FINANCIAL ACCOUNTING PRACTICE (BBAC301)
Group Assessment
–(2 Students per group)
DUE Session
5.2 – Week 5
Learning
Outcome Assessed: a – d
Weighting: 25%
Eric Chan operates cleaning and gardening
business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The
following transactions occurred in the month of June. Ignore GST.
June 1 Eric purchased a car for the
business for a total cost of $60,000. The useful life was expected to be 12
years with a residual value of $3,000.Insurance for the
car was also purchased for $12,000 p.a.
1 Eric
signed a lease agreement to lease a suitable storage shed for a monthly rental
of $12,000. Rent for 4 months was paid in advance. He also hired an assistant
to help him with cleaning and lawn mowing tasks.
2 The
business purchased equipment for a total cost of $180,250. A deposit of $40,000
was paid immediately and the balance was to be paid in 30 days. The equipment
was expected to have a useful life of 7 years.
3 Purchased
washing supplies for $4,800 cash. Purchased fuel and oil supplies for cash
$7,900.
4 Signed
a contract with Gulshan Advertiser Newspaper for 12 weeks of advertisements in
its weekly newspaper. The business paid $9,600 in advance for these
advertisements.
6 Received
cash of $800 and $13,500 from clients for cleaning and law mowing services
respectively.
8 Signed
a contract with a new client to provide cleaning services for a monthly fee of
$20,000. The client paid for 3 months’ service in advance.
13 Received
cash of $14,000 for lawn mowing services provided to clients during the past
week.
14 Paid
the assistant wages of $8,200 for services provided to the business during the
past fortnight.
21 Earned
$7,300 for cleaning services from clients and $12,700 for lawn mowing during
the past week. All money was received in cash except for one client for
cleaning services, who arranged to pay the business $3,000 in 3 weeks’ time for
service rendered.
28 Received
in cash the sum of $8,000 for cleaning services provided to clients and $11,500
for lawn mowing and gardening services provided during the past week.
29 Paid
the assistant $7,600 for services provided to the business during the past
fortnight.
30 Eric
withdrew $20,000 in cash from the business in order to pay for essential
provisions for his family.
Additional information to consider:
1. Cleaning services of $2,500 had been rendered
to clients on 29 June but the invoice to bill these clients had not been
prepared.
2. Four weeks of advertisements had appeared in
the newspaper up to 30 June.
3. The business had provided cleaning services to
its new client for 3 weeks of the first month (assumed to be 4 weeks long).
4. A physical count showed that only $1,200 of
washing supplies and $3,400 of fuel and oil supplies were still on hand.
5. Wages owing to the assistant on 30 June
amounted to $2,800.
Required:
A. Prepare journal entries to record the June 2015 transactions for the business
and post these journal entries to suitable T accounts.
Marks
6
B. Prepare an unadjusted trial balance as at 30
June 2015 Marks 2
C. Prepare a 10-column work sheet for the month
ended 30 June 2015 considering all additional information and any other
adjustments necessary. Marks 6
D. Prepare the income statement, the statement of
changes in equity and the balance sheet as at 30 June 2015. Marks 4
E. Prepare closing entry and the suitable
reversing entry Marks 3
F. Comment on the financial position of the
business based on your prepared financial statements. Marks 4
Assignment
Marking Criteria
The following assignment criteria are designed
to give the student a guide as to what markers are looking for in the
assignment:
Requirements A
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal and Ledger Account
6.0 All data are presented & calculated
successfully in the journal as per required by GAAP and posted it to related
ledger accounts.
4.0 Most data are presented & calculated
successfully in the journal as per GAAP and posted it to related ledger
accounts.
2.0 Few data are presented & calculated
successfully in the Journal as per GAAP posted it to related ledger accounts.
1.0 Very Few data are presented & calculated
successfully in the Journal as per GAAP and posted it to related ledger
accounts.
0.0 No attempt was made to present &
calculated successfully in the Journal as per GAAP and posted it to related
ledger accounts.
Requirement B
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in the trial balance
2.0All accurate account balances are transferred
to the right part of the trial balance and the both parts of the trial
balance agree.
1.0Most accurate account balances are
transferred to the right part of the trial balance and the both parts of the
trial balance agree.
0.50 Few accurate account balances are
transferred to the right part of the trial balance and the trial balance does
not agree.
