Description ACG3357- LIVE SESSION 4/14/21 – Module 2 – The Accounting Cycle, Part 1ACG3357- LIVE SESSION 4/14/21 – Module 2 – Deliverable Guidance ExplanationAttached the Deliverable videos. 2 attachmentsSlide 1 of 2attachment_1attachment_1attachment_2attachment_2.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Deliverable 2 – The Accounting Cycle Assignment Content 1. Competency Apply the principles of accrual accounting and accounting cycles. Student Success Criteria View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the Details & Information pane. Scenario The Director of Accounting has some concerns about the month-end close cutoff procedures that are currently in place at County General Hospital and is looking to you for some recommendations. Their main concern is that not all revenues and expenses are recorded in the proper months. This is of particular concern because the fiscal year end (December 31st) is coming up, and the Director of Accounting does not want any audit adjustments. Instructions The director has formally reached out to you via email with a list of transactions that they are concerned about: 1. The company delivered services in September $10,000 payment that was made in November. 2. The company is 80% done on a $50,000 contract for services but have not billed the client yet. 3. On December 1st the company purchased a one-year insurance policy on behalf of their executives for $12,000 and debited prepaid insurance. 4. The companies last pay period ends on December 24th. The biweekly payroll is consistent at $500,000 per pay period. 5. Interest payment on the company bonds ($1,000,000 face value, 6%) is made semiannually on January 15th and July 15th. 6. The company’s electric meter is read on the 15th of each month, and the bill is not received until the first of the following month. The electric bill is consistently running $5,000 per month. 7. The company utilizes a storage facility on the other side of town. The landlord, as part of an inducement to the company, has agreed to delay the December cash payment for use until January 15th of next year. The company signed a monthly rental agreement of $2,000 per month on December 1st. The direction has also asked the following questions: 8. Will these transactions require an adjusting entry? Why? 9. Is it an accrual or deferral and give your justification? 10. What are the accounts that will be debited and credited for this entry? The director closes the email by asking that you create a memo with your findings that they can take to the Vice President of Accounting. Deliverable 2 – The Accounting Cycle Rubric Details Maximum Score 4 points • Grade for Deliverable 2 100% of total grade • Criterion 1 0% of total grade A – 4 – Mastery Provided a detailed memo with proper formatting; tone of the memo is specific for VP level man agement. 0 B – 3 – Proficiency Expanded on the memo with proper formatting; tone of the memo is specific for VP level manag ement. 0 C – 2 – Competence Provided a sufficient memo; minimum formatting was used; tone of the memo is specific for VP l evel management. 0 F – 1 – No Pass Did not provide a properly formatted memo; needs to include a tone specific for VP level of man agement. 0 I – 0 – Not Submitted Not Submitted 0 • Criterion 2 0% of total grade A – 4 – Mastery All answers were correct answers for whether each of the transactions requires an adjusting ent ry or not and why the answer was chosen. 0 B – 3 – Proficiency Almost all of answers were correct for the transactions regarding whether they require an adjus ting entry or not and why the answer was chosen 0 C – 2 – Competence Most of the answers were correct for the transactions regarding whether they require an adjusti ng entry or not and why the answer was chosen. 0 F – 1 – No Pass Did not provide correct answers for the transactions regarding whether they require an adjustin g entry or not and why the answer was chosen. 0 I – 0 – Not Submitted Not Submitted 0 • Criterion 3 0% of total grade A – 4 – Mastery All answers were correct for each of the transactions regarding whether it is an accrual or deferr al; included justification for each transaction. 0 B – 3 – Proficiency Almost all of the answers were correct for each of the transactions regarding whether it is an acc rual or deferral; included justification for each transaction. 0 C – 2 – Competence Most of the answers were correct for each of the transactions regarding whether it is an accrual or deferral; included justification for each transaction. 0 F – 1 – No Pass Did not provide correct answers for the transactions regarding whether it is an accrual or deferr al; included justification for each transaction. 0 I – 0 – Not Submitted Not Submitted 0 • Criterion 4 0% of total grade A – 4 – Mastery Identifies all of the accounts that would be debited and credited for each of the entries. 0 B – 3 – Proficiency Identifies almost all of the accounts that would be debited and credited for each of the entries. 0 C – 2 – Competence Identifies most of the accounts that would be debited and credited for each of the entries. 0 F – 1 – No Pass Did not identify most of the accounts that would be debited and credited for each of the entries. 0 I – 0 – Not Submitted Not Submitted 0 Purchase answer to see full attachment User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.

