Final exam
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finalexamsample.pdf
Assessment Plan
Assessment Plan Unit Topic: Accounting Principles
Subject / Grade Level: Accounting Fundamentals/ 10th Grade
Lesson Plan 1 Title: The Accounting Profession
Desired Learning Outcome: The student will recognize business activities can have an impact on
society and understand the importance of seeking opportunities to
develop skill and expertise with a minimum of 70 percent accuracy.
(Bloom’s Knowledge, DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: Pre-Test and In Class Activity
Method(s) of Assessment: Pre-Test and In Class Activity
Method(s) of Collection: Pre-Test and Class Activity Worksheet
Method(s) of Analysis: Graded Class Worksheet and Scored Pre-Test
Resources Needed: FinancialAccounting.pdf/ AccountingPrinciplesPretest.pdf
Lesson Plan 2 Title: Understanding Accounting Principles
Desired Learning Outcome: The student will analyze business transactions and the effects of
business operations in accordance with generally accepted accounting
principles with a minimum of 70 percent accuracy. (Bloom’s Analysis,
DOK 4)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: In Class Worksheet and Constructed Response Test
Method(s) of Assessment: In Class Worksheet and Constructed Response Test
Method(s) of Collection: In Class Worksheet and Constructed Response Test
Method(s) of Analysis: Graded Constructed Response Test
Resources Needed: FinancialAccounting.pdf
Lesson Plan 3 Title: Understanding Debits and How They Affect Financial Statements
Desired Learning Outcome: The student will explain how debits have an effect on the accounting
equation with a minimum of 70 percent accuracy. (Bloom’s
Comprehension, DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: In Class Worksheet
Method(s) of Assessment: In Class Worksheet
Method(s) of Collection: In Class Worksheet
Method(s) of Analysis: Graded In Class Worksheet
Resources Needed: FinancialAccountingWorksheet.pdf
Lesson Plan 4 Title: Understanding Credits and How They Affect Financial Statements
Desired Learning Outcome: The student will explain how debits have an effect on the accounting
equation with a minimum of 70 percent accuracy. . (Bloom’s
Comprehension, DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework
(August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: In Class Worksheet
Method(s) of Assessment: In Class Worksheet
Method(s) of Collection: In Class Worksheet
Method(s) of Analysis: Graded In Class Worksheet
Resources Needed: FinancialAccountingCredits.pdf
Lesson Plan 5 Title: Understanding The Balance Sheet
Desired Learning Outcome: The student will illustrate each category on the balance sheet in
accordance with generally accepted accounting principles with a
minimum of 70 percent accuracy. (Bloom’s Application, DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: Pre-Test and Balance Sheet Worksheet
Method(s) of Assessment: Pre-Test and Balance Sheet Worksheet
Method(s) of Collection: Pre-Test and Balance Sheet Worksheet
Method(s) of Analysis: Graded Balance Sheet Worksheet and Scored Pre-Test
Resources Needed: BalanceSheet.pdf/ AccountingPrinciplesPretest.pdf
Lesson Plan 6 Title: Understanding The Income Statement
Desired Learning Outcome: The student will label all items on the income statement sheet in
accordance with generally accepted accounting principles with a
minimum of 70 percent accuracy. (Bloom’s Knowledge, DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: Income Statement Worksheet
Method(s) of Assessment: Income Statement Worksheet
Method(s) of Collection: Income Statement Worksheet
Method(s) of Analysis: Graded Income Statement Worksheet
Resources Needed: InccomeStatement.pdf
Lesson Plan 7 Title: Understanding Statement of Cash Flows
Desired Learning Outcome: The student will describe the statement of cash flows and how each
transaction affects it in accordance with generally accepted accounting
principles with a minimum of 70 percent accuracy. (Bloom’s Knowledge,
DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: Cash Flows Worksheet
Method(s) of Assessment: Cash Flows Worksheet
Method(s) of Collection: Cash Flows Worksheet
Method(s) of Analysis: Graded Cash Flows Worksheet
Resources Needed: Cash Flows.pdf
Lesson Plan 8 Title: Stakeholders
Desired Learning Outcome: The student will summarize who the stakeholders and how accounting
affects the stakeholders with a minimum of 70 percent accuracy.