0.0 No attempt was made to prepare the trial
balance.
Requirement C
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in worksheet
6.0 All adjustments are presented &
calculated successfully,accurate profit or loss is calculated by transferring
income and expenses and balance sheet is prepared in the worksheet.
4.0 Most adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
3.0 Few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
1.0Very few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
0.0 No attempt was made to do the adjustments
and prepare income statement and balance sheet in the worksheet.
Requirement D
Evidence of analytical skills of identifying,
calculating, organizing and presenting
financial data in the financial statements
4.0 All data are presented & calculated
successfully in the Financial Statements
3.0 Most data are presented & calculated
successfully in the Financial Statements.
2.0 Few data are presented & calculated
successfully in the Financial Statements.
1.0 Very Few data are presented & calculated
successfully in the Financial Statements.
0.0 No attempt was made to present &
calculated successfully in the Financial Statements.
Requirement E
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal for closing and reversing entry
3.0All data are presented & calculated
successfully in the journal as per required by GAAP.
2.0Most data are presented & calculated
successfully in the journal as per required by GAAP.
1.0Few data are presented & calculated
successfully in the journal as per required by GAAP.
0.0No attempt was made to present &
calculate successfully in the journal as per required by GAAP.
Requirement F
Apply analytical skills of initiating and
conducting research; thinking; identifying and managing information and
presentation.
6.0 This assessment shows a good understanding
of the materials researched and displays excellence in writing style and
presentation
5.0 This assessment shows some evidence of
understanding the materials researched and adequately presented
4.0 This assessment shows some evidence of
understanding the materials researched and has some problems with
presentation style
3.0 This assessment shows few evidence of
understanding the materials researched and has some problems with
presentation style
2.0 This assessment shows few evidence of
understanding the materials researched and has major problems with
presentation style
1.0 Little evidence of understanding and major
problems in presentation style
0.0 No evidence of any research of understanding
the concepts.
Reference:
Hoggett, J., Medlin, J., Edwards, L., Tilling,
M. and Hogg, E. (2012). Accounting.8th
Edition, John Wiley & Sons Australia, Ltd., pp224-225.
FINANCIAL ACCOUNTING PRACTICE (BBAC301)
Group Assessment
–(2 Students per group)
DUE Session
5.2 – Week 5
Learning
Outcome Assessed: a – d
Weighting: 25%
Eric Chan operates cleaning and gardening
business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The
following transactions occurred in the month of June. Ignore GST.
June 1 Eric purchased a car for the
business for a total cost of $60,000. The useful life was expected to be 12
years with a residual value of $3,000.Insurance for the
car was also purchased for $12,000 p.a.
1 Eric
signed a lease agreement to lease a suitable storage shed for a monthly rental
of $12,000. Rent for 4 months was paid in advance. He also hired an assistant
to help him with cleaning and lawn mowing tasks.
2 The
business purchased equipment for a total cost of $180,250. A deposit of $40,000
was paid immediately and the balance was to be paid in 30 days. The equipment
was expected to have a useful life of 7 years.
3 Purchased
washing supplies for $4,800 cash. Purchased fuel and oil supplies for cash
$7,900.
4 Signed
a contract with Gulshan Advertiser Newspaper for 12 weeks of advertisements in
its weekly newspaper. The business paid $9,600 in advance for these
advertisements.
6 Received
cash of $800 and $13,500 from clients for cleaning and law mowing services
respectively.
8 Signed
a contract with a new client to provide cleaning services for a monthly fee of
$20,000. The client paid for 3 months’ service in advance.
13 Received
cash of $14,000 for lawn mowing services provided to clients during the past
week.
14 Paid
the assistant wages of $8,200 for services provided to the business during the
past fortnight.
21 Earned
$7,300 for cleaning services from clients and $12,700 for lawn mowing during
the past week. All money was received in cash except for one client for
cleaning services, who arranged to pay the business $3,000 in 3 weeks’ time for
service rendered.
28 Received
in cash the sum of $8,000 for cleaning services provided to clients and $11,500
for lawn mowing and gardening services provided during the past week.
29 Paid
the assistant $7,600 for services provided to the business during the past
fortnight.
30 Eric
withdrew $20,000 in cash from the business in order to pay for essential
provisions for his family.
Additional information to consider:
1. Cleaning services of $2,500 had been rendered
to clients on 29 June but the invoice to bill these clients had not been
prepared.
