Poster by: Robbin Lussier Chicopee High School

Transcription

1 How would you keep records in Monopoly? (no funny money!) What information do your records need to include? How are the records useful and who is WINNING THE GAME? I have been studying the use of Constructivism as a teaching strategy. This poster represents a unit I facilitated at the very beginning of this school year. During this unit, students were highly engaged, worked well in groups, asked many questions and wrote outstanding essays that illustrated their growth in accounting knowledge within the first two weeks of school. Playing Monopoly is not a new activity in an Accounting class, but I focused on presenting students with daily challenges that prepared them to make connections to accounting terminology and principles, business transactions and recording methods with very little lecture, no answer keys, and a lot of student collaboration. The classroom environment has remained one of student helping student and sharing ideas when challenged. Poster by: Robbin Lussier Chicopee High School rlussier@chicopee.k12.ma.us

2 LET S PLAY MONOPOLY! Mrs. Lussier, Rm 413 Accounting: (Definition)- Planning, recording, analyzing and interpreting financial information. We are going to begin this year with an unusual activity. This document represents your assignment for class time on Wednesday, Thursday and Friday (Sept 5 Sept 7) and the details of an essay assignment. We begin with this assignment, but will get back to the normal firstday introductions, class expectations & rules, and course syllabus when we meet on Monday, Sept. 10. In this assignment, you will bring Accounting to life! While playing the board game Monopoly; you will plan, record, analyze and interpret the financial impact of each of your turns. Day 1 Going over the assignment, Student play game with money and make a list of all the different types of turns they can have happen to them. (make sure they think about IOUs) Day 2: (PLAY, THINK, DISCUSS, TRY DIFFERENT IDEAS!!!!) Play Monopoly (four students will be assigned to each group- equipped with a Monopoly game) EVERY PLAYER WILL BEGIN WITH $1500 IN CASH. (This means that your records state you begin with $250 in cash, you do not actually use the fake money when we play Monopoly. HOW YOU WIN THE GAME: THE PERSON WHO TAKES IN THE MOST RENT AND GOOD LUCK CHANCE CARDS (like passing Go, too) AND PAYS OUT THE LEAST IN RENT TO OTHERS OR FOR BAD LUCK CHANCE CARDS. Each student has the task of recording ALL important financial information that occurs during their turn (Although a turn can affect more than one player at a time!). You will not use the Monopoly money, but will keep track of your money on paper. You are also required to buy all properties you land on, and to take a loan to buy (if you run out of cash.) If the property is already owned, you must pay rent to the owner. If you must pay rent, or a bill and you are don t have enough cash to pay in full, you are to record an IOU to the player or to the bank. If a player owes you rent, but doesn t have enough cash, You are to record an IOU from that player. It will not be required that you pay off your IOUs for this project. Your method of recording is up to you. Others in your group will be trying out their ideas of record-keeping that may be different than your ideas. I m providing various formatted papers (lined paper, multi-columned paper, etc.) THIS IS THE HEART OF THE ASSIGNMENT FOR TODAY. YOUR GROUP WILL NOT ONLY PLAY THE GAME TOGETHER, BUT YOUR GROUP IS TO DISCUSS WHAT INFORMATION NEEDS TO BE RECORDED AND HOW IT MIGHT BE BEST TO ORGANIZE YOUR RECORDS. It is not about the quantity of turns you record, but about the quality of the records you create. I SUSPECT YOU WILL ONLY BE TAKING THREE OR FOUR TURNS EACH TODAY. IT IS PERFECTLY FINE IF YOU MAKE CHANGES TO THE WAY YOU ARE RECORD-KEEPING AS YOU PLAY TODAY. On all of your papers you use as records, be sure to place your full name in the top left hand corner, and on today s papers include the assignment title Day 1 of Monopoly. Be mindful of neatness I want to be able to read your writing and your numbers clearly!

