ACC 201 Final Project & Rubric Overview

1acc 201 Final Project Ii Guidelines And Rubricoverview One Of The Me

One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture.

The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical applications for furthering your own professional practice. The final product will be submitted in Module Eight. In this assignment, you will demonstrate your mastery of the following course outcomes: ― Record financial data and adjusting entries in the preparation of a business’s financial statements.

Prompt: In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice.

Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).

Critical Elements

Introduction: [ACC-201-01]

Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting play a role in your day-to-day professional life?

Draw Connections

A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details.

B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples.

Apply to a Scenario

Imagine that you are the new department manager of a corporation within your chosen field. You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What internal controls would you implement?

Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting. Include at least two references cited in APA format.

Rubric and Grading Criteria

  • Introduction [ACC-201-01]: Describe your professional identity and the role of financial accounting in your professional life. (20 points)
  • Draw Connections - Transactions [ACC-201-01]: Identify and describe at least three relevant transactions with specific details. (20 points)
  • Draw Connections - Success of Your Business [ACC-201-01]: Analyze the relationship between transactions and business success with specific examples. (25 points)
  • Apply to a Scenario [ACC-201-01]: Propose a high-level plan for implementing proper accounting, citing course principles. (30 points)
  • Articulation and Formatting: Ensure the submission is free of errors, well-organized, and professional in presentation. (5 points)

Total: 100%

Paper For Above instruction

Financial accounting is an essential component of my professional journey, particularly as I aspire to work within the managerial or financial sectors of the corporate world. My current or future career aims to involve overseeing financial transactions, preparing financial reports, and ensuring that the organization maintains compliance with financial regulations. In such roles, an understanding of financial accounting principles is fundamental to making informed decisions that affect the company's profitability and sustainability. Therefore, I recognize that mastering accounting concepts like recording transactions and adjusting entries is crucial for my professional competence and the success of the organizations I serve.

In my future professional practice, I anticipate encountering various types of financial transactions. First, I expect to process payroll, which involves recording employee wages, taxes, and deductions. Such transactions impact both the income statement—by reflecting expenses—and the balance sheet—through liabilities like payroll taxes payable. Second, procurement transactions such as purchasing inventory or supplies would be integral to operational activities. These transactions affect the balance sheet by increasing assets and may influence the income statement through cost of goods sold. Third, revenue recognition from sales transactions will be central to understanding income generation. Recording sales, discounts, and returns directly influences the income statement and provides insights into profitability and cash flow management.

These transactions collectively determine the financial health of a business. Accurate payroll processing ensures that expenses are tracked properly, impacting net income and shareholder equity. Proper recording of purchases influences the valuation of inventory and cost of goods sold, which ultimately affects gross profit margins. Revenue transactions reveal the company's ability to generate sales and sustain operations. For example, timely recording of sales invoices impacts accounts receivable, which in turn affects cash flow. Mismanagement or errors in recording these transactions could lead to inaccurate financial statements, misinforming stakeholders and potentially jeopardizing the business's success.

Suppose I assume the role of a department manager within a corporation that has been using cash basis accounting. I discover that this practice results in inaccuracies, such as revenue and expenses being recognized only when cash is exchanged, leading to misleading financial information. To remediate this, my initial step would be to investigate the existing financial statements, specifically focusing on the income statement and balance sheet, to identify discrepancies and areas lacking proper documentation. Next, I would initiate a transition to accrual basis accounting, ensuring compliance with Generally Accepted Accounting Principles (GAAP). Implementing internal controls—such as segregating duties, establishing authorization protocols, and conducting periodic reconciliations—would be critical in maintaining accurate records. I would also invest in accounting software that supports the accrual method, providing real-time updates and helping prevent errors. Regular training for staff on proper accounting procedures and how to use the new system would further ensure a smooth transition and uphold data integrity.

This high-level plan aligns with core accounting principles covered in the course, such as the importance of timely recording of transactions, matching revenues with expenses, and internal controls to safeguard assets. By shifting to a proper accounting system, the department can produce reliable financial statements, facilitate better decision-making, and improve transparency with stakeholders. This approach reflects my understanding that sound financial accounting practices are vital for sustainable business operations and long-term success.

References

  • Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2020). Financial accounting (11th ed.). Wiley.
  • Wild, J. J., Subramanyam, K. R., & Halsey, R. F. (2019). Financial statement analysis (12th ed.). Pearson.
  • Accounting Standards Codification. (2022). Financial Accounting Standards Board. https://asc.fasb.org
  • Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2019). Financial accounting theory and analysis: Text and cases (13th ed.). Wiley.
  • Institute of Management Accountants. (2021). Statement of management accounting standards. https://imanet.org
  • Horngren, C. T., Datar, S. M., & Rajan, M. (2021). Cost accounting: A managerial emphasis (17th ed.). Pearson.
  • American Institute of CPAs. (2020). Generally accepted accounting principles (GAAP). https://www.aicpa.org
  • Gibson, C. H. (2019). Financial reporting and analysis. South Western Educational Publishing.
  • Heisinger, K., & Hoyle, J. (2019). Understanding and applying accounting principles. Cengage Learning.
  • Financial Accounting Standards Board. (2023). Conceptual Framework for Financial Reporting. https://fasb.org

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