Assignment 1 Application of Financial Statement
Students will prepare a two to three page response to the following
• Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.
• Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement.
• Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position.
The format of the report is to be as follows:
• Typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.
• Type the question followed by your answer to the question.
• In addition to the two to three (2-3) pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor- name, the course title, and the date.
Note: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills.
Outcomes Assessed • Prepare and analyze financial statements including the balance sheet, income statement, and statement of cash flow.
• Use technology and information resources to research issues in financial accounting management.
Grading Rubric for Written Assignment: Application of Financial Statement
Criteria 0
Unacceptable 20
Developing 30
Competent 40
Exemplary
1. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Did not complete the balance sheet or income statement and explain how the use of it may be applied to everyday life; omitted information and/or included irrelevant information. Completed with less than 70% accuracy, thoroughness, and logic. Partially completed the balance sheet or income statement and explained how the use of it may be applied to everyday life. Completed with 70-79% accuracy, thoroughness, and logic. Sufficiently completed the balance sheet or income statement and explained how the use of it may be applied to everyday life. Completed with 80-89% accuracy, thoroughness, and logic. Fully completed the balance sheet or income statement and explained how the use of it may be applied to everyday life. Completed with 90-100% accuracy, thoroughness, and logic.
2. Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. Did not use the same concept selected above or discuss how a business manager may benefit from an understanding of this statement; omitted information and/or included irrelevant information. Completed with less than 70% accuracy, thoroughness, and logic. Partially used the same concept selected above or discussed how a business manager may benefit from an understanding of this statement. Completed with 70-79% accuracy, thoroughness, and logic. Sufficiently used the same concept selected above or discussed how a business manager may benefit from an understanding of this statement. Completed with 80-89% accuracy, thoroughness, and logic. Fully used the same concept selected above or discussed how a business manager may benefit from an understanding of this statement. Completed with 90-100% accuracy, thoroughness, and logic.
3. Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. Did not discuss understanding of the balance sheet and income statement and how it could be applied to current or future position; omitted information and/or included irrelevant information. Completed with less than 70% accuracy, thoroughness, and logic. Partially discussed understanding of the balance sheet and income statement and how it could be applied to current or future position. Completed with 70-79% accuracy, thoroughness, and logic. Sufficiently discussed understanding of the balance sheet and income statement and how it could be applied to current or future position. Completed with 80-89% accuracy, thoroughness, and logic. Fully discussed understanding of the balance sheet and income statement and how it could be applied to current or future position. Completed with 90-100% accuracy, thoroughness, and logic.
4. Clarity Did not complete the assignment or explanations are unclear and not organized.
(Major issues) Explanations generally unclear and not well organized.
(Many issues) Explanations generally clear and/or organized. (Minor issues) Explanations very clear and well organized.
(Added helpful details)
5. Writing - Grammar, sentence structure, paragraph structure, spelling, punctuation, APA usage Did not complete the assignment or had 8 or more different errors in grammar, sentence structure, paragraph structure, spelling, punctuation, or APA usage. (Major issues) Had 6-7 different errors in grammar, sentence structure, paragraph structure, spelling, punctuation, or APA usage. (Many issues) Had 4- 5 different errors in grammar, sentence structure, paragraph structure, spelling, punctuation, or APA usage. (Minor issues) Had 0- 3 different errors in grammar, sentence structure, paragraph structure, spelling, punctuation, or APA usage.
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