(Bloom’s Evaluation, DOK 2)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: In Class Worksheet
Method(s) of Assessment: In Class Worksheet
Method(s) of Collection: In Class Worksheet
Method(s) of Analysis: Graded In Class Worksheet
Resources Needed: FinancialAccounting.pdf
Lesson Plan 9 Title: Difference of Financial and Managerial Accounting
Desired Learning Outcome: The student will contrast differences of financial and managerial
accounting using a minimum of three examples. (Bloom’s Evaluation,
DOK 3)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: In Class Worksheet
Method(s) of Assessment: In Class Worksheet
Method(s) of Collection: In Class Worksheet
Method(s) of Analysis: Graded Class Worksheet
Resources Needed: FinancialAccounting.pdf/ AccountingPrinciplesPretest.pdf
Lesson Plan 10 Title: Overview of Financial Accounting/ Exam Day
Desired Learning Outcome: The student will recall information from the unit on financial accounting
and apply concepts in accordance with generally accepted accounting
principles with a minimum of 70 percent accuracy. (Bloom’s Knowledge,
DOK 1)
College and Career Readiness Standard Alignment: Mississippi Department of Education Office of
Curriculum and Instruction, Business and Technology BTE Framework (August 2014)
National Standards Alignment: Accounting Fundamentals, Principles 1
Evidence to be Collected: Summative Assessment
Method(s) of Assessment: Summative Assessment
Method(s) of Collection: Summative Assessment Exam
Method(s) of Analysis: Graded Summative Assessment
Resources Needed: AccountingPrinciplesSummativeAssessment.pdf
Name____________________________________ Class Period ________
MULTIPLE CHOICE – 2 Points Each
Circle the correct answer choice. (There is only ONE correct answer)
1. The financial statement that reports the revenues and expenses for a period of time such as
a year or a month is the:
A. Balance Sheet
B. Statement of Cash Flows
C. Income Statement
D. Year End Expenses
2. Which term is associated with “left” or “left-side”?
A. Debit
B. Credit
C. Reversal
D. T-Table
3. Which term is associated with “right” or “right-side”a?
A. Debit
B. Credit
C. Reversal
D. T-Table
4. What will usually cause an asset account to increase?
A. Credit B. Debit C. Revenue D. Expense
5. What does GAAP stand for?
A. Governed American Association of People
B. Generally Audit Accounting Principles
C. Generally Accepted Accounting Principles
D. Geographical Annual Accounts Paid
6. _________lend financial resources to businesses
A. Lendors
B. Business prospers
C. Investors
D. Creditors
7. The rules of argument for accounting used in the United States are called
A. GAAP B. FASB C. Measurement Discipline D. Accrual Accounting
8. _______ explains how a company obtained and used cash during the accounting period (usually one
year).
A. financing activities
B. investing activities
C. horizontal statements
D. Statement of Cash Flows
9. The parties that are interested in operations of an organization:
A. Users
B. Stakeholders
C. Creditors
D. Suppliers
10. The statement that lists the assets and the corresponding claims on those assets
A. Balance Sheet
B. Statement of Cash Flows
C. Permanent Accounts
D. Operating Statement
11. How do revenues affect the income statement?
A. Increases Assets
B. Decreases Equity
C. Increases Equity
D. Decreases Assets
12. How do expenses affect the accounting equation?
A. Increases Assets
B. Decreases Equity
C. Increases Equity
D. Decreases Assets
13. Obligations (amounts owed) are reported on the balance sheet and are referred to as ___________.
A. Liabilities
B. Equity
C. Expenses
D. Revenues
14. Entries to revenue accounts such as Service Revenues are usually:
A. Liabilities
B. Debits
C. Credits
D. Equities
15. What term is used to describe creditors’ claims on the assets of a business?
A. Liabilities
B. Debits
C. Credits
D. Equities
16. Which of the following is NOT a source of assets?
A. Investments by owners
B. Borrowing from Creditors
C. Earning activities
D. Operating expenses
For Questions 17-20, identify whether the effects on financial statements are financing, operating,
investing, or budgeting activites. HINT: Statement of Cash Flows
Transcations for 20X1:
17. Acquired $60,000 cash from the owner to begin operations
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
18. Paid expenses amounting to $70,000
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
19. Purchased land for $40,000 Cash
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
20. Provided services to its customers and received $3,000
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
Write True (T) or False (F) for Each Question/Statement in the Answer Blank. (1 pt each)
21. ________ Accounting information that is designed to satisfy the needs of resource owners is called
financial accounting.
