Accounting Assignment - You are an Entrepreneur

Points: 280

Assignment 2: You Are an Entrepreneur!

Criteria

Unacceptable

Below 70% F

Fair

70-79% C

Proficient

80-89% B

Exemplary

90-100% A

1. Describe the type of business you have created including:

a. The product or service, and general staffing plan. Provide a rationale for your plan.

b. The form of your business and the benefits it offers your particular business.

c. A chart of accounts specific to your business including a rationale as to the selection of each account.   

Weight: 15%

Did not submit or incompletely described the type of business you have including:

a. The product or service, and general staffing plan. Did not submit or incompletely provided a rationale for your plan.

b. The form of your business and the benefits it offers your particular business.

c. A chart of accounts specific to your business including a rationale as to the selection of each account.  

Partially described the type of business you have including:

a. The product or service, and general staffing plan. Partially provided a rationale for your plan.

b. The form of your business and the benefits it offers your particular business.

c. A chart of accounts specific to your business including a rationale as to the selection of each account.  

Satisfactorily described the type of business you have including:

a. The product or service, and general staffing plan. Satisfactorily provided a rationale for your plan.

b. The form of your business and the benefits it offers your particular business.

c. A chart of accounts specific to your business including a rationale as to the selection of each account.  

Thoroughly described the type of business you have including:

a. The product or service, and general staffing plan. Thoroughly provided a rationale for your plan.

b. The form of your business and the benefits it offers your particular business.

c. A chart of accounts specific to your business including a rationale as to the selection of each account.  

2. Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books and records. Weight: 15%

Did not submit or incompletely analyzed whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Did not suggest or incompletely suggested how you will incorporate any changes into your books and records.

Partially analyzed whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Partially suggested how you will incorporate any changes into your books and records.

Satisfactorily analyzed whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Satisfactorily suggested how you will incorporate any changes into your books and records.

Thoroughly analyzed whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Thoroughly suggested how you will incorporate any changes into your books and records.

3. Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.

Weight: 15%

Did not submit or incompletely prepared a pro forma balance sheet and income statement providing the assumptions made and did not submit or incompletely   supported the valuations assigned.

Partially prepared a pro forma balance sheet and income statement providing the assumptions made and partially supported the valuations assigned.

Satisfactorily prepared a pro forma balance sheet and income statement providing the assumptions made and satisfactorily supported the valuations assigned.

Thoroughly prepared a pro forma balance sheet and income statement providing the assumptions made and thoroughly supported the valuations assigned.

4. Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management.

Weight: 15%

Did not submit or incompletely recommended two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management.

Partially recommended two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management.

Satisfactorily recommended two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management.

Thoroughly recommended two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management.

5. Based on the internal control recommendations that you made, suggest how you will implement each within your business environment, indicating how challenges or resistances will be overcome. 

Weight: 15%

Did not submit or incompletely suggested how you will implement each within your business environment, indicating how challenges or resistances will be overcome. 

Partially suggested how you will implement each within your business environment, indicating how challenges or resistances will be overcome. 

Satisfactorily suggested how you will implement each within your business environment, indicating how challenges or resistances will be overcome. 

Thoroughly suggested how you will implement each within your business environment, indicating how challenges or resistances will be overcome. 

6. Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

Weight: 10%

Did not submit or incompletely evaluated the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

Partially evaluated the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

Satisfactorily evaluated the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

Thoroughly evaluated the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

7. 4 references

Weight: 5%

No references provided

Does not meet the required number of references; some or all references poor quality choices.

Meets number of required references; all references high quality choices.

Exceeds number of required references; all references high quality choices.

8. Clarity, writing mechanics, and formatting requirements

Weight: 10%

More than 6 errors present

5-6 errors present

3-4 errors present

0-2 errors present