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iRubric: Accounting Cycle Documentation -Part 1 rubric

iRubric: Accounting Cycle Documentation -Part 1 rubric

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Accounting Cycle Documentation -Part 1 
Accounting Cycle Documentation -Part 1
Complete the steps in the accounting cycle in order to prepare the financial statements.
Rubric Code: NX99CAX
By sicjoh
Ready to use
Public Rubric
Subject: Accounting  
Type: Assessment  
Grade Levels: Undergraduate

Powered by iRubric GRID
  4

(N/A)

3

(N/A)

2

(N/A)

1

(N/A)

Use of Debits & Credits

4

Shows a well developed understanding of the principles of the T account and its relation to a given activity.<BR>
(10 points)
3

Shows a good understanding of the principles of the T account and its relation to a given activity.<BR>
(8.5 points)
2

Shows a basic understanding of the principles of the T account and its relation to a given transaction.<BR>
(7.5 points)
1

Shows little or no understanding of the principles of the T account and its relation to a given transaction; does not ask for clarity; little attempt to gain improvement with material.<BR>
(5.5 points)
Journalizing Business Transactions

15 points
4

Shows a well developed understanding of the principles of journalizing accurately in the appropriate journal.<BR>
(15 points)
3

Shows a good understanding of the principles of journalizing accurately in the appropriate journal.<BR>
(12.75 points)
2

Shows a basic understanding of the principles of journalizing accurately in the appropriate journal.<BR>
(11.25 points)
1

Transactions appear incomplete. Shows little to no understanding of the principles of journalizing accurately in the appropriate journal.<BR>
(8.25 points)
Posting

25 points
4

Shows a well developed understanding of the principles of posting.<BR>
(25 points)
3

Shows a good understanding of the principles of posting.<BR>
(21 points)
2

Shows a basic understanding of the principles of posting.<BR>
(19 points)
1

Shows very little understanding of the principles of posting.<BR>
(14 points)
Adjusting Entries

5 points
4

Adjusting entries are completed with no errors.<BR>
(5 points))
3

Adjusting entries are completed with no more than one errors.<BR>
(4.25 points)
2

adjusting entries are included and have one error<BR>
(3.75 points)
1

Adjusting entries were attempted, but not completed and with several errors.<BR>
(2.75 points)
Worksheet

10 points
4

The entire worksheet is correctly prepared with no major errors.<BR>
(10 points)
3

The entire worksheet is correctly prepared, with no more than one major errors.<BR>
(8.5 points)
2

The worksheet is completed but has more than one major error or several smaller errors.<BR>
(7.5 points)
1

The worksheet was started but provides little information.<BR>
(5.5 points)
Financial Statements

5 points
4

All of the financial statements are presented with no major errors.<BR>
(5 points)
3

All of the Financial Statements are included with no more than one major error on the complete set.<BR>
(4.25 points)
2

Some of the Financial Statements are included. More than two errors on those presented.<BR>
(3.75 points)
1

Financial statements were attempted but are basically incomplete.<BR>
(2.75 points)
Adjusting/Closing Entries

5 points
4

Adjusting and closing entries are completed with no errors.<BR>
(5 points)
3

Adjusting and closing entries are completed with no more than one errors.<BR>
(4.25 points)
2

Both adjusting entries and closing entries were attempted, but have several errors.<BR>
(3.75 points)
1

Only adjusting entries were attempted but have several errors.<BR>
(2.75 points)
Post-Closing Trial Balance

5 points
4

The post-closing trial balance is correct, with no errors.<BR>
(5 points)
3

The post-closing trial balance is correct, with no major errors.<BR>
(4.25 points)
2

The post-closing trial balance is complete, but does not balance correctly.<BR>
(3.75 points)
1

The post-closing trial was started but is basically incomplete.<BR>
(2.75 points)




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