Preview

1 S2

Powerful Essays
Open Document
Open Document
5286 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
1 S2
Journal ofAccounting
Education, Vol. IO. pp. 215-233,
Printed in the USA. All rights reserved.

1992
Copyright

074%5751/92$5.00+.0
0 1992 Pergamon Press Ltd.

Case

INTRODUCING

ACCOUNTING - A COMPREHENSIVE
CASE APPROACH

SOUTHERN

Marvin L. Carbon
METHODIST UNIVERSITY

3. Warren Higgins
UNIVERSITY OF CONNECTICUT

SOUTHERN

Virginia L. Lewis
METHODIST UNIVERSITY

Abstract: The paper presents a 4-part case study designed to be used in introducing the subject matter of financial accounting to undergraduate students, to MBAs, or to executives in a participative and intuitive fashion. Part 1 introduces the theoretical constructs of accounting
(e.g., the entity, revenue recognition, valuation) and the fundamen~Is of balance sheet prepamtion, part 2 the topic of income measurement, part 3 the subject of cash flows, and part 4 the recording of tmnsactions in worksheet format. As the setting for the case is a mythical barter economy in the high mountains of ChateIe, the student is forced to put aside preconceptions of accounting as a mere set of procedural rules and to think (and rethink} choices and issues in the manner of an intellectual puzzle. The parts are solved sequentially, with common solutions agreed upon before the undertaking of the next piece. The final section of the paper presents plausible solutions.

For years, accounting educators have sought a genuinely new and more effective way of introducing the subject matter of accounting. This was a significant concern of the Study Group on Introductory Accounting (1971) sponsored by the Price Waterhouse Foundation. That report illustrated innovative approaches with “The Sheepherders,” a case which required students to analyze the relative financial position of two sheepherders in a barter economy located in the high mountains of Chatele. The case illustrated the major theoretical constructs of accounting (e.g., entity definition, valuation basis, revenue recognition criteria) as well as the fundamentals of



References: Carlson, M. L., &Higgins, J. W. (1974). Agames approach to introducing accounting. In J. D. Edwards (Ed.), Accounting education: Problems and prospects (pp. 365-369). Sarasota, FL: American Accounting Association. Sorter, G., Kngberman, M., & Maximon, H. (1990). Financial Accounting: An events and cash flow app~ouch. New York: McGraw-Hill. Study Group on Introductory Accounting. (1971). A new ~~f~od~ctio~ to accountiffg. New York: Price Waterhouse Foundation.

You May Also Find These Documents Helpful

  • Good Essays

    The problems of accounting theories have become a wide and global concern to the extent that some have aired their views…

    • 5427 Words
    • 22 Pages
    Good Essays
  • Good Essays

    Annotated Bibliography

    • 1272 Words
    • 6 Pages

    The authors examine different periods of history and disciplines of accounting to establish some of working proposition, for example, they use the first methodology of ‘constructivist’ to interpret the ways of accounting corresponding to other practices to build up a specific area of visibility. They collect the norms and standards of people at workplace to estimate individual performance. In this purpose, the authors are schematic to register what they see to obviate the risk of being misunderstood. Furthermore, they focus on ‘programmatic discourse’ to help them distinguish the event orders and the interrelation between them.…

    • 1272 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Ss2 Assesment

    • 1737 Words
    • 7 Pages

    1.1 Identify what numerical and other information is needed in the spreadsheet and how it should be structured…

    • 1737 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    International Accounting

    • 1598 Words
    • 7 Pages

    Prescribed textbook – Contemporary Issues in Accounting Drever, M., Stanton, P. and McGowan, S. (2007) Wiley and Sons. Recommended text: – Accounting Handbook 2009 Other readings – Access and available through Blackboard – Journal articles are available through the Library (if not claimed otherwise) – Copies handed out in class…

    • 1598 Words
    • 7 Pages
    Good Essays
  • Powerful Essays

    Global Electronics

    • 8642 Words
    • 35 Pages

    Brewer, Peter CView Profile; Juras, Paul EView Profile; Brownlee, E Richard, IIView Profile. Issues in Accounting Education18.1 (Feb 2003): 49-69.…

    • 8642 Words
    • 35 Pages
    Powerful Essays
  • Powerful Essays

    individual report

    • 1699 Words
    • 7 Pages

    Godfrey, J, Hodgson, A & Holmes, S. (2003). Accounting Theory. Brisbane: John Wiley & Sons.…

    • 1699 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    Financial statements play a significant role in each and every type of business. The financial statements provide a wealth of information to auditors, creditors, investors, suppliers and other important venues that need access to this type of information. This paper will discuss four different types of financial statements and how they are utilized by vendors, creditors and others. The four financial statements that will be reviewed are the income statement, balance sheet, cash flow statements and statement of retained earnings.…

    • 688 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    This course begins with a conceptual review of accounting principles, and reviews issues studied in earlier courses from the point of view of the effects that accounting choices and “creative” accounting have on financial statements. This course emphasizes the role of communication in the accounting profession. Critical thinking and problem solving skills are developed through extensive case analysis.…

    • 4714 Words
    • 18 Pages
    Powerful Essays
  • Better Essays

    ABSTRACT: Management and auditors face increased responsibilities to evaluate internal control and assess the risk of fraud. This case provides the opportunity to evaluate internal controls and the possibility of fraud in a very small not-for-profit child care…

    • 6558 Words
    • 27 Pages
    Better Essays
  • Powerful Essays

    ECO 550 Assignment 3

    • 2120 Words
    • 6 Pages

    O 'Sullivan, A., & Sheffrin, S. M. (2006). Economics: Principles & tools. Upper Saddle River: Pearson Education Inc.…

    • 2120 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Albreacht, S., Stice, J., Stice, E., & Swain, M. (2008). Accounting: Concepts and Applications. Mason, OH: Thomson Higher Education.…

    • 1445 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Behind Closed Doors

    • 14478 Words
    • 58 Pages

    To the extent possible, this case uses the actual "voices" of participants to gain an…

    • 14478 Words
    • 58 Pages
    Powerful Essays
  • Powerful Essays

    References: Atrill,P, Melaney, E, Harvey,D, Jenner,M 2008, Accounting: an Introduction, 4th edn, Pearson Education Australia, Frenchs Forest, NSW…

    • 1494 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    poor academic performance

    • 6282 Words
    • 51 Pages

    7. Farrelly, G. E., and E. J. Hudson, (1985) “How to Teach Introductory Accounting: Student…

    • 6282 Words
    • 51 Pages
    Good Essays
  • Good Essays

    Let's start with a review of the three requirements of Part A of the Course Project. Explain why it is important to analyze each financial transaction of a business and to report it in the Accounting Information System. Sugges...…

    • 576 Words
    • 2 Pages
    Good Essays