This free, online book is the third of a series and contains exercises regarding current assets. The 8 problem sets contain worksheets and solutions. More specifically, the exercises address accounting for accounts receivable, the allowance for doubtful accounts, sales, sales discounts, and notes receivable. One must sign up for their newsletter to download the free book.
Type of Material:
Open Textbook for drill and practice.
Recommended Uses:
Homework or supplementary problems demonstrated in class.
Technical Requirements:
Browser, must provide email to download book
Identify Major Learning Goals:
Understand the reporting of and financial impact of sales discounts, accounts receivable and notes receivable financial events.
Target Student Population:
Introductory financial accounting
Prerequisite Knowledge or Skills:
Knowledge of the fundamental accounting equation and different methods for determining allowance for doubtful accounts.
Content Quality
Rating:
Strengths:
Problem #1 covers credit card sales. Problem #2 involves determining the adjusting entry to record bad debts expense based on the percentage of receivables method as well as the balance sheet presentation for receivables.. Problem #3 involves preparing an Ages Receivables Schedule and preparing the appropriate journal entries. Problem #4 involves writing off an uncollectible account and then recovering the account. Problem #5 involves Notes Receivable. Content is current and relevant to the study of current assets. Problem #6 is rather complex and requires applying knowledge at an advanced level. Students have to recreate journal entries based on information provided that involves sales on account and sales discounts. Problem #7 requires preparing and Aged Receivables Schedule and recording journal entries to record the year end Bad Debts Expense. Problem #8 addresses notes receivables again. The problems reinforce core concepts involved studying credit card sales, accounts and notes receivables.
Concerns:
In Problem #5, the solution for the final journal entry contains an error. Interest income should be credited for 1,650, not Accounts Receivable. Also, it may not be clear to some students that the monthly accrual for interest receivable and interest income is only done for the first month and no other months.
Potential Effectiveness as a Teaching Tool
Rating:
Strengths:
The problems cover a good variety of topics to support learning of the concepts. They could be used in class or as homework assignments to reinforce learning.
Concerns:
The problem set by itself is not self-contained. Usage assumes that students understand the basic concepts required in order to apply them to solving problems. Each problem should identify the specific topics to be covered in each problem set. The problem sets do not build on prior concepts, nor reinforce them progressively. The time expected to complete each problem set is not indicated.
Ease of Use for Both Students and Faculty
Rating:
Strengths:
The templates included to guide students' responses by providing subtle hints is a nice feature. The problems are easy to use. Instructions for each problem are clear. Visual appeal is average (text on a white page).
Concerns:
This material is not really standalone. The problems should only be assigned and/or collected once the concepts have been presented in class. The advertisements interspersed among the problems is distracting.
Creative Commons:
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