The Accounting Cycle is a PowerPoint video presentation covering the eight basic steps in the accounting cycle. This presentation would be useful for students enrolled in a Princples of Financial accounting course at the high school or lower division undergraduate college/university levels.
The major objective of this video is to present the steps in the accounting cycle so that students have a basic understanding of the following:
Recording and posting transactions.
Purpose of a trial balance.
Need for adjusting journal entries (accruals and deferrals).
Using the adjusted trial balance numbers for the financial statements.
Purpose of closing entries.
Target Student Population:
Students enrolled in an introductory financial accounting principles course.
Prerequisite Knowledge or Skills:
An understanding of basic accounting terms assocaited with the first two chapters of any principles of financial accounting textbook. MLI
Type of Material:
Presentation (YouTube video)
Outside of class review assigned to an individual student.
Evaluation and Observation
This video offers a concise description, demonstration, and overview of the eight basic steps of the typical accounting cycle. It begins with journal entries and ends with a short discussion of the post closing trial balance.
Concepts are presented clearly.
The presenter points out to the user that most accounting systems today are computerized, and as a result, these steps are not easily observed. However a need still exists to understand what is happening during throughout the accounting cycle.
Examples of journal entries were limited to showing the entry but not how to arrive at amounts for the entry.
The video only briefly mentioned using the adjusted trial balance to prepare financial statements, but did not discuss fully or illustrate the statements.
The resulting adjusted trial balance after posting the adjusting entries is not shown, nor is the post closing trial balance.
Potential Effectiveness as a Teaching Tool
Learning objectives are stated.
The flow of information from one concept to the next progesses logically.
The presentation is very efficient and informative.
How the failure to record adjusting journal entries impacts the accounting equation is discussed and illustrated very nicely.
The association of accrual adjusting entries as action first, dollars later and deferral adjusting entries as dollars first, action later is clever.
The presentation assumes students have a basic understanding of some terms, account classification, and debits and credits.
The journal entries illustrated are limited. The presentation assumes the viewer will know how several of the entries originated, which may not be the case.
Some instructor supplementation is probably necessary, particulary for the last 5 minutes of the presentation. The need to prepare the income statement prior to the statement of owner's equity is mentioned, but the relationship between them is not discussed or illustrated. Actually none fo the financial statements are illustrated when Step 6 (Preparing the Financial Statements) is discussed.
Ease of Use for Both Students and Faculty
Given the module is a YouTube video, it is easy to access, follow, and understand.
Slides automatically advance at a suitable pace such that the need to pause, rewind, or review parts of the presentation should not be necessary.
The video is engaging for individuals having an interest in the topic.
The presentation, although almost 28 minutes long, is rather concise for the amount of content included.
The slides have been professionally designed. They can be enlarged to full screen without sacrificing clarity.
The use of the video would be limited to a review of the overall accounting cycle.
As with any video presentation, a lack of interactivity is always an issue.
On two slides (journal entry and deprecation slides),the text near the bottom, lower, left of the screen is a bit small and difficult to read even at full-screen size.