2. Four weeks of advertisements had appeared in
the newspaper up to 30 June.
3. The business had provided cleaning services to
its new client for 3 weeks of the first month (assumed to be 4 weeks long).
4. A physical count showed that only $1,200 of
washing supplies and $3,400 of fuel and oil supplies were still on hand.
5. Wages owing to the assistant on 30 June
amounted to $2,800.
Required:
A. Prepare journal entries to record the June 2015 transactions for the business
and post these journal entries to suitable T accounts.
Marks
6
B. Prepare an unadjusted trial balance as at 30
June 2015 Marks 2
C. Prepare a 10-column work sheet for the month
ended 30 June 2015 considering all additional information and any other
adjustments necessary. Marks 6
D. Prepare the income statement, the statement of
changes in equity and the balance sheet as at 30 June 2015. Marks 4
E. Prepare closing entry and the suitable
reversing entry Marks 3
F. Comment on the financial position of the
business based on your prepared financial statements. Marks 4
Assignment
Marking Criteria
The following assignment criteria are designed
to give the student a guide as to what markers are looking for in the
assignment:
Requirements A
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal and Ledger Account
6.0 All data are presented & calculated
successfully in the journal as per required by GAAP and posted it to related
ledger accounts.
4.0 Most data are presented & calculated
successfully in the journal as per GAAP and posted it to related ledger
accounts.
2.0 Few data are presented & calculated
successfully in the Journal as per GAAP posted it to related ledger accounts.
1.0 Very Few data are presented & calculated
successfully in the Journal as per GAAP and posted it to related ledger
accounts.
0.0 No attempt was made to present &
calculated successfully in the Journal as per GAAP and posted it to related
ledger accounts.
Requirement B
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in the trial balance
2.0All accurate account balances are transferred
to the right part of the trial balance and the both parts of the trial
balance agree.
1.0Most accurate account balances are
transferred to the right part of the trial balance and the both parts of the
trial balance agree.
0.50 Few accurate account balances are
transferred to the right part of the trial balance and the trial balance does
not agree.
0.0 No attempt was made to prepare the trial
balance.
Requirement C
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in worksheet
6.0 All adjustments are presented &
calculated successfully,accurate profit or loss is calculated by transferring
income and expenses and balance sheet is prepared in the worksheet.
4.0 Most adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
3.0 Few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
1.0Very few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
0.0 No attempt was made to do the adjustments
and prepare income statement and balance sheet in the worksheet.
Requirement D
Evidence of analytical skills of identifying,
calculating, organizing and presenting
financial data in the financial statements
4.0 All data are presented & calculated
successfully in the Financial Statements
3.0 Most data are presented & calculated
successfully in the Financial Statements.
2.0 Few data are presented & calculated
successfully in the Financial Statements.
1.0 Very Few data are presented & calculated
successfully in the Financial Statements.
0.0 No attempt was made to present &
calculated successfully in the Financial Statements.
Requirement E
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal for closing and reversing entry
3.0All data are presented & calculated
successfully in the journal as per required by GAAP.
2.0Most data are presented & calculated
successfully in the journal as per required by GAAP.
1.0Few data are presented & calculated
successfully in the journal as per required by GAAP.
0.0No attempt was made to present &
calculate successfully in the journal as per required by GAAP.
Requirement F
Apply analytical skills of initiating and
conducting research; thinking; identifying and managing information and
presentation.
6.0 This assessment shows a good understanding
of the materials researched and displays excellence in writing style and
presentation
5.0 This assessment shows some evidence of
understanding the materials researched and adequately presented
4.0 This assessment shows some evidence of
understanding the materials researched and has some problems with
presentation style
3.0 This assessment shows few evidence of
understanding the materials researched and has some problems with
presentation style
2.0 This assessment shows few evidence of
understanding the materials researched and has major problems with
presentation style
1.0 Little evidence of understanding and major
problems in presentation style
0.0 No evidence of any research of understanding
the concepts.
Reference:
Hoggett, J., Medlin, J., Edwards, L., Tilling,
M. and Hogg, E. (2012). Accounting.8th
Edition, John Wiley & Sons Australia, Ltd., pp224-225.
