Acct 504 case study 1 the complete accounting cycle

Case Study 1 Rubric          Please note that this rubric provides a general guideline but you can score anywhere between 0          and the maximum number of points for that step depending on the accuracy and completeness         of your work.           Criteria Outstanding Good Poor Very Poor Points Awarded             Step 1                           Prepared Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly.  Minor errors such as incorrect account names or credits listed prior to debits. Errors in computations that resulted in incorrect amounts to be debited and credited. Evidence of an attempt to complete the journal entries.   20 points 16 points 12 points 8 points     Step 2                          Posted to the General Ledger (10 pts) Posting is correct leading to accurate account balances. Posting is mostly correct but minor errors are evident. Posting has several errors that resulted in incorrect account balances. Posting is done poorly but does show evidence of an attempt to complete.   10 points 8 points 6 points 4 points     Step 3                          Prepared a Trial Balance (10 points) Correct account names and balances so to arrive at a correct trial balance.  Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps. Errors in computations that resulted in incorrect amounts to be debited and credited. Evidence of an attempt to complete the trial balance.   10 points 8 points 6 points 4 points     Step 4                          Prepared Adjusting Journal Entries (10 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly.  Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.     10 points 8 points 6 points 4 points     Steps 5 and 6                          Posted and Prepared an Unadjusted Trial Balance (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct  leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance.     10 points 8 points 6 points 4 points     Step 7                          Prepared Financial Statements (20 points) All three Financial Statements are prepared accurately and in an appropriate format. Two of the three financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. One of the three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of four Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.     20 points 16 points 12 points 8 points     Step 8                           Prepared Closing Journal Entries (10 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly.  Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.     10 points 8 points 6 points 4 points     Steps 9 and 10                          Posted and Prepared Post-Closing Trial Balance (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct  leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance.     10 points 8 points 6 points 4 points             Total Points Earned Out of 100 Points 0

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