- Username
- Password
forgot?

iRubric: Revenue Recognition Case 2015-2 rubric

edit print share Copy to my rubrics Bookmark test run assess... delete Do more...
Revenue Recognition Case 2015-2 Rubric for use in Measurement & Disclosure I for a case dealing with revenue recognition with multiple performance obligations Rubric Code: JX3A3X4 By jfuehrme Ready to use Public Rubric Subject: Accounting Type: Assignment Grade Levels: Undergraduate

M & D I 2015 Descriptions Revenue Case 2015-2
	Exceeds Expectations 6 pts	Meets Most Expectations 5 pts	Meets Some Expectations 3 pts	Does Not Meet Expectations 1 pts
Question 1 Five Step Revenue Recognition Process and ASC 606	6 Understands the application of the process and includes all appropriate ASC references	5 Generally understands the application of the process but does not integrate the necessary ASC references	3 Does not fully demonstrate an understanding of the process; does not include appropriate ASC references	1 Does not address the five step process; does not go beyond the minimums asked in the case questions
Question 2 Performance Obligations	6 Appropriately identifies the performance obligations and includes all appropriate ASC references	5 Generally understands the identification of performance obligations but does not integrate the necessary ASC references	3 Does not fully demonstrate an understanding of the identification of performance obligations; does not integrate the necessary ASC references	1 Does not understand the process of identifying performance obligations
Question 3 Allocation of Transaction Price	6 Appropriately allocates the transaction price to the identified performance obligations and includes all appropriate references from the ASC	5 Generally understands the allocation of transaction prices but does not integrate the necessary ASC references	3 Does not fully demonstrate an understanding of the allocation of transaction price; does not integrate the necessary ASC references	1 Does not understand the process of allocating transaction prices
Question 4 Allocation of Transaction Price - Uncertain Inputs	6 Addresses all options for estimating standalone selling prices and includes all appropriate ASC references	5 Recognizes the issue of uncertain pricing information but does not address all options; does not integrate the necessary ASC references	3 Does not fully demonstrate an understanding of the issue of uncertain pricing information; does not integrate the necessary ASC references	1 Does not understand the issue or process of addressing uncertain or unknown standalone selling prices
Question 5 Revenue Timing and Journal Entries	6 Revenue timing and related journal entries follow logically from the foregoing analysis	5 Revenue timing and related journal entries follow logically from the foregoing analysis however journal entries are incomplete or not correct	3 Revenue timing and related journal entries do not follow logically; journal entries are incomplete or not correct	1 Does not understand the concept of satisfying a performance obligation; does not demonstrate the ability to prepare journal entries