Competency Based Assessment

Competency-Based Assessment (CBA) 

I believe that a competency-based approach (CBA) in education is highly effective for ensuring that students acquire the specific skills, knowledge, and behaviors essential for their success in a particular field or subject area. This approach revolves around clearly defined competencies that articulate what students should know and be able to do by the end of their learning experiences.

In my view, CBA is learner-centered, focusing on individual progress and mastery rather than the time spent in class or traditional grade levels. This allows for personalized learning paths that accommodate different learning styles and paces. I appreciate that students advance based on their ability to demonstrate mastery of competencies, supported by authentic assessments that involve real-world tasks, making learning relevant and practical.

I find it valuable that both formative and summative assessments are utilized to provide ongoing feedback and evaluate student mastery, with detailed rubrics ensuring fair and transparent evaluation. Continuous feedback and support are integral, helping students improve and reach proficiency. I also like that the evidence of learning is collected through various means, such as work samples and portfolios, and tracked systematically to monitor progress.

While I see many benefits in CBA, such as personalized learning, a focus on mastery, real-world relevance, and flexibility, I also recognize the challenges. Implementing CBA requires significant changes in curriculum design, teacher training, and assessment methods. Ensuring consistent and fair assessment can be difficult, and developing high-quality assessments is resource-intensive. Despite these challenges, I believe the potential benefits of CBA make it a worthwhile approach to pursue in education..

Overall, CBA aims to ensure that all students achieve essential outcomes by focusing on the actual demonstration of their competencies.

Competency Based Question 

A Competency-Based Question is a specific test item or performance assessment designed to gather evidence regarding student competencies. This question encompasses various elements, including the materials and stimuli provided to students, the inquiries or challenges presented to them, and the resulting responses or work products they generate within the assessment context. The materials and stimuli serve to guide students' understanding and engagement with the question. The inquiries or challenges within the question are carefully crafted to assess students' knowledge, skills, and behaviors relevant to the targeted competencies. Finally, students' responses or work products represent tangible demonstrations of their mastery and application of the assessed competencies. These questions are structured to facilitate meaningful assessment and to elicit robust evidence of students' capabilities and achievements.

Attributes of Competency Based Question

1. Make respondents to think 
2. Test conceptual ideas and skills 
3. Demand for multiple cognitive and psychomotor skills (graphics and visuals included)
4. Context based or issued based problem 

Make respondents think:

I appreciate that competency-based questions are designed to prompt critical thinking and deeper engagement. Rather than simple recall or memorization, these questions require me to analyze, synthesize, evaluate, and apply my knowledge and skills to solve problems or address challenges.

Test conceptual ideas and skills:

I understand that these questions assess not only factual knowledge but also my conceptual understanding and practical skills. They aim to evaluate how well I comprehend fundamental concepts within a given subject area and my ability to apply those concepts in various contexts.

Demand for multiple cognitive and psychomotor skills (graphics and visuals included):

I notice that competency-based questions often require a blend of cognitive skills (such as analysis, evaluation, and synthesis) and psychomotor skills (such as physical manipulation or practical application). Additionally, they may incorporate graphics, visuals, or other multimedia elements to enhance understanding and simulate real-world scenarios. This means I need to interpret and interact with visual information effectively.

Context-based or issue-based problem:

I find that competency-based questions are typically framed within specific contexts or scenarios relevant to the subject matter being assessed. These contexts or scenarios provide a realistic backdrop for the question and require me to consider the implications of my responses within that context. Issue-based problems present real-life challenges or dilemmas that I must navigate, often requiring me to weigh various factors, make decisions, and justify my choices based on my competencies.

Unit VI: Assessment for Accounting Education

Assessment tools play a crucial role in evaluating students' learning outcomes and understanding in the context of the Class XI Accountancy curriculum. These tools provide a structured framework for assessing various aspects of students' knowledge, skills, and application of concepts. Effective assessment tools can help educators gain insights into students' strengths, weaknesses, and areas for improvement, enabling them to tailor their teaching strategies accordingly.

