Survey of Accounting Bundle
Survey of Accounting Bundle
Courseware + Simternship™
The Survey of Accounting Bundle contains everything you need to teach an impactful accounting course. The courseware merges the essentials of financial and managerial accounting into one engaging, easy-to-use curriculum. Meanwhile, the forthcoming Survey of Accounting Simternship gives your students actionable, hands-on experience with the concepts you’re teaching them in the classroom.
When used together, the courseware and Simternship help educators create robust experiential learning opportunities for students.
Survey of Accounting Courseware
Survey of Accounting Courseware
A Cutting-edge Accounting Curriculum Backed by Decades of Experience
The “Survey of Accounting” courseware adds a powerful toolkit to your accounting curriculum. The text contains ready-made resources for you, including detailed, turnkey lesson plans; engaging explanatory videos from the authors; auto-graded quizzes and engaging assignments; lecture slide decks; a sample course calendar; and so much more.
Plus, your students get an accessible, engaging text that brings complex accounting principles to life!
Together, authors Dr. Kay Stice and Dr. Jim Stice have more than 70 years of experience teaching accounting. They bring a practical, hands-on approach to modern accounting subjects, providing you with the resources to teach an authoritative course in less prep time.
Table of Contents
Chapter 1: Purpose and Users of Accounting
Introduction: 7,000 Years Ago in Mesopotamia …
Chapter 2: Overview of the Financial Statements
Introduction: Turning an Entrepreneur’s Dreams into Reality
Chapter 3: Accrual Accounting and Transaction Analysis
Introduction: Bookkeeping as a Tool of War
Chapter 4: Internal Controls: Ensuring the Integrity of Financial Information
Introduction: Shady Accounting Earns a CEO a 24-year Prison Sentence
Chapter 5: Receivables and Inventory
Introduction: Who Owes Money to Google?
Chapter 6: Property, Plant, and Equipment and Intangible Assets
Introduction: Garbage, Blockbuster Video, and Depreciation
Chapter 7: Long-term Financing: Liabilities and Equity
Introduction: In What Currencies Do Disney and Coca-Cola Borrow Money?
Chapter 8: Analyzing Financial Statements
Introduction: The French Revolution, Gunpowder, and Financial Statement Analysis
Chapter 9: Management Accounting and Cost Concepts
Introduction: Medical Supplies; a Peruvian Restaurant; Panaca, Nevada; and Walmart
Chapter 10: Cost Flows and Business Organizations
Introduction: I Paid the Restaurant $18, But How Much Did My Meal Cost Them to Make?
Chapter 11: Cost Behavior and Decisions Using C-V-P Analysis
Introduction: Ramona’s Charity Banquet
Chapter 12: Budgeting and Control
Introduction: The Excruciating Excitement of Living from Paycheck to Paycheck
Chapter 13: Controlling Cost and Profit
Introduction: A Case Study in Cost Variance Analysis: Living Through a House Remodel
Chapter 14: Relevant Information and Decisions
Introduction: Is It Faster to Drive or to Fly When Traveling from Salt Lake to Denver?
Chapter 15: Capital Investment Decisions
Introduction: To Buy Or Not To Buy: The Weekend Car in Hong Kong
Appendix: Time Value of Money
Appendix: Activity-based Costing
Appendix: New Measures of Performance
Key Learning Objectives
Chapter 1 Learning Objectives
- Describe the purpose of accounting, and explain its role in business and society.
- Identify the primary users of accounting information.
- Describe the environment of accounting, including the effects of generally accepted accounting principles, international business, ethical considerations, and technology.
- Analyze the reasons for studying accounting.
Chapter 2 Learning Objectives
- Understand the basic elements, uses, and limitations of the balance sheet.
- Understand the basic elements and uses of the income statement.
- Understand the categories and uses of the statement of cash flows and see how the primary financial statements tie together.
- Recognize the need for financial statement notes and identify the types of information included in the notes.
- Describe the purpose of an audit report and the incentives the auditor has to perform a good audit.
- Explain the fundamental concepts and assumptions that underlie financial accounting.
Chapter 3 Learning Objectives
- Understand the process of transforming transaction data into useful accounting information.
- Analyze transactions and determine how those transactions affect the accounting equation.
- Use the accounting equation to analyze and record transactions involving balance sheet items: assets, liabilities, and paid-in capital.
- Describe how accrual accounting allows for timely reporting and a better measure of a company’s economic performance.
