Email: firstname.lastname@example.org; phone: 479-575-6096 Description of the project:
Short videos of real factories are used to explain common Cost Accounting concepts. You may bring food items related to the video (I had a small class of 45 so this was easy to do) and have students examine the food item (and enjoy it!). The goal is to teach students in such an enjoyable way they forget they are learning.
Purpose of the project:
Create excitement in a class generally perceived as boring.
Help students relate concepts to real world elements.
Help students remember concepts and terms by remembering the videos (aid for visual learners).
Engage students in considering accounting within the firm as a career.
Based on: (Information from the AICPA website)
The AICPA Core Competency Framework, developed by educators for educators, defines a set of skills-based competencies needed by all students entering the accounting profession, regardless of the career path they choose (public/industry/government/nonprofit) or the specific accounting services they will perform. The framework focuses on skills and is not structured around traditional subject/content areas or accounting services. A skills-based curriculum is advocated, because the body of knowledge and the accounting profession are changing so rapidly. Although knowledge requirements will change with time, the core set of competencies identified by the Framework will have long-term value and will support a variety of career opportunities for the future CPA.
The focus of this project is one functional competency and three broad business competencies. Functional competencies are technical competencies most closely aligned with the value contributed by accounting profession. Broad Business Perspective competencies are perspectives and skills relating to understanding of internal and external business contexts.
The functional competency is Decision Modeling: “Individuals preparing to enter the accounting profession must be able to use strategic and critical approaches to decision making. They must objectively consider issues, identify alternatives, and choose and implement solution approaches in order to deliver services and provide value.” In this project: Students are making decisions on costs based on learning what cost accounting concept applies to which type of product.
The three broad business competencies: Strategic/Critical Thinking: “Critical thinking encompasses the ability to link data, knowledge, and insight together from various disciplines to provide information for decision-making. Being in tune with the “big picture” perspective is a necessary component for success. Individuals entering the accounting profession should be able to communicate to others the vision, strategy, goals, and culture of organizations.” In this project: Students are creating information to be used in decision making.
Industry/Sector Perspective: Individuals entering the accounting profession should be able to identify the economics accounting and broad business financial risks and opportunities of the industry and economic sector in which a given organization operates. Identification of these risks and opportunities should include both issues specific to the enterprise, as well as those pervasive throughout the industry/sector. In this project: Getting familiar with different industries.
International/Global Perspective: Individuals entering the accounting profession should be able to identify and communicate the variety of threats and opportunities of doing business in a borderless world. The accounting professional of the future must provide services to support and facilitate commerce in the global marketplace. In this project: Food is shipped overseas.
Methods Taught Using the Videos:
Job Order Costing:
Video Link: http://www.youtube.com/watch?v=9PjhN9lHP24 – Making Cookies with Nancy Today. This video is very funny. It is a spoof on cooking shows.
Pretend that Nancy decides she wants to run a bakery out of her kitchen.
Have students assume that Nancy will bake cookies as they are ordered by customers. Therefore each job will have a different cost because Nancy will be making different cookies and different amounts for various customers.
Have students choose one kind of cookie to make and list the costs and dollar amounts so that they can determine how much each batch of cookies will cost. (Make sure they include cleaning supplies).
Additional example: Video Link: http://www.youtube.com/watch?v=6hzP-7sN45c – How to Make Cowboy Boots. You can do a similar exercise with cowboy boots as each one is unique in this shop.
You want to explain how these are also unique orders that are more complicated and with more parts than a simple cookie. In this case you can describe making a cake and use the popular TV show Cake Boss.
Video Links: http://www.youtube.com/watch?v=QpP4KlHe8-I , (very short) http://www.youtube.com/watch?v=ikRjnOXne6I&feature=channel, (very short)
Even without the snacks the project would have been successful. Students frequently said that the snacks were nice, but that the real value was being able to see how complex accounting issues could actually be used in business
Clips were short and provided a nice break to allow students to re-charge between problems