Some of the Assessment Tool that we have learned are as follows:

1. Anecdotal Record 
2. Checklist
3. Rating Scale 
4. Rubrics: Holistic, analytical and single point rubric.

1. Anecdotal Record 

Anecdotal records are extremely useful in a variety of professions because they provide a qualitative and detailed view of observed actions or situations. The adaptability of anecdotal evidence in capturing details of human behavior is one feature that really caught me as it will help a teacher to get a more complete picture by recording responses, context and behavior. With the help of this broad approach, experts can spot patterns, trends, and possible triggers, which helps them come up with more intelligent intervention and decision-making tactics. The capacity to offer real-time and realistic views of student learning is the primary benefit of anecdotal records. 

For example, in a group exercise, a teacher might see how a particular student contributes to class and collaborates effectively with others. These anecdotal records draw attention to variations in student behavior and involvement that more conventional techniques of assessment could overlook.

2. Checklist 

Checklists for classroom assessments are very useful tools that help teachers monitor students' development in a systematic manner and make sure nothing important is missed. Their simplicity is what makes them so effective. Upon reflection, checklists appear to be a useful tool for systematic observation and assessment as checklists help teachers in making informed judgments about their lessons and provide customized solutions for both individual and group needs by allowing them to systematically monitor student performance and spot patterns and trends. 

3. Rating Scale 

A rating scale is a measurement tool or a system used to assess and evaluate the performance, behavior, skills, or other relevant characteristics of individuals, products, services, or any other subject of interest. It provides a structured framework for assigning ratings or scores to different attributes or criteria based on predefined criteria or standards. Rating scales are commonly used in performance evaluations, customer feedback surveys, research studies, and various assessment processes. Effective use of rating scales requires clear and well-defined criteria, training for raters to ensure consistency, and periodic reviews to maintain relevance and accuracy. When used appropriately, rating scales can provide valuable insights, facilitate decision-making, and support continuous improvement efforts in various contexts.

4. Rubrics: 

• Holistic Rubrics 

According to my understanding and perception of holistic rubrics, they are an important tool for evaluating student work in a thorough and integrated way. Holistic rubrics enable the teachers to evaluate student’s performance on multiple aspects, offering a more accurate and complex understanding of their abilities. Additionally, by emphasizing the overall quality and effectiveness of the work rather than on specific criteria, holistic rubrics encourage students to think critically and creatively and to approach tasks in a more holistic and integrated way.

• Analytical Rubrics

Analytical rubrics are an effective tool for providing specific and focused feedback during classroom assessments, as they have the ability to break down a complex task into distinct criteria. This allows for a detailed evaluation of a student's performance, highlighting both their strengths and areas needing improvement in relation to specific elements of their work. This approach promotes transparency and clarity in assessment, making it easier for both assessors and students to understand the individual components being evaluated and the criteria for success. Beyond informing students about their performance, this feedback also encourages self-evaluation and directs their efforts towards targeted improvement. However, despite their strength in delivering precise feedback on specific criteria, analytical rubrics may not cover all evaluation components, which can limit their flexibility in assessing overall performance.

• Single point Rubrics 

One unique way to assess student’s performance in the classroom is to use single-point rubrics which focus on specific feedback and goals. Unlike traditional rubrics that have many levels of performance, single-point rubrics have only one set of criteria which indicates what is good and what is bad. This method recognizes the different paths of achieving learning objectives and allows flexibility in the assessment of student work. One of its main advantages is that it emphasizes on specific feedback. Teachers can provide more insightful advice for student’s progress by providing detailed feedback on areas of strength and places that need improvement. For instance, instead of just giving a grade, teacher could highlight a student’s skill and offer suggestions for improvement. Additionally, single-point rubrics help students reflect and assess themselves. When students are equipped with clear standards and thorough feedback, they are able to assess their own work and identify areas that require improvement on their own. 

Unit V: Technologies in Teaching Accountancy

The integration of technology in teaching accountancy has significantly transformed the educational landscape, enhancing both learning and teaching experiences. I've learned that Learning Management Systems (LMS) like Blackboard and Moodle are essential tools for content management, assessments, and communication. Data analytics tools like Microsoft Excel, Tableau, and Power BI are crucial for teaching students how to manipulate and analyze large datasets and create data visualizations.

Virtual classrooms and webinars facilitated by platforms like Zoom, Microsoft Teams, and Google Meet have made remote learning more accessible, offering live lectures and recorded sessions for flexible learning. Interactive simulations and educational games provide scenario-based learning and increase student engagement through gamified experiences.

Incorporating Artificial Intelligence (AI) technologies into advanced accounting topics helps students understand predictive analytics and automated processes in auditing and compliance. Emerging technologies like Virtual Reality (VR) offer immersive learning experiences through virtual labs and interactive simulations. Cloud computing platforms, including Google Drive, OneDrive, and Dropbox, facilitate collaborative work by providing easy access to shared resources and enabling team-based projects.

E-books and online resources ensure that students have access to a wide range of up-to-date learning materials, while mobile learning platforms offer flexibility by allowing students to access course content and participate in discussions from anywhere. These technological advancements not only enrich the learning experience but also prepare students for the evolving demands of the accountancy profession, giving them a competitive edge in the job market and equipping them with the skills needed for their future careers.

Many applications have been developed for accounting and finance purposes, such as Peachtree, Tally (ERP), QuickBooks, PayRoll, and PEMS. These automated software solutions are designed by experts to streamline accounting processes.

One of the electronic spreadsheets I have learned about is MS Excel. MS Excel is a large sheet where data can be arranged in rows and columns. It is one of the most widely used applications, useful for entering, editing, analyzing, and storing data. It can also perform arithmetic, financial, and statistical operations. The results generated from the data entered in MS Excel can be used for pictorial representations like bar graphs, pie charts, and line graphs. Along the way, I have learned a variety of helpful features in MS Excel, making it an invaluable tool in accounting.

For instance: 

1. Creating graphics Design using MS Excel

2, Calculating using "IF" Function 

3. Data Validation (Drop down list)

Unit III: The basic principles and methods of accounting

Creating effective worksheets for Class XI Accountancy involves designing materials that go beyond mere busy work, aiming to actively engage students and promote meaningful learning. 

So, after getting assistance from teachers in the class, I have learned how to create worksheets that will support and enhance the learning experience in accountancy.

Designing Effective Accountancy Worksheets

Purpose and Objectives:

Establish clear learning objectives that align with the curriculum and specific accounting principles.

Define what students should understand or be able to do after completing the worksheet.

Engaging Content:

Develop content that is directly relevant to real-world accounting practices.

Use diverse types of tasks to maintain interest and cover different learning styles.

Scaffolded Learning:

Begin with simpler questions to build foundational knowledge and confidence.

Gradually increase the complexity of tasks to deepen understanding and promote critical thinking.

Visual Aids:

Include charts, diagrams, and tables to help clarify complex concepts, such as financial statements and accounting cycles.

Use visual aids to break down information into more manageable and understandable parts.

Clear Instructions:

Provide precise and straightforward instructions for each section to ensure students know what is expected.

Include examples where necessary to demonstrate how to approach specific problems.

Variety of Questions:

Incorporate multiple-choice questions, true/false statements, short answer questions, and long-form problems.

Use a mix of theoretical questions and practical problems to cover both conceptual understanding and application.

Real-world Applications:

Integrate scenarios and case studies that reflect actual accounting situations.

Design exercises that mimic real-life tasks accountants perform, such as preparing financial statements or analyzing financial data.

Answer Keys:

Include detailed answer keys to facilitate self-assessment and enable teachers to provide timely feedback.

Ensure answer keys explain the reasoning behind correct answers, helping students learn from their mistakes.

Differentiated Learning:

Design worksheets that cater to different learning levels and paces.

Include optional advanced tasks for students who need more challenge and simpler tasks for those who need more practice.