- Use the accounting equation to analyze and record transactions involving income statement items: revenues and expenses.
Chapter 4 Learning Objectives
- Identify the types of problems that can appear in financial statements.
- Describe the safeguards employed to ensure that financial statements are free from problems.
- Understand the concept of earnings management and why it occurs.
- Understand the major parts of the Sarbanes-Oxley Act and how it impacts financial reporting.
- Describe the role of auditors and how their presence affects the integrity of financial statements.
- Explain the role of the Securities and Exchange Commission in adding credibility to financial statements.
Chapter 5 Learning Objectives
- Understand the three basic types of business activities: operating, investing, and financing.
- Use the two revenue recognition criteria to decide when the revenue from a sale or service should be recorded in the accounting records.
- Record the losses resulting from credit customers who do not pay their bills.
- Identify what items and costs should be included in inventory and cost of goods sold.
- Calculate cost of goods sold using the results of an inventory count and understand the impact of errors in ending inventory on reported cost of goods sold.
- Apply the four inventory cost flow alternatives: specific identification, FIFO, LIFO, and average cost.
Chapter 6 Learning Objectives
- Identify the two major categories of long-term operating assets: property, plant, and equipment and intangible assets.
- Record the acquisition of property, plant, and equipment through a simple purchase as well as through a lease, by self-construction, and as part of the purchase of several assets at once.
- Compute straight-line and units-of-production depreciation expense for plant and equipment.
- Account for the acquisition and amortization of intangible assets and understand the special difficulties associated with accounting for intangibles.
Chapter 7 Learning Objectives
- Account for long-term liabilities, including notes payable and mortgages payable.
- Use debt-related financial ratios to determine the degree of a company’s financial leverage and its ability to repay loans.
- Distinguish between debt and equity financing, and describe the advantages and disadvantages of organizing a business as a proprietorship or a partnership.
- Describe the basic characteristics of a corporation and the nature of common and preferred stock, and account for the issuance of stock.
- Understand the factors that affect retained earnings, describe the factors determining whether a company can and should pay cash dividends, and account for cash dividends.
Chapter 8 Learning Objectives
- Explain the purpose of financial statement analysis.
- Understand the relationships between financial statement numbers and use ratios in analyzing and describing a company’s performance.
- Use common-size financial statements to compare financial statements across years and between companies.
- Understand the DuPont framework and how return on equity can be broken out into profitability, efficiency, and leverage components.
- Conduct a focused examination of a company’s efficiency by using asset-specific ratios.
- Determine the degree of a company’s financial leverage and its ability to repay loans using debt-related financial ratios.
- Use cash flow information to evaluate cash flow ratios.
- Understand the limitations of financial statement analysis.
Chapter 9 Learning Objectives
- Explain how management accounting is a competitive tool.
- Understand the essential differences between management accounting and financial accounting.
- Recognize and understand the common terms and concepts used in management accounting.
- Discuss the need for ethics in management accounting and describe the ethical principles that apply to this profession.
Chapter 10 Learning Objectives
- Explain the flow of products and costs in a manufacturing organization.
- Understand the traditional procedure of accounting for overhead.
- Create a Cost of Goods Manufactured schedule and understand how it is used to calculate cost of goods sold.
- Explain the flow of products and costs in a service organization and in a merchandising organization.
Chapter 11 Learning Objectives
- Understand the key factors involved in cost-volume-profit (C-V-P) analysis and why it is such an important tool in management decision-making.
- Explain and analyze the basic cost behavior patterns: variable, fixed, and mixed.
- Analyze mixed costs using the scattergraph and high-low methods.
- Perform C-V-P analyses and describe the effects potential changes in C-V-P variables have on company profitability.
- Visualize C-V-P relationships using graphs.
- Explain the effects of sales mix on profitability.
- Describe how higher fixed costs increase a company’s operating leverage, leading to increased variability in profits as sales fluctuate.
Chapter 12 Learning Objectives
- Describe the importance of personal budgeting.
- Explain the budgeting process and its behavioral implications in organizations.
- Construct an operations budget and its components for manufacturing firms.
- Compare the operations budget for a manufacturing firm to that of a merchandising or service firm.
- Distinguish between static and flexible budgets.
- Create the cash budget.
Chapter 13 Learning Objectives
- Describe the responsibility accounting concept and identify the three types of organizational control units.
- Describe standard costing, and use materials and labor cost variance analysis to explain how performance is controlled in cost centers.
- Use segment margin statements and revenue variance analysis to explain how performance is controlled in profit centers.
