An International Meeting of the American Accounting Association 2005 Annual Meeting August 7–10, 2005 San Francisco, California Come to the City by the Bay!

Effective Learning Strategies Forum
Monday, August 8, 2005

Session 17
The Importance of a Set of Generally Accepted Accounting Principles: Teaching by Example

Presenters:
Elsie Ameen, Sam Houston State University
Daryl Guffey, Clemson University
Cynthia Jackson, Northeastern University

Description:
Generally accepted accounting principles (GAAP) are the framework on which financial reporting practices are based. Students still, however, find it difficult to grasp the importance of having a set of guidelines for preparing financial statements even after reading the textbook and hearing their instructor’s lecture on GAAP. This session presents a class exercise designed to illustrate the importance of a set of generally accepted accounting principles. If students realize the importance of GAAP, they may be more receptive to learning about the specific concepts/principles/assumptions underlying financial reporting.

This exercise is designed to be used during the first class meeting of the intermediate accounting course before the instructor lectures on GAAP and before students have read the first chapter. The exercise is worked in groups and encourages the students to get to know each other. It also gets students actively involved in the class on the first day.

This exercise has been used in intermediate accounting classes as well as in graduate principles of accounting classes and has been well received by students.

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