Welcome to a Demonstration of
WHITEPEAK CORPORATION
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
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
• Setup
• 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.
Previous
Slide 2 of 35
Next
What is Whitepeak Corporation?
Whitepeak is a computerized financial accounting simulation that
•
is based on a fictional conglomerate specializing in the ski industry
•
gives students practice in the role of professional accountant for
the Whitepeak conglomerate
•
applies concepts covered in the Intermediate I and II sequence
•
covers in 20 modules:
• accounting entries
• year-end adjustments
• error corrections
• preparation and analysis of financial statements
•
is 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.
Previous
Slide 3 of 35
Next
Topics Covered in the Whitepeak simulation include:
Module 1
Module 2
Module 3
Module 4
Module 5
Module 6
Module 7
Module 8
Module 9
Module 10
Module 11
Module 12
Module 13
Module 14
Module 15
Module 16
Module 17
Module 18
Module 19
Module 20
Previous
RECEIVABLES
INVENTORIES: MOVING-AVERAGE
INVENTORIES: LCM ADJUSTMENT and DOLLAR-VALUE LIFO
INTEREST CAPITALIZATION
NON-MONETARY EXCHANGES
DEPRECIATION
INTANGIBLES and RESEARCH & DEVELOPMENT
CURRENT LIABILITIES
LONG-TERM LIABILITIES (BONDS)
IMPAIRMENT OF RECEIVABLES
CONTRIBUTED CAPITAL
RETAINED EARNINGS
STOCK COMPENSATION and EPS
INVESTMENTS
REVENUE RECOGNITION
PENSIONS
LEASES
ACCOUNTING CHANGES
DEFERRED TAXES
FINANCIAL STATEMENT PREPARATION
Slide 4 of 35
Next
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.
Previous
Slide 5 of 35
Next
What Makes Whitepeak so Unique?
SEVERAL THINGS...
To Start…..
• SLIDING 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 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
Previous
Slide 6 of 35
Next
What Makes Whitepeak so Unique?
SEVERAL MORE THINGS...
• 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:
•
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!
Previous
Slide 7 of 35
Next
What Makes Whitepeak so Unique?
FINALLY….
• 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
Previous
Slide 8 of 35
Next
A Walk Through Whitepeak
To Start...
• 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.
Previous
Slide 9 of 35
Next
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.
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.
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.
Previous
Slide 10 of 35
Next
SETUP is a SNAP!
•
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 SETUP
•
the next few screens present an illustration of how simple it is
to setup a student data disk with the code 1234
Previous
Slide 11 of 35
Next
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.
Previous
Slide 12 of 35
Next
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.
Previous
Slide 13 of 35
Next
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: 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: 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.
Previous
Slide 14 of 35
Next
THAT’S IT!
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.
Previous
Slide 15 of 35
Next
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.
Previous
Slide 16 of 35
Next
ENTERING JOURNAL ENTRIES
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.
Previous
Slide 17 of 35
Next
ENTERING JOURNAL ENTRIES
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.
Previous
Slide 18 of 35
Next
ENTERING JOURNAL ENTRIES
Then, the historical cost of the land given up is removed.
Previous
Slide 19 of 35
Next
ENTERING JOURNAL ENTRIES
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.
Previous
Slide 20 of 35
Next
GRADING ANSWERS
Whitepeak offers (3) grading options:
•
Student SELF-GRADER
• On home PC
• In school’s computer lab
•
Instructor MASTER-GRADER
Previous
Slide 21 of 35
Next
STUDENT SELF-GRADER
• STUDENTS 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 EXAMPLES
•
The next screens show examples of correct and incorrect student
entries.
Previous
Slide 22 of 35
Next
CORRECT SOLUTION
For example, after finishing Section 5.1, the student can check his/her
solution for correctness. Here, the student got all the answers correct.
Previous
Slide 23 of 35
Next
INCORRECT SOLUTION
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.
Previous
Slide 24 of 35
Next
INSTRUCTOR MASTER-GRADER
• PROVIDES MORE DETAILED FEEDBACK THAN SELFGRADER
•
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 EXAMPLES
•
The next screens shows Section 5.1 if the student has made the
correct and incorrect entries
Previous
Slide 25 of 35
Next
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.
Previous
Slide 26 of 35
Next
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.
Previous
Slide 27 of 35
Next
INCORRECT
SOLUTION
Notice the instructor’s Master-Grader includes a line for Gain/lossexchange 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.
Previous
Slide 28 of 35
Next
• PRINTED 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
333 - Sample Student
SECT
5.1
5.1
Previous
ACCT
2040
1540
DESCRIPTION
ERROR
Sales
Acct shouldn’t have been used
Gain/loss-exch of nonmonet. Incorrect balance in this account
Slide 29 of 35
Next
If the Student Still Doesn’t Understand the Instructor
can access the...
• 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:
•
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:
Previous
Slide 30 of 35
Next
ON-LINE SOLUTIONS
Previous
Slide 31 of 35
Next
Tracking Student Progress
• ONLINE ELECTRONIC GRADEBOOK:
•
makes 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 computer which is hooked
into your network
• Your students can record their progress by logging into
one of your networked computer labs
• THE ELECTRONIC GRADEBOOK IS SECURE:
•
students need their Whitepeak student data disks in order to
access their gradebook
•
students can ONLY access their OWN gradebook
•
instructors can of course, access every students’ gradebook from
his/her office computer
Previous
Slide 32 of 35
Next
•
Previous
An “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.
Slide
Slide12
33ofof35
35
Next
Benefits of 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:
•
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
Previous
Slide 34 of 35
Next
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 0-471-19798-X
Intermediate 9e Vol I (Ch 1-14) + Whitepeak Corporation - ISBN 0-471-19799-8
Intermediate 9e Vol I/II Set + Whitepeak Corporation - ISBN 0-471-19788-2
You can also order Whitepeak Corporation to be stocked separately in your bookstore by
using the ISBN 0-471-17131-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.
Previous
Slide 35 of 35