3 Questions you will be considering as you play, so STOP THE GAME OFTEN TO DISCUSS AS A GROUP: Topic 1: (Planning) What details need to be recorded? (Is it important to know what property you bought how much you paid for it? WHAT WOULD I NEED TO KNOW IF I PUT THE GAME AWAY TODAY, AND HAD TO RESTART THE GAME TOMORROW BASED ON MY RECORDS? Topic 2: (Recording) What kinds of activities (turns) happen during the game? (Make a LIST and keep it with your journal until we discuss this in class on Day 5!) Which ones are repeated often? Knowing that you will be recording repeated activities should influence how you develop the format of your recordkeeping. Topic 3: (Analyzing) What totals should you be able to have available at all times? (Is it important to know how much cash you have at all times? What about a total on how much you owe to others, or how much you owe to the bank? How much have you collected as RENT? How much have you paid out in RENT? What about when a Chance card pays you or make you pay?) Topic 4: (Interpreting) What can you explain about the relationships between two pieces of information that get recorded on one of your turns? (If you buy property, what does that do to your cash total or to your IOU total? What does that do to the total of the value of property you own? Ultimately, you keep financial records so that you can answer ONE very important question.what AM I WORTH FINANCIALLY, what is my net worth? How do you think the various totals you ve included in your records begin to answer how much you are worth, financially?? Net worth is all about the value of the things you actually OWN! (You don t OWN as much as you seem to OWN if you OWE money to others.) What makes a business grow in Net Worth, What makes a business diminish in Net Worth? Stop play before the last 15 minutes of class - put the game away, then return to your group and discuss possible answers to the questions posed above. Every player must take notes of your possible group answers and record your notes into YOUR MONOPOLY JOURNAL. LABEL THIS JOURNAL ENTRY AS Day 1 Group Notes. You will be turning in this journal and all your records at the end of this project. TEACHER S CHOICE: ADD AN UNINTERRUPTED DAY OF STUDENT PLAY BEFORE MOVING ON TO DAY 2 Day 3: (DISCUSS, PLAY, RECORD THE SAME WAY) Everyone in the group must use the exact recording method! Make sure your group has discussed what best method you can create that will help answer all the Topic questions posed on Day 1. TEACHER MUST DISCUSS WITH CLASS THE IDEA OF KEEPING TRACK OF IOU S. THERE IS NO SUCH THING AS NEGATIVE CASH. Start a new game of Monopoly for Day 2, but agree on ONE method of recording to be used by all four players. NOTE THIS CHANGE: EVERY PLAYER WILL BEGIN WITH $250 IN CASH. Again, you only need to keep track of your turn or if you are affected by the turn of another player. Your records should again have your full name in the top left hand corner, and on today s papers include the assignment title Day 2 of Monopoly. THE RECORDING OF IOUS TO AND FROM OTHERS IS AT THE HEART OF THE LESSON TODAY.

4 DAY 4: (ANALYZING AND INTERPRETING) Make a Journal Entry, called Day 2 Reflections and answer the following questions in this Journal Entry: 1. How much cash did you have at the end class? 2. How many properties did you buy and how much are they worth in total? 3. How much do others owe you? 4. How much do you owe others (bank or players?) 5. How much in total did you collect as rent or as good luck chance? It doesn t matter if it was an IOU or as cash. 6. How much in total did you pay out as rent or as bad luck chance, like taxes?) It doesn t matter if it was an IOU or as cash. 7. If your records can t answer these questions, or if you have to look all over your records for numbers that make up the answer to one of these questions, then describe what is missing from your records and how you can change your record-keeping method to be able to answer all these questions!!! If your records can answer these questions, Use the following formulas to see how much your business is worth, showing your work in your Journal Entry: Add your ending cash balance(1) plus the value of all your properties(2) plus the value of all the IOU s others OWE TO YOU(3) minus the value of the IOU s you OWE TO OTHERS(4). Next, use this second formula to TRY to get the same answer! Start with 250 then add all the rent and good luck chance you received (5) and subtract all the rent and bad luck chance you had to pay out(6). Day 5: (DISCUSS, REFINING RECORDING METHOD, SHARE THE 10 COLUMN METHOD) Referring to Day 4 s analyzing and interpreting assignment how easy was it to locate answers to Question 5 and Question 6? In Business, you would want to have answers to these questions readily available since these are the REVENUES and EXPENSES that either lead to a profitable business or to the demise and bankruptcy of a business. For our project, the answers simply tell us WHO IS WINNING THE GAME! We need a method of recording that gives us neat, fast and accurate answers. Asking for all types of turns students recorded in their earlier play, and drawing from their list of types of turns they ve kept in their Journals, record a pseudo game which consists of a demo of each of the turns. Students should come up with 9 TURNS. Presentation of the 10 column method (see SmartBoard), and 10 column prepared handout. Discuss its organization. ONE RECORD PER LINE, MAINTAIN A BALANCE LINE AFTER EACH CHANGE. Demo all 9 turns Emphasizing recording effect in TWO PLACES! Give Notes on the recording columns for all 9 turns as Day s Summary (Handout to fill in) THE HEART OF TODAY S LESSON IS HOW RECORDS CAN BE PLANNED, FORMATTED AND ORGANIZED TO FACILITATE ANALYSIS AND INTERPRETATION.

