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iRubric: Revenue Recognition Case 2016-3 rubric

iRubric: Revenue Recognition Case 2016-3 rubric


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Revenue Recognition Case 2016-3 
Revenue Recognition Case 2015-3
Principal vs. Agent Case
Rubric Code: EX65B35
By jfuehrme
Ready to use
Public Rubric
Subject: Accounting  
Type: Assignment  
Grade Levels: Undergraduate

Powered by iRubric Case 2016-3
Revenue Recognition - Gross vs. Net
  Exceeds Expectations

10 pts

Meets Expectations

8 pts

Meets Some Expectations

6 pts

Does Not Meet Expectations

4 pts

General

Five Step Revenue Recognition Process
Exceeds Expectations

Understands the application of the process and includes all appropriate ASC references; writing is clear and concise; few grammatical errors.
Meets Expectations

Generally understands the application of the process and integrates some ASC references; writing is clear and concise; several grammatical errors.
Meets Some Expectations

Addresses parts of the process; does not integrate the necessary ASC references; writing is not clear or concise; numerous grammatical errors.
Does Not Meet Expectations

Does not address the five step process; does not go beyond the minimums asked in the case questions; writing is incoherent.
Issue

Performance Obligations
Exceeds Expectations

Appropriately identifies this as a question of "principal vs agent"; clearly demonstrates an understanding that the key determinant is concept of "control" over the provision of services.
Meets Expectations

Identifies the issue but does not demonstrate an understanding of the need for judgment in its resolution; does not address control
Meets Some Expectations

Identifies the issue but does not demonstrate an understanding of its implications for recognition of revenue
Does Not Meet Expectations

Does not recognize or address the issue resident in this case
References

Professional Literature
Exceeds Expectations

Identifies all appropriate literature pertinent to the case situation
Meets Expectations

Identifies most of the appropriate literature but omits some portions relevant to the case; has support to weigh both sides of the issue at hand
Meets Some Expectations

Identifies some of the appropriate literature; does not include key portions including indicators of control; cited literature relates to only one side of the issue
Does Not Meet Expectations

Does not identify the appropriate literature
Discussion

Analysis and Conclusion
Exceeds Expectations

Presents a logical, thorough analysis of the case; conclusions follow clearly from the discussion
Meets Expectations

Analysis focuses on one side of the issue; alternative choices are addressed only minimally
Meets Some Expectations

Analysis focuses on one side of the issue and ignores the alternatives.
Does Not Meet Expectations

Analysis is incomplete or illogical; conclusions do not follow the analysis
Entries

Revenue Presentation and Journal Entries
Exceeds Expectations

Presentation and related journal entries follow clearly from the discussion; journal entries are complete and appropriate.
Meets Expectations

Journal entries are consistent with the discussion and follow logically; some are incomplete or incorrect
Meets Some Expectations

Presentation and related journal entries do not follow logically; journal entries are incomplete and incorrect
Does Not Meet Expectations

Presentation and related journal entries do not follow logically; journal entries do not make sense



Keywords:
  • Principal Agent Revenue Gross Net

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