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WHITEPEAK CORPORATION Welcome to a Demonstration of A Computer Graded Financial Accounting Simulation to be Used in Conjunction with Kieso and Weygandt’s.

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Presentation on theme: "WHITEPEAK CORPORATION Welcome to a Demonstration of A Computer Graded Financial Accounting Simulation to be Used in Conjunction with Kieso and Weygandt’s."— Presentation transcript:

1 WHITEPEAK CORPORATION Welcome to a Demonstration of A Computer Graded Financial Accounting Simulation to be Used in Conjunction with Kieso and Weygandt’s INTERMEDIATE ACCOUNTING, 9th Edition Tim M. Lindquist, Ph.D. Associate Professor of Accounting The University of Northern Iowa Ron J. Abraham, MBA, CPA Assistant Professor of Accounting The University of Northern Iowa Next Slide 1 of 35

2 What this Demonstration Will Show You: What is Whitepeak Corporation? Topics Covered in the Whitepeak Simulation. A Sample End of Chapter Illustration. What Makes Whitepeak so Unique? A Walk Through Whitepeak: To Start Recording Answers Grading Answers Student SELF-GRADER. Instructor MASTER-GRADER. NEW Network Grader! If the Student Still Doesn’t Understand Tracking Student Progress Benefits of Whitepeak. Wrap Up. Next Slide 2 of 35 Previous Setup

3 What is Whitepeak Corporation? Whitepeak is a computerized financial accounting simulation that based on a fictional conglomerate is based on a fictional conglomerate specializing in the ski industry gives students practice in the role of professional accountantgives students practice in the role of professional accountant for the Whitepeak conglomerate applies conceptsapplies concepts covered in the Intermediate I and II sequence 20 modulescovers in 20 modules: accounting entries year-end adjustments error corrections preparation and analysis of financial statements tied to chapters in Kieso and Weygandt’s Intermediate Accountingis tied to chapters in Kieso and Weygandt’s Intermediate Accounting 9/e. The next screen shows a complete list of topics covered in the Whitepeak simulation. Next Slide 3 of 35 Previous

4 Topics Covered in the Whitepeak simulation include: Module 1RECEIVABLES Module 2INVENTORIES: MOVING-AVERAGE Module 3INVENTORIES: LCM ADJUSTMENT and DOLLAR-VALUE LIFO Module 4INTEREST CAPITALIZATION Module 5NON-MONETARY EXCHANGES Module 6DEPRECIATION Module 7INTANGIBLES and RESEARCH & DEVELOPMENT Module 8CURRENT LIABILITIES Module 9LONG-TERM LIABILITIES (BONDS) Module 10IMPAIRMENT OF RECEIVABLES Module 11CONTRIBUTED CAPITAL Module 12RETAINED EARNINGS Module 13STOCK COMPENSATION and EPS Module 14INVESTMENTS Module 15REVENUE RECOGNITION Module 16PENSIONS Module 17LEASES Module 18ACCOUNTING CHANGES Module 19DEFERRED TAXES Module 20FINANCIAL STATEMENT PREPARATION Next Slide 4 of 35 Previous

5 A Sample End of Chapter Illustration Brief sections at the end of chapters in the Kieso and Weygandt Intermediate text introduce the Whitepeak modules. A portion of the fifth module is shown below. Whitepeak Corporation Module Section 5.1 On March 1, 1997 Whitepeak acquired a storage unit structure by giving up cash and a piece of real estate. Instructions Record the necessary journal entry to record this exchange. Next Slide 5 of 35 Previous

6 What Makes Whitepeak so Unique? SEVERAL THINGS... To Start….. SLIDING VARIABLESSLIDING VARIABLES in problems: allow instructors to easily create different question sets create an unlimited number of unique question sets enable students to benefit from the synergy of working together on procedures, but prevents copying of another student’s answers ONLINE SOLUTIONS MANUALONLINE SOLUTIONS MANUAL: allows instructor to call up a detailed solution for each unique number set enables the instructor to visualize the solution can be printed at the instructor’s discretion Next Slide 6 of 35 Previous

