Current Assets is an online textbook containing 97 pages that focus on basic principles of accounting, primarily liquid assets, including cash, accounts receivable, notes receivable, and inventory.
Type of Material:
eBook or open textbook.
Individual review outside of class time.
Browser and Adobe Acrobate Reader.
Identify Major Learning Goals:
To understand the accounting for cash, accounts receivable, notes receivable, and inventory.
Target Student Population:
Introductory financial accounting at both the undergraduate and graduate level.
Prerequisite Knowledge or Skills:
Basic understanding of the fundamentals of accounting including the accounting equation and double-entry journal entries.
This e-book logically addresses all aspects of the concepts included. It is written such that it could easily be incorporated at both the undergraduate and graduate levels. In addition, entreprenauers and other business people not versed in accounting can easity understand the concepts. For instance, not only is the subject of accounting for accounts receivable covered but also the management of accounts receivable is covered by including a discussion of the accounts receivable turnover ratio. The textbook provides a complete demonstration of several core concepts. It includes an adequate amount of material and summarizes and integrates the concepts well.
A discussion of the use of contra accounts and the use of average accounts receivable in the accounts receivable turnover calculation has been omitted. While not necessarily troublesome, including this content would round out coverage. Other brief discussions that would have been beneficial include: first refusal on new share issues to offset share dilution for current shareholders; the benefits of multiple signators on checks; and the benefits of segregation of duties as a cash control feature. Including assignments would increase the e-books flexibility. As a textbook of 97 pages, it is not concise but it does cover several concepts in those pages.
Potential Effectiveness as a Teaching Tool
Goals are clearly stated at the beginning of each chapter. Excekkent Focus and flow exists for the coverage of the material. The book is well written, clear, and concise with great illustrations. The textbook identifies learning objectives, reinforces and builds on concepts, and demonstrates relationships between concepts.
The logic for the reimbursement of petty cash should be reversed, starting with the total of the vouchers being the basis for the determination of the amount of the reimbursement.
Ease of Use for Both Students and Faculty
The textbook is easy to use, has clear instructions, and is visually appealing. It contains excellent illustrations. The quality of the writing is outstanding.
A minor error exists in the graphic for the bank reconciliation. If the textbook included engaging and interactive components, it would be greatly improved.
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