Example from Carlos De Mello e Souza

Below are the assessments that Carlos de Mello e Souza came up with for this exercise. He created an assessment for every learning objective in his Financial Accounting Workshop - above and beyond what was required - but they were a hit with the group.

Lemonade.jpg
 

Learning Objectives

  

Assessment
  LO 1. Interpret a real world transaction in terms of the accounting model (i.e.,, map from the business to its financial statements).  

Substitute teacher: You have volunteered to visit your daughter's 7th grade class to explain the fundamentals of financial accounting. Prepare a brief slide show to describe the key financial statements, and how transactions of a lemonade stand business would be reflected on them.
  LO 2. Speak and understand the accounting language, and be able, for example, to explain to your 15 year old son the meaning of: revenue, receipt, expense, disbursement, accrual, deferral, asset, liability, shareholder, equity, liquidity, solvency, return on assets, profit, account, and auditing,  

Dictionary: Build a small illustrated dictionary of accounting terminology for your new 7th grade students, with terms defined in plain English, your own words, and translated (just the terms, not the definitions) into one other language of your choice. Add an illustration to each definition.
  LO 3. Trace the path followed by a transaction throughout the accounting information system, and determine its impact on the financial statements.  

Accounting App: Design, build and test an Excel model that replicates an accounting information system for a simple retail firm, like a lemonade stand. Your model should be capable of recording entries into accounts, doing trial balances, and producing the three basic financial statements.
  LO 4. Assess the evolution of a business' performance and financial position through time, and compare that with other businesses.  

Advisor: Given a set of financial statements for two firms, write a one page report to explain to your clients which firm is performing better, and which firm is riskier, and why. Prepare a slide presentation with an audio recording of your explanation
  LO 5. Understand the institutional framework within which accountants operate.  
Weight of Responsibility: You were just offered the position of CFO of a publicly traded company. You know the company has not been doing very well, and the reasons why the previous CFO left are not clear to you. Should you accept?
 
In short order you have two events scheduled: (i) a call with your personal lawyer, who is also a good friend; and (ii) a meeting with those who would constitute the core of your new team, including the treasurer, the controller, and the internal auditor. 

Prepare two lists of questions, one for the lawyer, and one for the financial team. The answers to these questions should be sufficient for you to make your decision.