- Use ROI and residual income analysis to explain how performance is controlled in investment centers.
Chapter 14 Learning Objectives
- Understand the concepts of sunk costs and differential costs and revenues, and identify those costs and revenues that are relevant to making product and process decisions.
- Decide whether to accept or reject a special order.
- Determine whether a company should make a product itself or whether it should outsource the production to a supplier.
- Identify when a company should drop a product line or exit or enter a market.
- Determine whether to sell a joint product as it is or to process it further before selling it.
- Select the best use of a scarce resource.
- Use cost information in setting normal selling prices.
Chapter 15 Learning Objectives
- Understand the importance of capital budgeting and the concepts underlying strategic and capital investment decisions.
- Describe and use two nondiscounted capital budgeting techniques: the payback method and the unadjusted rate of return method.
- Describe and use two discounted capital budgeting techniques: the net present value method and the internal rate of return method.
- Understand the need for evaluating qualitative factors in strategic and capital investment decisions.
- Explain how income taxes affect capital budgeting decisions.
Educator Resources
The courseware’s materials make teaching accounting easier for you and more engaging for students. The following resources are included:
Auto-graded quiz for each chapter
Turnkey assignments
Lecture slide decks
Lesson plans
Engaging, author-led video content
Real-world examples
Cumulative glossary for student reference
LMS integration with Stukent platforms
Chapter 1: Purpose and Users of Accounting
Introduction: 7,000 Years Ago in Mesopotamia …
Chapter 2: Overview of the Financial Statements
Introduction: Turning an Entrepreneur’s Dreams into Reality
Chapter 3: Accrual Accounting and Transaction Analysis
Introduction: Bookkeeping as a Tool of War
Chapter 4: Internal Controls: Ensuring the Integrity of Financial Information
Introduction: Shady Accounting Earns a CEO a 24-year Prison Sentence
Chapter 5: Receivables and Inventory
Introduction: Who Owes Money to Google?
Chapter 6: Property, Plant, and Equipment and Intangible Assets
Introduction: Garbage, Blockbuster Video, and Depreciation
Chapter 7: Long-term Financing: Liabilities and Equity
Introduction: In What Currencies Do Disney and Coca-Cola Borrow Money?
Chapter 8: Analyzing Financial Statements
Introduction: The French Revolution, Gunpowder, and Financial Statement Analysis
Chapter 9: Management Accounting and Cost Concepts
Introduction: Medical Supplies; a Peruvian Restaurant; Panaca, Nevada; and Walmart
Chapter 10: Cost Flows and Business Organizations
Introduction: I Paid the Restaurant $18, But How Much Did My Meal Cost Them to Make?
Chapter 11: Cost Behavior and Decisions Using C-V-P Analysis
Introduction: Ramona’s Charity Banquet
Chapter 12: Budgeting and Control
Introduction: The Excruciating Excitement of Living from Paycheck to Paycheck
Chapter 13: Controlling Cost and Profit
Introduction: A Case Study in Cost Variance Analysis: Living Through a House Remodel
Chapter 14: Relevant Information and Decisions
Introduction: Is It Faster to Drive or to Fly When Traveling from Salt Lake to Denver?
Chapter 15: Capital Investment Decisions
Introduction: To Buy Or Not To Buy: The Weekend Car in Hong Kong
Appendix: Time Value of Money
Appendix: Activity-based Costing
Appendix: New Measures of Performance
Chapter 1 Learning Objectives
- Describe the purpose of accounting, and explain its role in business and society.
- Identify the primary users of accounting information.
- Describe the environment of accounting, including the effects of generally accepted accounting principles, international business, ethical considerations, and technology.
- Analyze the reasons for studying accounting.
Chapter 2 Learning Objectives
- Understand the basic elements, uses, and limitations of the balance sheet.
- Understand the basic elements and uses of the income statement.
- Understand the categories and uses of the statement of cash flows and see how the primary financial statements tie together.
- Recognize the need for financial statement notes and identify the types of information included in the notes.
- Describe the purpose of an audit report and the incentives the auditor has to perform a good audit.
- Explain the fundamental concepts and assumptions that underlie financial accounting.
Chapter 3 Learning Objectives
- Understand the process of transforming transaction data into useful accounting information.
- Analyze transactions and determine how those transactions affect the accounting equation.
- Use the accounting equation to analyze and record transactions involving balance sheet items: assets, liabilities, and paid-in capital.
