Accounting Boxed Set
It is more important than ever that young people learn to manage money, whether it's for personal or business needs. Principles of money management and accounting are presented in this Accounting elective course, which includes an overview of accounting, debits and credits, journalizing and posting transactions, financial statements, payroll accounting, taxes, and a business simulation activity. Boxed Set includes Teacher's Guide and 10 LIFEPAC consumable workbooks. Each workbook has 34 to 66 pages. The Teacher's Guide has 247 pages with a curriculum overview and management, weekly lesson planner, a score recording page, answer key and test answers for all 10 LIFEPAC workbooks. A set of LIFEPACs only (no teacher's guide) is also available for additional students or to use the course again with a younger student. Individual LIFEPACs are also now available.
The volume of information included in the program is very applicable and appropriate. I wish that the TM actually provided a schedule for you follow rather than having you deciding up your daily schedule. Each Lifepac is structured to present approximately 2-3 topic in accounting per pac. The teaching is done well enough in the text but I find many of the same struggles that I find in other textbooks. Some topics aren't covered deep enough and should be expounded upon, especially considering they begin using them quick and expect the student to understand as they are moving forward (for example, when they introduce the topic of accrual accounting - there are several areas in this concept but the areas are briefly introduced and more of a lump sum. The accrual requirement is foundational to accounting). But the packs provides a lot of opportunity to practice each topic - both in the text but especially at the end.
One area that is taught well is that they do introduce accounting transactions using the horizontal method. This is a new way of teaching accounting in some college level texts. They also introduce journal entries and show how they apply to the horizontal method. I do wish though with the horizontal method that they would have expanded and included more than just the balance sheet. For example, you can show how the income statement and cash flow statement correlate with the balance sheet if you include column for those items in the transaction process.
My only really "complaint" in the curriculum is that they teach the accounting equation as assets = liability + capital. The word "capital" isn't a good word to use. Typically students learn that assets = liabilities + equity in all accounting classes. Yes, the word capital and equity are somewhat interchangeable here, however, you can also refer to assets as "capital" when they are long term or if you are trying to raise "capital," that means you are trying raise funding or cash. So I will be point this out my child as we move through the material so that she knows that capital = equity for this course.
But the only reason I gave it 4 stars instead of 5 is because of the organization of the material. Rather than having several culminating activities at the end of the pack, I would have rather have liked those activities to have been integrated into the "learning" portion of the pack. Those activities should be understood before you take any tests. And I am guessing that I will need to put in a bit more "planning" than I had originally thought to make sure that we cover some of the material in a better flow than what they provided. In addition, if you have a child that easily learns on their own from printed material, I think this class will be fine for them. But if you have a child that doesn't, this is not a good class for them. I had already planned to assist my child in this material because she is younger but I think most parents will find themselves assisting their children as well. If you aren't an accountant or have had no book keeping experience, I think there is a learning curve and personally think that you would may be better off with a program that includes videos as part of the teaching.
1 year ago