My Accounting Cycle Flash Cards helps learners grasp and better retain accounting terms associated with the Accounting Cycle and Financial Statements. Learners can use these flash cards to master debits, credits, the journalling process, and other terms associated with the accounting cycle.
Type of Material:
Drill and practice
Individual homework or review. Depending on the audience, use of the module may require some discussion in class first.
Identify Major Learning Goals:
Grasp accounting terms related to the accounting cycle and financial statements.
Practice understanding of debits and credits on asset, liability, owners equity, revenue and expense accounts.
Target Student Population:
High School, College General Ed, College Lower Division, College Upper Division.
Prerequisite Knowledge or Skills:
An understanding of basic / introductory financial accounting terminology and concepts.
Evaluation and Observation
The module reinforces learning and retention of basic financial accounting terminology by using online flash cards (drill and practice). Students also practice their understanding of debits and credits to various types of accounts (revenue, expense, assets, liabilities and owners equity) --- whether a debit or credit increases or decreases account balances. Online links to related resources are included so students can access more information to learn about basic financial accounting concepts which include: an accounting cycle overview, adjusting entries, the chart of accounts, debits & credits, financial statements, general ledger and preparing a trial balance. This module covers all the basic terms with accurate definitions, clarity, and conciseness.
The flash cards by themselves do not sufficiently cover the content. However, the related links cover the basic financial concepts that students need to know prior to using the flash cards. Students need to learn the material covered in the related links on the website (or instructors need to teach students this material) prior to using the flash cards. The module does not summarize the concepts covered. No practice using numerical examples has been included, rather the focus is on remembering definitions. In the definition of goodwill reference is made to intangible assets which some users may not understand. In some cases the definitions are a bit brief.
Potential Effectiveness as a Teaching Tool
This module can be used as a quick review of basic financial accounting terminology and particularly to check one's understanding of debits and credits. In terms of efficiency, this module does the job. Users have the choice of viewing terms or definitions. Terms can be excluded from the list once a student feels comfortable with it.
Objectives and prerequisite knowledge are not identified. The module covers definitions only. The focus is on rote learning of terminology, there is no application of concepts.
Ease of Use for Both Students and Faculty
This module is very easy to use. No instruction is required as it is fairly intuitive. Overall design, visual appeal and engagement are average. All navigation functions as intended.
The flash cards are not interactive in that the module does not receive user instructions and provide feedback. All one does is read. However, one of the links - Accounting Cycle quiz, is interactive and should be used in conjunction with the flash cards to test understanding of concepts. Pop-up ads may be distracting. Red background may be harsh on some individual's eyes. No graphics have been included to add interest.