22. ________ Managerial accounting provides information that is useful in operating an organization.
23. ________ The customary length of the accounting period is 2 years.
24. ________ The income statement measures the difference between the asset increases and the asset
Decreases associated with running the business.
25. ________ The sources of cash are called outflows.
26. ________ The uses of cash are known as cash outflows.
27. ________ Investing Activities include cash received or spent by the business on productive assets
and investments in the debt or equity of other companies.
28.________ The arrangement of a full set of financial statements on a single page with account titles
arranged from the top to the bottom of the page is the vertical statements model.
29. ________ The simultaneous display of a set of financial statements are called transactions.
30. ________ Liquidity is the ability to convert assets to cash.
Match each definition with the correct term by writing answer in the blank provided. (2 points each)
____31. A service-based profession that provides reliable and relevant financial information useful in making decisions ____32. An economic resource used by a business for the production of revenue ____33. The owners’ and creditors’ interests in a business’s assets ____34. The Rules and regulations that accountants agree to follow when preparing financial reports to public distribution ____35. The ability to convert assets to cash ____36. The added value created in transforming resources into more desirable states ____37. Assets used in the process of generating revenues ____38. Accounts that are temporary in nature ____39. Balance sheet accounts which have a Continuing nature ____40. The Right Side of an equation
A. GAAP
B. Accounting
C. Liquidity
D. Asset
E. Nominal Accounts
F. Income
G. Credit
H. Expenses
I. .Permanent Accounts
J. Claims
Short answer. Fill in the blank on questions 41-42. (5 pts each)
41. The most basic form of the accounting equation is ____________ = ____________.
42. Liabilities often have the word ____________ in their account title.
Essay. (20 Pts)
43. In an essay using all applicable information from the lessons on accounting principles, describe why accounting is called the language of the business. Include how it is useful and who has interests in accounting. Provide at least two examples of how someone can use accounting. (Day 2- Accounting Principles)
Your essay must include a minimum of 250 words.
Criterion: Ability to use financial accounting principles and know who benefits from using
accounting and how accounting is used every day.
Indicator 1: The student develops a well written essay using a minimum of 250 words.
Level : 1
Student creates a
solid paper with no
errors and uses 250
plus words
Level: 2
Student creates a
paper with few
errors and used
200 words (the
least amount of
errors produce the
greatest amount of
points)
Level: 3`
Student creates a paper
with several errors and
less than 150 words(the
more errors, the fewer
amount of points given)
Level: 4
Student creates a paper that is
unacceptable at a college level
(too many errors, grammatical
errors, wrong format, not
enough examples)
5 4 3 2 1 0
Points received for Indicator 1: ____________
Indicator 2: The student will provide examples of the use of accounting.
Level : 1
Student discussed a
minimum of two
uses of accounting
with 250 or more
words
Level: 2
Student only
discussed two uses
of accounting with
at least 200 words
Level: 3
Student discussed only
one use of accounting
Level: 4
Student did not list an example
of the use of accounting
5 4 3 2 1 0
Points received for Indicator 2: ____________
Indicator 3: The student discussed why accounting is called the language of the business
Level : 1
Student provided a
strong connection
and references to
the text
Level: 2
Student provided a
minimal
connection and
referenced text
Level: 3`
Student did not provide
a connection but used
some text reference
Level: 4
Student provided information
which was not used in the text
and not related or connected
5 4 3 2 1 0
Points received for Indicator 3: ____________
Indicator 4: The student develops a well written conclusion using examples from accounting lessons.
