Omnis Mus Grading Form

Omnis Mus Grading Form

This version is based on Microsoft's .Net Framework 4

Click Link to Proceed: (Run Omnis Mus Grading Form as a Web Page).

Grading form evaluates the Income Statement, Balance Sheet, and, for Senior (ombase??.mdb) and Advanced (txbase??.mdb) problems, the accounts receivables ledger. The general ledger is also evaluated. The general ledger evaluation should usuallybe ignored (thus the option to Not print it) as it contains duplicate information. This is discussed further below.

Grading form evaluates the student database (specified by Set Path) by comparing it to the master database (specified by Master) and reporting differences line by line with summary totals. All four items are analyzed in a single run, although you can only view one statement at a time. Click Display on the menu to toggle between the statements. ALL statements will print when print is on. Use Report Form to view the actual financial statements and general journal entries; you can toggle between the master and student database.

General Ledger
The general ledger in the solution database(s) is PRE-CLOSING. This is to enable you to easily CHANGE any solution database to incorporate any ADDITIONAL journal entries you may wish to add to a problem. To do so you would:
1. rename (by copying) a solution database to the problem you are modifying
-->example: copy om01_sol.mdb to ombase01.mdb to modify problem Senior 1
2. start Omnis Mus, opening the renamed solution database
3. enter your new transactions. Reversing out any that you wish to delete.
4. Close Accounts to generate financial statements.
5. Rename the database as the solution database.
--> You can use any name you wish.
--> Example: copy or rename ombase01.mdb to my01_sol.mdb
--> Click Master to select it as the solution database.

Why ignore the general ledger evaluation?
The general ledger in the solution database(s) is PRE-CLOSING. If a student has posted closing entries, there will be many differences between general ledgers, even if the students work is 100% correct (the evaluation of statements will show no differences).

If (as is more typical) a student has not posted closing entries, any differences between general ledgers WILL ALSO be reported as differences in the financial statements. Furthermore, the inventory balance and the retained earnings balance in the pre-closing ledgers are the beginning balances (not the ending). The ending values are in the closing entries, and they appear in the income statement and balance sheet.

Why, then, is the general ledger evaluated?
The general ledger is evaluated for two reasons:
1. If a student has not produced statements by closing accounts, you can review the general ledger evaluation. As discussed, this does NOT allow you to evaluate the ending inventory balance or ending retained earnings. But you can provide some feedback to the student, and in extreme cases (i.e., end of semester,) evaluate the student's work. Note that the student's general ledgerwill also be pre-closing, as he/she will not have closed accounts and thus could not post closing entries to get a post-closing ledger.

2. You could assign a problem that does not require closing the accounts. You might, for example, have students add some accounts and then enter several transactions using these accounts. In this case, you would evaluate only the general ledger - which would show account balance differences.