Posted: January 6th, 2017

What are the rules of debit and credit for accounts appearing on a firm’s balance sheet?

• Proficient:
  • Define the “normal” balance for an account.
  • What are the rules of debit and credit for accounts appearing on a firm’s balance sheet?
• Distinguished:
  • Information relating:

    You will observe that a Proficient-level question is asked … and is then followed by a Distinguished-level question. These two questions are companion questions. After responding to the Proficient-level and Distinguished-level for the first question, respond to the next set of Proficient-level and Distinguished-level questions. Repeat this process until all questions have been responded at both the Proficient-level and Distinguished-level.

    Answering an assignment question completely and correctly only at the Proficient-level generally results in a ranking of Proficient on the Scoring Guide Rubric and will result in a grade of 85% for the entire assignment if each question is graded as Proficient. Answering each question completely and correctly … AND … correctly responding to the EXTRA REQUIREMENT contained in the Distinguished-level question for each question … will result in a Scoring Guide Rubric ranking of Distinguished and will result in a grade of 100% for the entire assignment if each question is answered Proficiently (completely and correctly) AND the correct Distinguished-level  response is also given for each question.