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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: SXB3334
By shayne20
Ready to use
Public Rubric
Subject: Accounting  
Type: Assessment  
Grade Levels: Undergraduate

Powered by iRubric Accounting
  Advanced

(N/A)

Proficient

(N/A)

Novice

(N/A)

Unsatisfactory

(N/A)

Business Transactions
5 pts

Advanced

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

Shows a good understanding of business transactions. Can identify the appropriate supporting business documents. Few errors.
(3-4 points)
Novice

Shows little understanding of business transactions. Can identify a few appropriate supporting business documents. Many errors.
(2-3 point)
Unsatisfactory

Doesn't understand business transactions and can't identify the appropriate supporting business documents. Work is incomplete.
(0 point)
Journalizing Business Transactions
5 pts

Advanced

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

Shows a good understanding of the principles of journalizing accurately in the appropriate journal. Few errors in journalizing
(3-4 points)
Novice

Shows little to no understanding of the principles of journalizing accurately in the appropriate journal. Many errors in posting
(2-3 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
5 pts

Advanced

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

Shows a good understanding of the principles of posting and what ledgers to post to. Few errors in posting
(3-4 points)
Novice

Shows little understanding of the principles of posting and doesn't understand what ledgers to post to.
Many errors in posting
(2-3 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)
Adjusting Entries
5 pts

Advanced

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

Journalizing and Posting Adjusting entries are correct, with few minor errors.
(3-4 points)
Novice

Journalizing and Posting Adjusting entries but contains many errors.
(2-3 point)
Unsatisfactory

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

Advanced

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

Closing the accounting books, with few minor errors.
(3-4 points)
Novice

Closing the accounting books, with many errors.
(2-3 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)
Financial Statements
5 pts

Advanced

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

Preparation of financial statements are correct, with few minor errors.
(3-4 points)
Novice

Preparation of financial statements, but contains many errors.
(2-3 point)
Unsatisfactory

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




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