions:

 What are the steps of the accounting cycle? Describe each in your own words using specific examples.

 What are the outputs of the accounting cycle? Why are they important? Identify and explain the purpose of each financial statement, including how they are interrelated.

 Why is the accounting cycle important to a business? Evaluate the significance of the accounting cycle in terms of its practical relevance for businesses. In your response, be sure to give specific examples of why certain steps are necessary. Address at least three different steps in your evaluation.

Rubric Guidelines for Submission: Your paper should follow the formatting guidelines in the Module Two Short Paper Template. It should be a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and references to the textbook content cited in APA format.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Steps Meets “Proficient” criteria and demonstrates keen insight into the sequence and interrelationships between the steps of the accounting cycle

Describes each of the steps of the accounting cycle in own words using specific examples

Describes the steps of the accounting cycle, but fails to fully or accurately identify each using own words and specific illustrating examples

Does not describe the steps of the accounting cycle

30

Outputs Meets “Proficient” criteria and demonstrates nuanced understanding of the products of the accounting cycle

Identifies and explains the purpose of each financial statement created by the accounting cycle, including their interrelationships

Identifies the purpose of each financial statement created by the accounting cycle, but fails to fully or accurately explain each, including their interrelationships

Does not identify the purpose of each of the financial statements created by the accounting cycle

30

Significance “Meets Proficient” criteria and demonstrates deep appreciations of the significance of the accounting cycle

Evaluates the significance of the accounting cycle for businesses, including at least three specific examples of why certain steps are necessary

Evaluates the significance of the accounting cycle for businesses, but fails to fully or accurately cite specific examples of why certain steps are necessary

Does not evaluate the significance of the accounting cycle for businesses

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

10

Total 100%