By implementing an electronic accounting system and recording monthly transaction data, students also learn how accounting information flows through different cycles and appears on different financial reports.
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The purpose of this article is to provide a practical case (movie theatre setting) in which students are taught how to use accounting software to track financial information. These and other features of the movie theatre them introduce students to the complexity of real-world business accounting.Īs small businesses continue to become an increasingly critical part of the economy, and technology and flexibility become the vital organs for their success, accounting software packages, like Peachtree, will gain increasingly significant importance. These items do not have vendors associated, do not require purchases, do not require balances, and have no associated acquisition cost. In addition to inventory items, the case includes “non-stock items”, which are the “Adult”, “Child”, “Adult Matinee”, and “Senior” admission tickets. By contrast, the candy items are purchased and sold in the same units. For example, under the inventory system, the “Popcorn Kit” and Coca-Cola syrup boxes are inventory and purchase items, but are not a direct sales items (The popcorn kit makes an entire batch of popcorn, which is then boxed and sold separately, while the syrup box likewise is purchased and kept in inventory, but not sold in the units purchased.). Several features of the case are worth mentioning, specifically, the use of the movie theatre theme is not only familiar to students, but allows use of some unique accounting exercises to provide a richer learning experience than the typical simplistic textbook case.