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ACC 309 Final Project Guidelines and Rubric
Overview
In the accounting field, you will often be expected to both enter calculations accurately and articulate what this information means to internal and external
stakeholders. In addition, you will be expected to propose financial solutions when a company is faced with a policy change, or when the company’s regulations
change. For this project, imagine that you have just started in a new role as a financial accountant preparing for a year-end audit. In addition, you are charged
with showing the financial impacts of the company’s recent initiatives. You will revise year-end financial statements to reflect these changes, compose notes to
the financial statements, and compose an executive summary to explain the impacts to stakeholders. You will create these documents based on information in
the Final Project Scenario and Final Project Workbook.
In this assignment, you will demonstrate your mastery of the following course competencies:
ACC-309-01: Revise financial statements in accordance with applicable rules and regulations
ACC-309-02: Analyze the financial impact of changes to an organization by internal and external factors
ACC-309-03: Demonstrate ethical conduct in the process of correcting accounting records
Prompt
Specifically, the following critical elements must be addressed. Most of the critical elements align with a particular course competency (shown in brackets).
I. Workbook: Calculate relevant ratios, payouts, obligations, and prepare appropriate adjusting entries and revised financial statements. Be sure to
complete all tabs in the spreadsheet.
A. Calculate capital lease obligations for determining debt and depreciation. [ACC-309-02]
B. Calculate pension payouts to determine the company’s financial obligations. [ACC-309-01]
C. Prepare appropriate adjusting entries. [ACC-309-01]
D. Complete the Adjusted Trial Balance. [ACC-309-01]
E. Prepare revised financial statements for year-end audit that flow logically within the document. [ACC-309-01]
F. Prepare a statement of comprehensive income to ensure alignment with applicable rules and regulations. [ACC-309-01]
G. Determine the impact on earnings per share [ACC-309-02]
H. Prepare financial statements for year-end audit with appropriate changes that flow logically within the document. [ACC-309-01]
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II. Notes to the Financial Statements
A. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as
GAAP, International Financial Reporting Standards, and SEC, as applicable. [ACC-309-03]
III. Executive Summary: Compose a report that appropriately communicates the impact of revisions to stakeholders.
A. Identify sources of other comprehensive income not included in net income. [ACC-309-01]
B. Explain rationale for inclusion as comprehensive income (as opposed to net income) of nondisclosure within notes. [ACC-309-02]
C. Evaluate impacts of company goals and finances for their implications on stockholder equity, using financial information to support claims.
[ACC-309-02]
D. Evaluate impacts of company goals and finances for their implications on retained earnings per share, using financial information to support
claims. [ACC-309-02]
E. Explain the impact of issuing preferred stock or debt for determining changes to equity structures. [ACC-309-02]
F. Assess the impact of changes to current tax structure for articulating changes relevant to the company. [ACC-309-02]
G. Explain the implications of capital lease based on how it relates to the company’s equipment usage. [ACC-30-02]
H. Explain how postretirement plans will impact the company financially in the short and long term, using examples from the workbook to support
claims. [ACC-309-02]
I. Evaluate the company’s current performance based on the outcomes of relevant ratio analysis. [ACC-309-02]
J. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used. [ACC-309-02]
K. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis. [ACC-309-02]
L. Discuss relevant accounting standards for informing the company’s financial reporting strategies. [ACC-309-03]
M. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process. [ACC-309-03]
Milestones
Milestone One
In Module Three, you will develop a portion of the workbook and a brief memo to management explaining the impacts to stockholder equity and the impact of
tax structures. This milestone will be graded with the Milestone One Rubric.
Milestone Two
In Module Five, you will develop a portion of the workbook and a brief memo to management explaining the impacts of accounting for postretirement benefits
and revision processes. This milestone will be graded with the Milestone Two Rubric.
Final Project Submission: Workbook, Notes to the Financial Statements, and Executive Summary
In Module Seven, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final product. It should
reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric.
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In addition to revising your milestone work, make sure that you include the following elements from the prompt above, which were not included in the
milestones:
I. Workbook
A. Prepare appropriate adjusting entries and complete the Adjusted Trial Balance. [ACC-309-01]
B. Prepare revised financial statements for year-end audit that flow logically within the document. [ACC-309-01]
C. Determine the impact on earnings per share [ACC-309-02]
II. Notes to the Financial Statements
A. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as
GAAP, International Financial Reporting Standards, and SEC, as applicable. [ACC-309-03]
III. Executive Summary
A. Evaluate the company’s current performance based on the outcomes of relevant ratio analysis. [ACC-309-02]
B. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used. [ACC-309-02]
C. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis. [ACC-309-02]
D. Discuss relevant accounting standards for informing the company’s financial reporting strategies. [ACC-309-03]
E. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process. [ACC-309-03]
Final Project Rubric
Guidelines for Submission: Your workbook must be submitted as a MS Excel Document, and your Executive Summary must be 2–3 pages in length and must be
written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins.