FINANCIAL ACCOUNTING PRACTICE (BBAC301)
Group Assessment
–(2 Students per group)
DUE Session
5.2 – Week 5
Learning
Outcome Assessed: a – d
Weighting: 25%
Eric Chan operates cleaning and gardening
business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The
following transactions occurred in the month of June. Ignore GST.
June 1 Eric purchased a car for the
business for a total cost of $60,000. The useful life was expected to be 12
years with a residual value of $3,000.Insurance for the
car was also purchased for $12,000 p.a.
1 Eric
signed a lease agreement to lease a suitable storage shed for a monthly rental
of $12,000. Rent for 4 months was paid in advance. He also hired an assistant
to help him with cleaning and lawn mowing tasks.
2 The
business purchased equipment for a total cost of $180,250. A deposit of $40,000
was paid immediately and the balance was to be paid in 30 days. The equipment
was expected to have a useful life of 7 years.
3 Purchased
washing supplies for $4,800 cash. Purchased fuel and oil supplies for cash
$7,900.
4 Signed
a contract with Gulshan Advertiser Newspaper for 12 weeks of advertisements in
its weekly newspaper. The business paid $9,600 in advance for these
advertisements.
6 Received
cash of $800 and $13,500 from clients for cleaning and law mowing services
respectively.
8 Signed
a contract with a new client to provide cleaning services for a monthly fee of
$20,000. The client paid for 3 months’ service in advance.
13 Received
cash of $14,000 for lawn mowing services provided to clients during the past
week.
14 Paid
the assistant wages of $8,200 for services provided to the business during the
past fortnight.
21 Earned
$7,300 for cleaning services from clients and $12,700 for lawn mowing during
the past week. All money was received in cash except for one client for
cleaning services, who arranged to pay the business $3,000 in 3 weeks’ time for
service rendered.
28 Received
in cash the sum of $8,000 for cleaning services provided to clients and $11,500
for lawn mowing and gardening services provided during the past week.
29 Paid
the assistant $7,600 for services provided to the business during the past
fortnight.
30 Eric
withdrew $20,000 in cash from the business in order to pay for essential
provisions for his family.
Additional information to consider:
1. Cleaning services of $2,500 had been rendered
to clients on 29 June but the invoice to bill these clients had not been
prepared.
2. Four weeks of advertisements had appeared in
the newspaper up to 30 June.
3. The business had provided cleaning services to
its new client for 3 weeks of the first month (assumed to be 4 weeks long).
4. A physical count showed that only $1,200 of
washing supplies and $3,400 of fuel and oil supplies were still on hand.
5. Wages owing to the assistant on 30 June
amounted to $2,800.
Required:
A. Prepare journal entries to record the June 2015 transactions for the business
and post these journal entries to suitable T accounts.
Marks
6
B. Prepare an unadjusted trial balance as at 30
June 2015 Marks 2
C. Prepare a 10-column work sheet for the month
ended 30 June 2015 considering all additional information and any other
adjustments necessary. Marks 6
D. Prepare the income statement, the statement of
changes in equity and the balance sheet as at 30 June 2015. Marks 4
E. Prepare closing entry and the suitable
reversing entry Marks 3
F. Comment on the financial position of the
business based on your prepared financial statements. Marks 4
Assignment
Marking Criteria
The following assignment criteria are designed
to give the student a guide as to what markers are looking for in the
assignment:
Requirements A
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal and Ledger Account
6.0 All data are presented & calculated
successfully in the journal as per required by GAAP and posted it to related
ledger accounts.
4.0 Most data are presented & calculated
successfully in the journal as per GAAP and posted it to related ledger
accounts.
2.0 Few data are presented & calculated
successfully in the Journal as per GAAP posted it to related ledger accounts.
1.0 Very Few data are presented & calculated
successfully in the Journal as per GAAP and posted it to related ledger
accounts.
0.0 No attempt was made to present &
calculated successfully in the Journal as per GAAP and posted it to related
ledger accounts.
Requirement B
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in the trial balance
2.0All accurate account balances are transferred
to the right part of the trial balance and the both parts of the trial
balance agree.
1.0Most accurate account balances are
transferred to the right part of the trial balance and the both parts of the
trial balance agree.
0.50 Few accurate account balances are
transferred to the right part of the trial balance and the trial balance does
not agree.
0.0 No attempt was made to prepare the trial
balance.
Requirement C
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in worksheet
6.0 All adjustments are presented &
calculated successfully,accurate profit or loss is calculated by transferring
income and expenses and balance sheet is prepared in the worksheet.
