Creating financial statements using FRx within Microsoft Dynamics GP: Learning vs. teachingby Bonnie K. Klamm, Joann R. Segovia

Journal of Accounting Education

About

Year
2014
DOI
10.1016/j.jaccedu.2014.04.002
Subject
Education / Accounting

Text

Microsoft Dynamics GP: Learning vs. teaching

Bonnie K. Klamma,⇑, Joann R. S b,1 aNorth Dakota State University, Richard H. Barry Ha

Fargo, ND 58108-6050, United States bWinona State University, Accounting Department, P a r t i c l e i n f o multiple interpretations and answers, and requires collaborative groups. Your instructor facilitates and assists you with the learning process rather than lecturing. http://dx.doi.org/10.1016/j.jaccedu.2014.04.002 ⇑ Corresponding author. Tel.: +1 701 231 8813; fax: +1 701 231 6545.

E-mail addresses: Bonnie.klamm@ndsu.edu (B.K. Klamm), jsegovia@winona.edu (J.R. Segovia). 1 Tel.: +1 507 457 5187.

J. of Acc. Ed. 32 (2014) 171–184

Contents lists available at ScienceDirect

J. of Acc. Ed. journal homepage: www.elsevier .com/locate/ jaccedu0748-5751/Published by Elsevier Ltd.You will actively engage in a challenging problem that reflects real-world complexity, contains1. Introductionright answer in a teacher-centered approach. The professor coaches and facilitates, and emphasizes that students generate good questions and learn from mistakes in a learner-centered approach. This project utilizes the learner-centered approach, an effective approach for you to use in today’s environment.

Published by Elsevier Ltd.Article history:

Available online 24 April 2014

Keywords:

FRx

Enterprise systems

Microsoft Dynamics GP

Financial statement preparation

Learner-centered teaching and learningegovia ll, 811 2nd Ave. N, Suite 200, NDSU Department 2410, P.O. Box 6050, .O. Box 5838, Winona, MN 55987, United States a b s t r a c t

This project requires you to create financial statements using FRx within Microsoft Dynamics GP, an enterprise system. The project emphasizes the learner-centered paradigm rather than a teachercentered educational paradigm. Researchers have found great importance in the learner-centered approach in educating students, especially in information systems (Landry, Saulnier, Wagner, &

Longenecker, 2008; Saulnier, Landry, & Wagner, 2008). Major differences exist between the two approaches; for example, the professor gives information and evaluates, and emphasizes theTeaching and educational notes

Creating financial statements using FRx within

This approach follows the learning-centered paradigm whereby the professor, instead of transferring knowledge, creates an environment and experience that allows you, the student, to discover and

Jewelry Importers, Inc.2 from various artists’ studios in several countries and se e q t of their inventory overseas, corded in US dollars. You have worked with Jewelry

Im r x

Jewelry Importers uses Dynamics GP 10, and m d us t wants:  An income statement th o  c .  A statement of cash flo . w d 172 B.K. Klamm, J.R. Segovia / J. of Acc. Ed. 32 (2014) 171–184one line for administrative expense, but they also do not want a line for every general ledger account.

You need to use your judgment in designing the financial statements. 2 Jewelry Importers, Inc. is an actual company within Dynamics GP 10 whose data has been cleansed to remove its identity.Management does notw for the current month ant highly summarized statements, i.e., one line for selling expenses anA balance sheet that in at includes a current m ludes a column for the cunth column and a year to date (YTD) column. rrent month and a column for the previous monthing FRx (financial statement tool) rather than the anagement wants financial statements create enterprise system reporting feature. Managemenporters’ trial balance fo the transactions are all re the year ending 12/31/x .lls that jewelry wholesal imports unique jewelry to specialty stores, bouti ues and high-end catalogs. Although they buy mosconstruct knowledge. The following table compares the teaching and learning paradigms (Landry,

Saulnier, Wagner, & Longenecker, 2008; Saulnier, Landry, & Wagner, 2008):

Teaching-centered

Paradigm

Learning-centered Paradigm

Professor’s Role Information giver and evaluator

Coach and facilitator; both professor and students evaluate results

Assessment’s Goals Monitors learning Promotes learning; diagnoses learning mistakes

Emphasis Right answers Generating better questions; learning from mistakes

Assessment Tools Objectively scored tests

Projects, papers, portfolios

Student Culture Competitive and individualistic

Cooperative, collaborative, supportive

Working with your assigned team members, you will use your accounting knowledge to construct financial statements for Jewelry Importers using FRx, a financial statement tool available within

Microsoft Dynamics GP. You have the following resources: (1) two videos that describe how to access and use FRx; (2) help within the FRx software (manuals); and (3) searches on the Internet that you may perform to seek solutions to questions concerning FRx. In addition to creating the financial statements, you will write a report that demonstrates your understanding of (1) the company’s the value chain and business processes, risks, and controls to minimize risks, (2) the completeness and accuracy of your statements, and (3) the resolution of problems encountered during the project. At the end of the project, you will also complete a team evaluation form on each team member, including yourself.

Your instructor will provide you log in credentials as to how to access the system. In addition, you will receive a step-by-step process for accessing the system once you have your log in credentials. 2. Background

Prepare financial statements for the current year using the accounting information system software, Microsoft Dynamics GP and FRx as the reporting tool.3 You will have limited training in class, although you do have access to the following videos that provide an introduction to Dynamics GP and

FRx software4: (1) How to retrieve information (9 min, 10 s). (2) How to use FRx (15 min, 56 s).

B.K. Klamm, J.R. Segovia / J. of Acc. Ed. 32 (2014) 171–184 173generate your reports for the current year ending 12/31/xx. 3.2. Case questions