Tuesday January 26 2019
What’s In It for Me
Or Why Take an Interest in ACCT 2301
Okay so you are not an accounting major. But you have to take ACCT2301/2302. Get serious, get involved, Here are the five reasons why you should.
- Dazzle Your Co-Workers
Non-accounting majors snoozed through ACCT 2301. But you didn’t. There will be regular meetings at the company / non-profit /University or whatever organization you join. Financial reports will be a regular part of the meeting. Your mastery of accounting knowledge will allow you to move from one statement to the next, ask pertinent questions, and well, yes, even show off a bit. Your buddies think this is hard stuff, you will show it’s easy, if of course you paid attention in class. When the Comptroller presents the cash flow statement watch heads turn when you ask
Are we really generating net cash flow NCF, or just covering up the failure to do so by converting non-cash expenditures like depreciation to cash?
- You might end up running your own business!
My Dad took retirement from now defunct Gulf Oil at age 55. His ‘retirement pay’ was $350 a month. He had to do something to make a living. He obtained the oil field maintenance contract for a Gulf Oil Field, otherwise known as a roustabout contract. He had to buy trucks, hire a crew, plan a budget, submit a bid, and be absolutely certain, that if accepted, he would earn a profit. Dad was not an accountant but he was a chemistry major, no stranger to numbers or balancing equations. He borrowed $6,000, paid it off in six months, and never looked back. Could you do the same now?
- Be a responsible Board Member
As a college graduate you will be asked to participate in the fund raising activities of non-profits. As a responsible Board Member, you will need to be able to read financial statements, evaluate a budget, and set target net income. Regrettably, most of your fellow board members did not pay attention in ACCT 2301 and are clueless as to how to achieve the goal desired. A mastery of ACCT 2301 /2302 will make you the Master of the Universe.
- Master Spreadsheets and Budgets
No matter your major, you will be asked to submit or prepare a budget. Better yet, consider obtaining a MSFT Excel Certification.
A Marketing plan is a budget.
A Management plan is a budget.
An Accounting Finance plan is certainly a budget.
Get prepared for this now, not later when you wish you had paid attention in class.
- Master Investing
Everyone wants more wealth. Warren Buffet says he has s simple system. He obtains financial reports, and he reads them. Understanding accounting reports will put you in the Buffet universe. It is said that no one plans to fail, they just fail to plan . Don’t get caught short, start your investing education now.
Professor Elam 