ACC 201 Module Two Short Paper Guidelines and RubricOverview: In this short paper, you will evaluate the importance of the accounting cycle by illustrating the products of that cycle and identifying the potential for
problems if it is not properly followed. There is only one short paper assignment in this course, and it has a unique purpose: You can think of this exercise as
establishing the conceptual framework for your remaining work in the problem sets and Final Project I. Essentially, in those activities, you will be engaging in the
specific tasks of the accounting cycle and applying detailed processes on a practical level. Therefore, it is important to grasp the larger picture in this short paper
so that you will be able to connect these smaller tasks and details and recognize their larger significance.
Prompt: In a well-crafted short paper, respond to the following questions:
What are the steps of the accounting cycle? Describe each in your own words using specific examples.
What are the outputs of the accounting cycle? Why are they important? Identify and explain the purpose of each financial statement, including how
they are interrelated.
Why is the accounting cycle important to a business? Evaluate the significance of the accounting cycle in terms of its practical relevance for businesses.
In your response, be sure to give specific examples of why certain steps are necessary. Address at least three different steps in your evaluation.
Rubric
Guidelines for Submission: Your paper should follow the formatting guidelines in the Module Two Short Paper Template. It should be a 2- to 3-page Microsoft
Word document with double spacing, 12-point Times New Roman font, one-inch margins, and references to the textbook content cited in APA format.
Critical Elements
Steps
Exemplary (100%)
Proficient (85%)
Needs Improvement (55%)
Not Evident (0%)
Value
Meets “Proficient” criteria and
demonstrates keen insight into
the sequence and
interrelationships between the
steps of the accounting cycle
Describes each of the steps of
the accounting cycle in own
words using specific examples
Describes the steps of the
Does not describe the steps of
accounting cycle, but fails to fully the accounting cycle
or accurately identify each using
own words and specific
illustrating examples
30
Outputs
Meets “Proficient” criteria and
demonstrates nuanced
understanding of the products of
the accounting cycle
Identifies and explains the
purpose of each financial
statement created by the
accounting cycle, including their
interrelationships
Identifies the purpose of each
Does not identify the purpose of
financial statement created by
each of the financial statements
the accounting cycle, but fails to created by the accounting cycle
fully or accurately explain each,
including their interrelationships
30
Significance
“Meets Proficient” criteria and
demonstrates deep
appreciations of the significance
of the accounting cycle
Evaluates the significance of the
accounting cycle for businesses,
including at least three specific
examples of why certain steps
are necessary
Evaluates the significance of the Does not evaluate the
accounting cycle for businesses, significance of the accounting
but fails to fully or accurately cite cycle for businesses
specific examples of why certain
steps are necessary
30
Articulation of
Response
Submission is free of errors
Submission has no major errors
related to citations, grammar,
related to citations, grammar,
spelling, syntax, and organization spelling, syntax, or organization
and is presented in a
professional and easy-to-read
format
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
Total
10
100%
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Formatting
Title Page
Citation
Outline