- Describe how accrual accounting allows for timely reporting and a better measure of a company’s economic performance.
- Use the accounting equation to analyze and record transactions involving income statement items: revenues and expenses.
Chapter 4 Learning Objectives
- Identify the types of problems that can appear in financial statements.
- Describe the safeguards employed to ensure that financial statements are free from problems.
- Understand the concept of earnings management and why it occurs.
- Understand the major parts of the Sarbanes-Oxley Act and how it impacts financial reporting.
- Describe the role of auditors and how their presence affects the integrity of financial statements.
- Explain the role of the Securities and Exchange Commission in adding credibility to financial statements.
Chapter 5 Learning Objectives
- Understand the three basic types of business activities: operating, investing, and financing.
- Use the two revenue recognition criteria to decide when the revenue from a sale or service should be recorded in the accounting records.
- Record the losses resulting from credit customers who do not pay their bills.
- Identify what items and costs should be included in inventory and cost of goods sold.
- Calculate cost of goods sold using the results of an inventory count and understand the impact of errors in ending inventory on reported cost of goods sold.
- Apply the four inventory cost flow alternatives: specific identification, FIFO, LIFO, and average cost.
Chapter 6 Learning Objectives
- Identify the two major categories of long-term operating assets: property, plant, and equipment and intangible assets.
- Record the acquisition of property, plant, and equipment through a simple purchase as well as through a lease, by self-construction, and as part of the purchase of several assets at once.
- Compute straight-line and units-of-production depreciation expense for plant and equipment.
- Account for the acquisition and amortization of intangible assets and understand the special difficulties associated with accounting for intangibles.
Chapter 7 Learning Objectives
- Account for long-term liabilities, including notes payable and mortgages payable.
- Use debt-related financial ratios to determine the degree of a company’s financial leverage and its ability to repay loans.
- Distinguish between debt and equity financing, and describe the advantages and disadvantages of organizing a business as a proprietorship or a partnership.
- Describe the basic characteristics of a corporation and the nature of common and preferred stock, and account for the issuance of stock.
- Understand the factors that affect retained earnings, describe the factors determining whether a company can and should pay cash dividends, and account for cash dividends.
Chapter 8 Learning Objectives
- Explain the purpose of financial statement analysis.
- Understand the relationships between financial statement numbers and use ratios in analyzing and describing a company’s performance.
- Use common-size financial statements to compare financial statements across years and between companies.
- Understand the DuPont framework and how return on equity can be broken out into profitability, efficiency, and leverage components.
- Conduct a focused examination of a company’s efficiency by using asset-specific ratios.
- Determine the degree of a company’s financial leverage and its ability to repay loans using debt-related financial ratios.
- Use cash flow information to evaluate cash flow ratios.
- Understand the limitations of financial statement analysis.
Chapter 9 Learning Objectives
- Explain how management accounting is a competitive tool.
- Understand the essential differences between management accounting and financial accounting.
- Recognize and understand the common terms and concepts used in management accounting.
- Discuss the need for ethics in management accounting and describe the ethical principles that apply to this profession.
Chapter 10 Learning Objectives
- Explain the flow of products and costs in a manufacturing organization.
- Understand the traditional procedure of accounting for overhead.
- Create a Cost of Goods Manufactured schedule and understand how it is used to calculate cost of goods sold.
- Explain the flow of products and costs in a service organization and in a merchandising organization.
Chapter 11 Learning Objectives
- Understand the key factors involved in cost-volume-profit (C-V-P) analysis and why it is such an important tool in management decision-making.
- Explain and analyze the basic cost behavior patterns: variable, fixed, and mixed.
- Analyze mixed costs using the scattergraph and high-low methods.
- Perform C-V-P analyses and describe the effects potential changes in C-V-P variables have on company profitability.
- Visualize C-V-P relationships using graphs.
- Explain the effects of sales mix on profitability.
- Describe how higher fixed costs increase a company’s operating leverage, leading to increased variability in profits as sales fluctuate.
Chapter 12 Learning Objectives
- Describe the importance of personal budgeting.
- Explain the budgeting process and its behavioral implications in organizations.
- Construct an operations budget and its components for manufacturing firms.
- Compare the operations budget for a manufacturing firm to that of a merchandising or service firm.
- Distinguish between static and flexible budgets.
- Create the cash budget.
Chapter 13 Learning Objectives
- Describe the responsibility accounting concept and identify the three types of organizational control units.
