2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT XXXXXXXXXXFinancial Accounting XXXXXXXXXXUMGC Le…
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Project 2: Financial Accounting Technology
Course: ACCT XXXXXXXXXXFinancial Accounting (2232)
Critical Thinking;
Measurement
analysis &
interpretation
Exceeds
Performance
Expectations
20 points
Meets Performance
Expectations
17.8 points
Does Not Meet
Performance
Expectations
0 points
Criterion Score
Measurement,
Analysis, and
Interpretation:
General Ledger -
Identify
appropriate,
eliable, and
verifiable
measurements.
Analyze data fo
a given purpose
and intended
use. Interpret
esults of data
analysis for the
intended user.
20
Reporting:
Income
Statement -
Prepare
financial
statements as
governed by
professional
standards and
equired by law.
20
All general ledge
entries were
accurately
measured,
ecorded, and
transactions
interpreted using
the General
Ledger software
Most general
ledger entries
were accurately
measured,
ecorded, and
transactions
interpreted using
the General
Ledger software
Most general
ledger entries
were inaccurate
measured,
ecorded, and/o
transactions not
co
ectly
interpreted using
the General
Ledger software.
Or did NOT
submit.
All accounts and
amounts on the
Income Statement
were accurate.
Income Statement
was prepared on
an accrual basis
for "all time".
Most accounts
and amounts were
accurate on the
Income
Statement.
Income Statement
was prepared on
an accrual basis
for "all time".
Most accounts
and amounts were
inaccurate on the
Income
Statement.
Income Statement
was not prepared
on an accrual
asis for "all
time". Or did not
submit.
2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT XXXXXXXXXXFinancial Accounting XXXXXXXXXXUMGC Le…
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learn.umgc.edu/d2l/lms/dropbox/use
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Total / 100
Critical Thinking;
Measurement
analysis &
interpretation
Exceeds
Performance
Expectations
20 points
Meets Performance
Expectations
17.8 points
Does Not Meet
Performance
Expectations
0 points
Criterion Score
Reporting:
Balance Sheet -
Prepare
financial
statements as
governed by
professional
standards and
equired by law.
20
Technology and
Tools: Use
elevant
technology and
tools to analyze
data and
assigned tasks.
20
Reporting
20
All accounts and
amounts were
accurate. Prepare
d an accrual basis
Balance Sheet fo
"all time".
Most accounts
and amounts were
accurate.
Prepared an
accrual basis
Balance Sheet fo
"all time".
Most accounts
and amounts were
inaccurate. O
did not prepare an
accrual basis
Balance Sheet fo
"all time". Or did
not submit.
Demonstrate an
outstanding level
of competency
using financial
accounting
technology.
Identified and
utilized financial
accounting
technology to
analyze data
efficiently and
effectively to
perform assigned
tasks.
Demonstrate a
sufficient level of
competency using
financial
accounting
technology.
Identified and
utilized financial
accounting
technology to
analyze data to
perform assigned
tasks.
Demonstrate an
insufficient level
of competency
using financial
accounting
technology. O
did not identify
and utilize
financial
accounting
technology to
analyze data to
perform assigned
tasks. Or did not
submit.
Generate a bank
econciliation with
no e
ors.
Generate a bank
econciliation that
is mostly co
ect.
Bank
econciliation was
mostly
inaccurate. Or did
not submit.
