Best Practices in Accounting Education 2013

Transcription

1 Best Practices in Accounting Education 2013 Susan Crosson Emory University Santa Fe College, retired

2 2013 Curiosities Best Tool for Class Best Open Source Online Resources Best Accounting Book Potpourri of Learning Activities

3 Sky Live Scribe Pen Best tool for Class-- both students and teachers!

4 Open Source Teaching Resources MOOCs are Free Courses: i.e., Saylor Foundation, Coursera YouTube Videos LiveScribe Pencasts Free Online Textbooks

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12 Online Course Design: Advice: Less clicks the better! 3 approaches To Do List Driven Resource Type Driven Calendar Driven

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15 LMS Announcements

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17 Accounting tells the story! Once upon a time, long, long ago, accounting began to reduce events to numbers to capture and bring meaning to data and it was good! Concepts were agreed upon and accounting techniques evolved to analyze & resolve business issues.

18 Best Accounting Book

19 Fra Luca Pacioli wrote 3 textbooks before penning his Summa, a mathematical encyclopedia that was published in Written in the vernacular, it introduced Hindu-Arabic numerals. Among topics covered in its 1,500 pages were the Italian method of bookkeeping, linear perspective, algebra, geometry, and the magic that events could be reduced to numbers, the world could be quantified. The Last Supper by Leonardo da Vinci, his long-time friend & roommate, benefited from the Summa & Luca s linear perspective knowledge. Factoids As a result of applying double entry bookkeeping to his accounts in 1772, Josiah Wedgewood discovered the difference between fixed and variable costs and pointed out you will see the vast consequence in most manufactures of making the greatest quantity possible in a given time. Charles Darwin, his grandson, voyage on the Beagle was underwritten by the family fortune. Das Kapital and its ideas of capital and capitalism flowed from an understanding of accounting (pursuit of profits & accumulation of wealth) learned by Karl Marx from his friend Friedrich Engel s accounts of his family s cotton mills. Accounting s use of numbers gives it an air of scientific rectitude and certitude, and yet fundamental uncertainties lurk at its heart. Indeed, accounting is as subjective and partial as the art of storytelling, the other meaning contained in the word of account. page 218

20 Like a great story, a great lesson has a beginning, middle, and end. The Beginning: Draws you in, Gets Attention, Why? The Middle: Problem-how to solve? The End: Takeaway learning with a happy ending

21 Trader Accounting and the Day of Reckoning The T account of each trip reducing events to numbers Traders Left Resources Responsibilities Capital Recognition of Costs Measurement & Valuation Classification Traders Returned Resources Discharge Responsibilities Capital Recognition of Benefits Measurement & Valuation Classification

22 Learning Activity: Create an accounting system Clay & Toothpicks Toothpicks String

23 The middle of it The Beginning: Draws you in, Attention grabbing, Why? The Middle: Problem-how to solve? The End: Takeaway learning with a happy ending

24 Industrial Revolution Brings Problems Accounting Fundamentals Resources Responsibilities Capital Costs & Benefits Day of Reckoning- Business cycle definite Recognition Measurement Valuation Classification Accounting Concepts Evolve Rise of Corporations How to handle no end to the business cycle? What to do about declining values of costly long-lived resources? Why emphasize the amount of profits? Where do dividends to stockholders come from? Why is it important to make the greatest quantity possible in a given period of time?

25 Learning Activity: Learning sticks with Annual Reports First Day No name annual reports Scavenger Hunt Cohesion Case: Build powerpoint presentation over the semester Course Outcome: Basic understanding of an annual report or 10-K.

26 The End The Beginning: Draws you in, Attention grabbing, Why? The Middle: Problem-how to solve? The End: Takeaway learning with a happy ending

27 Industrial Revolution Resources Responsibilities Capital Rise of Corporations Going Concern & Business Entity Net Income, Contributed Capital, Retained Earnings, & Dividends Depreciation, Amortization, & Depletion Financial reporting & Auditing Product & Service Costing Happily ever after? Today and Tomorrow Transformative Technologies Now data unlocked with 24/7 access to anyone via Internet & Cloud. Massive quantities of financial and nonfinancial data. How to make sense of business to an audience-what info important? Who s telling the story- single entity or global economy helicopter? Accountants still can be the storytellers by bringing meaning to data through the process of: Accounting kept the books (locked the data up) and interpreted the data for others. Understanding the Concepts first Then applying the best Accounting Tools To analyze and make Business Decisions

28 Learning Activity: First Day/Last Day -What do you want to know about a business? -When and how do you want to know it? -What do you not need to know? Draw a picture of the person supplying these information needs. Who is it? An Accountant. Seeing the Forest and the Trees: Clarifying Complex Accounting Concepts through Simple Pictures by Dan Roam, Best Selling Author of The Back of the Napkin

29 Enjoy! Best Tool for Class Best Open Source Online Resources Best Accounting Book Potpourri of Learning Activities Next curiousity? Data representation using Tableau, Splunk