Engagement and Progress Tracking:

Use worksheets not only for individual practice but also to enhance classroom engagement through group activities and discussions.

Collect completed worksheets to track student progress and identify areas needing further reinforcement.

Class Activity

The worksheet is centered around the theme of "Accounting Information" and its dissemination to various stakeholders. The title is prominently displayed in the center of the diagram, emphasizing the central role of accounting information.

The worksheet can be used as a starting point for discussions on the importance of different types of accounting information. It prompts students to think about how each stakeholder relies on specific information to make informed decisions, thereby illustrating the broader implications of accurate and transparent accounting practices.

Visual Layout

The layout is designed as a cross, with "Accounting Information" at the center, signifying its pivotal role in communication with different stakeholders:

Government: Positioned at the top.

Trade Unions: Positioned to the left.

Customers: Positioned to the right.

Suppliers: Positioned at the bottom.

Each stakeholder is enclosed within a cloud-shaped border, visually separating them while indicating their interconnectedness through the central accounting information hub.

Directional Arrows

The arrows are color-coded and labeled, ensuring clarity in the types of information being transferred to each stakeholder.

Information Categories for Stakeholders

Government:

Income and Tax Returns: Indicates the provision of financial data necessary for tax purposes.

Financial Statements: Highlights the need for official financial documents to assess the company’s performance and compliance.

Trade Unions:

Payroll Information: Specifies the need for detailed employee compensation data.

Financial Reports: Underlines the importance of financial health indicators for negotiations and employee welfare considerations.

Customers:

Credit Terms and Credit Reports: Shows the need for transparent credit-related information to build trust and facilitate transactions.

Pricing Information: Points to the necessity of clear pricing strategies and histories for customer decision-making.

Suppliers:

Invoices and Purchase Orders: Indicates the transactional documents required to manage supply chain relationships.

Payment History: Reflects the need for historical payment data to assess creditworthiness and reliability.

Educational Intent

The worksheet is designed to be used in a classroom setting, either for group activities or individual tasks. Its purpose is to:

Illustrate Relationships: Demonstrate the critical relationships between accounting information and various stakeholders.

Promote Understanding: Help students understand the practical applications of accounting information in real-world scenarios.

Encourage Engagement: Foster interactive learning through visual and hands-on activities.

Teaching Using Accountancy Cases

Using accountancy case studies Evaluating accounting information

The backdrops: 

• it provides real world scenario enabling students to apply theoretical concepts to practical situations
• it bridges the gap between theory and practical 
• encourage critical thinking, analytical and problem solving skills
• case study expose students to various accounting issues, ethical dilemmas and decision making process.                                                                                                                                                     

Types of Cases

1. Problem-Based Case: Presents specific challenges requiring analysis and problem-solving.
2. Decision Case: Simulates real decision-making scenarios, requiring recommendations or choices.
3. Descriptive Case: Provides detailed descriptions of situations or events for context.
4. Illustrative Case: Offers clear examples of theoretical concepts applied in real situations.
5. Ethics and Governance Cases: Focus on ethical dilemmas and governance issues within organizations.
6. Integrative Cases: Require application of knowledge from multiple disciplines to analyze complex problems.

Guidelines for designing cases

1. Identify learning goals: Determining specific accounting concepts
2. Choose an engagement context: set/ developing case studies in real-word scenarios 
3. Develop a real world/ realistic scenario: incorporating financial statement, transactions, events relevant to learning goals.
4. Introduce Accounting Issues: build ambiguities, errors of dilemmas into the case study, do not make it too easy and value should be added 
5. Provide relevant data: include details in the case study like policy, memos and reports to analyze and avoid giving too much information 
6. Structure with stages: Break the cases in different stages 
7. Incorporate complexities: add auditing concerns and tax implications 
8. Develop assignment questions: such as High Order Thinking Skills questions 
9. Supply resources: full text references, if needed.

Example of case, that we have done as a class activity

XYZ Corporation, a publicly traded company, operates in the manufacturing sector and has been experiencing stagnant growth over the past few quarters. The pressure to meet revenue targets and investor expectations has been mounting on the management team, led by the CFO, Ms. Jennifer Hayes.

Facing pressure to boost financial performance, Ms. Hayes devises a fraudulent scheme to manipulate the company's financial statements. She orchestrates a series of fictitious sales transactions, inflating revenue figures to meet quarterly targets. Additionally, she understates expenses by delaying recognition of certain liabilities and inflating asset values.

Initially, the fraudulent activities create an illusion of financial stability and growth, leading to an increase in stock price and investor confidence. However, over time, the true financial health of the company deteriorates as the fabricated numbers mask underlying issues such as declining sales and mounting debt.

Detection Methods:

1. Whistleblower Allegations: An employee in the finance department becomes suspicious of irregularities in the financial records and reports the concerns to the company's audit committee.

2. Forensic Accounting Analysis: External auditors conduct a detailed forensic analysis of the company's financial statements, scrutinizing transaction records and comparing them with industry benchmarks.

3. Data Analytics: Utilizing advanced data analytics tools, auditors identify anomalies in revenue and expense patterns, uncovering inconsistencies that indicate potential fraud.

Legal and Ethical Implications:

Once the fraudulent activities are uncovered, Ms. Hayes and other implicated individuals face severe legal consequences, including fines, imprisonment, and civil lawsuits. The company's reputation is tarnished, leading to loss of investor trust and damage to stakeholder relationships. Moreover, the incident underscores the importance of ethical conduct and transparency in financial reporting, highlighting the need for robust internal controls and oversight mechanisms.

Questions for the above case:

1. Knowledge (Remember): What are the key indicators of fraudulent activity in financial statements, as discussed in the case study of XYZ Corporation?
2. Analysis (Understand):How did the fraudulent scheme devised by Ms. Jennifer Hayes impact the financial health of XYZ Corporation over time? Provide specific examples from the case study to support your answer.
3. Evaluation (Evaluate):Assess the effectiveness of the detection methods employed by XYZ Corporation's audit committee and external auditors in uncovering the fraudulent activities. What alternative measures could have been implemented to enhance fraud detection and prevention within the organization?

Unit IV: Approaches in Teaching Accountancy

Before our teachers input I just know/ understand that inductive method starts with specific observations or experiences and builds up to broader generalizations and theories. For example, if you observe that the sun rises in the east every morning, you might conclude that the sun always rises in the east. 

On the other hand, the deductive approach begins with a general theory or statement and tests it through specific observations or experiments. For instance, if you start with the statement "all birds can fly" and then observe a penguin (which cannot fly), you would need to revise the original statement to "most birds can fly."

However, after teachers' input I came to know that:

These are two different type of approaches in teaching strategies. Which are:

1. Deductive Method 
2. Inductive Method

Deductive Method:

It is the process where it moves from general concept to specific concepts where rules, principles and definitions are presented first followed by the applications. 

Principles of Deductive Method:

• Principle of Generalization 
• Principle of Logical Progression 
• Principle of Deductive reasoning 
• Principle of Illustrations 
• Principle of Practice and reinforcement 
• Principle of Feedback and evaluation

Phases:

Phase 1: Presentation of the Abstraction 

• defines the concept

Phase 2: Illustration of Abstraction 

• explaining the concepts with examples and demonstrate 

Phase 3: Application of Abstraction 

• It involves asking the students to apply what they have learned and letting them to generate more examples. As a result it deepens the knowledge or concept 

Phase 4: Closure 

• It involves restating and summarizing the lesson that they have learned in the session.

Advantages of Deductive Method:

• Clear and systematic approach 
• Efficient for introducing new concepts 
• Facilitates in understanding the concepts 
• Saves time by presenting information logically
• Ensures uniformity in instruction
• Establishes fundamental knowledge effectively

Disadvantages of Deductive Method

• Limited student engagement and participation.
• Potential hindrance to critical thinking development.
• Risk of prioritizing memorization over deep understanding.
• Possible misunderstandings if initial concepts are unclear.
• Students might overly rely on the teacher.

Inductive Method 

It starts with concrete examples and move towards abstract ideas or rules where it involves presenting students with many examples.

Principles of Inductive Method 

• moving from specific to general 
• student- centric approach 
• Inquiry and critical thinking
• Guidance 

Phases:

Phase 1: Open-Ended Phase

• it shows the example of concepts 
• asked to observe the examples and letting the students to describe
• the students are also asked to observe and describe the things

Phase 2: Convergent 

• Students are prompted to identify the similar patterns/ characteristics with an examples.

Phase 3: Closure 

• Students are encouraged to arrive at the generalization of definitions/ concepts.

Phase 4: Application 

• Students will be asked to cite more examples related to real-life examples.

Advantages of Inductive Method 

• Promote active learning and engagement 
• Develop critical thinking and problem-solving skills 
• Fosters long-term understanding 
• Enhance motivation and curiosity 

Disadvantages of Inductive Method

• Possibility of misinterpretation
• Differentiated learning objectives
• Expertise from teachers is required
• Implementation using a lot of resources

Difference between Inductive and Deductive Method 

Inductive Method:

Bottom-up Approach: It starts with specific observations or examples and moves towards generalizations or conclusions.

Discovery Learning: Students are actively engaged in the learning process and are encouraged to draw their own conclusions based on evidence or examples.

Promotes Critical Thinking: Encourages students to analyze information, make connections, and form hypotheses independently.

Less Structured: Typically involves less direct instruction and allows for more open-ended exploration.

Useful for Complex Concepts: Effective for teaching complex or abstract concepts, as it allows students to develop a deeper understanding through exploration and discovery.

Deductive Method:

Top-down Approach: Begins with general principles or theories and moves towards specific applications or examples.

Direct Instruction: Teachers present information or theories to students, who then apply them to specific situations or problems.

Emphasis on Accuracy: Focuses on ensuring that students understand and apply established principles correctly.

More Structured: Typically involves a more structured approach with clear guidelines and steps for students to follow.

Useful for Basic Concepts: Effective for teaching foundational or basic concepts, as it provides a clear framework for students to build upon and apply knowledge.

Unit II: School Accountancy Curriculum

Global Standards 

There is two sets of global standards:

1. International Financial Reporting Standards (IFRS): The main objective of IFRS is to establish a single set of high quality, understandable and enforceable.

2. General Accepted Accounting Principles (GAAP): It is a set of accounting principles and guidelines.

Influence of Global Standards:

• Adaption and Convergence: It facilitates cross-border business activities and enhance comparability of financial reporting which attracts foreign investments.
• Harmonization efforts: It reduce the difference between international and local standards, ensuring greater consistency and comparability.
• Influence in local standard setting: The principles and concepts of International Standards serve as a reference point for local standards.

Accounting Standards 

Accounting standards are the set of guidelines and principles to record, measure and disclose financial transactions and information.

Some of the significance of accounting standards in the accounting ecosystem are: 

• to establish uniformity in the business in terms of approach and principles
• standard being dynamic, the business should be adaptable so that they can facilitate the effective flow of business using standards
• to ensure better transparency 
• to have consistency in the reporting 
• it facilitate cross-border business activities and comparability in the financial reporting.  

Procedure of issuing standards:

The process of issuing standards typically follows several key steps:

1. Agenda Setting: This involves identifying the need for a new standard or the revision of an existing one. It may be triggered by technological advancements, changes in industry practices, or regulatory requirements.
2. Research and Analysis: Once the need for a standard is identified, research is conducted to gather relevant information. This may involve analyzing existing standards, conducting surveys, consulting experts, and assessing potential impacts.
3. Exposure and Draft: A preliminary draft of the standard is developed based on the research findings. This draft is then exposed to stakeholders, which may include industry associations, government agencies, businesses, and the public. Feedback is solicited to refine the draft.
4. Public Comment Period: The draft standard is made available for public review and comment for a specified period, typically ranging from weeks to months. This allows stakeholders to provide feedback, raise concerns, and suggest improvements.
5. Re-Deliberation: Comments and feedback received during the public comment period are reviewed and considered. The standard may be revised further based on this feedback, and any contentious issues are addressed through further deliberation.
6. Final Standard: After considering all feedback and making necessary revisions, a final version of the standard is prepared. This version reflects consensus among stakeholders and addresses any concerns raised during the exposure and public comment periods.
7. Implementation and Education: Once the final standard is published, efforts are made to ensure its effective implementation. This may involve providing guidance, training, and resources to help stakeholders understand and comply with the standard. Education campaigns may also be conducted to raise awareness about the standard and its importance.

Concepts of Worksheets

Busy sheets: worksheets that keep students engaged/ occupied in some other ways.

Power sheets: The sheet that keeps the students engage in a meaningful way such as learning of skills.

Purpose of Worksheets:

1. Engagement and Active Learning: Encourage participation and discussions, fostering deeper understanding.
2. Differentiated Learning: Tailor activities to address individual learning needs and styles.
3. Teaching Enjoyment: Add variety and interactivity, making lessons more enjoyable.
4. Assessment and Progress Monitoring: Provide evidence of learning, track student performance, and report progress.
5. Pedagogical Planning: Analyze data to adapt teaching methods and materials to student needs.
6. Promotion of Self-Assessment: Encourage reflection and self-evaluation, fostering a culture of continuous learning.

Based on these knowledge that we've learned in class, here are some future commitments I've decided to make:

Commitment to Global Standards:

- I will strive to understand and apply both IFRS and GAAP in my accounting practice. By mastering these global standards, I can ensure high-quality, understandable, and enforceable financial reporting.

- I will advocate for the adaptation and convergence of these standards in any organization I work with to facilitate cross-border business activities and attract foreign investments.

- I will support harmonization efforts to reduce differences between international and local standards, ensuring greater consistency and comparability.

Dedication to Accounting Standards:

- I will stay updated on the latest accounting standards and incorporate them into my work to maintain uniformity, transparency, and consistency in financial reporting.

- I will embrace the dynamic nature of these standards, ensuring that my approach adapts to technological advancements and changes in industry practices.

- I will participate in the procedure of issuing standards, providing feedback during public comment periods and contributing to the development of final standards.

Promotion of Effective Learning through Worksheets:

- I will design and utilize worksheets, such as power sheets, that engage students in meaningful ways, helping them develop essential skills and fostering active learning.

- I will tailor worksheets to address individual learning needs and styles, ensuring differentiated learning opportunities.

- I will use worksheets to assess and monitor progress, providing evidence of learning and adapting my teaching methods based on data analysis.

- I will encourage self-assessment through worksheets, promoting reflection and continuous learning among students.

Unit I: Introduction to Accountancy Education

Trends in accountancy education:

History of accounting education;

1494: Luca Pacioli publishes the earliest know instructional treaties on double-entry bookkeeping.

1714: Roger Norths "The Gentleman Accomptant" provides insights into the applications of the double-entry bookkeeping to landed estates.

1759: The Portugues School of Commerce is founded in Libson, marking a shift towards course-based educational state provisions for accountancy education.

1854: The Institute of Charted Accountants of Scotland (ICAs) is formed, representing the first professional accounting body in Scotland.

1951: ICAs is formed from the three predecessor institutes founded in Edinburgh and Glasgow in 1854 and Aberdeen in 1867.

1914-1947: Influential figures in accounting education emerge, including Robert William Gibson, Bernard Shields, William Baxter and Donald Cousins, who contribute to the development of accounting as a university discipline.

1974-1992: The American Accounting Associates publishes the Accounting Education Series in 1974 followed by journal, like:

     - Accounting Education (1983)

     - Journal of Accounting Education (1983)

    -  Accounting Educators Journal (1989)

    - Accounting Education (1992)

Emerging role of Accountancy Education;

As an accounting educator deeply invested in the future of our profession, I witnessed a major transformation in accounting education to match the demands of the digital age and the changing business and financial landscape. Here's how this transformation is unfolding:

Integration of Digital Tech: Incorporating cloud computing, big data into curriculum.

Application-Based Learning: Emphasizing real-world experiences, field visits.

Shift to Financial Analysis: Moving from transaction recording to strategic analysis.

Regulation Awareness: Teaching compliance with increased regulatory standards.

Focus on Social and Environmental Issues: Integrating sustainability, CSR into curriculum.

Distinguishing Accounting vs. Auditing: Providing specialized training for both roles.           

Guiding Principles

As an accounting educator, I adhere to a set of principles, assumptions, emerging trends, and priorities that guide curriculum development and implementation. The most notable principles I learned the revenue recognition principle, matching principle, materiality principle, and consistency principle. I ensure completeness by emphasizing the materiality principle, which mandates that all material transactions are accounted for in the financial statements. By integrating these principles, I aim to provide a comprehensive and robust education that prepares students for the dynamic field of accounting.          

Global Perspective

From our recent class discussions, I've learned that global accounting organizations are leading the charge towards sustainability with net-zero emissions programs, setting an example for the entire profession.

Technology is revolutionizing accounting in several ways. Task automation saves time and increases efficiency, allowing accountants to focus on strategic tasks. Advanced data analytics enable more informed decision-making, while automation improves accuracy by reducing human error. Additionally, technology facilitates remote work, maintaining productivity and collaboration from anywhere.

These insights highlight how the blend of sustainability and technology is shaping a more sustainable and efficient future for accounting

Relationship between accountancy and other disciplines

Accountancy <> Business and Entrepreneurship

Accountancy <> Mathematics 

Accountancy <> Economics

Accountancy <> Geography 

Accountancy <> Information and Technology

Accountancy <> Language 

Accountancy <> History 

Accountancy <> Physics 

Accountancy <> Chemistry 

Accountancy <> Biology 

Accountancy <> Agriculture for Food Security 

Nature and Scope of Accountancy Education

I learned about the nature and scope of accountancy education and the domain of professional accountants in business. Here are some key points:

Value Creation: We need to understand the needs and expectations of various stakeholders. By putting effective strategies in place, we can use resources efficiently to create value for them.

Management Decision Support: By analyzing and interpreting information, we can help management formulate strategic plans and make informed decisions.

Utilization of GAAP: General Accepted Accounting Principles (GAAP) provide a standard framework for communicating with stakeholders and evaluating company performance.

Cost Calculation with Cost Accounting Principles: Using cost accounting principles, we can calculate and manage costs effectively to ensure efficiency and profitability.

Risk Management for Business Assurance: Implementing risk control measures is crucial for providing assurance and mitigating potential risks, safeguarding the business's operations and assets.

Evolution of Accounting Process and System

Collection Stage:

-Occurs at the beginning of the accounting cycle.

-Involves gathering data on financial transactions such as sales, purchases, and expenses.

-Data is categorized based on the type of account they belong to, like sales, purchases, or accounts payable.

-Data is stored for later entry into the accounting system.

Processing Stage:

-Involves recording financial transactions into the accounting system.

-Transactions are first entered into the general journal, specifying the accounts affected and the amounts.

-Entries from the journal are then transferred to the general ledger, updating each account.

-Ledgers are totaled, and an unadjusted trial balance is created to ensure accuracy.

Reporting Stage:

-Marks the end of the accounting cycle.

-Financial reports, including the Income Statement, Balance Sheet, and Statement of Owner's Equity, are prepared.

-Income Statement shows income, expenses, and profit or loss for the period.

-Balance Sheet provides a snapshot of assets, liabilities, and equity at a specific point in time.

-Statement of Owner's Equity outlines changes in owner's equity over the accounting period.

-Financial statements are prepared monthly, with quarterly and annual statements also produced.

Manual Accounting and Computerized Accounting Software

Difference between Manual Accounting and Computerized Accounting