4.0 Most adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
3.0 Few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
1.0Very few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
0.0 No attempt was made to do the adjustments
and prepare income statement and balance sheet in the worksheet.
Requirement D
Evidence of analytical skills of identifying,
calculating, organizing and presenting
financial data in the financial statements
4.0 All data are presented & calculated
successfully in the Financial Statements
3.0 Most data are presented & calculated
successfully in the Financial Statements.
2.0 Few data are presented & calculated
successfully in the Financial Statements.
1.0 Very Few data are presented & calculated
successfully in the Financial Statements.
0.0 No attempt was made to present &
calculated successfully in the Financial Statements.
Requirement E
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal for closing and reversing entry
3.0All data are presented & calculated
successfully in the journal as per required by GAAP.
2.0Most data are presented & calculated
successfully in the journal as per required by GAAP.
1.0Few data are presented & calculated
successfully in the journal as per required by GAAP.
0.0No attempt was made to present &
calculate successfully in the journal as per required by GAAP.
Requirement F
Apply analytical skills of initiating and
conducting research; thinking; identifying and managing information and
presentation.
6.0 This assessment shows a good understanding
of the materials researched and displays excellence in writing style and
presentation
5.0 This assessment shows some evidence of
understanding the materials researched and adequately presented
4.0 This assessment shows some evidence of
understanding the materials researched and has some problems with
presentation style
3.0 This assessment shows few evidence of
understanding the materials researched and has some problems with
presentation style
2.0 This assessment shows few evidence of
understanding the materials researched and has major problems with
presentation style
1.0 Little evidence of understanding and major
problems in presentation style
0.0 No evidence of any research of understanding
the concepts.
Reference:
Hoggett, J., Medlin, J., Edwards, L., Tilling,
M. and Hogg, E. (2012). Accounting.8th
Edition, John Wiley & Sons Australia, Ltd., pp224-225.
FINANCIAL ACCOUNTING PRACTICE (BBAC301)
Group Assessment
–(2 Students per group)
DUE Session
5.2 – Week 5
Learning
Outcome Assessed: a – d
Weighting: 25%
Eric Chan operates cleaning and gardening
business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The
following transactions occurred in the month of June. Ignore GST.
June 1 Eric purchased a car for the
business for a total cost of $60,000. The useful life was expected to be 12
years with a residual value of $3,000.Insurance for the
car was also purchased for $12,000 p.a.
1 Eric
signed a lease agreement to lease a suitable storage shed for a monthly rental
of $12,000. Rent for 4 months was paid in advance. He also hired an assistant
to help him with cleaning and lawn mowing tasks.
2 The
business purchased equipment for a total cost of $180,250. A deposit of $40,000
was paid immediately and the balance was to be paid in 30 days. The equipment
was expected to have a useful life of 7 years.
3 Purchased
washing supplies for $4,800 cash. Purchased fuel and oil supplies for cash
$7,900.
4 Signed
a contract with Gulshan Advertiser Newspaper for 12 weeks of advertisements in
its weekly newspaper. The business paid $9,600 in advance for these
advertisements.
6 Received
cash of $800 and $13,500 from clients for cleaning and law mowing services
respectively.
8 Signed
a contract with a new client to provide cleaning services for a monthly fee of
$20,000. The client paid for 3 months’ service in advance.
13 Received
cash of $14,000 for lawn mowing services provided to clients during the past
week.
14 Paid
the assistant wages of $8,200 for services provided to the business during the
past fortnight.
21 Earned
$7,300 for cleaning services from clients and $12,700 for lawn mowing during
the past week. All money was received in cash except for one client for
cleaning services, who arranged to pay the business $3,000 in 3 weeks’ time for
service rendered.
28 Received
in cash the sum of $8,000 for cleaning services provided to clients and $11,500
for lawn mowing and gardening services provided during the past week.
29 Paid
the assistant $7,600 for services provided to the business during the past
fortnight.
30 Eric
withdrew $20,000 in cash from the business in order to pay for essential
provisions for his family.
Additional information to consider:
1. Cleaning services of $2,500 had been rendered
to clients on 29 June but the invoice to bill these clients had not been
prepared.
2. Four weeks of advertisements had appeared in
the newspaper up to 30 June.
3. The business had provided cleaning services to
its new client for 3 weeks of the first month (assumed to be 4 weeks long).