7 What Makes Whitepeak so Unique? SEVERAL MORE THINGS... Choice of student Self-grader on home PC or NETWORK, or instructor Master Grader:Choice of student Self-grader on home PC or NETWORK, or instructor Master Grader: Self-graders allow students to grade their work on their own home computer or in your labs at school. Master-grader provides more detailed feedback from instructor, in printed form ONLINE ELECTRONIC GRADEBOOK:ONLINE ELECTRONIC GRADEBOOK: grades one module at a time or entire 20 module simulation at once. gives instructors flexibility to assign modules out of sequence or to skip some modules altogether. automatically records grades for each individual or team If graded by instructor in office OR If graded by student in your labs! Students don’t even need to come to your office to have their work recorded! Next Slide 7 of 35 Previous

8 What Makes Whitepeak so Unique? FINALLY…. STUDENT SETUP PROGRAM:STUDENT SETUP PROGRAM: at your discretion, students can setup their own disks in your labs. this establishes the unique question set for each student of course, if you wish, you can still maintain control over this feature by doing it yourself on your own computer Next Slide 8 of 35 Previous

9 A Walk Through Whitepeak To Start... IN ANY GIVEN CLASS:IN ANY GIVEN CLASS: students can have the same question sets, work in teams, or each student in class can have a unique question set, depending upon the number of setup codes used a setup code, initialized by the student or instructor, randomizes sliding variables in each simulation’s narrative each student or team works with the same basic question, but with subtle differences correct solutions are generated for each question set For instance, the next screen shows two narratives for the same question, using two different setup codes. Next Slide 9 of 35 Previous

10 SETUP CODE (1234) (Section 5.1) NONMONETARY EXCHANGES On March 1, 1997, Whitepeak acquired a storage unit structure worth $55,000 by paying $5,000 cash and giving a piece of real estate that had originally cost $45,500. SETUP CODE (4321) (Section 5.1) NONMONETARY EXCHANGES On March 1, 1997, Whitepeak acquired a storage unit structure worth $55,000 by paying $5,000 cash and giving a piece of real estate that had originally cost $57,400. NOTE the two different amounts for the original cost of the real estate. This of course will impact any gain/loss on exchange. The students narratives are not bolded so they are unaware of what variables slide. Next Slide 10 of 35 Previous

11 SETUP is a SNAP! STUDENTS CAN DO IT THEMSELVES OR YOU CAN DO IT IN YOUR OFFICE.STUDENTS CAN DO IT THEMSELVES OR YOU CAN DO IT IN YOUR OFFICE. with just a four digit numerical code (e.g., 1234) that you make up this creates a unique question set each module has a number of variables that “slide” creating its uniqueness thus students can work together on solutions, but can’t cheat ILLUSTRATION OF SETUPILLUSTRATION OF SETUP the next few screens present an illustration of how simple it is to setup a student data disk with the code 1234 Next Slide 11 of 35 Previous

12 The setup program first cues the instructor or student to enter an I.D Number The setup program first cues the instructor or student to enter an I.D. Number. This can be any number (e.g., student or social security number) desired up to nine digits. In this illustration we’ll use 333. Next Slide 12 of 35 Previous

13 Next the setup program provides a cue for I.D. Name Next the setup program provides a cue for I.D. Name. Here you enter either an individual’s or team’s name. For this example we’ll use the name Sample Student. Next Slide 13 of 35 Previous

14 Lastly, the computer will prompt us for the four-digit setup code Lastly, the computer will prompt us for the four-digit setup code. This step is different depending upon whether disks are setup by students or faculty. Students:Students: Do not enter the setup code. It is randomly selected automatically for them by the program. This ensures that each student receives a different setup code. Instructors:Instructors: Do enter the setup code. This enables them to set students up in teams (with the same setup code) or to resetup a student’s disk. Next Slide 14 of 35 Previous