5 Day 6 (ANALYZING RECORDS ON OUR 10 COLUMN METHOD) New Game on 10 column method needs it s own full day. Break out into NEW GROUPS OF FOUR, and play A NEW GAME OF MONOPOLY, EVERY PLAYER WILL BEGIN WITH $250 IN CASH. Students will turn in records at the end of class. THE HEART OF TODAY S ACTIVITY IS TO RECORD TRANSACTIONS CORRECTLY. Day 7 (BEGINNING THE ESSAY- TIME NEEDED FOR TEACHER TO CORRECT RECORDS SUBMITTED YESTERDAY) Revisit Topic questions presented on Day 2. (Handout is prepared for brainstorming answers and teacher s helpful hints on where to find relevant information.) Students BEGIN typing responses to each Topic one paragraph per Topic question, for a total of 4 Body paragraphs, then adding an intro and conclusion. Several class periods must be given for the writing of this draft. Day 8 (Students receive corrected 10 column method as feedback. INTERPRETATION) Students prepare a 10 column Assessment Record that has examples of all 9 turns, Numbering these 1-9 to match the 9 Monopoly Turns Notes given on Day 5. Discuss CHECKING RECORDS USING THE TWO OWNER S EQUITY FORMULAS. Have students complete the two formulas on separate paper. Collect/correct 9 turns & Balancing of two formulas. Day 9-? Students complete Essay.

6 NAME Period MONOPOLY JOURNAL Day 1 Journal Entry Directions were: Stop play before the last 15 minutes of class - put the game away, then return to your group and discuss possible answers to the questions posed above. Every player must take notes of your possible group answers and record your notes into YOUR MONOPOLY JOURNAL. LABEL THIS JOURNAL ENTRY AS Day 1 Group Notes. You will be turning in this journal and all your records at the end of this project.

7 (fill-in form follows) 9 plays of Monopoly (for Accounting Class) A Summary of our Recording Method Description of Transaction 2 Columns To Record In 1 Buy Property with Cash Cash Property and Value 2 Buy Property with IOU Right Page Property and Value Amt YOU OWE (A/P) called Account Payables 3 Pay Rent with Cash Cash RENT EXPENSE 4 Pay Rent with IOU Right Page Amt YOU OWE (A/P) called Account Payables RENT EXPENSE 5 Receive Rent as Cash Cash 6 Receive Rent as IOU Left page Others OWE YOU (A/R) called Account Receivables 7 Pay Bad Luck Chance/Tax with Cash Cash 8 Pay Bad Luck Chance/Tax with Right Page IOU Amt YOU OWE (A/P) 9 Receive Good Luck Chance/Pass Go as Cash called Account Payables Cash REVENUE FROM RENT REVENUE FROM RENT CHANCE EXPENSE (BILLS) CHANCE EXPENSE (BILLS) REVENUE FROM CHANCE Formula 1 OWNER S EQUITY = ASSETS LIABILITIES (which is the same as Assets = Liabilities + Owner s Equity!) Formula 2 OWNER S EQUITY = CASH YOU BEGAN WITH (Probably $250) + All Revenues All Expenses

8 9 plays of Monopoly (for Accounting Class) A Summary of our Recording Method Description of Transaction 2 Columns To Record In 1 Buy Property with Cash Cash Property and Value 2 Buy Property with IOU Right Page Property and Value Amt YOU OWE (A/P) called Account Payables 3 Pay Rent with Cash Cash RENT EXPENSE 4 Pay Rent with IOU Right Page Amt YOU OWE (A/P) called Account Payables RENT EXPENSE 5 Receive Rent as Cash Cash 6 Receive Rent as IOU Left page Others OWE YOU (A/R) called Account Receivables 7 Pay Bad Luck Chance/Tax with Cash Cash 8 Pay Bad Luck Chance/Tax with Right Page IOU Amt YOU OWE (A/P) 9 Receive Good Luck Chance/Pass Go as Cash called Account Payables Cash REVENUE FROM RENT REVENUE FROM RENT CHANCE EXPENSE (BILLS) CHANCE EXPENSE (BILLS) REVENUE FROM CHANCE Formula 1 OWNER S EQUITY = ASSETS LIABILITIES (which is the same as Assets = Liabilities + Owner s Equity!) Formula 2 OWNER S EQUITY = CASH YOU BEGAN WITH (Probably $250) + All Revenues All Expenses