2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT XXXXXXXXXXFinancial Accounting XXXXXXXXXXUMGC Le…
https:
learn.umgc.edu/d2l/lms/dropbox/use
folder_submit_files.d2l?db=1482311&grpid=0&isprv=0&bp=0&ou= XXXXXXXXXX/3
Overall Score
Exceeds Performance
Expectations
90 points minimum
Meets Performance
Expectations
80 points minimum
Does Not Meet Performance
Expectations
0 points minimum
Project 2 Denim Products_Student _2232
Page 1 of 18
120122 Last updated by Sharon Levin
I. Title: Project 1: Financial Accounting Technology
Table of Contents
Section # Contents Page #
I. Title page 1
II. Introduction
Competencies assessed on this project 2
Scenario, the role you play in the project 3
III. Steps to Completion
Step 1: Read the entire project file, ru
ic, and helpful hints and tips
efore communicating with your study group
3
Step 2: Login to your QBO 3
Step 3: Setup company accounts and settings 4
Step 4: Setup and edit the Chart of Accounts 5
Step 5: Setup the Sales Tax 6
Step 6: Set up product items and contributed inventory 7
Step 7: Create journal entries for all other (non-inventory) Owner
Contributions
9
Step 8: Add customers and vendors 10
Step 9: Add Invoices, Purchase Orders (PO), and Bills 11
Step 10: Enter all transactions for the month of April 12
Step 11: Reconcile the April bank statement in QBO 15
Step 12: Review and revise the Financial Statements. 17
Step 13: Compare the Check Figures to account balances on your
financial statements. Check figures are the co
ect answers for
select accounts.
17
Step 14: Print and save the following QBO Reports: 1) P&L, 2)
Balance Sheet, and 3) the General Ledger in pdf format
18
Step 15: Combine these 4 files: 1) P&L, 2) Balance Sheet, 3)
General Ledger, and 4) Bank Reconciliation into 1 PDF file
18
Step 16: Review the ru
ic 18
IV. Deliverables
Review the instructions before uploading your deliverable
19
V. Ru
ic
Take one last look at the ru
ic to ensure you understand how your
deliverable will be graded
19
VI. Helpful hints and tips
Read the hints and tips before starting the project
19
Page 2 of 18
120122 Last updated by Sharon Levin
Table List
Table
#
Table title: Page #
1 Chart of Accounts 5
2 Standard Sales Prices (Casey’s Original Artwork) 7
3 Cost and Pricing of Prints (Reproductions of Casey’s original artwork) 8
4 Service and Non-Inventory Sales 8
5 Owner’s Contributions/Investments 9
6 Customer List 10
7 Vendor List 10
8 Consignment Vendor List 11
9 Invoices to Customers 11
10 Purchase Orders 12
11 Bills (Payables to Vendors) 12
12 April Transactions 14
13 Bank Statement 16
14 Check Figures 17
15 Summary of Report Deliverables 18
16 Report Files to be Combined into One PDF 18
II. Introduction:
All graduate accounting course deliverables use the AICPA Pre-Certification Core Competency
Framework to assess competencies deemed essential for success in the accounting profession.
Competencies assessed by this project:
§ Measurement, Analysis, and Interpretation
o Identify appropriate, reliable, and verifiable measurements.
o Analyze data for a given purpose and intended use.
o Interpret results of data analysis for the intended user.
§ Reporting
o Prepare financial statements as governed by professional standards and
equired by law.
§ Technology and tools
o Use relevant technology and tools to analyze data and assigned tasks.
§ Decision making
o Propose effective business decisions based on analysis and professional
judgment.
Page 3 of 18
120122 Last updated by Sharon Levin
Scenario:
Your good friend Casey has always expressed interest in opening his own retail art studio. He
has been painting and selling his artwork for years and already has a good customer base. In
January of this year, he started the process of formally setting up a business named Casey’s
Crafts; he filed for an Employee Identification Number (EIN) in Fe
uary. Casey found and
ented an art studio on March 1st, and has been cleaning, painting, and setting up the space ever
since. The grand opening was April 1, 2022.
Casey’s Crafts sells Casey’s original artwork and prints of his original artwork that he purchases
from a print shop. The original artwork and prints are inventory items. Casey also accepts
custom orders from customers, which are refe
ed to as Custom Artwork Sales. Custom Artwork
involves Casey painting a picture for a particular customer based on the customers’ specification.
Oftentimes, his Custom Artwork is a family portrait.
Also, Casey agreed to allow a few of his artist friends to display and sell their artwork from the
Casey’s Crafts shop. These sales would be classified as Consignment Sales. Artwork on
consignment is owned by the artist who created the painting and therefore is not recorded as
inventory on the Casey Kraft’s accounting records. It is customary for the consignee (the
usiness owner) to retain a percentage of all consignment sales as payment for allowing the
consignor (other artists) to display his or her artwork.
