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Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 1 Purpose of this Assessment The Accounting Cycle & Transaction Analysis final assessment involves analyzing and recording business transactions via journal entries, posting these journal entries to T-accounts, preparing a trial balance, journalizing and posting adjusting entries, and preparing an adjusted trial balance. In completing these tasks, you will demonstrate an understanding of the accounting cycle, accounting process and accrual concept, double-entry accounting, and the importance of GAAP. Items Required for Submission The item required for submission is a portfolio (titled: Preparing an Adjusted Trial Balance) of accounting cycle steps detailed in the following steps. Step ONE: Analyze and Record Business Transactions Use the information provided in Appendix A (Trial Balance for Purity Inc. and the list of the transactions that occurred during the month of June) to complete the following steps. The diagrams here are for illustration purposes only; use the Excel template to actually record the entries. 1) Journalize the transactions that occurred in June. Do not include explanations. Journal DATE ACCOUNTS POST. REF. Dr. Cr. Jun 1 Competency Name: Accounting Cycle & Transaction Analysis Competency Statement: Demonstrate an understanding of the accounting cycle and the analysis of accounting transactions. Final Assessment Title: Preparing an Adjusted Trial Balance Competency Objectives: 1. Demonstrate an understanding of the accounting process and accrual concept. 2. Demonstrate an understanding of double entry accounting. 3. Demonstrate knowledge of generally accepted accounting principles and practices (GAAP). 4. Demonstrate an understanding of the accounting cycle. 5. Prepare an adjusted trial balance. Program Learning Outcome(s): N/A Institutional Learning Outcome(s): N/A Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 2 2) Open the ledger accounts listed in the trial balance together with their beginning balances at May 31. Use the four-column account format as illustrated below. Enter "Bal" for the May 31 balance in the Item column. Post the journal entries to the ledger, create new ledger accounts as necessary, and omit posting references. Calculate the new account balances at June 30, 2014. Cash DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 3) Prepare the trial balance for Purity Water, Inc., at June 30, 2014. ?? Trial Balance June 30, 2014 ACCOUNT DEBIT CREDIT Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 3 Step TWO: Prepare the Adjusted Trial Balance Use the templates in the Excel document to prepare the unadjusted trial balance for Purity Water, Inc., at June 30. Journalize and post the adjusting entries for June based on the following adjustment information. a) Supplies on hand, $200. b) Depreciation, $100 equipment, $75 furniture, $330 vehicles. c) Services performed but unbilled, $1,900. d) Accrued salaries, $550. DATE ACCOUNTS POST. REF. Dr. Cr. June 30 Prepare an adjusted trial balance for Purity Water, Inc., at the end of June. ?? Adjusted Trial Balance June 30, 2014 ACCOUNT Unadjusted Adjustments Trial Balance DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 4 Step THREE: Understanding GAAP Answer the following questions using two real company examples. Record your responses in the same Excel document you used for Steps ONE and TWO. Why is U.S. GAAP so important to the capital market system in the United States? Use two real company examples in your answer. Why is there a push to accept International Financial Reporting Standards (IFRS) as the universal standards for financial accounting? Use a U.S. company and a non-U.S. company as examples in your answer and describe how they would feel about this move. Step FOUR: Complete Checklist for Submission Before you submit your work, check to see if you have met the criteria noted below. Did you: Clearly and accurately analyze accounting transactions with balanced journal entries? Clearly and accurately analyze T-accounts? Create an accurate and appropriately organized trial balance? Clearly and accurately analyze the transaction for the appropriate adjusting entry? Create an accurate and appropriately organized adjusted trial balance? Clearly and concisely analyze GAAP and tie your explanations to two real world companies? Ensure that each component of your portfolio is clearly constructed, well organized and presented, and facilitates viewer understanding? Do all of your entries contain the correct account titles, amounts, and appropriate debits and credits? Step FIVE: Submit Your Work [Leave this as the last step of the instructions. No changes are necessary to the text below; just delete these instructions.] ● Your completed files should be submitted through the Final Assessment page of your competency. List of Templates/Resources Needed Accounting Cycle & Transaction Analysis – Final Assessment Template o Located in the assessment description Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 5 Scoring Rubric for Final Assessment Criterion EMERGING DEVELOPING PROFICIENT EXEMPLARY Analyzing and recording business transactions via journal entries Poorly analyzes accounting transactions with balanced journal entries. Entries almost never use the correct account titles, amounts, debits, and credits. Partially analyzes the accounting transactions with balanced journal entries. Rarely entries use the correct amount titles, amounts, debits, and credits. Accurately analyzes accounting transactions with balanced journal entries. Usually entries use the correct account titles, amounts, and appropriate debits and credits. Clearly and accurately analyzes accounting transactions with balanced journal entries. Almost all entries use the correct account titles, amounts, and appropriate debits and credits. Posting journal entries to ledger accounts Creates inaccurate and disorganized ledger balances. Entries almost never use the correct account titles, amounts, and debits and credits. Partially presented an appropriately organized ledger balances. Rarely entries uses the correct account titles, amounts, and debits and credits. Accurately presents the ledger balances. Usually entries use the correct account titles, amounts, and appropriate debits and credits. Clearly and accurately presents the ledger balances. Almost all entries use the correct account titles, amounts, and appropriate debits and credits. Preparing a trial balance Creates an inaccurate and disorganized trial balance. Entries almost never use the correct account titles, amounts, and debits and credits. Creates a partially appropriately organized trial balance. Rarely entries use the correct account titles, amounts, and appropriate debits and credits. Creates an accurate and appropriately organized trial balance. Usually entries use the correct account titles, amounts, and appropriate debits and credits. Creates an accurate and appropriately organized trial balance. Almost all entries use the correct account titles, amounts, and appropriate debits and credits. Journalizing and posting adjusting entries Does not appropriately analyze the transaction for the appropriate adjusting entry. Entries almost never use the correct account titles, amounts, and debits and credits. Partially analyzes the transaction for the appropriate adjusting entry. Rarely entries use the correct account titles, amounts, and appropriate debits and credits. Somewhat analyzes the transaction for the appropriate adjusting entry. Usually entries use the correct account titles, amounts, and appropriate debits and credits. Clearly and accurately analyzes the transactions for the appropriate adjusting entries. Almost all entries use the correct account titles, amounts, and appropriate debits and credits. Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric 6 Preparing an adjusted trial balance Does not create an accurate and appropriately organized adjusted trial balance. Entries almost never use the correct account titles, amounts, and debits and credits. Creates an appropriately organized adjusted trial balance. Rarely entries use the correct account titles, amounts, and appropriate debits and credits. Creates an accurate and appropriately organized adjusted trial balance. Usually entries use the correct account titles, amounts, and appropriate debits and credits. Creates an accurate and appropriately organized adjusted trial balance. Almost all entries use the correct account titles, amounts, and appropriate debits and credits. Understanding GAAP Poorly analyzes GAAP and IFRS and does not tie explanations to two real- world companies. Partially analyzes GAAP and IFRS and ties explanations to two real world companies. Adequately analyzes GAAP and IFRS and ties explanations to two real- world companies. Clearly and concisely analyzes GAAP and IFRS and ties explanations to two real- world companies. Presentation Each component of the portfolio is not clearly constructed, organized, and/or presented. Each component of the portfolio is partially constructed and organized and presented well. Each component of the portfolio is mostly clearly constructed,