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10 Take out your latest Monopoly Records: Answer the following questions on separate lined paper. (This will be collected, make sure it is neatly done and has your name on it!) These are the type of questions businesses must often answer!!! Your task is to now pull the following from your latest Monopoly records: ASSETS: (Idea: What is the total value of the things your business OWNs?) 1. What is your cash total now? 2. What properties do you own and what is their value? (Add in the cost you paid for making them houses or hotels - that should be in your records too!) Please include a total for the value of all these properties! 3. Who owes you money and how much? Also include in total of all these IOU s FROM others LIABILITIES: (Idea: What is the value of the IOUs your business OWES to others?) 4. To whom do you owe money and how much? Also include in total of all these IOU s TO others OWNER S EQUITY: (Idea: What is the value of your business?) WHAT IS YOUR CURRENT NET WORTH? (How can you calculate this?? Remember that Revenues will INCREASE your Net Worth and EXPENSES will decrease your net worth. You should use different color highlighter to PULL THIS INFO FROM YOUR RECORDS ) o o REVENUES: (use a Green Highlighter) 5. How much rent did you receive in cash or as IOU? 6. How much did you receive in "good" luck (Chance/Go) o o EXPENSES: (use an Orange Highlighter) 7. How much rent did you have to pay out in cash or as IOU? 8. How much did you pay out as "bad" luck (Chance/Taxes/Fines) Proving Your Records: If you can interpret your records correctly, you will find that the two formulas below give you the exact same answer for YOUR OWNER S EQUITY (NET WORTH!) Whomever in your group ends up with the HIGHEST OWNER S EQUITY is the winner of the game!!! Use both of the following formulas that draw from the answers you ve given above to questions 1-8. (We learned these from the Handout/Class Notes on SmartBoard) Formula 1 OWNER S EQUITY = ASSETS LIABILITIES (which is the same as Assets = Liabilities + Owner s Equity!) Formula 2 OWNER S EQUITY = CASH YOU BEGAN WITH (Probably $250) + All Revenues All Expenses

11 Accounting 1 You will be working on writing an essay over the next few days. Prepare a one paragraph response to each of the following questions. You should draw from your Monopoly play, your Monopoly records and the class notes you took from the SmartBoard and the Whiteboard. (Planning) What details need to be recorded? (Is it important to know what property you bought how much you paid for it? WHAT WOULD I NEED TO KNOW IF I PUT THE GAME AWAY TODAY, AND HAD TO RESTART THE GAME TOMORROW BASED ON MY RECORDS?

12 (Recording) What kinds of activities are repeated often? Knowing that you will be recording repeated activities should influence how you develop the format of your record-keeping.

13 (Analyzing) What totals should you be able to have available at all times? (Is it important to know how much cash you have at all times? What about a total on how much you owe to others, or how much you owe to the bank?

14 (Interpreting) What can you explain about the relationships between two pieces of information that get recorded on one of your turns? (If you buy property, what does that do to your cash total or to your IOU total? What does that do to the total of the value of property you own? Ultimately, you keep financial records so that you can answer ONE very important question.what AM I WORTH FINANCIALLY, what is my net worth? How do you think the various totals you ve included in your records begin to answer how much you are worth, financially?? Net worth is all about the value of the things you actually OWN! (You don t OWN as much as you much as you seem to OWN if you OWE money to others.)

15 Name Grading Sheet for Monopoly Project Cover sheet Student Evaluation Teacher Evaluation Evidence of Original (Personal Approach) Attempts at Record-Keeping /20 /20 Comment: Neatness? Evidence of Play using Form Provided in Class (several days of play) / 35 / 35 Comment: Neatness? Completed Handout of Notes (Basic Accounting Equation) /10 /10 You have or you don t, be sure to Turn in with Final Essay Completed Notes Given on the proper recording of 9 types of turns /10 /10 You have or you don t, be sure to Turn in with Final Essay Preparedness for Class /15 /15 Comment:(Are ALL of your class papers in a Folder and did you bring your folder to class EVERY DAY?) If you even asked to go to your locker to get your work you do not get these 5 points. Appropriate Use of class time, computer throughout project /10 /10 Already Entered into Gradebook so far: Evidence of All 9 Types of Monopoly Turns (Quiz Grade) Comments: Each type worth 5 pts. This work was to be paired with the paper on which you proved that you calculated Owner s Equity as the same amt, using the 2 different for formulas Turn this back in with Final Essay Evidence of Balanced Record-Keeping (Owner s Equity calculated both ways) Comment: This was to be completed on lined paper, paired with the records that show the 9 types of turns. Turn this back in with Final Essay /50 /50 /50 /50

