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.