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    Final Instruction ACC 111 Competency Assessment 3

    Uploaded by

    Jennylyn Angela Patarata
    The document provides instructions for a competency assessment in ACC 111. It will measure bookkeeping skills and the ability to perform the eight steps of the accounting cycle. The assessment has two parts - part 1 involves journalizing transactions and part 2 completing the accounting cycle. Students will record transactions for Botika Maharlika for December 2021 using special journals based on a November trial balance. They will post entries, prepare adjustments, and produce financial statements, general ledger, worksheet, and post-closing trial balance. Students are reminded to follow instructions carefully and that the final exam is worth 35% of their overall grade.

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    Final Instruction ACC 111 Competency Assessment 3

    Uploaded by

    Jennylyn Angela Patarata
    105 views3 pages
    The document provides instructions for a competency assessment in ACC 111. It will measure bookkeeping skills and the ability to perform the eight steps of the accounting cycle. The assessment has two parts - part 1 involves journalizing transactions and part 2 completing the accounting cycle. Students will record transactions for Botika Maharlika for December 2021 using special journals based on a November trial balance. They will post entries, prepare adjustments, and produce financial statements, general ledger, worksheet, and post-closing trial balance. Students are reminded to follow instructions carefully and that the final exam is worth 35% of their overall grade.

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    The document provides instructions for a competency assessment in ACC 111. It will measure bookkeeping skills and the ability to perform the eight steps of the accounting cycle. The assessment has two parts - part 1 involves journalizing transactions and part 2 completing the accounting cycle. Students will record transactions for Botika Maharlika for December 2021 using special journals based on a November trial balance. They will post entries, prepare adjustments, and produce financial statements, general ledger, worksheet, and post-closing trial balance. Students are reminded to follow instructions carefully and that the final exam is worth 35% of their overall grade.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    105 views3 pages

    Final Instruction ACC 111 Competency Assessment 3

    Uploaded by

    Jennylyn Angela Patarata
    The document provides instructions for a competency assessment in ACC 111. It will measure bookkeeping skills and the ability to perform the eight steps of the accounting cycle. The assessment has two parts - part 1 involves journalizing transactions and part 2 completing the accounting cycle. Students will record transactions for Botika Maharlika for December 2021 using special journals based on a November trial balance. They will post entries, prepare adjustments, and produce financial statements, general ledger, worksheet, and post-closing trial balance. Students are reminded to follow instructions carefully and that the final exam is worth 35% of their overall grade.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    COMPETENCY ASSESSMENT

    ACC 111
    1st Semester SY2022-2023

    The University of Mindanao is adopting Outcome-Based Education; hence our curriculum is


    designed to adhere to this type of education. We design an assessment to measure the
    competency you gain from this course. In this subject, you will demonstrate the bookkeeping
    skills or perform the accounting cycle's eight (8) steps. There will be two(2) parts in this
    examination. Please read the instruction carefully before you start answering the problem. Below
    is the summary of how your grades will be computed. Take note that the final exam is 35% (50%
    is competency and 50% is MCQ).
      
    Assessment methods Weights
     
      EXAMINATIONS
    -Exam 1 to Exam 7 35%
     
      Final Exam 35% 70%
    - MCQ (50%)
    - Competency Assessments (50%)

    CLASS PARTICIPATIONS  
    - Quizzes/Assignments/Activity/Recitation 10%
    - Practice Set/Research 20% 30%
      
    TOTAL 100%

    You will record the transactions of BOTIKA MAHARLIKA for the month of December 2021
    using the special journals. The entity is a registered vatable entity. The business started its
    operation in January 2021, and the transactions from January to November are already recorded.
    Hence, a trial balance in November is provided that will serve as your chart of accounts. In
    posting, you have to first post the trial balance of November followed by the transactions of
    December 2021. The company uses the one invoicing system, and centralized the recording of
    sales and purchases, therefore record the sales whether in cash or credit in the sales journal and
    also purchases whether cash or on credit must be recorded in the purchase journal.

    In Part 1 : Preparation of journal entries (2 hours:)


    1. You are given 2 hours to journalize the transactions using the special journals. Round
    your answers to the nearest peso.
    2. You will be provided with the special journals for your answer sheet; use the prescribed
    journals.
    3. The trial balance of November 30 is the summary of recorded transactions from Jan. to
    Nov. of 2021. All you have to do is to continue the recording of the transactions for the
    month of December.
    4. Once completed, submit your output to the proctor/teacher.
    5. Once you have submitted part 1, part 2 shall be given to you for you to complete the
    accounting cycle.

    (In the summary of transactions, there are items without amount. You will compute for the
    amount to be recorded).

    In Part 2: Completing the accounting cycle. (3 hours)


    1. You will be provided with the corrected journal entries and an excel file for the answer
    sheet in part 2.
    2. Post the corrected entries to the general ledger (be sure that the first entry in the GL is
    the Nov. 30 trial balance). Prepare the trial balance and the 10 cols worksheet. You can
    immediately write the trial balance on the first 2 columns of the worksheet (no need to
    provide another sheet for trial balance). Data for adjusting entries can be found in the
    summary of transactions. All adjusting entries shall be recorded in the general journal
    page 2. You can easily identify adjusting entries because it is dated Dec. 31, 2021. Leave
    one space after each entry.
    3. Record the adjusting entries in the appropriate journal, then post to the general ledger.
    4. Prepare financial statements.
    5. Record closing entries in the appropriate journal, then post to the general ledger. 
    6. Prepare the post-closing trial balance.
    7. Prepare reversing entries.

    WHAT TO PASS IN PART 2


    1. Updated General Ledger
    2. Worksheet
    3. Financial Statements
    4. Post -Closing Trial Balance
    5. Updated general journal

    Please note that you will be graded using the rubric below.
    Thank you for following the given instructions.

    “Honesty costs nothing, lying could cost you everything!”


    -Nishan Panwar
    100%

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