Description

ACG3357- LIVE SESSION 4/14/21 – Module 2 – The Accounting Cycle, Part 1ACG3357- LIVE SESSION 4/14/21 – Module 2 – Deliverable Guidance ExplanationAttached the Deliverable videos.

2 attachmentsSlide 1 of 2attachment_1attachment_1attachment_2attachment_2.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }

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Deliverable 2 – The Accounting Cycle
Assignment Content
1.
Competency
Apply the principles of accrual accounting and accounting cycles.
Student Success Criteria
View the grading rubric for this deliverable by selecting the “This item is graded with a rubric”
link, which is located in the Details & Information pane.
Scenario
The Director of Accounting has some concerns about the month-end close cutoff procedures that
are currently in place at County General Hospital and is looking to you for some
recommendations. Their main concern is that not all revenues and expenses are recorded in the
proper months. This is of particular concern because the fiscal year end (December 31st) is
coming up, and the Director of Accounting does not want any audit adjustments.
Instructions
The director has formally reached out to you via email with a list of transactions that they are
concerned about:
1. The company delivered services in September $10,000 payment that was made in
November.
2. The company is 80% done on a $50,000 contract for services but have not billed the
client yet.
3. On December 1st the company purchased a one-year insurance policy on behalf of their
executives for $12,000 and debited prepaid insurance.
4. The companies last pay period ends on December 24th. The biweekly payroll is
consistent at $500,000 per pay period.
5. Interest payment on the company bonds ($1,000,000 face value, 6%) is made
semiannually on January 15th and July 15th.
6. The company’s electric meter is read on the 15th of each month, and the bill is not
received until the first of the following month. The electric bill is consistently running
$5,000 per month.
7. The company utilizes a storage facility on the other side of town. The landlord, as part of
an inducement to the company, has agreed to delay the December cash payment for use
until January 15th of next year. The company signed a monthly rental agreement of
$2,000 per month on December 1st.
The direction has also asked the following questions:
8. Will these transactions require an adjusting entry? Why?
9. Is it an accrual or deferral and give your justification?
10. What are the accounts that will be debited and credited for this entry?
The director closes the email by asking that you create a memo with your findings that they can
take to the Vice President of Accounting.
Deliverable 2 – The Accounting Cycle
Rubric Details
Maximum Score
4 points
•
Grade for Deliverable 2
100% of total grade
•
Criterion 1
0% of total grade
A – 4 – Mastery
Provided a detailed memo with proper formatting; tone of the memo is specific for VP level man
agement.
0
B – 3 – Proficiency
Expanded on the memo with proper formatting; tone of the memo is specific for VP level manag
ement.
0
C – 2 – Competence
Provided a sufficient memo; minimum formatting was used; tone of the memo is specific for VP l
evel management.
0
F – 1 – No Pass
Did not provide a properly formatted memo; needs to include a tone specific for VP level of man
agement.
0
I – 0 – Not Submitted
Not Submitted
0
•
Criterion 2
0% of total grade
A – 4 – Mastery
All answers were correct answers for whether each of the transactions requires an adjusting ent
ry or not and why the answer was chosen.
0
B – 3 – Proficiency
Almost all of answers were correct for the transactions regarding whether they require an adjus
ting entry or not and why the answer was chosen
0
C – 2 – Competence
Most of the answers were correct for the transactions regarding whether they require an adjusti
ng entry or not and why the answer was chosen.
0
F – 1 – No Pass
Did not provide correct answers for the transactions regarding whether they require an adjustin
g entry or not and why the answer was chosen.
0
I – 0 – Not Submitted
Not Submitted
0
•
Criterion 3
0% of total grade
A – 4 – Mastery
All answers were correct for each of the transactions regarding whether it is an accrual or deferr
al; included justification for each transaction.
0
B – 3 – Proficiency
Almost all of the answers were correct for each of the transactions regarding whether it is an acc
rual or deferral; included justification for each transaction.
0
C – 2 – Competence
Most of the answers were correct for each of the transactions regarding whether it is an accrual
or deferral; included justification for each transaction.
0
F – 1 – No Pass
Did not provide correct answers for the transactions regarding whether it is an accrual or deferr
al; included justification for each transaction.
0
I – 0 – Not Submitted
Not Submitted
0
•
Criterion 4
0% of total grade
A – 4 – Mastery
Identifies all of the accounts that would be debited and credited for each of the entries.
0
B – 3 – Proficiency
Identifies almost all of the accounts that would be debited and credited for each of the entries.
0
C – 2 – Competence
Identifies most of the accounts that would be debited and credited for each of the entries.
0
F – 1 – No Pass
Did not identify most of the accounts that would be debited and credited for each of the entries.
0
I – 0 – Not Submitted
Not Submitted
0

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