Accounting 11 - Presentation

PRESCRIBED LEARNING OUTCOMES

It is expected that students will:

• demonstrate proficiency in preparing trial balances and financial statements from worksheets, both manually and electronically
• prepare reports using worksheets, post-closing trial balances, income statements, and balance sheets
• develop the basic accounting equation from a balance sheet

SUGGESTED INSTRUCTIONAL STRATEGIES

• Provide students with worksheets and have them go through the steps to prepare financial statements, both manually and electronically. Ask them to identify the advantages and disadvantages of both methods and to summarize their conclusions in tables.
• Have students use industry-standard spreadsheet software to prepare and print various financial reports. After students produce financial statements from a basic spreadsheet, invite them to role-play presentations of the reports to an owner of a company.
• Discuss the concepts of asset, liability, and owner's equity and how these might be related. Then have students use various balance sheets to create and explain the accounting equation (assets = liabilities + owner's equity). Ask them to use the equation to calculate the value of a business to its owner.
• Suggest that students in small groups prepare trial balances and balance sheets. During this exercise, encourage students to learn, and to be able to explain, how various transactions are reflected within these formats. Then have the groups draw flow charts showing the effects of various transactions. Ask students to demonstrate their understanding by explaining the transactions to other group members.
• Invite a loans officer to the class to describe the financial information and other criteria needed to qualify for a loan, as well as any special programs available (e.g., for women or entrepreneurs). After the visit, have students use financial statements to simulate a meeting in which a business owner applies for a bank loan to expand the business.

SUGGESTED ASSESSMENT STRATEGIES

• As a class, develop criteria for the presentation of internal and external financial documents. Criteria might include:
  • headings and titles make clear the content and purpose of the document
  • format is clear and easy to read
  • language is appropriate for the intended audience
  Have students use these criteria to assess the appropriateness and acceptability of the documents they and their peers create during the course.
• Throughout the course, have students work in small groups to create flow charts, from source document to post-closing trial balance. As students modify their flow charts, circulate and ask questions such as:
  • Where does this new document (or process or information) fit into the flow chart?
  • Do your changes make the process more complex?
  • Have you considered all possibilities regarding the impact of your changes?
  Notice students' abilities to identify the components of the process, show the flow of data, redraw their flow charts to show increasing complexity, and describe the components of the flow charts.
• As students produce financial statements from worksheets, note evidence that they can:
  • relate the classification of accounts and numbering systems to the financial statements they are preparing
  • relate the income statements to the balance sheets
• Provide students with sets of transactions or source documents and ask them to work through the entire accounting cycle on their own. Observe the process, looking for evidence that students:
  • select correct documents
  • produce appropriate statements
  • accurately transfer information
  • record information neatly and legibly

• Accounting 1, Fifth Edition
• Principles of Accounting, Second Edition

• Designing an Accounting System using ACCPAC Simply Accounting
• Whitemoose Creek Farms: A Business Simulation

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