Casey knows you are going to school for your master’s degree in accounting and has asked for
your help setting up and using QuickBooks Online (QBO). You agree to help set up the QBO
usiness account and complete the first month of transactions. You are not familiar with QBO,
ut you know it will be beneficial to your accounting career to learn QBO because it is the most
widely used financial accounting platform for small business in the United States. To feel more
confident with QBO, you decide to seek guidance and collaborate with some of your classmates
in your MS degree program at UMGC. You recall a few mentioned working as an accountant for
small business clients.
Casey is interested in using the following QBO features:
§ Sales Receipts/Invoices
§ Purchase Orders/Inventory tracking
§ Bills and Bill Pay
Eager to get started, you carefully read the Steps to Completion and review all QBO learning
esources before beginning.
III. Steps to Completion:
Step 1 – Read the project and ru
ic before you begin communicating with your study group
members. You will discuss the project together but will submit individual deliverables.
Step 2 – Set up your QBO account.
You should have received an email invitation to QuickbooksOnline from Intuit, which your
professor initiated. Create your account by clicking the link in the email invitation.
Page 4 of 18
120122 Last updated by Sharon Levin
Step 3 – Set up the company account and settings
§ View the Video:
o How to Navigate in QuickBooks
o The transcript for this video is in Content/Course Resources/Projects &
Ru
ics/Project 1.
Remember - QuickBooks is a very forgiving program. Most mistakes can be fixed as you have
the ability to go back and make historical changes, however a co
ect setup will prevent the need
in most cases.
The following are the important pieces of information you need to set up Casey’s Crafts in QBO.
Each of the Bolded items are Categories in the Account and Settings page.
COMPANY:
§ Company Name: Casey’s Crafts_YOUR NAME
§ Your name must be part of the Company name
o There are no exceptions
o Example: Casey’s Crafts_SHARON LEVIN
§ Email: Enter your UMGC email address that appears in our classroom
§ Telephone: Enter your phone number associated with your UMGC profile
§ EIN: Leave the EIN Blank because the EIN has not been received yet
§ Company Type: Sole proprietor
§ Address: 500 Grand Blvd. Miramar Beach, FL 32550
§ Website: Enter UMGC.edu
§ Tax form: Sole Proprietor (Form 1040)
§ Method of Accounting: Accrual
§ Casey’s Crafts will not be using track classes or track locations
SALES:
§ Casey’s Crafts sales terms are Net 30, unless otherwise stated
§ Shipping is available for a fee
§ Discounts are offered occasionally
§ Casey’s Crafts requires a 50% deposit on all Custom Artwork sales
§ Track the quantity and price
ate for all sales
§ Track inventory quantity on hand for the art prints.
EXPENSES:
§ Casey’s Crafts wants to use purchase orders, so make sure you check the box.
§ All other default settings are fine.
PAYMENTS:
§ This setting is used to allow clients to pay an invoice through their system. Although
Casey’s Crafts is possibly be interested in this feature in the future, he has no cu
ent
interest.
ADVANCED:
§ Casey’s Crafts is a calendar year taxpayer, but he hasn’t received an EIN yet.
o The first month of the fiscal year is January
§ Use the tax form: Sole proprietorship Form 1040
§ Do not use account numbers
§ Do not track classes or track locations
Page 5 of 18
120122 Last updated by Sharon Levin
Step 4 – Set up and edit the Chart of Accounts (COA)
§ View the Video:
o How to Edit your Chart of Accounts in QuickBooks
The transcript is in Content/Course Resources/Projects & Ru
ics/Project 1
Table 1: Chart of Accounts
Add the
accounts
in the
next
column to
the
Chart of
Accounts
Name: Type Detail Type Subaccount of:
Casey's Crafts Bank Bank Checking
Refundable Deposits Other Cu
ent
Assets
Other Cu
ent Assets
Art Displays Fixed Assets Furniture & Fixtures
Consignments
Payable
Other Cu
ent
Liabilities
Other Cu
ent
Liabilities
Art Sales Income Sale of Product
Income
Original Artwork Income Sale