Competency Assessment

This competency assessment assesses the following Outcome(s):

AC114M2: Prepare journal entries using accrual accounting.

Recording transactions correctly is imperative in accounting to ensure the accuracy of the financial statements. It is necessary to understand the chart of accounts and how the accounts are interrelated. In accrual accounting it is also necessary to make adjustments at the end of the accounting period. These steps in the accounting cycle ensure that the correct information is used in decision making.

You will complete exercises in WileyPLUS for this module to learn how to prepare and practice the concepts of accounting. The activities in WileyPLUS will cover topics such as how to prepare journal entries and understanding the application of the accounting equation.

Here is a tutorial on “How to Complete Assignments” in WileyPLUS.

This Competency Assessment is divided into nine parts, one per criteria item. Please review the checklist criteria for additional details. You will be completing the problems and/or exercises in WileyPLUS under the “Competency Assessment” section.

Please note each criteria item must be completed in one sitting. You will have 90 minutes for each criteria item in WileyPLUS. You do not have the option to save and come back to finish each part of the Competency Assessment.

Please submit a Dropbox comment to your instructor once you have completed all parts of the Competency Assessment. You may retake any failed part(s). You will need to submit a Dropbox comment to your instructor after each re-attempt of any part of the Competency Assessment.

If you have any problems entering the answers correctly, please contact your instructor.

• Competency Assessment: Part 1 (Identify the characteristics of a chart of accounts)
• Competency Assessment: Part 2 (Use journal entries in proper format)
• Competency Assessment: Part 3 (Describe posting to the general ledger)
• Competency Assessment: Part 4 (Summarize how to create an unadjusted trial balance)
• Competency Assessment: Part 5 (Prepare journal entries in proper form and unadjusted trial balance)
• Competency Assessment: Part 6 (Explain the assumptions of GAAP)
• Competency Assessment: Part 7 (Differentiate cash basis and accrual basis accounting)
• Competency Assessment: Part 8 (Explain adjusting journal entries)
• Competency Assessment: Part 9 (Complete adjusting entries based in accounting cycle)