15 It is that simple to setup a student’s data disk and get them working on Whitepeak. From here student’s print out the questions you assign them and get to work. THAT’S IT! Next Slide 15 of 35 Previous

16 RECORDING ANSWERS Students record answers: primarily in an electronic journal and in other schedules when appropriate (such as with a pension worksheet in the pension module). For example, the next few screens present the journal entries necessary to answer section 5.1 introduced earlier. Next Slide 16 of 35 Previous

17 The solution to section 5.1 of setup code 1234 results in a gain of $4,500 when land is exchanged for a building. Since no previous entry was made in this scenario, a debit to Buildings is first entered. NOTE: Whitepeak grades general ledger balances at the conclusion of each section, therefore, any combination of entries can be made in each section provided the student arrives at the correct final account balances. ENTERING JOURNAL ENTRIES Next Slide 17 of 35 Previous

18 Next, the gain of $4,500 can be entered as a credit. Note the debit balance of $50,500 in the upper right hand corner. This box indicates the current overall balance of the entry. Whitepeak will not let a student exit the journal entry program until an entry is balanced. ENTERING JOURNAL ENTRIES Next Slide 18 of 35 Previous

19 Then, the historical cost of the land given up is removed. ENTERING JOURNAL ENTRIES Next Slide 19 of 35 Previous

20 Finally, the cash given up of $5,000 is credited. Note the balance in the upper right corner is now a $0 balance, indicating the journal entry is complete. ENTERING JOURNAL ENTRIES Next Slide 20 of 35 Previous

21 GRADING ANSWERS Whitepeak offers (3) grading options: SELF-GRADER Student SELF-GRADER home PC On home PC school’s computer lab In school’s computer lab MASTER-GRADER Instructor MASTER-GRADER Next Slide 21 of 35 Previous

22 STUDENT SELF-GRADER STUDENTS GRADE THEIR OWN WORKSTUDENTS GRADE THEIR OWN WORK on their home PCs or on PCs in your school’s computer labs tells students whether their work is correct or incorrect - nothing more (partial feedback) error messages identify only the source of an error motivating further study and problem-solving OUTPUT EXAMPLESOUTPUT EXAMPLES The next screens show examples of correct and incorrect student entries. Next Slide 22 of 35 Previous

23 For example, after finishing Section 5.1, the student can check his/her solution for correctness. Here, the student got all the answers correct. CORRECT SOLUTION Next Slide 23 of 35 Previous

24 The line on which an incorrect answer appears would be marked INCORRECT. The student is told only that this account is in error - not specifically what is wrong with the answer. In this example the student entered a credit to SALES rather than to GAIN/LOSS. INCORRECT SOLUTION Next Slide 24 of 35 Previous

25 INSTRUCTOR MASTER-GRADER PROVIDES MORE DETAILED FEEDBACK THAN SELF- GRADERPROVIDES MORE DETAILED FEEDBACK THAN SELF- GRADER provides correct solution next to student’s solution shows correct change in account balance shows correct account names allows instructors to provide printed output to student, if desired OUTPUT EXAMPLESOUTPUT EXAMPLES The next screens shows Section 5.1 if the student has made the correct and incorrect entries Next Slide 25 of 35 Previous

26 CORRECT SOLUTION The above graphic shows the Master-Grader for Section 5.1 assuming the student’s entries were correct. The next screen shows the Master-Grader if the previously mentioned error was made. Next Slide 26 of 35 Previous

27 If the student has used an inappropriate account, a window first appears over the other feedback. In the above case, the student credited SALES instead of gain/loss on nonmonetary exchanges. Pressing EXIT will remove the window. Next Slide 27 of 35 Previous

28 INCORRECT SOLUTION Notice the instructor’s Master-Grader includes a line for Gain/loss- exchange of nonmonetary assets and shows a correct balance of $4,500, however, it also indicates a -blank- where the student should have recorded the credit. Next Slide 28 of 35 Previous

