ACC 630 Final Project Guidelines and Rubric Overview According to the American Institute of Certified Public Accountants (AICPA), CPAs in today’s environment must not only have a high level of technical competence and a sense of commitment to service, but they must also have good communication and analytical skills and the ability to work well with people.

ACC 630 Final Project Guidelines and Rubric Overview According to the American Institute of Certified Public Accountants (AICPA), CPAs in today’s environment must not only have a high level of technical competence and a sense of commitment to service, but they must also have good communication and analytical skills and the ability to work well with people. Employers are looking for individuals who have the ability to analyze and evaluate complex business problems and the interpersonal skills and maturity to make decisions in a client and customer service environment. In your final project for this course, you will apply your cumulative knowledge from the financial reporting courses you have taken to address advanced accounting topics. The topics in this course will integrate the accounting competencies needed to work in an organizational setting. You will apply accounting foundations to advanced, real-world situations by demonstrating knowledge and skills to determine solutions. The purpose of this project is to continue to build upon your foundational competencies, including communication, quantitative, and analytical thinking and problem solving, human relations, and technology through a cumulative case study built on a real-life company. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final project will be submitted in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes:  Differentiate between partnerships and corporations for selecting an appropriate business entity  Analyze the effects of consolidations on financial statements for proper reporting  Determine effective strategies for estate planning to minimize tax liability  Evaluate the need for trusts in various scenarios for income protection  Illustrate how insolvencies impact business entities and their related stakeholders for informing recommendations Prompt You will continue to work with the retail company that you chose in ACC 610 or, if you transferred into ACC 620, you will continue with the retail company you chose from the following options: Wal-Mart, Target, Sears, Kroger, or Amazon. You have adopted this company to apply learning concepts in authentic scenarios. Through this project, you will conclude your portfolio that you have been assembling throughout the financial reporting series. Your portfolio pieces for this project will include a financial analysis paper, spreadsheets to be included in that analysis paper, and a summary report. Specifically, the following critical elements must be addressed: I. Business Entities—Partnerships and Corporations Assume your company is involved in a major lawsuit. The probable damages are estimated to be $2,000,000. A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership. B. How do disclosure requirements differ from a corporation to a partnership and what information is required? C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response. D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response. II. Consolidations of Financial Statements A. Based on research from your chosen company, explain the corporate structure in terms of consolidation. How is it organized from a consolidated viewpoint? What are the reasons for this particular type of organization? B. How does the consolidation impact how the accounting information flows into the consolidated financial statement? Describe the process. C. Are there any income tax benefits from consolidating the financial statements for your company? Defend your response. III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response. C. Describe your company’s succession plan and whether it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why? IV. Trusts A. Draw a conclusion about the purpose for the company’s trust based on the research of your company. B. Why would a small business owner want to set up a trust and how could it be used for estate planning purposes? C. Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income, which would be most suitable for a company? V. Conclusion There has been a major global crisis, and your company’s board of directors has announced that the company is going bankrupt. No one could have seen this one coming. Your CEO has called you in to his office to start the insolvency process. Based on the latest published financial statements, your job is to come up with a plan that will be used to inform the company, its shareholders, and its creditors. A. As your company’s controller, compose a summary report to your CEO advising him on the effects of the insolvency. B. From a global perspective, what effects would the insolvency of your company have on the U.S. economy as well as the global economy (i.e., other countries)? C. Construct a worksheet for the CEO showing the effects of the insolvency on the company, shareholders, and creditors. Milestones Milestone One: Business Entities—Partnerships and Corporations In Module Three, you will submit the Section I of your final project. You will be asked to consider how, based on the type of entity, a given scenario may affect the company. This milestone will be graded with the Milestone One Rubric. Milestone Two: Estate Planning and Trusts In Module Five, you will submit Sections III and IV of your final project. You will be asked how estate planning and trusts affect tax liability and the protection of income. This milestone will be graded with the Milestone Two Rubric. Milestone Three: Consolidations of Financial Statements In Module Seven, you will submit Section II of your final project. You will be asked the about the purpose and effects of consolidated financial statements. This milestone will be graded with the Milestone Three Rubric. Final Submission: Advanced Accounting Portfolio In Module Nine, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric. Deliverables Milestone Deliverable Module Due Grading One Business Entities—Partnerships and Corporations Three Graded separately; Milestone One Rubric Two Estate Planning and Trusts Five Graded separately; Milestone Two Rubric Three Consolidations of Financial Statements Seven Graded separately; Milestone Three Rubric Final Submission: Advanced Accounting Portfolio Nine Graded separately; Final Project Rubric Final Project Rubric Guidelines for Submission: Your final submission should be 6 to 10 pages in length (in addition to spreadsheets) and should use one-inch margins, double spacing, and 12-point Times New Roman font. Sources should be cited according to APA style. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Business Entities: Damage Estimate Meets “Proficient” criteria and description is exceptionally clear and contextualized (100%) Describes the effects the damage estimate would have on the statements based on the company being set up as a corporation (90%) Describes the effects the damage estimate would have on the statements, but does not base this on the company being a corporation (70%) Does not describe the effects the damage estimate would have on the statements (0%) 5.7 Business Entities: Disclosure Requirements Meets “Proficient” criteria and uses relevant research to illustrate claims (100%) Identifies how disclosure requirements differ from a corporation to a partnership and what information is required (90%) Identifies how disclosure requirements differ from a corporation to a partnership, but not what information is required (70%) Does not identify how disclosure requirements differ from a corporation to a partnership (0%) 5.7 Business Entities: Personal Liability Meets “Proficient” criteria and defense is well supported and logical (100%) Determines whether the shareholders are at risk for any personal liability and defends response (90%) Determines whether the shareholders are at risk for any personal liability, but does not defend response or defense is weak or cursory (70%) Does not determine whether the shareholders are at risk for any personal liability (0%) 5.7 Business Entities: Partnership Meets “Proficient” criteria and defense is well supported and logical (100%) Determines whether the partners would be at risk for personal liability and defends response (90%) Determines whether the partners would be at risk for personal liability, but does not defend response or defense is weak or cursory (70%) Does not determine whether the partners would be at risk for personal liability (0%) 5.7 Consolidations: Corporate Structure Meets “Proficient” criteria and reasons are well qualified with concrete examples (100%) Explains how the corporate structure is organized from a consolidated viewpoint and the reasons for this type of organization (90%) Explains how the corporate structure is organized from a consolidated viewpoint, but does not explain the reasons for this type of organization or explanation is cursory or inaccurate (70%) Does not explain how the corporate structure is organized (0%) 5.7 Consolidations: Flows Meets “Proficient” criteria and description is exceptionally clear and contextualized (100%) Describes how the consolidation impacts how the information flows into the consolidated financial statement and describes the process (90%) Describes how the consolidation impacts how the information flows into the consolidated financial statement, but does not describe the process or description is cursory or inaccurate (70%) Does not describe how the consolidation impacts how the information flows into the consolidated financial statement (0%) 5.7 Consolidations: Income Tax Benefits Meets “Proficient” criteria and defense is well supported and logical (100%) Analyzes whether there are any income tax benefits from consolidating the financial statements and defends response (90%) Analyzes whether there are any income tax benefits from consolidating the financial statements, but does not defend response or defense is weak or cursory (70%) Does not analyze whether there are any income tax benefits (0%) 5.7 Estate Planning: Minimizing Tax Liability Meets “Proficient” criteria and uses relevant research to illustrate claims (100%) Explains how estate planning differs from a partnership to a corporation in terms of minimizing tax liability (90%) Explains how estate planning differs from a partnership to a corporation but not in terms of minimizing tax liability (70%) Does not explain how estate planning differs from a partnership to a corporation (0%) 5.7 Estate Planning: Advantages Meets “Proficient” criteria and defense is well supported and logical (100%) Determines the advantages of setting up a business as a corporation versus a partnership for estate planning purposes and defends response (90%) Determines the advantages of setting up a business as a corporation versus a partnership for estate planning purposes, but does not defend response or defense is weak or cursory (70%) Does not determine the advantages of setting up a business as a corporation versus a partnership (0%) 5.7 Estate Planning: Succession Plan Meets “Proficient” criteria and description is exceptionally clear and contextualized (100%) Describes the company’s succession plan and whether it aligns with the company’s vision (90%) Describes the company’s succession plan, but does not describe if it aligns with the company’s vision or description is cursory or inaccurate (70%) Does not describe the company’s succession plan (0%) 5.7 Estate Planning: Strategy Meets “Proficient” criteria and defense is well supported and logical (100%) Determines which strategy would be most effective and defends response (90%) Determines which strategy would be most effective, but does not defend response or defense is weak or cursory (70%) Does not determine which strategy would be most effective (0%) 5.7 Trusts: Conclusion Meets “Proficient” criteria and cites sources that are aligned with conclusion (100%) Draws a conclusion about the purpose for the trust based on the research of the company (90%) Draws a conclusion about the purpose for the trust, but conclusion is cursory or inaccurate (70%) Does not draw a conclusion about the purpose for the trust (0%) 5.7 Trusts: Estate Planning Purposes Meets “Proficient” criteria and cites specific, relevant examples to establish a robust context for the determination (100%) Determines why a small business owner would want to set up a trust and how it could be used for estate-planning purposes (90%) Determines why a small business owner would want to set up a trust, but does not determine how it could be used for estateplanning purposes or determination is cursory or inaccurate (70%) Does not determine why a small business owner would want to set up a trust (0%) 5.7 Trusts: Protect Income Meets “Proficient” criteria and uses concrete examples to substantiate claims (100%) Evaluates the similarities and differences between trusts and corporations and determines which would be most suitable to protect income (90%) Evaluates the similarities and differences between trusts and corporations, but does not determine which would be most suitable to protect income or determination is inaccurate (70%) Does not evaluate the similarities and differences between trusts and corporations (0%) 5.7 Conclusion: Insolvency Meets “Proficient” criteria and uses industry-specific language to establish expertise (100%) Composes a comprehensive summary report to the CEO advising on the effects of the insolvency (90%) Composes a summary report to the CEO advising on the effects of the insolvency, but the report contains gaps in accuracy or lacks detail (70%) Does not compose a summary report (0%) 5.7 Conclusion: Economy Meets “Proficient” criteria and determination is well supported and contextualized (100%) Determines the effects of the insolvency on the U.S. economy as well as the global economy (90%) Determines the effects of the insolvency on the U.S. economy or the global economy, but not both or determination is inaccurate (70%) Does not determine the effects of the insolvency on the economy (0%) 5.7 Conclusion: Worksheet Constructs a worksheet accurately showing the effects of the insolvency on the company, shareholders, and creditors (100%) Constructs a worksheet showing the effects of the insolvency on the company, shareholders, and creditors, but worksheet contains inaccuracies (70%) Does not construct a worksheet (0%) 5.7 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format (100%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (90%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (70%) Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) 3.1 Total 100%

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