Visual Concept Mapping for Critical Thinking and Knowledge Retention: A Pedagogical Tool in Intermediate Accounting

• In Event: Reception with Effective Learning Strategies Displays
  In Poster Session: Poster 11

Abstract

The pedagogical benefit of visually organizing and linking concepts through mapping is well documented. Choosing the appropriate categories for map structure, layout and organization is central to the process.
In intermediate accounting, the relevant categories are accounting principles, accounting procedure, and managerial practice.
Accounting students struggle with the detail of transactional analysis. An understanding of not only the transactional details, but also the policy rationale and the resulting influence on financial performance measures is a key connection for the student. With the aid of a single visual map, the student can see the principles, the procedure and the practice in sync.
The proposed poster session will illustrate a visual map for each of the primary balance sheet components (i.e. cash, accounts receivable, inventory, PPE). Each map is structured into the three guiding categories of principles, procedure and practice. The student will see the top ten procedural rules for a particular component; the underlying GAAP principles and any IFRS congruence issues related to that component; and the potential for influence on financial performance measures through earnings management strategies.
To further illustrate this process, the following example is provided for inventory cost allocation. The inventory map first explains the procedural methods available for cost allocation for inventory (LIFO, FIFO, weighted average, and specific identification). The map lists the underlying GAAP matching principle behind these cost allocation methods. As IFRS doesn’t allow for LIFO, the map indicates a congruence issue between GAAP and IFRS. And finally, the map demonstrates the earnings management option in choosing one method over another, including which key performance ratios are influenced by this choice.
While the proposed poster session will illustrate this process for concepts in a particular accounting course, the visual organization would be applicable to any accounting course.

Author

• Rhonda Fawbush, Tusculum University