29 PRINTED OUTPUTPRINTED OUTPUT at the instructor’s discretion, printed feedback can be given to the student, generated from the Master-Grader it would appear as follows below WHITEPEAK CORPORATION - STUDENT ERRORS Sample Student SECTACCTDESCRIPTIONERROR SalesAcct shouldn’t have been used Gain/loss-exch of nonmonet. Incorrect balance in this account Next Slide 29 of 35 Previous

30 If the Student Still Doesn’t Understand the Instructor can access the... ONLINE SOLUTIONS MANUAL:ONLINE SOLUTIONS MANUAL: to call up a detailed solution for each unique number set to show the solution to the student on screen to print the solution for the student, if so desired THE ONLINE MANUAL:THE ONLINE MANUAL: presents suggested journal entries provides supporting calculations where illustrative immediately adjusts to each new setup code For example, the instructor can call up the solution to Section 5.1 for setup code 1234, and it would appear as shown on the next screen: Next Slide 30 of 35 Previous

31 ON-LINE SOLUTIONS Next Slide 31 of 35 Previous

32 Tracking Student Progress ONLINE ELECTRONIC GRADEBOOK:ONLINE ELECTRONIC GRADEBOOK: makes it easy to keep track of students’ progressmakes it easy to keep track of students’ progress as they proceed through the simulation either you the instructor, or your students can log completed work into the gradebook You can do it from your office computerYou can do it from your office computer which is hooked into your network Your students can record their progress by logging into one of your networked computer labsYour students can record their progress by logging into one of your networked computer labs THE ELECTRONIC GRADEBOOK IS SECURE:THE ELECTRONIC GRADEBOOK IS SECURE: students need their Whitepeak student data disks in order to access their gradebook students can ONLY access their OWN gradebookstudents can ONLY access their OWN gradebook instructors can of course, access every students’ gradebook from his/her office computer Next Slide 32 of 35 Previous

33 An “X” is placed next to each section that is completed correctlyAn “X” is placed next to each section that is completed correctly. Recall that our sample student has only successfully completed Section 5.1. It is easy to see how only certain sections of Whitepeak can be assigned and students’ progress easily monitored. Next Slide 12 of 35 Slide 33 of 35 Previous

34 Benefits of Whitepeak FOR STUDENTS, Whitepeak:FOR STUDENTS, Whitepeak: provides realworld experience using a electronic general ledger package gives exposure to a variety of accounting topics at a challenging level provides integration of applications as students follow the same company across multiple chapters can be used in conjunction with team learning FOR INSTRUCTORS, Whitepeak:FOR INSTRUCTORS, Whitepeak: offers unique question sets through use of sliding variables provides detailed solutions for each different question set gives the choice of student self-grading on home PCs or NETWORK and/or instructor grading makes solutions available both on-screen and in print form grades in a “flash” tracks completed modules in electronic gradebook Next Slide 34 of 35 Previous

35 Wrap Up There has never been anything like Whitepeak available to the academic accounting community, and John Wiley & Sons is excited to make it available to you in conjunction with the 9th edition of Kieso and Weygandt’s Intermediate Accounting, as well as offering it as a stand-alone product. To place an order with your bookstore for Whitepeak Corporation packaged at a discount with Kieso and Weygandt’s Intermediate Accounting, 9th Edition, refer to the following ISBNs. Intermediate 9e + Whitepeak Corporation - ISBN X Intermediate 9e Vol I (Ch 1-14) + Whitepeak Corporation - ISBN Intermediate 9e Vol I/II Set + Whitepeak Corporation - ISBN You can also order Whitepeak Corporation to be stocked separately in your bookstore by using the ISBN X We encourage you to seek more information regarding the Whitepeak simulation from your John Wiley & Sons textbook representatives. They will be more than happy to answer your questions and supply you with necessary materials to get your students involved with Whitepeak. They also can supply information and materials relating to Kieso and Weygandt’s Intermediate Accounting, 9th Edition. Slide 35 of 35 Previous


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