Financial Condition

For this discussion, assume the role of a financial manager in a company, and assume that you have just hired a new bookkeeper to join your team. You want to assess the new hire’s understanding of the accounting processes as a whole, so you decide to ask a series of questions. Select three of the six questions listed below to ask your new bookkeeper, and describe the response you expect to hear:

• Define the accounting cycle.
• Explain the revenue principle and its implication on the financial statements.
• Define the matching principle and why it is critical in the preparation of the accrual-based financial statements.
• Compare and contrast a prepaid account and a deferred account. Give an example of each and how each affects the financial statements.
• Define and differentiate between the purpose of a journal entry, an adjusting entry, and a closing entry.
• Define the difference between a trial balance and a post-closing trial balance.
  

  DISCUSSION PARTICIPATION SCORING GUIDE

  DISCUSSION PARTICIPATION GRADING RUBRIC

  Criteria	Non-performance	Basic	Proficient	Distinguished
  Applies relevant course concepts, theories, or materials correctly.	Does not explain relevant course concepts, theories, or materials.	Explains relevant course concepts, theories, or materials.	Applies relevant course concepts, theories, or materials correctly.	Analyzes course concepts, theories, or materials correctly, using examples or supporting evidence.
  Collaborates with fellow learners, relating the discussion to relevant course concepts.	Does not collaborate with fellow learners.	Collaborates with fellow learners without relating discussion to the relevant course concepts.	Collaborates with fellow learners, relating the discussion to relevant course concepts.	Collaborates with fellow learners, relating the discussion to relevant course concepts and extending the dialogue.
  Applies relevant professional, personal, or other real-world experiences.	Does not contribute professional, personal, or other real-world experiences.	Contributes professional, personal, or other real-world experiences, but lacks relevance.	Applies relevant professional, personal, or other real-world experiences.	Applies relevant professional, personal, or other real-world experiences to extend the dialogue.
  Supports position with applicable knowledge.	Does not establish relevant position.	Establishes relevant position.	Supports position with applicable knowledge.	Validates position with applicable knowledge.

  Textbook Info:

• Libby, R., Libby, P., & Short, D. (2013). Financial Accounting (8th Edition). McGraw-Hill Learning Solutions.