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Four prototypes are provided here for the A501 primer.
The Accounting Equation Problem. Although simple in design, classification of accounts is an essential first step to understanding the accounting process. In this exercise we use the Click and Drag template to create a virtual accounting equation. This exercise can be expanded very easily so that dozens of accounts can be displayed and properly classified. When finished an entire Balance Sheet appears and the connection between journal entries and financial statements is demonstrated.
What-if Scenario Problem. In this problem the Timed-Revealed Scenario template is used to create a what-if scenario. LIMO borrowed $25,000 from a bank at an interest rate of 12%. If a company could re-finance the loan at 10% this would give the borrower several options. Using a simple time revealed scenario the student is given choices of how to use the savings. They can shorten the duration of the loan or reduce their monthly payments over the same time horizon. The problem gives the student two options of how to use the savings. If the student selects option 1, then what are the strategic consequences to this action? Strategy 1 says we pay less interest while strategy two indicates we reduce the principle amount owed. Strategy 1 is correct and strategy two is flawed. The case then explains the difference between the two actions. The goal of the problem is to reveal consequences rather than just the correct answers.
Accrual Accounting Problem/ Intelligent Paragraph. The intelligent paragraph template is used here to allow the student to evaluate a complex issue and create a detailed essay response to a question regarding the issue of whether accrual or cash accounting is preferable. We give the students six sentences describing the concept of accrual accounting. Four of the sentences are accurate statements while two are false. The sentences are laid out in random order and the student is asked both to identify the correct statement and then place it in the proper order. When completed, the paragraph describes the concept of accrual accounting in the context of the LIMO problem the students have been working on. The purpose of the exercise is to make sure that students are not simply figuring out the process of accounting, but also the logic of why events occurred in specific sequence.
Accrual Accounting Problem/Click and Drag. The click and drag tool is used here to recreate the accrual accounting problem above. By using the Click and Drag tool we make it simpler for the student because the statement will only remain in the answer box to which the student drags it if it is both correct and in the correct order. This method is less frustrating for the student but it also requires a less rigorous understanding of the content area.
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