Critical Elements Exemplary Proficient Needs Improvement Not Evident Value
Workbook: Capital
Lease Obligations
[ACC-309-02]
Calculate capital lease
obligations for determining
debt and depreciation (100%)
Calculates capital lease
obligations, but calculations are
inaccurate or incomplete (55%)
Does not identify sources of
other comprehensive income
not included in net income (0%)
3.12
Workbook: Pension
Payouts
[ACC-309-01]
Calculates pension payouts for
determining the company’s
financial obligations (100%)
Calculates pension payouts, but
calculations are inaccurate or
incomplete (55%)
Does not calculate pension
payouts (0%)
5.28
Workbook: Adjusting
Entries
[ACC-309-01]
Prepare appropriate adjusting
entries (100%)
Prepares appropriate adjusting
entries, but calculations are
inaccurate or incomplete (55%)
Does prepare adjusting entries
(0%)
5.28
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Critical Elements Exemplary Proficient Needs Improvement Not Evident Value
Workbook: Adjusted
Trial Balance
[ACC-309-01]
Completes the Adjusted Trial
Balance (100%)
Completes the Adjusted Trial
Balance, but calculations are
inaccurate or incomplete (55%)
Does not complete adjusted
trial balance (0%)
5.28
Workbook: Revised
Financial Statements
[ACC-309-01]
Prepares revised financial
statements for year-end audit
that flow logically within the
document. (100%)
Prepares revised financial
statements for year-end audit,
but the statements do not flow
logically within the document,
or revisions contain
inaccuracies (55%)
Does not prepare revised
financial statements for yearend audit (0%)
5.28
Workbook:
Statement of
Comprehensive
Income
[ACC-309-01]
Prepares a statement of
comprehensive income to
ensure alignment with
applicable rules and regulations
(100%)
Prepares a statement of
comprehensive income, but
statement does not align with
applicable rules and
regulations, contains
inaccuracies or is missing key
elements (55%)
Does not prepare a statement
of comprehensive income (0%)
5.28
Workbook:
Earnings per Share
[ACC-309-02]
Determines the impact on
earnings per share (100%)
Determines the impact on
earnings per share, but
calculations are inaccurate or
incomplete (55%)
Does not determine the impact
on earnings per share (0%)
3.12
Notes to Financial
Statements:
Footnotes
[ACC-309-03]
Meets proficient criteria and
footnotes included
demonstrate a keen grasp of
applicable accounting
standards (100%)
Composes appropriate
footnotes within a statement of
comprehensive income in
accordance with applicable
accounting standards, such as
GAAP, International Financial
Reporting Standards, and SEC,
as applicable (85%)
Composes appropriate
footnotes within a statement of
comprehensive income in
accordance with applicable
accounting standards, such as
GAAP, International Financial
Reporting Standards, and SEC,
as applicable, but footnotes
lack detail, are illogical or are
missing key elements (55%)
Does not compose appropriate
footnotes within a statement of
comprehensive income (0%)
10.56
Executive Summary:
Comprehensive
Income
[ACC-309-01]
Meets proficient criteria, and
explanation demonstrates a
sophisticated awareness of
topic (100%)
Explains rationale for inclusion
as comprehensive income or
other comprehensive income
(as opposed to net income) of
nondisclosure within notes
(85%)
Explains rationale for inclusion
as comprehensive income (as
opposed to net income) of
nondisclosure within notes, but
notes are inaccurate or missing
key elements (55%)
Does not explain rationale for
inclusion as comprehensive
income (0%)
5.28
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Critical Elements Exemplary Proficient Needs Improvement Not Evident Value
Executive Summary:
Stockholder Equity
[ACC-309-02]
Meets proficient criteria, and
financial information used to
support claims demonstrates a
complex grasp of implications
on stockholder equity and
retained earnings per share
(100%)
Describes impacts of company
goals and finances for their
implications on stockholder
equity, including retained
earnings per share, using
financial information to support
claims (85%)
Describes impacts of company
goals and finances for their
implications on stockholder
equity, but explanation or
information used to support
claims is illogical or contains
inaccuracies (55%)
Does not evaluate impacts of
company goals and finances for
their implications on
stockholder equity (0%)
3.12
Executive Summary:
Preferred Stock or
Debt
[ACC-309-02]
Meets proficient criteria and
explanation demonstrates a
sophisticated awareness of the
impact of issuing preferred
stock or debt for determining
changes to equity structures
(100%)
Explains the impact of issuing
preferred stock or debt for
determining changes to equity
structures (85%)
Explains the impact of issuing
preferred stock or debt for
determining changes to equity
structures, but explanation is
cursory or illogical (55%)
Does not explain the impact of
issuing preferred stock or debt
(0%)