4. A physical count showed that only $1,200 of
washing supplies and $3,400 of fuel and oil supplies were still on hand.
5. Wages owing to the assistant on 30 June
amounted to $2,800.
Required:
A. Prepare journal entries to record the June 2015 transactions for the business
and post these journal entries to suitable T accounts.
Marks
6
B. Prepare an unadjusted trial balance as at 30
June 2015 Marks 2
C. Prepare a 10-column work sheet for the month
ended 30 June 2015 considering all additional information and any other
adjustments necessary. Marks 6
D. Prepare the income statement, the statement of
changes in equity and the balance sheet as at 30 June 2015. Marks 4
E. Prepare closing entry and the suitable
reversing entry Marks 3
F. Comment on the financial position of the
business based on your prepared financial statements. Marks 4
Assignment
Marking Criteria
The following assignment criteria are designed
to give the student a guide as to what markers are looking for in the
assignment:
Requirements A
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal and Ledger Account
6.0 All data are presented & calculated
successfully in the journal as per required by GAAP and posted it to related
ledger accounts.
4.0 Most data are presented & calculated
successfully in the journal as per GAAP and posted it to related ledger
accounts.
2.0 Few data are presented & calculated
successfully in the Journal as per GAAP posted it to related ledger accounts.
1.0 Very Few data are presented & calculated
successfully in the Journal as per GAAP and posted it to related ledger
accounts.
0.0 No attempt was made to present &
calculated successfully in the Journal as per GAAP and posted it to related
ledger accounts.
Requirement B
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in the trial balance
2.0All accurate account balances are transferred
to the right part of the trial balance and the both parts of the trial
balance agree.
1.0Most accurate account balances are
transferred to the right part of the trial balance and the both parts of the
trial balance agree.
0.50 Few accurate account balances are
transferred to the right part of the trial balance and the trial balance does
not agree.
0.0 No attempt was made to prepare the trial
balance.
Requirement C
Evidence of analytical skills of identifying,
calculating, organizing and presenting data in worksheet
6.0 All adjustments are presented &
calculated successfully,accurate profit or loss is calculated by transferring
income and expenses and balance sheet is prepared in the worksheet.
4.0 Most adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
3.0 Few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
1.0Very few adjustments are presented &
calculated successfully, however, inaccurate profit or loss is calculated by
transferring income and expenses and balance sheet is prepared in the
worksheet.
0.0 No attempt was made to do the adjustments
and prepare income statement and balance sheet in the worksheet.
Requirement D
Evidence of analytical skills of identifying,
calculating, organizing and presenting
financial data in the financial statements
4.0 All data are presented & calculated
successfully in the Financial Statements
3.0 Most data are presented & calculated
successfully in the Financial Statements.
2.0 Few data are presented & calculated
successfully in the Financial Statements.
1.0 Very Few data are presented & calculated
successfully in the Financial Statements.
0.0 No attempt was made to present &
calculated successfully in the Financial Statements.
Requirement E
Evidence of analytical skills of identifying,
calculating, presenting, organizing and interpreting financial data in the
General Journal for closing and reversing entry
3.0All data are presented & calculated
successfully in the journal as per required by GAAP.
2.0Most data are presented & calculated
successfully in the journal as per required by GAAP.
1.0Few data are presented & calculated
successfully in the journal as per required by GAAP.
0.0No attempt was made to present &
calculate successfully in the journal as per required by GAAP.
Requirement F
Apply analytical skills of initiating and
conducting research; thinking; identifying and managing information and
presentation.
6.0 This assessment shows a good understanding
of the materials researched and displays excellence in writing style and
presentation
5.0 This assessment shows some evidence of
understanding the materials researched and adequately presented
4.0 This assessment shows some evidence of
understanding the materials researched and has some problems with
presentation style
3.0 This assessment shows few evidence of
understanding the materials researched and has some problems with
presentation style
2.0 This assessment shows few evidence of
understanding the materials researched and has major problems with
presentation style
1.0 Little evidence of understanding and major
problems in presentation style
0.0 No evidence of any research of understanding
the concepts.
Reference:
Hoggett, J., Medlin, J., Edwards, L., Tilling,
M. and Hogg, E. (2012). Accounting.8th
Edition, John Wiley & Sons Australia, Ltd., pp224-225.