- Describe standard costing, and use materials and labor cost variance analysis to explain how performance is controlled in cost centers.
- Use segment margin statements and revenue variance analysis to explain how performance is controlled in profit centers.
- Use ROI and residual income analysis to explain how performance is controlled in investment centers.
Chapter 14 Learning Objectives
- Understand the concepts of sunk costs and differential costs and revenues, and identify those costs and revenues that are relevant to making product and process decisions.
- Decide whether to accept or reject a special order.
- Determine whether a company should make a product itself or whether it should outsource the production to a supplier.
- Identify when a company should drop a product line or exit or enter a market.
- Determine whether to sell a joint product as it is or to process it further before selling it.
- Select the best use of a scarce resource.
- Use cost information in setting normal selling prices.
Chapter 15 Learning Objectives
- Understand the importance of capital budgeting and the concepts underlying strategic and capital investment decisions.
- Describe and use two nondiscounted capital budgeting techniques: the payback method and the unadjusted rate of return method.
- Describe and use two discounted capital budgeting techniques: the net present value method and the internal rate of return method.
- Understand the need for evaluating qualitative factors in strategic and capital investment decisions.
- Explain how income taxes affect capital budgeting decisions.
The courseware’s materials make teaching survey of accounting easier for you and more engaging for students. The following resources are included:
Auto-graded quiz for each chapter
Turnkey assignments
Lecture slide decks
Lesson plans
Engaging, author-led video content
Real-world examples
Cumulative glossary for student reference
LMS integration with Stukent platforms
Survey of Accounting Simternship
COMING SOON
Take Learning Beyond the Book with a Simternship
The Stukent Survey of Accounting Simternship goes beyond your average business simulation, allowing your students to put the concepts you’re teaching them to work. Your students will practice making journal entries to account for business decisions and events, creating financial statements, and more.
A Simternship helps your students gain experience, master marketable skills, increase their knowledge retention, and yes, even make mistakes in a low-risk environment. It’s a powerful experience that cements learning for a lifetime.
Simternship Scenario
The simulation places your students in the setting described below:
You are trying to save money to pay for college! Rather than spend time selling pest control or security systems or used cars, you decide to take a more adventurous route. You travel to Hawaii to start a business!
You want time on the beach, a relaxing atmosphere, and to make some money to help pay for your education. And hey, if things go well with the business, you might stick with the business and grow it into a profitable, long-term, lifestyle business.
The business involves selling sunglasses and suntan lotion and renting paddle boards and body boards on Kaanapali Beach in Maui. If things go well with your first location, you should be able to expand your locations — we will see.
During the Simternship, your students will have a business partner and mentor who advises them, makes decisions, and allows the student to make a limited number of business decisions as well. The emphasis and grading of the simulation are based on how students account for those decisions via journal entries, prepare financial reports, and ultimately make a presentation to the bank for additional funding.
Round Descriptions
ROUND 0 – Scenario Set-up
Scenario: The student is introduced to the business opportunity, business partnership, and the overall setting of the simulation.
ROUND 1 – Pre-revenue Part 1
Scenario: The student is asked to make limited business decisions while others are made for them. The student is introduced to journal entries with a focus on properly accounting for the given transactions. (Pre-revenue)
Students record the effects of transactions using journal entries.
ROUND 2 – Pre-revenue Part 2
Scenario: The student is asked to make limited business decisions while others are made for them. The student is introduced to journal entries with a focus on properly accounting for the given transactions. (Pre-revenue)
ROUND 3 – Weeks 1-2
Scenario: Business is open and the student must properly account for business activities. As the simulation progresses, the transactions will become more complex.
ROUND 4 – Weeks 3-4
Scenario: The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 5 – End-of-month Adjustment (Month 1)
Scenario: Student must make month-end entries to ensure financial statements are accurate.
ROUND 6 – Month 2
Scenario: The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 7 – End-of-month Adjustment (Month 2)
Scenario: Student must make month-end entries to ensure financial statements are accurate.
ROUND 8 – Month 3
Scenario: The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 9 – End-of-month Adjustment (Month 3)
Scenario: Student must make month-end entries to ensure financial statements are accurate.
ROUND 10 – Prepare Income Statement & Trial Balance
Scenario: In preparation for scaling the business (bank ask), the student is asked to prepare the needed financial reports.
ROUND 11 – Evaluate Financial Reports
Scenario: The student evaluates the financial reports in order to measure financial stability and prepare for the bank ask for extended credit.