16 Name Grading Sheet for Monopoly ESSAY- Cover Sheet Intro Paragraph Introduces the process that brought you through Planning, Recording, Analyzing and Interpreting your Monopoly Experience (which make up the four Body paragraphs.) Student Teacher Evaluation Evaluation /10 /10 Planning Paragraph Answers what needed to be in records (I suggested there were 11 effects from a turn that I would want to recorded) 2 pts for each of the 11. /20 /20 Recording Paragraph Describes how our record format developed. How and why did the columns work? What transactions were repeated most often? And how should the repetition affect the format of your record-keeping? / 20 / 20 Analyzing Paragraph Describes what totals we needed ( at all times) (I suggested the connection between column titles and account titles such as Assets, Liabilities, Expenses and Revenues. (Explaining use of columns, ease of running balances) / 20 / 20 Interpreting Paragraph Describes the relationship between the two quantities that are recorded each turn. This also needs to describe that there is way to check our records for accuracy by testing 2 formulas for O.E. Include the meaning of Net Worth. Evidence of understanding the records reveal who won. (I suggested explaining what is affected in a turn, then explain the formulas in words.) / 20 / 20 Conclusion Paragraph Wraps up your experience of Planning, Recording, /10 /10 Analyzing and Interpreting Deductions to overall Essay Grade: Deductions up to 5 pts for each Neatness of Essay Package - - Spelling, Grammar - - Full Sentences? / Readability (Do I have to re- read to gather your meaning?) - - COMPLETE PROJECT TURNED IN ON TIME? -5 FOR EACH DAY Items to turn in with your Final Draft, please place them in this order This cover sheet, with your self-evaluation completed. Final copy- typed, double spaced Rough Draft edited by another student. Editing student must put name on top page Lose 10 pts Lose 10 pts Who s paper did you edit? Need name here OR Lose 5 pts Lose 5 pts Evidence of Original (Personal Approach) Attempts at Record-Keeping Lose 5 pts Lose 5 pts Evidence of Play using Form Provided in Class (several days of play) Lose 5 pts Lose 5 pts Evidence of Balanced Record-Keeping (Owner s Equity calculated both ways) Lose 5 pts Lose 5 pts Evidence of All 9 Types of Monopoly Turns (Your RECORD with these numbered.) Lose 5 pts Lose 5 pts YOUR handwritten notes of the 9 Types of Monopoly Turns and where the effects Lose 5 pts Lose 5 pts are to be recorded in 2 places. YOUR Completed Notes on the Basic Accounting Equation (A = L + O.E.) Lose 5 pts Lose 5 pts

17 Future Date - Additional Material: Computerized Spreadsheet can be used for Review, to integrate technology skills and demonstrate EXCEL, or as enrichment work. Features of this spreadsheet: Description of Turn can be chosen from a dropdown menu. Spreadsheet self-checks for balance in transaction line and in account balances line. Classifications can be checked by mousing over cell above an account title. Owner's Equity calculations are set to calculate in response to each transaction entered, highlighting the effect of Revenue and Expenses on the Net Worth of the Business Will solve for Ending Owner's Know Your Classifications? Balanced? Asset Asset Asset Liabilities Expenses Expenses Revenue Revenue Equity Revenue Name others Amt of Name of Amt of Bad Revenue from Good Value of Original Description of Turn Value of who OWE YOU IOU others YOU IOU Rent Chance from Rent Chance / Invest - Initial Cash Name of Prop Prop (A/R) (A/R) OWE (A/P) (A/P) Expense Expense Rec'd "Go" Rec'd Capital Balance Begin with?? Owner's Cash? Enter Click to Select a in Cash and as Capital TRUE Description Calculate Balances - Balanced?? TRUE Buy Prop with Cash Buy Prop with Cash TRUE -100 Oriental 100 Buy Prop with IOU Calculate Balances - Balanced?? TRUE Pay Rent with Cash Buy Prop with IOU TRUE Tennessee 150 Bank-Tenn 150 Pay Rent with IOU Calculate Balances - Balanced?? TRUE Rec'd Rent as Cash Pay Rent with Cash TRUE Rec'd Rent as IOU Pay Bill/Bad Chance Calculate Balances - Balanced?? TRUE with Cash Click to Select a Description TRUE Pay Bill/Bad Chance with IOU Calculate Balances - Balanced?? TRUE Rec'd Good Luck/"Go" 250 as Cash Click to Select a Description TRUE TRUE Calculate Balances - Balanced?? TRUE ERROR! Click to Select a Description TRUE Calculate Balances - Balanced?? TRUE Click to Select a Description TRUE Calculate Balances - Balanced?? TRUE O.E = Asset+ Asset+ Asset- Liabilities O.E. = = 225 O.E = Orig Invest + All Revenues - All Expenses O.E. = = 225