Level : 1
Student provided a
strong conclusion
and referenced
previously
discussed topics
Level: 2
Student provided a
conclusion that
was not strong and
did not summarize
previous discussed
points
Level: 3`
Student provided a
conclusion that was
weak and did not
reference any previously
discussed points
Level: 4
Student provided a very weak
and non-coherent conclusion
5 4 3 2 1 0
Points received for Indicator 4 : ____________
ANSWER KEY
MULTIPLE CHOICE – 2 Points Each
Circle the correct answer choice. (There is only ONE correct answer)
1. The financial statement that reports the revenues and expenses for a period of time such as
a year or a month is the: (Day 6 Objective 1- Income Statement)
A. Balance Sheet
B. Statement of Cash Flows
C. Income Statement
D. Year End Expenses
2. Which term is associated with “left” or “left-side”? (Day 3- Debits)
A. Debit
B. Credit
C. Reversal
D. T-Table
3. Which term is associated with “right” or “right-side”? (Day 4- Credits)
A. Debit
B. Credit
C. Reversal
D. T-Table
4. What will usually cause an asset account to increase? (Day 3- Understanding Debits)
A. Credit B. Debit C. Revenue D. Expense
5. What does GAAP stand for? (Day 2- Accounting Principles)
A. Governed American Association of People
B. Generally Audit Accounting Principles
C. Generally Accepted Accounting Principles
D. Geographical Annual Accounts Paid
6. _________lend financial resources to businesses (Day 1 Principles)
A. Lendors
B. Business prospers
C. Investors
D. Creditors
7. The rules of argument for accounting used in the United States are called (Day 1 Principles)
A. GAAP B. FASB C. Measurement Discipline D. Accrual Accounting
8. _______ explains how a company obtained and used cash during the accounting period (usually one
year). ( Day 7 Cash Flows)
A. financing activities
B. investing activities
C. horizontal statements
D. Statement of Cash Flows
9. The parties that are interested in operations of an organization: (Day 8-Stakeholders)
A. Users
B. Stakeholders
C. Creditors
D. Suppliers
10. The statement that lists the assets and the corresponding claims on those assets (Day 5 Balance
Sheet)
A. Balance Sheet
B. Statement of Cash Flows
C. Permanent Accounts
D. Operating Statement
11. How do revenues affect the income statement? (Day 6 Objective 1- Income Statement)
A. Increases Assets
B. Decreases Equity
C. Increases Equity
D. Decreases Assets
12. How do expenses affect the accounting equation? (Day 6 Objective 1- Income Statement)
A. Increases Assets
B. Decreases Equity
C. Increases Equity
D. Decreases Assets
13. Obligations (amounts owed) are reported on the balance sheet and are referred to as ___________.
(Day 5 Balance Sheet)
A. Liabilities
B. Equity
C. Expenses
D. Revenues
14. Entries to revenue accounts such as Service Revenues are usually: (Day 4- Credits)
A. Liabilities
B. Debits
C. Credits
D. Equities
15. What term is used to describe creditors’ claims on the assets of a business? ( Day 1 Principles)
A. Liabilities
B. Debits
C. Credits
D. Equities
16. Which of the following is NOT a source of assets? (Day 7 Cash Flows)
A. Investments by owners
B. Borrowing from Creditors
C. Earning activities
D. Operating expenses
For Questions 17-20, identify whether the effects on financial statements are financing, operating,
investing, or budgeting activites. HINT: Statement of Cash Flows
Transcations for 20X1:
17. Acquired $60,000 cash from the owner to begin operations (Day 7 Cash Flows)
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
18. Paid expenses amounting to $70,000 (Day 7 Cash Flows)
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
19. Purchased land for $40,000 Cash (Day 7 Cash Flows)
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
20. Provided services to its customers and received $3,000 (Day 7 Cash Flows)
A. Financing Activity
B. Operating Activity
C. Investing Activity
D. Budgeting Activity
Write True (T) or False (F) for Each Question/Statement in the Answer Blank. (1 pt each)
21. _____T___ Accounting information that is designed to satisfy the needs of resource owners is called
financial accounting. (Day 2- Accounting Principles)
22. ____T____ Managerial accounting provides information that is useful in operating an organization.
(Day 9 Financial/Managerial Accounting)
23. ____F____ The customary length of the accounting period is 2 years. (Day 6 Objective 1- Income
Statement)
24. _____T___ The income statement measures the difference between the asset increases and the
asset decreases associated with running the business. (Day 6 Objective 1- Income Statement)
25. ____F___ The sources of cash are called outflows. (Day 7 Cash Flows)
26. ___T____ The uses of cash are known as cash outflows. (Day 7 Cash Flows)
27. ____T___ Investing Activities include cash received or spent by the business on productive assets
and investments in the debt or equity of other companies. (Day 7 Cash Flows)
28.____T___ The arrangement of a full set of financial statements on a single page with account titles
arranged from the top to the bottom of the page is the vertical statements model.
