Sample 3: Financial Accounting 12

Topic:

Prescribed Learning Outcomes:

Financial Concepts

It is expected that students will:

• differentiate between the accounting needs of service and merchandising businesses

It is expected that students will:

• demonstrate the uses of cash flow statements

It is expected that students will:

• analyse financial statements and changes in financial position for various businesses
• explain the use of budgeting in managing personal and business finances
• defend recommendations based on a comparison of budgeted and actual transactions

Overview

The teacher developed a unit to allow students to explore and analyse the financial accounting systems used by businesses. Evaluation was based on interview questionnaires and case analyses of service or merchandising businesses.

Planning for Assessment and Evaluation

• The teacher provided students with a framework to develop a case analysis. The case analysis would be used to inform potential investors about the financial position of a business.
• The teacher discussed with students the kinds of questions they could ask that would help them gather the financial information required to develop the case analysis. Each student then selected a local service or merchandising business and designed an appropriate questionnaire based on the structure of the business. They drafted letters to request the interviews and to describe the information they hoped to gather through the interviews.
• In pairs, students exchanged question- naires and letters. They reviewed one another's questions and interview structures and suggested changes. The teacher reviewed students' revised questionnaires and letters and made further suggestions.
• Each student contacted the selected business by telephone and arranged for an interview with the accountant. To follow up, they sent their letters and a copy of their questionnaires to the contact person. Prior to the interviews, students were given opportunities to work in pairs to practise asking questions and recording relevant information.
• Following the interviews, the teacher held a debriefing session with students to assist them in analysing the information they had gathered. The teacher asked questions such as:
  • For what purposes are financial statements developed?
  • Who uses financial information? For what reasons?
  • What decisions will the user be able to make based on the financial reports you provide?
  • How does the information differ depending on the user or the purpose?
  • How does the accounting department gather the information it needs to describe current financial information and to plan or project into the future?
  The teacher also encouraged students to consider these questions as they developed their case analyses.
• Students used the information they gathered, along with the framework provided by the teacher, to develop analyses of the businesses they visited. They presented their case analyses to the class along with sample documentation gathered on their visits and anecdotal responses from the interviews.

Defining the Criteria

The teacher reviewed the learning outcomes for the activities, explained the requirements of each task, and went over the criteria with students.

Interview Questionnaire

To what extent do the student's questions:

• clearly focus on accounting in a service or merchandising business
• recognize the accounting practices associated with the particular type of business
• relate information requests to specific financial statements
• probe the difference between statements used for planning and those used to analyse the financial position of the company

To what extent does the student:

• describe the business, its purpose, and its products
• justify selection of financial statements and data
• compare data from budgeted and actual transactions and suggest reasons for variances
• present financial data accurately and in an appropriate manner to support the analysis
• discuss trends and significant changes affecting the business's financial position
• discuss the appropriateness of management's proposals for future operations
• assess the potential growth and make recommendations to potential investors based on the analysis

Assessing and Evaluating Student Performance

The teacher used criteria lists and rating scales to evaluate students' work.

Key:

  A ­ Excellent; goes beyond expectations by including analysis and details that reveal additional in-depth research.
  B­ Very good; meets or exceeds the criteria and reveals effort to ensure consistency and accuracy of details.
  C+­ Good; meets the criteria, including relevant and accurate details.
  C­ Satisfactory; addresses the criteria and includes some detail appropriately.
  C-­ Marginal; attempts to address the criteria.
  I/F­ Information or message is unclear, incomplete, or inappropriate.

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