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iRubric: Principals of Accounting I rubric

iRubric: Principals of Accounting I rubric

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Principals of Accounting I 
Principals of Accounting I
Evaluate the student's knowledge of the accounting cycle, the rules of debits and credits, the preparation of financial statements, the trial balance, closing the books and journalizing and posting adjusting entries.
Rubric Code: HXACW85
By drbelli
Ready to use
Public Rubric
Subject: Accounting  
Type: Exam  
Grade Levels: Undergraduate

Powered by iRubric Accounting
  Advanced

3 pts

Proficient

2 pts

Novice

1 pts

Unsatisfactory

0 pts

Business Transactions

Advanced

Shows an excellent understanding of business transactions. Can identify the appropriate supporting business documents. No errors.
(3 points)
Proficient

Shows a good understanding of business transactions. Can identify the appropriate supporting business documents. Few errors.
(2 points)
Novice

Shows little understanding of business transactions. Can identify a few appropriate supporting business documents. Many errors.
(1 point)
Unsatisfactory

Doesn't understand business transactions and can't identify the appropriate supporting business documents. Work is incomplete.
(0 point)
The Rules of Debits and Credits

Advanced

Shows an excellent understanding of the rules of debits and credits. Can identify the appropriate financial statement accounts, their characteristics and classifications. No errors.
(3 points)
Proficient

Shows a good understanding of the rules of debits and credits. Can identify the a few of appropriate financial statement accounts, their characteristics and classifications. Few errors.
(2 points)
Novice

Shows little to no understanding of the rules of debits and credits. Can identify very few appropriate financial statement accounts, their characteristics and classifications. Many errors.
(1 point)
Unsatisfactory

Doesn't understand the rules of debits and credits and can't identify the appropriate financial statement accounts, their characteristics and classifications. Work is incomplete.
(0 point)
Journalizing Business Transactions

Advanced

Shows a well developed understanding of the principles of journalizing accurately in the appropriate journal. Very few errors in journalizing
(3 points)
Proficient

Shows a good understanding of the principles of journalizing accurately in the appropriate journal. Few errors in journalizing
(2 points)
Novice

Shows little to no understanding of the principles of journalizing accurately in the appropriate journal. Many errors in posting
(1 point)
Unsatisfactory

Transactions appear incomplete. Shows little to no understanding of the principles of journalizing accurately in the appropriate journal.
(0 point)
Posting to Ledgers

Advanced

Shows a well developed understanding of the principles of posting and what ledgers to post to. No errors in posting
(3 points)
Proficient

Shows a good understanding of the principles of posting and what ledgers to post to. Few errors in posting
(2 points)
Novice

Shows little understanding of the principles of posting and doesn't understand what ledgers to post to.
Many errors in posting
(1 point)
Unsatisfactory

Shows very little to no understanding of the principles of posting and doesn't know the difference between the different ledgers.
(0 point)
The Trial Balance

Advanced

Preparation of the trial balance is correct, with no errors.
(3 points)
Proficient

Preparation of trial balance is correct, with few minor errors.
(2 points)
Novice

Preparation of the trial balance, but contains many errors.
(1 point)
Unsatisfactory

Student does not demonstrate an understanding of how to prepare the trial balance. Work is incomplete.
(0 point)
Financial Statements

Advanced

Preparation of financial statements are correct, with no errors.
(3 points)
Proficient

Preparation of financial statements are correct, with few minor errors.
(2 points)
Novice

Preparation of financial statements, but contains many errors.
(1 point)
Unsatisfactory

Student does not demonstrate an understanding of how to prepare the financial statements. Work is incomplete.
(0 point)
Closing the Books

Advanced

Closing the accounting books are 100% correct.
(3 points)
Proficient

Closing the accounting books, with few minor errors.
(2 points)
Novice

Closing the accounting books, with many errors.
(1 point)
Unsatisfactory

Student does not demonstrate an understanding of how the accounting books are closed. The closing of the accounting books is incomplete.
(0 point)
Adjusting Entries

Advanced

Journalizing and Posting Adjusting entries are correct, with no errors.
(3 points)
Proficient

Journalizing and Posting Adjusting entries are correct, with few minor errors.
(2 points)
Novice

Journalizing and Posting Adjusting entries but contains many errors.
(1 point)
Unsatisfactory

Student does not demonstrate an understanding of how to journalize and post Adjusting entries. The work is incomplete
(0 points)




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