7-1 Final Project Part I Submission: Final Workbook Reflect in ePortfolio

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ACC 307 Final Project Part I Guidelines and Rubric

Overview The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adj ustment computations. Additionally, external users rely on ratio analyses to draw informed conclusions about a company’s financial health. This information often will factor heavily into their investment and lending decisions. In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials o f the same company and create a report documenting your findings. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Six. Final Project Part I will be submitted in Module Seven; Final Project Part II is due in Module Eight. In this assignment, you will demonstrate your mastery of the following course competencies:

• ACC-307-01: Demonstrate the year-end adjustment process in the preparation of a business’s financial documentation

• ACC-307-03: Apply generally accepted accounting principles in preparing financial statements

Prompt Review the Final Project Scenario document for information about the financial background of your hypothetical company. Use the provided workbook to complete Part I of your final project. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).

I. Part I: Final Project Workbook A. Demonstrate the year-end adjustment process:

1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01] 2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-307-

01] 3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01] 4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01]

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B. Prepare the financial statements: 1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03] 2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03] 3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03]

Milestones Milestone One: Partial Workbook In Module Three, you will submit the first part of your final project workbook, including the adjusting entries, adjusted trial balance, closing entries, and income statement. This milestone will be graded with the Milestone One Rubric. Milestone Two: Completed Workbook In Module Five, you will submit the second part of your final project workbook, including the statement of retained earnings and the balance sheet. This milestone will be graded with the Milestone Two Rubric. Final Project Part I Submission: Final Workbook In Module Seven, you will submit the first part of your final project, which is the final version of the project workbook. It should be a complete, polished artifact containing all of the critical elements of Final Project Part I. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Part I Rubric.

Final Project Part I Rubric Guidelines for Submission: All tabs should be completed in your final workbook submission.

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Year-End Adjustment Process: Adjusting

Journal entries [ACC-307-01]

Accurately prepares all adjusting entries (100%)

Prepares adjusting entries, but there are gaps or inaccuracies (55%)

Does not prepare adjusting entries (0%)

12.25

Year-End Adjustment Process: Transfer

[ACC-307-01]

Meets “Proficient” criteria and all values are accurate based on the provided data (100%)

Transfers values from their Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab based on the values from the previous step (85%)

Transfers values to the Adjusting Entries columns in the Worksheet tab, but there are gaps or inaccuracies (55%)

Does not transfer values to the Adjusting Entries columns in the Worksheet tab (0%)

12.25

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Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Year-End Adjustment Process: Adjusted

Trial Balance [ACC-307-01]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the adjusted trial balance based on the values from the previous step (85%)

Prepares the adjusted trial balance, but there are gaps or inaccuracies (55%)

Does not prepare the adjusted trial balance (0%)

12.25

Year-End Adjustment Process: Closing

Entries [ACC-307-01]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares all closing entries based on the values from the previous step (85%)

Prepares closing entries, but there are gaps or inaccuracies (55%)

Does not prepare closing entries (0%)

12.25

Financial Statements: Income

Statement [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the income statement based on the values from the previous step (85%)

Prepares the income statement, but there are gaps or inaccuracies (55%)

Does not prepare the income statement (0%)

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Financial Statements: Statement of

Retained Earnings [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the statement of retained earnings based on the values from the previous step (85%)

Prepares statement of retained earnings, but there are gaps or inaccuracies (55%)

Does not prepare statement of retained earnings (0%)

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Financial Statements: Balance

Sheet [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the balance sheet based on the values from the previous step (85%)

Prepares the balance sheet, but there are gaps or inaccuracies (55%)

Does not prepare the balance sheet (0%)

17

Total 100%