( Day 1 Principles)
29. ____F___ The simultaneous display of a set of financial statements are called transactions.
( Day 1 Principles)
30. _____T__ Liquidity is the ability to convert assets to cash.
( Day 1 Principles)
Match each definition with the correct term. (2 points each)
___B_31. A service-based profession that provides reliable and relevant financial information useful in making decisions ( Day 1 Principles) ___D_32. An economic resource used by a business for the production of revenue
( Day 1 Principles) ___J_33. The owners’ and creditors’ interests in a business’s assets
( Day 1 Principles) __A_34. The Rules and regulations that accountants agree to follow when preparing financial reports to public distribution ( Day 1 Principles) __C_35. The ability to convert assets to cash (Day 7 Cash Flows) __F__36. The added value created in transforming resources into more desirable states (Day 6 Objective 1- Income Statement) __H__37. Assets used in the process of generating revenues (Day 6 Objective 1- Income Statement) __E__38. Accounts that are temporary in nature (Day 2 Nominal Accounts) ___I_39. Balance sheet accounts which have a Continuing nature (Day 2 Nominal Accounts) __J__40. The Right Side of an equation (Day 1 Principles)
A. GAAP
B. Accounting
C. Liquidity
D. Asset
E. Nominal Accounts
F. Income
G. Credit
H. Expenses
I. .Permanent Accounts
J. Claims
Short answer. Fill in the blank on questions 41-42. (5 pts each)
41. The most basic form of the accounting equation is _____assets_______ = _______claims_____.
(Day 1- Principles)
42. Liabilities often have the word ____payable________ in their account title.
(Day 4- Credits)
Essay. (20 Pts)
43. In an essay using all applicable information from the lessons on accounting principles, describe why accounting is called the language of the business. Include how it is useful and who has interests in accounting. Provide at least two examples of how someone can use accounting. (Day 2- Accounting Principles)
Your essay must include a minimum of 250 words.
Short Answer Rubrics
Question 41: The student knows the basic accounting equation.
Level: 1 Student answered both blanks
correctly.
Level: 2 Student answered one
blank.
Level: 3 Student did not answer question
at all.
5 2.5 0
Question 42: The student knows what liabilities are.
Level : 1 Student answers
question correctly
Level: 4 Student does not answer
question correctly.
5 0
Financial Accounting Principles- Essay Scoring Rubrics
Criterion: Ability to use financial accounting principles and know who benefits from using
accounting and how accounting is used every day.
Indicator 1: The student develops a well written essay using a minimum of 250 words.
Level : 1 Student creates a
solid paper with no errors and uses 250
plus words
Level: 2 Student creates a
paper with few errors and used 200 words (the least amount of
errors produce the greatest amount of
points)
Level: 3` Student creates a paper with several errors and less than 150 words(the more errors, the fewer amount of points given)
Level: 4 Student creates a paper that is unacceptable at a college level (too many errors, grammatical
errors, wrong format, not enough examples)
5 4 3 2 1 0
Points received for Indicator 1: ____________
Indicator 2: The student will provide examples of the use of accounting.
Level : 1 Student discussed a
minimum of two uses of accounting with 250 or more
words
Level: 2 Student only
discussed two uses of accounting with at least 200 words
Level: 3 Student discussed only one use of accounting
Level: 4 Student did not list an example
of the use of accounting
5 4 3 2 1 0
Points received for Indicator 2: ____________
Indicator 3: The student discussed why accounting is called the language of the business
Level : 1 Student provided a strong connection and references to
the text
Level: 2 Student provided a
minimal connection and referenced text
Level: 3` Student did not provide a connection but used some text reference
Level: 4 Student provided information which was not used in the text and not related or connected
5 4 3 2 1 0
Points received for Indicator 3: ____________
Indicator 4: The student develops a well written conclusion using examples from accounting lessons.
Level : 1 Student provided a strong conclusion
and referenced previously
discussed topics
Level: 2 Student provided a
conclusion that was not strong and did not summarize previous discussed
points
Level: 3` Student provided a conclusion that was
weak and did not reference any previously
discussed points
Level: 4 Student provided a very weak and non-coherent conclusion
5 4 3 2 1 0
Points received for Indicator 4 : ____________
