Accounting and Finance Foundations

(Chris Devlin) #1

Unit 7


Accounting and Finance Foundations Unit 7: Financial Statements 632

Financial StatementsOpen-Response Unit Assessment S/T Guide


Evaluation Criteria


You must score a 3 or 4 on the scenario in order to pass this portion of the assessment.

Scoring Rubric


4

•    Completes  the income  statement   properly.
• Completes the balance sheet correctly.
• Prepares the journal vouchers for closing entries correctly.
• Totals the debits and credits for the different accounts properly with no mathematical errors.

3

•    Completes  most    or  all of  the income  statement   properly.
• Completes most or all of the balance sheet correctly.
• Prepares most of the journal vouchers for closing entries correctly.
• Totals the debits and credits for the different accounts properly with few mathematical errors.

2

•    Completes  some    of  the income  statement   properly.
• Completes some of the balance sheet correctly.
• Prepares some of the journal vouchers for closing entries correctly.
• Totals the debits and credits for the different accounts improperly or with many mathematical
errors.

1

•    Completes  the income  statement   improperly.
• Completes the balance sheet incorrectly.
• Improperly prepares the journal vouchers for closing entries.
• Totals the debits and credits for the different accounts improperly with numerous mathematical
errors.
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