Ontology-based e-assessment for accounting: Outcomes of a pilot study and future prospects

•Ontology e-assessment has potential to assess students’ understanding of concepts.•The system (OeLe) can automatically mark short free-text answers to open questions.•OeLe can reliably identify clear passes, fails and those on the boundary.•OeLe has potential to offer formative feedback based on concepts not specific answers.•OeLe relies on clear articulations of the conceptual basis of courses/assessments.