Accounting Cycle Exercises II is a series of 8 problems with worksheets and solutions related to: the recording of journal entries, the preparation of general ledger and accounts receivable ledger journal entries, the preparation of T-accounts, the preparation of trial balances, the preparation of a basic set of financial statements, and some analysis of financial events. The file is 3.4MB in size and is read using Adobe Acrobat Reader.
Type of Material:
Homework, or in class exercises
Adobe Acrobat Reader
Identify Major Learning Goals:
Practice in the recording of basic financial events from journal entries through to the financial statements.
Target Student Population:
High school and undergraduate college students learning introductory financial accounting or bookkeeping
Prerequisite Knowledge or Skills:
Basic rules of debits and credits
This module does a good job of providing 8 sets of data that help practice basic bookkeeping principles with a small amount of analysis.
A very nice journal entry template makes for ease of use by having dates and room provided. An introduction to percentages is incorporated at the beginning of problem one. This aspect is good way to re-introduce students to the use of percentages in simple problems.
The inclusion of international currency is a nice feature.
The scenario for problem three is creative and clever.
Many errors exist through the module. If these errors are fixed, the material is worthwhile for others in the discipline. The errors discovered exist as follows:
The cash account should not have the $1,000,000 included in the account from page 1 on the template.
The Supplies expense debit posting on Jan 7th in the solution is shown as $10,000 when it should be $30,000.
The Wage expense debit from Jan 15th should be $300,000, not $100,000.
The July 18th credit to Revenue should be $540,000.
The July 20th Supplies expense debit should be $60,000.
The Jan 31st Interest expense should be $6,000 instead of $2,000.
The Jan 31st Wage expense should be $300,000 instead of $100,000.
The first sample transaction in the template has the wrong amount. It is half the stated amount in the problem.
Nothing in the solution mentions that the events of June 3rd do not need to be journalized or posted.
The heading for the trial balance at 6c on page 31 says Studipta. The rest of the problem spelled the word several times as Sudipta.
In the solution, the posting references for the ledger accounts to the journal page incorrectly shows page 1 for the three transactions from June 15, 16, 17; however, the advertisement broke the pages so that it should be page 2 as it displays online.
The June 27th journal entry debits the wrong account; it should be Accounts payable, not Accounts receivable. It is posted to accounts payable correctly though.
Both journal entries for June 30th are for half of the the amounts that they should be. The posting amounts used are correct, however.
Fact 5 says 3,600 in the description, but 36,000 the journal entry. The solution has it correctly at 3,600.
Potential Effectiveness as a Teaching Tool
Use of the exercises is limited solely for drill and practice with the exception of parts of two of the eight problems included. Some progressive reinforcement of concepts exists given the nature of the problems, starting with the recording of financial events in one problem set to the preparation of a set of financial statements.
The Table of Contents should identify the general subject matter so that users can direct their attention to relevant material.
Room should be provided for posting references within the journal. It is missing from Problem 2.
In addition, the Problem 7 solution shows posting references, but no space was provided in the student template.
Assignments can't be developed because all this learning object involves, is a set of problems. No content is covered, simply drill and practice.
Effectiveness is low due to the number of errors identified under Quality of Content.
Ease of Use for Both Students and Faculty
Accounting Cycle Exercises II equates to the problem section of a typical principles of accounting textbook. When the massive advertisements are ignored, the layout and design is average in terms of graphic appeal. However, the Problem 5 layout on subsidiary ledgers is nicely presented, with one full example, the start to the second account, and the template with strategic blanks provided.
The frequency of the large advertisements that interrupt many pages as well as reference to the publisher in the footer of every page is excessively distracting from the content. The advertisements are more engaging in appearance that the rest of the materials.
The lack of interactivity is a major drawback. While blank templates are provided, the solution immediately follows. As a result, students likely would not use them.
Other Issues and Comments:
These comment are provided as the table of contents is not presently descriptive for readers.
Problem 1 - basic transaction recorded in a journal.
Problem 2 - posting to ledger accounts.
Problem 3 - a trial balance completion, in which missing information is derived.
Problem 4 - posting to t-accounts.
Problem 5 - subsidiary accounts.
Problem 6 - journalizing and posting.
Problem 7 - the accounting cycle.
Problem 8 - how tocorrect the journal for gross receipts tax calculation
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