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 Ratings
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| Reviewed: |
Jun 03, 2007 by Business Editorial Board |
| Overview: |
The purpose of Accounting Review is to refresh a student's accounting knowledge in preparation for further studies in finance. The reviews cover foundations of accounting, the balance sheet, income statement, statement of cash flows, as well as disclosure requirements for companies with greater than $10M in assets and more than 500 shareholders. Approximately 23 subtopics are identified in the table of contents. In addition, two cummulative and summative practice quizzes exist. |
| Learning Goals: |
To provide a revew of financial accounting fundamentals for students taking their first finance course. |
| Target Student Population: |
Anyone needing a basic review of principles of financial accounting. |
| Prerequisite Knowledge or Skills: |
Users need to be familiar with financial accounting fundamentals. |
| Type of Material: |
Tutorial, reference material |
| Recommended Uses: |
Outside of class as a review. |
| Technical Requirements: |
Netscape Navigator. Pages are not functional with Internet Explorer. |
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| Strengths: |
The site includes links to FASB and International GAAP.
Topics are categorized and outlined nicely via the site map included in the left frame. Amount of content per screen demonstrates attention to conciseness. |
| Concerns: |
The module is seriously flawed in terms of accuracy. A few examples follow:The phrase "accounting identity" is used instead of "accounting equation". Definition for materiality provided is really the definition for immateriality. Cash basis definition for revenue and expense recognition is incorrect. Definition of accrued revenue is incorrect should be revenues earned but not yet received in cash or recorded." Deferral discussion is inaccurate. The term "prepayments" is used in place of deferrals in most accounting textbooks. This term indicates the company has prepaid for services it will receive over time (prepaid expense) or a customer has prepaid for services yet to be provided by the company (unearned revenue). Straight-line depreciation content ignores aquiring assets at any time. Natural resources are not amortized, but depleted. Intangible asset discussion incomplete. |
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Potential Effectiveness as a Teaching Tool |
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| Strengths: |
Designed for someone who has completed a Principles of Financial Accounting course, the site attempts to provide a review of basic concepts. |
| Concerns: |
This module lacks effectiveness due to the significant content inaccuracies that exist. In addition, the following effectiveness deficiencies were noted:Including a Sum-of-the-year digits depreciation problem on the quiz seems trivial since only 3% of all companies use it.
The depreciation expense example provides a journal entry without explaining that the straight-line method is being used, nor what useful life is employed. The discussion of the method is provided a couple of screen later and seems misplaced. Would be better to use "nnnn" instead of actual numbers at this time.
No formative assessments included between major sections. |
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Ease of Use for Both Students and Faculty |
| Rating: |
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| Strengths: |
The site is easy to use, intuitive, and designed very nicely. It has a nice introduction. Left frame is a content outline that links to each specific topic. Quizzes are self-scoring, providing opportunities for retake as well as viewing solutions.
A site map has been included to provide a direct link to specific topics.
Content per html page has been designed to minimize scrolling.
All navigation functions as intended as long as Netscape Navigator is used.
Page layout and design is clean. |
| Concerns: |
Accounting Review does not work well with Internet Explorer as most of the underlying information will not display. As a result the required browser should be indicated on the home page.
Must navigate to succeeding pages using Next button. In some cases direct access is not possible.
The low rating for ease of use is due to the significant content inaccuracies throughout. |
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| Other Issues and Comments: |
This site has to potential to be an excellent module, should the content inacuracies be corrected. |
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