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
Tuesday, August 9, 2005

Session 23
The Personal Financial Reporting Project: An Experiential Application of Introductory Financial Accounting Principles

Presenters:
James F. Sander, Butler University
Susan B. Hughes, Butler University

Description:
Introductory financial accounting courses concentrate on financial activities and their presentation in published financial reports. For students unfamiliar with business practices, the concepts may be elusive. This semester-long project integrates students' personal financial activities with the course concepts. The project's five parts require students to identify their own assets and liabilities, value these items, record transactions, prepare financial statements, and develop significant accounting policies. Parts 1 and 2 are due within the first two weeks of the course; each subsequent part is due within 7 days after the end of the month. The project is designed to be repetitive and sequential. Part 1 asks students to identify various types of assets. In Part 2 students identify their own assets and liabilities, and develop an opening balance sheet using project valuation rules. In Part 3 students develop comparative balance sheets and an income statement, Part 4 adds cash flows, and Part 5 requires that students complete quarterly financial statements.

This session highlights learning objectives and instructions for each part of the project. It summarizes assessment data collected from four class sections that used the project over the past two semesters. We also provide ways to protect students' privacy and grading hints.

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