ROUND 12 – Pitch to the Bank
Key Learning Objectives
ROUND 0 Learning Objectives
Understand the scenario.
ROUND 1 Learning Objectives
Analyze transactions and determine how those transactions impact the accounting equation.
Record the effects of transactions using journal entries.
ROUND 2 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 3 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 4 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 5 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 6 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 7 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 8 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 9 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 10 Learning Objectives
Prepare an income statement.
Complete the closing process in the accounting cycle.
ROUND 11 Learning Objectives
Use the financial reports to evaluate performance.
ROUND 12 Learning Objectives
The simulation places your students in the setting described below:
You are trying to save money to pay for college! Rather than spend time selling pest control or security systems or used cars, you decide to take a more adventurous route. You travel to Hawaii to start a business!
You want time on the beach, a relaxing atmosphere, and to make some money to help pay for your education. And hey, if things go well with the business, you might stick with the business and grow it into a profitable, long-term, lifestyle business.
The business involves selling sunglasses and suntan lotion and renting paddle boards and body boards on Kaanapali Beach in Maui. If things go well with your first location, you should be able to expand your locations — we will see.
During the Simternship, your students will have a business partner and mentor who advises them, makes decisions, and allows the student to make a limited number of business decisions as well. The emphasis and grading of the simulation are based on how students account for those decisions via journal entries, prepare financial reports, and ultimately make a presentation to the bank for additional funding.
ROUND 0: Scenario Set-up
The student is introduced to the business opportunity, business partnership, and the overall setting of the simulation.
ROUND 1: Pre-revenue, Part 1
The student is asked to make limited business decisions while others are made for them. The student is introduced to journal entries with a focus on properly accounting for the given transactions. (Pre-revenue)
Record the effects of transactions using journal entries.
ROUND 2: Pre-revenue, Part 2
The student is asked to make limited business decisions while others are made for them. The student is introduced to journal entries with a focus on properly accounting for the given transactions. (Pre-revenue)
ROUND 3: Weeks 1-2
Business is open and the student must properly account for business activities. As the simulation progresses, the transactions will be more complex.
ROUND 4: Weeks 3-4
The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 5: End of Month Adjustment (Month 1)
Student must make month-end entries to ensure financial statements are accurate.
ROUND 6: Month 2
The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 7: End of Month Adjustment (Month 2)
Student must make month-end entries to ensure financial statements are accurate.
ROUND 8: Month 3
The student continues to account for business activity with an emphasis on properly identifying the accounting entry that will ultimately lead to accurate business financial statements.
ROUND 9: End of Month Adjustment (Month 3)
Student must make month-end entries to ensure financial statements are accurate.
ROUND 10: Prepare Income Statement & Trial Balance
In preparation for scaling the business (bank ask), the student is asked to prepare the necessary financial reports.
ROUND 11: Evaluate Financial Reports
The student evaluates the financial reports in order to measure financial stability and prepare for the bank ask for extended credit.
ROUND 12: Pitch to the Bank
ROUND 0 Learning Objectives
Understand the scenario.
ROUND 1 Learning Objectives
Analyze transactions and determine how those transactions impact the accounting equation.
Record the effects of transactions using journal entries.
ROUND 2 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 3 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 4 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 5 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 6 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 7 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 8 Learning Objectives
Analyze transactions and determine how those transactions affect the accounting equation.
Record the effects of transactions using journal entries.
ROUND 9 Learning Objectives
Analyze transactions and make adjusting entries at month-end.
ROUND 10 Learning Objectives
Prepare an income statement.
Complete the closing process in the accounting cycle.
ROUND 11 Learning Objectives
Use the financial reports to evaluate performance.
ROUND 12 Learning Objectives
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About the Authors
Jim Stice
Jim Stice is an emeritus professor of accounting at Brigham Young University, where he spent his career teaching, conducting research, and serving in administrative roles. He’s won numerous teaching awards, served as a visiting professor at INSEAD, and worked in executive education for companies such as IBM and Ernst & Young. Over his 30-year career, Jim has educated thousands of accounting students and professionals in person and has reached millions of learners online.
Kay Stice
Kay Stice is an emeritus professor of accounting at Brigham Young University. He holds a bachelor’s and master’s degree from Brigham Young University and a Ph.D. from Cornell University. He’s taught at top universities around the world and won numerous awards, including the Maeser Excellence in Teaching Award at BYU, which is the university’s highest teaching honor. In his 30 years of teaching, Kay has taught thousands of students in person and millions online.
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