Lesson: 10
Topic: The Impact of Technology on Accounting
Objectives:
During this lesson the class will examine the impact of technology on accounting practices.
Method of Instruction and Evaluation:
After watching a marketing video regarding software called Dynamics GP, students will read the article entitled "The Impact of Automation on the Field of Accounting (1958)" by C. L. Keenoy.
Evaluation:Students will answer the following questions:
1. Why did Keenoy feel that technology would impact the accounting industry?
2. What did Keenoy predict about the impact of technology on the field of accounting?
3. Do you see evidence of Keenoy`s predictions within the marketing video for Business Simple?
Expectations Addressed:
The expectations addressed by this lesson have been highlighted below.
Strand 1: The Accounting Cycle
Accounting Principles and Practices
By the end of this course, students will:
– apply Generally Accepted Accounting Principles (GAAP) (e.g., matching principle, conservatism principle, realization [aka revenue recognition principle] principle) in the accounting cycle;
– demonstrate the relationship between GAAP and accounting practices (e.g., matching principle and adjusting entries, cost principle and asset valuation);
– describe the roles of various agencies (e.g., Canadian Institute of Chartered Accountants, Certified General Accountants Association of Ontario, Society of Management Accountants of Ontario, Ontario Securities Commission, Canada Revenue Agency) and their effects on accounting practices.Accounting Cycle in a Computerized Environment
By the end of this course, students will:
– record transactions, using a computerized accounting system, for a service business and a merchandising business;
– prepare a trial balance and detailed financial statements, using applications software;
– record adjusting, closing, and reversing entries, using a computerized accounting system.Ethics and Issues in Accounting
By the end of this course, students will:
– describe the impact of ethical issues on accounting practices;
– analyse the effects of current issues on financial accounting (e.g., transactions off the balance sheet, fraudulent practices in financial statement reporting, manipulation of GAAP, move towards global accounting practices);
– evaluate the impact of the evolution of technology on the field of accounting
Resources: