accounting simulation - praxar

TARGETED SKILLS ACCOUNTING CYCLE – Understanding the series of steps that make up the accounting cycle. SOURCE DOCUMENTS – Identify, analyze and record the various source documents generated by a product and service company. POSTINGS – Post journal entries to the general ledger or the subsidiary ledgers without making any mistakes. FINANCIAL STATEMENTS – Generate and analyze financial statements using simplified tools (worksheet, trial balance and closing entries). In this highly realistic simulation, the students work as interns in a small business that offers products and services related to rock climbing: The Summit. Supervised by the accountant, students will participate in all the steps of the accounting cycle, from the recording of transactions to the preparation of year- end financial statements. At the end of their internship, they will have the opportunity to analyze the company's financial situation. Individual Learning – Each student uses an individual workspace. Time Required – From 4 to 10 hours Products and Services – Transactions from a service company and merchandise sales transactions requiring inventory management. ACCOUNTING THE CHALLENGE PEDAGOGY

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TARGETEDSKILLS ACCOUNTING CYCLE – Understanding the series of steps that make up the

accounting cycle. SOURCE DOCUMENTS – Identify, analyze and record thevarious source documents generated by a product and service company.POSTINGS – Post journal entries to the general ledger or the subsidiaryledgers without making any mistakes. FINANCIAL STATEMENTS – Generateand analyze financial statements using simplified tools (worksheet, trial balanceand closing entries).

In this highly realistic simulation, the students work as interns in a smallbusiness that offers products and services related to rock climbing: The Summit.

Supervised by the accountant, students will participate in all the steps of theaccounting cycle, from the recording of transactions to the preparation of year-end financial statements. At the end of their internship, they will have theopportunity to analyze the company's financial situation.

Individual Learning – Each student uses an individual workspace.

Time Required – From 4 to 10 hours

Products and Services – Transactions from a service company andmerchandise sales transactions requiring inventory management.

ACCOUNTING

THE CHALLENGE

PEDAGOGY

Registration Support - Service 7 days a week - Secure website

MAIN BUSINESS ACTIVITIES – Products & Services

INVENTORY TYPE – Perpetual Inventory or Periodic Inventory

JOURNAL ENTRIES – General Ledger or Subsidiary Ledgers

3-Level Badge and Point System – Performance Badge, Badge ofKnowledge and Achievement Badge.

Formative Assessment – References, self-correction tools,interactive multimedia and mini-games.

Single Data Set – All the students will have the same set ofaccounting figures to start with so they can help each other.

SUPPORT

PEDAGOGICALAPPROACH

PARAMETERS

SOURCEDOCUMENTS

Sales Invoices

Check Stubs

Deposit Slips & Bank Reconciliation

The Simulation takes place in a virtual world – Students can learnthe concepts without confusion between rates, deductions or taxesthat vary from place to place.

Purchase Invoices (Assets/Goods)

Credit Notes

Payrolls (Generic Deductions)

Sales Reports

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