LMS Blackboard and results from examination

Financial and economics subjects, utilization of LMS Blackboard and results from examination

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Abstract—The importance of electronic education has been
increasing, steadily developing, constantly changing and reflecting
advances in technologies in the last decade in the Czech Republic.
Students can use smart technologies and social application not only
for their free time but also for education purposes. Computer,
financial and economic literacy represents an inseparable part of
current lives.
The introduction to the topic and the literature review form
the first part of the paper. The main part of the paper covers two
areas. The first one is based on the introduction of the subjects
“Basics of Finance” and “Managerial Accounting” at the Faculty
of Informatics and Management of University of Hradec Králové.
The next part is focused on the examination results of all student´s
groups and on the utilization of LMS Blackboard by students in
selected groups of students in connection with a change in the use
of technology in the educational process. Motivation of students,
final recommendations and discussion are presented at the end of
the article.
The aim of the paper is to evaluate and compare students´
study results in the subjects “Basics of Finance” and “Managerial
Accounting” and monitor and evaluate utilization of LMS
Blackboard with the tools by students in the subjects. On the basis
of gained results it is necessary to reject the hypothesis that it is
expected that part-time students who have higher experience from
the real life and company environment will have better results in
the examination. Despite the fact that part-time students reached
better results in examination after implementation of e-course in
Blackboard with supportive study and testing materials in subject
Basics of finance in subject Managerial accounting they got worse
Keywords—education; technology; examination; results; change

The topic of financial literacy is of vital significance
especially with young people at the threshold of adult age.
People need to wise up that their inability to move in financial
environment is incredibly vulnerable. Plenty of fraudsters are
just waiting to be able to find someone with financial illiteracy
and at least earn on her/him. The students and absolvents are one
of the endangered groups. Financial literacy in the Czech
Republic based on the results of studies [1], [2], [3], [4], [5], [6]
is not at a sufficient level. This is one of the reason why is the
education in this field so important. On the contrary, the cheering
information was get from other survey from OECD.
The survey, part of the OECD’s PISA project, took place
three years ago in 13 OECD member states and five partner
countries and economies including Russia, Colombia, and
Shanghai. The students were given 40 questions ranging from
real-life tasks such as deciphering an invoice and determining
the best value-for-money deal at the grocery store to
understanding financial products like loans and stocks. Some
1,200 Czech secondary school students from 300 schools took
part in the test. They finished sixth with 513 points, ranking
above Poland, the US, Russia, France, Spain and others.
Shanghai, with 603 points, finished first, followed by Belgium’s
Flemish community, Estonia, Australia and New Zealand. In
total, around 9.7% of the students performed at the top level of
proficiency which means they were able to solve non-routine
financial tasks such as the implications of income-tax brackets.
In the Czech Republic, less than 10% of the students reached the
top level. The Czech share of lowest-ranked performers also
reached some 10%, compared to the overall average of 15.3%.
The Czech Republic was among the five countries included in
the survey which performed better than expected based on their
results in the OECD’s mathematics and reading assessment [7],
Financial literacy as one of the key terms of this paper is
defined in various ways; there is no universal definition. Across
the Anglo-American world there is also no unified approach to
financial literacy. In the United States they mainly use the term
“financial literacy” while in the UK the term “financial
capability” might be more likely applied.
The Ministry of Finance began to deal with financial
education and financial literacy in the Czech Republic within the
framework of consumer protection in the financial market. The
Ministry has defined financial literacy in the National Strategy
for Financial Education [1], which has become a central
document for financial education in the Czech Republic.
Financial literacy is, according to [1], set of knowledge, skills
and abilities required from a citizen so as he/she could secure
financially himself/herself and their family and be active in the
market of financial products and services. Financially literate
people are familiar with the problems of money and prices, and
are able to responsibly manage personal / family budget,
including the management of financial assets and financial
liabilities with respect to the changing situation.
Ministry structured financial literacy into three components

  • financial literacy, price and budget. [1] Management of
    financial assets (e.g. deposits, investments and insurance) is also
    included into the budgetary policy.

Macroeconomic policy, investment, taxation issues or basic
numerical skills that are necessary in the calculations represent
an integral part of the financial literacy as well.
The subject Basics of finance deals with the nature of money,
the monetary policy of the central bank, the fundamentals of
commercial banking, public finance and insurance.
Managerial accounting is an integral part of the enterprises.
Managerial accounting information include: information on the
costs of an organization’s products and services, calculations,
budgets, performance reports and other information which assist
managers in their planning and control activities.
Managerial accounting should be also defined as
management accounting or in the strict sense as cost accounting.
A fundamental purpose of managerial accounting is to
enhance firm value by ensuring the effective and efficient use of
scarce resources. Thus, managerial accounting systems should
provide information that improves employees’ abilities to make
organizationally desirable decisions, thereby enabling
employees to achieve the organization’s goals and objectives [9],
[10]. Additionally, managerial accounting systems should
provide information that helps align the interests of employees
with owners by directing employee effort and attention to
activities that benefit the organization [11], [12]. Viewed in this
light, the information produced by a managerial accounting
system serves two important roles in an organization: to provide
some of the necessary information for planning and decisionmaking,
and to motivate individuals [13].
There can be a lot of factors in motivation, studies and
success in education.
Manochehr [16] presented interesting study. For the
instructor-based learning class (traditional), the learning style
was irrelevant, but for the web-based learning class (e-learning),
learning style was significantly important. The results showed
that students with learning styles Assimilator (these learn best
through lecture, papers and analogies) and Converger (these
learn best through laboratories, field work and observations) did
better with the e-learning method. This mean that those learners
that like to learn through thinking and watching and thinking and
doing would learn better with e-learning. In addition, students
with learning styles Accommodator (these learn best through
simulations and case study) and Diverger (these learn best
through brainstorming and logs) received better results with
traditional instructor-based learning
Similar results as in this paper got also Moravec et. al [17].
They compared two study groups. One without e-learning
support and second with LMS Blackboard. Their research
confirmed that the provision of the e-learning tool for students
has got positive influence on their results at progress test.
Baris and Tosun [18] presented that e-portfolio supported
education process influenced the success of students in positive
Davies and Graff [19] were interested in the online
participation and discussion. On the basis of their research it may
be concluded then that the reported beneficial effects of online
participation and interaction do not necessarily translate into
higher grades at the end of the year, with students who
participated more frequently not being significantly awarded
with higher grades. However, students who failed in one or more
modules did interact