1ACC 201 Final Project II Guidelines and RubricOverviewOne of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture.The final project for this course consists of two major parts: anaccounting workbook(Final Project I) and a professional relevance essay(Final Project II). In the second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical applications for furthering your own professional practice.The final product will be submitted inModule Eight.In this assignment, you will demonstrate your mastery of the following course outcomes:
Record financial data and adjusting entries in the preparation of a business’s financial statementsPromptIn a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I andtheir specific, practical applications within your own professional practice. Specifically, you must address the critical elementslisted below. Most of the critical elements align with a particular course outcome (shown in brackets).I.Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will)financial accounting play a role in your day-to-day professional life? [ACC-201-01]II.Draw ConnectionsA.In the first part of your final project, you recorded various transactions in the life of a business. Now,consider your current or future professional life: What sort of transactionswould you encounter in your field? Describe at least three using specific details. [ACC-201-01]B.Analyze therelationship between those transactions and the success of yourcurrent or future business. For example, how would eachtransactionimpact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-0
