Abstract:

Questioning if the changing world of work requires a new approach to accounting education, Herbert et al (2021) state that we as educators must play a “pivotal role” (p.188) in optimizing the development of a “mix of intellectual, technical and generic skills” (p.188) of students. (Marriott, 2004) argues that “students of accounting at university often lack concrete experience to enhance their learning” (p.55). However, students need to start developing some of these skills prior to going out on placement, as they can use placement as an opportunity to impress employers and secure graduate positions (Marriott, 2004) (p.55).

The module Integrated Accounting Systems (IAS) is run in the Bachelor of Business (Accounting) degree programme (BACCT) in Munster Technological University (MTU), Ireland, in the semester before work placement. The learning outcome of this module are that students should prepare a full set of Financial Statements in a computerized accounting package (SAGE) and also obtain information from, and manipulate the data in, excel generated reports.

Part of the assessment of this module is the completion of a “Cross Modular Project” (CMP) which is a joint assessment between the modules IAS and Advanced Management Accounting (AMA) in semester 1 of Year 3 of the Bachelor of Business (Accounting). This project is presented to the students as a case study incorporating elements of Financial Accounting and Management Accounting.

While the students prepare their own outputs (set of Financial Statements and Excel reports), and are marked individually, for the CMP, they are encouraged to talk to each other, comparing answers and discussing how they approached the assessment. They then bring their pre-prepared elements to “live session” in which each student is presented with additional information and must update his/her own set of management and financial reports in an exam setting.

I conducted surveys of the IAS students. The first survey was before they began work on CMP and the second survey after the live session had been completed. The results of the two surveys were then compared.

Overall, the student found they improved their skills in, and understanding of, financial and management accounting and that the CMP also improved their relationships with fellow students.

References:
[1] Herbert, I. P., Rothwell, A. T., Glover, J. L., & Lambert, S. A. (2021). Does the changing word of professional work need a new approach to accounting education? Accounting Education, 30(2), 188-212.
[2] Marriott, N. (2004). Using computerized business simulation and spreadsheet models in accounting information: a case study. Accounting Education, 55-70.

Keywords:

Financial Accounting, Management Accounting, Computerized Accounting Systems, Accounting, Cross Modular, SAGE, Excel.