3.12
Executive Summary:
Current Tax
Structure
[ACC-309-02]
Meets proficient criteria and
assessment of relevant changes
demonstrates a sophisticated
awareness of taxation impacts
(100%)
Assesses the impact of changes
to current tax structure for
articulating changes relevant to
the company (85%)
Assesses the impact of changes
to current tax structure for
articulating changes relevant to
the company, but assessment is
cursory or illogical (55%)
Does not assess the impact of
changes to current tax
structure (0%)
3.12
Executive Summary:
Capital Lease
[ACC-309-02]
Meets proficient criteria and
explanation demonstrates a
sophisticated awareness of the
implications of capital lease
(100%)
Explains the implications of
capital lease based on how it
relates to the company’s
equipment usage (85%)
Explains the implications of
capital lease based on how it
relates to the company’s
equipment usage, but
explanation is cursory or
illogical (55%)
Does not explain the
implications of capital lease
(0%)
3.12
Executive Summary:
Post-retirement
Plans
[ACC-309-02]
Meets proficient criteria and
examples used to support ideas
demonstrate a nuanced
understanding of how post
retirement plans will impact the
company financially (100%)
Explains how post-retirement
plans will impact the company
financially short and long-term,
using examples from the
balance sheet to support claims
(85%)
Explains how post retirement
plans will impact the company
financially, but examples
provided are cursory or illogical
(55%)
Does not explain how postretirement plans will impact the
company (0%)
3.12
Executive Summary:
Current Performance
[ACC-309-02]
Meets proficient criteria and
evaluation and supporting
information demonstrates a
nuanced understanding of
topics (100%)
Evaluates the company’s
current performance based on
the outcomes of relevant ratio
analysis (85%)
Evaluates the company’s
current performance, but use
of relevant ratio analysis to
support evaluation is cursory,
illogical or inaccurate (55%)
Does not evaluate the
company’s current
performance (0%)
3.12
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Critical Elements Exemplary Proficient Needs Improvement Not Evident Value
Executive Summary:
Retrospective and
Prospective
Approaches
[ACC-309-02]
Meets proficient criteria and
discussion of changes
encountered and retrospective
and prospective approaches
demonstrates a nuanced
understanding of accounting
approaches (100%)
Discusses types of accounting
changes encountered for
informing when retrospective
and prospective approaches
should be used (85%)
Discusses types of accounting
changes encountered, but
explanation of when
retrospective and prospective
approaches should be used is
cursory, illogical or contains
inaccuracies (55%)
Does not discuss types of
accounting changes
encountered (0%)
3.12
Executive Summary:
New Credit Policies
[ACC-309-02]
Meets proficient criteria and
relevant ratio analysis used
demonstrates a sophisticated
awareness of impacts on credit
policies, and change in product
or markets (100%)
Predicts the impact of new
credit policies, change in
product or markets based on
relevant ratio analysis (85%)
Predicts the impact of new
credit policies, change in
product or markets, but
relevant ratio analysis used is
illogical or contains
inaccuracies (55%)
Does not predict the impact of
new credit policies or change in
products or markets (0%)
3.12
Executive Summary:
Accounting
Standards
[ACC-309-03]
Meets proficient criteria and
Discussion of relevant
accounting standards
demonstrates sophisticated
awareness of how accounting
standards apply to financial
reporting (100%)
Discusses relevant accounting
standards for informing the
company’s financial reporting
strategies (85%)
Discusses relevant accounting
standards for informing the
company’s financial reporting
strategies, but application is
cursory illogical or contains
inaccuracies (55%)
Does not discuss relevant
accounting standards (0%)
10.56
Executive Summary:
Four-Step Process
[ACC-309-03]
Meets proficient criteria and
explanation of how the four
step process was used
demonstrates a nuanced
understanding of the process
(100%)
Explains how the four step
process was used for effectively
correcting and reporting errors
in the revision process (85%)
Explains how the four-step
process was used for correcting
and reporting errors, but
explanation is cursory, illogical
or contains inaccuracies (55%)
Does not explain how the four
step process was used to
correct and report errors (0%)
10.56
Articulation of
Response
Submission has no major errors
related to, grammar, spelling,
syntax, or organization (100%)
Submission has few minor
errors related to organization,
grammar and style (85%)
Submission has several errors
related to, grammar, spelling,
syntax, or organization (55%)
Submission has major errors
related to, grammar, spelling,
syntax, or organization that
negatively impact readability
and articulation of main ideas
(0%)
5.44
Total 100%
