Journal 5

below are the instructions and rubric to go by please use outside sources Overview As an accountant, you will need to become familiar with generally accepted accounting principles (GAAP), as they standardize procedures used in accounting industries. At its core, GAAPs goal is to provide consistent information on organizations financial statements. In financial reporting, understanding the historical cost and consistency principles allows for cohesiveness among financial statements. This journal will support your work on your project as you consider how GAAP standards impact reporting. Directions Write a journal reflecting on the historical cost and consistency GAAP standards. Specifically, you must address the following rubric criteria: Describe the purpose of the historical cost principle in GAAP within financial reporting. Describe the purpose of the consistency principle in GAAP within financial reporting. Explain how the historical cost and consistency principles allow stakeholders to make decisions when reading financial statements. What to Submit Submit your journal as a 1- to 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style. Module Five Journal Rubric Criteria Exceeds Expectations (100%) Meets Expectations (90%) Partially Meets Expectations (70%) Does Not Meet Expectations (0%) Value Purpose of the Historical Cost Principle in GAAP Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner Describes the purpose of the historical cost principle in GAAP within financial reporting Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to describing the purpose of the historical cost principle in GAAP within financial reporting Does not attempt criterion 30 Purpose of the Consistency Principle in GAAP Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner Describes the purpose of the consistency principle in GAAP within financial reporting Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to describing the purpose of the consistency principle in GAAP within financial reporting Does not attempt criterion 30 Explain Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner Explains how the historical cost and consistency principles allow stakeholders to make decisions when reading financial statements Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to explaining how the historical cost and consistency principles allow stakeholders to make decisions when reading financial statements Does not attempt criterion 30 Clear Communication Exceeds expectations with an intentional use of language that promotes a thorough understanding Consistently and effectively communicates in an organized way to a specific audience Shows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding Shows no evidence of consistent, effective, or organized communication 5 Citations and Attributions Uses citations for ideas requiring attribution, with few or no minor errors Uses citations for ideas requiring attribution, with consistent minor errors Uses citations for ideas requiring attribution, with major errors Does not use citations for ideas requiring attribution 5 Total: