Tag Archive | accounting cycle

Accounting Explained – Accounting Resource

What is it?

Accounting Explained is a free online resource that provides information relating to financial and managerial accounting.  The website is split up into a few different sections.  On the home page, you can find the most popular topics searched on the website. At the top of the website, you can find three other categories: financial accounting, managerial accounting, and miscellaneous (this includes simple versus compound interest, sole proprietorship, partnership, corporation, weighted average cost of capital, and an introduction to corporate finance).

Within each topic, you can find a not too detailed, but detailed enough page of information that includes examples of the materials that were just discussed.

What do I like about it?

– Information is detailed, but overly detailed that it loses the reader’s attention.

– A search engine is provided to help make information easily accessible.

– The information usually contains at least one example to help ensure the reader understands the information.

– Website is user friendly and organized.

– Some of the information includes easy to remember acronyms to help readers understand the material better.

– There is a “most popular topics” section which can engage anyone who is interested in the topic or for those searching for extra help.

– A few of the information pages provide charts and pictures where possible.  One example can be found on the page with information about the accounting cycle.

What do I dislike about it?

– Although I appreciate the website including at least one example in many of the information pages, I sometimes wish that there were more.  Sometimes, one example isn’t enough and another example could have been extremely helpful.

– The website contains advertisements which can get distracting.  It also doesn’t help that the information pages are colourless and a bit bland looking whereas the advertisements are coloured with moving pictures.

Where does this fit into the curriculum and how would I use it in my classroom?

This online resource fits in with the Accounting 10/20/30 curriculum.  For the most part, this resource does an excellent job of covering a few of the objectives.  However for some objectives, there are a few small, but minor changes.  One example is in the curriculum, the accounting cycle is only 7 steps while this resource provides 8 steps (which I have checked that other resources have this as well!  However, when comparing the two, they are both relatively stating the same thing although one step in the resource is broken down into two steps).

Going into specifics, all of module 1 can be achieved with this resource (and it achieves it quite well I must say!).  This includes the accounting equation, financial statements, and commonly used definitions.  From Module 2, this resource can help to achieve the basics of preparing the financial statements.  All of Module 3 can be achieved.  A majority of Module 4 can be achieved although not in as much detail as I would like.  Only a tiny section of Module 8 can be achieved (mostly just the definitions and a few basics).  And finally, the basics of straight-line depreciation from Module 9B can be achieved.

As for actual use in my classroom, I might only use this resource for studying the accounting cycle from Module 1 since this resource covers it quite nicely.  So if I were to actually use this in my classroom, I could use the information either for notes or as an assignment/independent study.  With that said, it could be anywhere from a whole group assignment to pair or individual work and in class or out of class.

Also, this could be an excellent resource to post onto my classroom blog or website for extra help for students who need the help or even just want to learn more about the subject.

Overall evaluation of Accounting Explained…

Overall, I really enjoyed reading up on some of the information provided on Accounting Explained.  I feel that they have done a good job on explaining the accounting cycle and have broken it up into steps to help simplify this cycle.  The website itself is user friendly and it is easy to find information which is great for people like me with low tolerances for technology!  The biggest downfall to this website however is that it doesn’t cover very much of the curriculum and it fails to have pictures or something like that to help “spice” it up (or make it look more engaging).

If I were to give this website a rating, I would give it a 7/10.