LOVELY PROFESSIONAL UNIVERSITY

ACADEMIC TASK 1

School of Management and Commerce Lovely Faculty of Business and Arts

Name of the Faculty Member: Lipika Section: Q2309,Q2304

Course Code: ACC105 Course Title: Financial Accounting

Program: BBA (Hons.) Max. Marks: 30

Date of Allotment: 13 Sept. 2023 Date of submission: 27th Sept 2023

Mode of test– Offline

S. Roll No Objectives Topic Evaluation Expected

No of Parameters outcomes
Academic
Activity
1 All the To test the There will be three numerical Attached Application
students ability of questions of 10 marks each rubric will of concept
the students' from the topics of Journal, be followed
in Trial Balance and Depreciation for
determining (Straight line and Written evaluation.
the down value method).
useful life
of assets, 1. Journal: There will be a
and total of 6 transactions, and
preparation each transaction carries a
of weightage of 1.5 marks. For
company each transaction, 1 mark is
financial allocated for the correct
statements. format. Additionally, for each
transaction, 0.5 marks are
allocated for providing a
mandatory narration.

2. Trial Balance: There will

be a total of 18 items of 0.5
marks each. 1 mark will be for
 the correct total.

3. Depreciation: 5 marks will

be for the Asset account, 2
marks for the Depreciation
account, and 3 marks for the
correct calculation of
depreciation.

Rubrics
Journal

Criteria Description Marks

Each transaction Accuracy and completeness of each entry. Includes correct entry (1 1.5
mark) and mandatory narration (0.5 marks).

Total marks available for each entry and narration. (1.5 x 6) 9

Format Correct format of journal 1

Total Total marks 10

Trial Balance

Criteria Description Marks

Item 1 Accuracy of each item in the Trial Balance (0.5 x 9) 9

Total Calculation Correct calculation of the total in the Trial Balance. 1

Total Total marks 10

Depreciation

Criteria Description Marks

Asset Account Accuracy and appropriate recognition of the Asset in the Depreciation 5
calculation.

Depreciation Account Accuracy and appropriate recognition of the Depreciation expense 2

account.

Depreciation Correct calculation of depreciation using an appropriate method (e.g., 3

Calculation straight-line, written down value).

Total Total marks 10