Intermediate acct cycle project

Requirements

Points

1 - Limited

2 - Developing

3 - Proficient

4 - Exemplary

1. Financial statements including

30

a. income statement

8

Income statement is not complete, inaccurate, or not properly formatted multi-step income statement.

Income statement presentation is lacking in being sufficiently complete, or accurate, or properly formatted as multi-step income statement.

Income statement presentation is adequate as it is mostly complete, and accurate, and properly formatted as multi-step income statement.

Income statement presentation is complete, accurate, and properly formatted multi-step income statement.

b. balance sheet

8

Balance sheet is not complete, inaccurate, or not properly formatted as a classified balance sheet.

Balance sheet presentation is lacking in being sufficiently complete, or accurate, or properly formatted as a classified balance sheet.

Balance sheet presentation is adequate as it is mostly complete, and accurate, and properly formatted as a classified balance sheet.

Balance sheet presentation is complete, accurate, and properly formatted a classified balance sheet.

c. statement of changes in stockholders’ equity

4

Statement is not complete, inaccurate, or not properly formatted multi-step statement.

Statement presentation is lacking in being sufficiently complete, or accurate, or properly formatted as multi-step statement.

Statement presentation is adequate as it is mostly complete, and accurate, and properly formatted as multi-step statement.

Statement presentation is complete, accurate, and properly formatted multi-step statement.

d. all related notes. In the notes to the financial statement include notes on: significant accounting policies, revenue recognition, inventory, equipment, and any other notes you deem necessary.

10

Notes are not complete, inaccurate or not well written.

Notes are not lacking in being sufficiently complete, accurate or well written.

Notes are adequate in being sufficiently complete, accurate and well written.

Notes are complete, accurate and well written.

Requirements

Points

1 - Limited

2 - Developing

3 - Proficient

4 - Exemplary

2. A memo to the owners of Cherry & White Bike Company explaining and justifying the following accounting choices:

a. Accounting for inventory: inventory cost flow methods.

25

i. Determine possible alternatives and select a cost flow method for accounting for the racing bike inventory.

5

Proposes an alternative that is difficult to evaluate because it is vague or only indirectly addresses the problem statement.

Proposes one alternative that is “off the shelf” rather than individually designed to address the specific contextual factors of the problem.

Proposes one or more alternatives that indicates comprehension of the problem. Alternatives are sensitive to contextual factors of the case.

Proposes one or more alternatives that indicates a deep comprehension of the problem. Alternatives are sensitive to contextual factors of the case.

ii. Explain why you select the alternative that you use in the financial statements.

iii. Present an analysis of the alternatives.

iv. Show and discuss financial statements effects of the alternative methods and estimates such as change in net income, assets, or liabilities.

v. Examine the effects of the alternatives on the relevant common financial statement ratios of profitability, liquidity, and solvency.

2

8

5

5

Evaluation of alternatives superficial (for example, contains cursory, surface level explanation) and fails to include the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is brief (for example, explanation lacks depth) and includes some of the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is adequate (for example, contains thorough explanation) and includes most of the the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is deep and elegant (for example, contains thorough and insightful explanation) and includes, deeply and thoroughly, all of the following: considers history of logic/ reasoning, examines feasibility of problem, reviews alternative, and weighs impacts of alternative.

b. Accounting for equipment: purchase price and subsequent measurement.

25

i. Determine possible alternatives.

5

Proposes an alternative that is difficult to evaluate because it is vague or only indirectly addresses the problem statement.

Proposes one alternative that is “off the shelf” rather than individually designed to address the specific contextual factors of the problem.

Proposes one or more alternatives that indicates comprehension of the problem. Alternatives are sensitive to contextual factors of the case.

Proposes one or more alternatives that indicates a deep comprehension of the problem. Alternatives are sensitive to contextual factors of the case.

ii. Explain why you select the alternative that you use in the financial statements.

iii. Present an analysis of the alternatives.

iv. Show and discuss financial statements effects of the alternative methods and estimates such as change in net income, assets, or liabilities.

v. Examine the effects of the alternatives on the relevant common financial statement ratios of profitability, liquidity, and solvency.

2

8

5

5

Evaluation of alternatives superficial (for example, contains cursory, surface level explanation) and fails to include the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is brief (for example, explanation lacks depth) and includes some of the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is adequate (for example, contains thorough explanation) and includes most of the the following: considers history of problem, reviews logic/ reasoning, examines feasibility of alternative, and weighs impacts of alternative.

Evaluation of alternatives is deep and elegant (for example, contains thorough and insightful explanation) and includes, deeply and thoroughly, all of the following: considers history of logic/ reasoning, examines feasibility of problem, reviews alternative, and weighs impacts of alternative.

Requirements

Points

1 - Limited

2 - Developing

3 - Proficient

4 - Exemplary

3. Prepare the journal entries for all transactions in the general journal.

10

Writing and Communication – See Fox BBA Rubric

10

FOX BBA: Written Communication Rubric – Adapted for Intermediate Accounting

Written Communication Traits

1 - Limited

2 - Developing

3 - Proficient

4 - Exemplary

Language

Uses language (word choice, vocabulary) that generally conveys meaning with several errors. Jargon used somewhat appropriately.

Uses language (word choice, vocabulary) that mostly conveys meaning with some errors. Jargon used appropriately

Uses language (word choice, vocabulary) that effectively conveys meaning with few errors. Jargon used appropriately

Uses language (word choice, vocabulary) that skillfully and clearly conveys meaning with no errors. Jargon used strategically and appropriately.

Grammar/

Spelling/

Punctuation

Occasional grammatical, spelling or punctuation errors, but does not distract reader or obscure meaning

Generally free or almost free of any grammatical, spelling or punctuation errors.

Free of any and all grammatical, spelling or punctuation errors.

Demonstrates sophisticated awareness and use of grammar and written mechanics. Free of any and all grammatical, spelling or punctuation errors.

Style and Appropriateness

Somewhat uses an appropriate, professional style and tone for the audience. Ability to somewhat analyze and address the needs of the assignment and intended audience.

Generally uses an appropriate, professional style and tone for the audience Suitable ability to analyze and appropriately address the needs of the assignment and intended audience.

Mostly uses an appropriate, professional style and tone for the audience Good ability in analyzing and appropriately addressing the needs of the assignment and intended audience.

Consistently uses an appropriate, professional style and tone for the audience. Strong ability in analyzing and effectively addressing the needs of the assignment and intended audience.

Organization

Lacks a consistently organized, logical and effective message. Main points somewhat clear. Paragraphs reasonably coherent with some effective transitions.

Presents a generally organized, logical and effective message. Main points mostly identified. Paragraphs are generally coherent with effective transitions.

Presents an organized, logical and effective message. Main points clearly identified.

Paragraphs coherent with effective transitions.

Presents an organized and influential message supported by very clearly identified main points. Paragraphs coherent, well sequenced and transitions display progression of thoughts/ideas.

Design and Formatting

Document formatting and supporting visuals somewhat enhance the effectiveness of the presentation and slightly limit clarity/cohesiveness

Document formatting and supporting visuals appropriately enhance the effectiveness of the presentation and its clarity/cohesiveness

Document formatting and supporting visuals display creativity and appropriately enhance the effectiveness of the presentation and its clarity/cohesiveness

Document formatting and supporting visuals strongly enhance the effectiveness of the presentation and its clarity/cohesiveness