• Professor Elam

    Weekend Sept 13 2014

    Six days ago I posted regarding No Magic Camera Settings. This linked to a story by a pro photographer. He reports receiving requests for the settings he uses to get great shots. The writers  of course assume that by using the same settings they too weill get great shots. 

    It of course does  not work that way. You take a picture or snapshot, You Make a Photograph.

    This week someone thought I had posted all the solutions to all the problems in the text. Uh no, and I am not going to do so. 

    Suppose you had the solutions manual or CD. What would you do, would that help?  

    What you would probably do is read the problem, look a the soution and say sure that is obvious, and then enter the answer in connect. Sadly when yuou later are faced wtih a test and nothing but blank pages to complete you would find yourself lost and unable to work the problem. 

    The only way to LEARN accoounting is trial and error, as the photographer said the instructions are on every bottle of shampoo in the world, apply, lather rinse, repeat until you get it right. 

    You need to encounter the obstacle to the solution and then overcome that obstacle by asking questions in class. That is how you LEARN accounting. 

    That is the point of the Lone Star problem.

    Arnold Schwarzeneger said he really did not like working out but he sure liked being Mr. Olympia six times in a row. 

    Well there you go…….

  • Professor Elam

    Friday Sept 12, 2014

    Some nutcase suggested that small business go to accrual accounting. For once Congres has responded correctly voting for small business to retain cash basis accounitng.

    Many small businesses do their own accounting and would never get accrual right anyway. I seriously doubt that those just exceeding the $5 M level have it right either. Nor can I imagine a method by which the IRS would ascertain what is going on.

     

  • Professor Elam

    thursday Sept 11 2014

    We have had Rado Shack RSH on the radar screen for some time. In our last post we noted it could be de listed if the stock price fell below one dollar and it is trading right ther today.

  • Professor Elam

    Thursday Sept 11 2014

    I attempt to provide TAMUSA accounting students with a great number of resources. Here is another one.

    Smart Brief is an e mail service that will keep you current on internal audit and other accounting topics, again it is free.

    https://www2.smartbrief.com/signupSystem/subscribe.action?pageSequence=1&briefName=iia

     

    The Institute of Internal Auditors publishes a bi monthly newsletter, Tone at the Top. It features articles on good governance. YOu can subscribe for free at this link

    http://theiia.mkt5790.com/tone_at_the_top_form/Forms?spMailingID=10987861&spUserID=NjI1NDk4ODQ1NjES1&spJobID=MzQzNDc2ODg0S0&spReportId=MzQzNDc2ODg0S0

     

    Reading professional publications will enhance your understanding of the profession. It allows you to learn how our classroom studies are put into practice in the real world.

    Hey, how about that, yet another free reosource, good thing you enrolled at TAMUSA!

     

  • Professor Elam

    Thursday Sept 11 2014

    This coming Sunday at the McNay Camerate, San Antonio's Gramy nominated Chamber Music Ensemble will perform music from the Impressionist era. The museum has a large touring exhibit of Impressionist art at Screenshot 2014-09-11 10.07.47this time.

    This is the sort of idea I was promoting in the earlier blog post about extending our reach as a University. There are many such opportunities in San Antonio and I think we should make the students aware of them.

  • Professor Elam

    Wed Sept 10, 2014

    Here is another great resources for new developments in accounting

    it is a link to the Resource Global Professionals Site.

    http://www.rgp.com/index.php/client-services/finance-and-accounting

  • Professor Elam

    Wednesday Sept 10 2014

    As I mentioned, I have an opportunity for a paid part-time position in Finance/Accounting and wanted to see if there were any interested students.

    If you would please forward my information to the appropriate person at the University, I would greatly appreciated.

    Thank You,

    Sonia Trevino

    Univision – Finance Director

    (210) 610-4320

    I followed up and received this additional information about the job specifics.

    The intern would primarily be working on Accounts Payable and special General Accounting Projects.

    Looking for a student who has taken at least 1 semester of accounting/finance related courses.  So, basic accounting skills/knowledge is preferred.  I am flexible on the hours/times and will work with candidates schedule.  This is an excellent opportunity for a student wishing to get accounting experience.  Please have any interested students send me their resume to this email.

    Greatly appreciate your help.

  • Professor Elam

    Tuesday Sept 9, 2014

    We are in the process of assembling outcomes for our various disciplines. And yes there are rubrics for management, marketing, accounting, and so on.  No doubt this will pass muster at the AACSB examination time but I think it misses the larger point of what used to be a college degree. 

    As Hollywood writer Burt Prelutsky observed, John Wayne earned a college degree back when it meant something. A few semesters back a student began a presentation with the quote

    It was the best of times, it was the worst of times.

    I asked her who wrote that, what was the book, and what was the book about. Not only did she not know but no one else in class knew. 

    Now granted we are not teaching British Literature here, but shouldn't a college graduate know more than the guys knocking down old buildings at Brooks City Base?  Isn't there a higher intellectual level of attainment expected here?

    I suspect we, that being TAMUSA, should incorporate some sort of art appreciation into the curriculum. 

    San Antonio has a surprising number of theaters, museums, galleries and historic sites, Yet how many of our students take advantage of such diverse opportunities?

    For example  a true gem of the SA experince is the McNay Museum. Here is a summary of their latest exhibit of Impressionist Art. 

    What is impressionism?

    For that matter, what exactly does the art of any era tell su about the people of that era?

    What constitutes artistic expression – paintings, sculpture, photos, and as I noted in the previous post, collectible cars. 

    Organized by the National Gallery of Art and drawing from the personal collections formed by Ailsa Mellon Bruce and her brother, Paul Mellon, and other donors to the Gallery, Intimate Impressionism is the most extensive exhibition of French impressionist and post-impressionist paintings to come to San Antonio. In nearly 70 landscapes, portraits, interiors, and still lifes, the exhibition demonstrates the similar aesthetic goals shared by the avant-garde painters of the era. The plein-air practices of impressionist precursors Eugène Boudin and Johan Barthold Jongkind, inspired brightly colored, luminous works by featured artists Claude Monet, Auguste Renoir, Camille Pissarro, and Alfred Sisley. Intimate Impressionism also includes paintings that are personal in subject matter—fascinating self-portraits by Edgar Degas, Henri Fantin-Latour, Paul Gauguin, and Édouard Vuillard, as well as works depicting family members or friends and views of the artist’s favorite spaces. A fully illustrated catalog accompanies the exhibition. San Antonio, San Francisco, and Seattle, and Rome and Tokyo abroad, are the only exhibition venues. 

    During my recent trip to San Francisco I stopped at a gallery specializing in LeRoy Neiman . He gained popularity in the 1970s particularly in the avant garde of that era, Playboy magazine, yes it was about a lot more than just pinups. He painted on many topics particularly sports and jazz.  Screenshot 2014-09-09 08.07.42

    And he even painted stock and commodity exchanges.  This is a painting of the Chicago Options Exchange in 1990. 

    What do you see?

    Is this more effective than a photo of the exchange?

    Why was  this a worthy subject?

    Anyone out there interested in exploring this topic further?

    By example I can imagine organizing local tours of various exhibits or perhaps attending some locally produced plays. It would go a long way towards moving us from what is still basically an extension campus to something more like a real university experience. 

    But then I always have ben a couple of standard deviations away from the mean…

  • Professor Elam

    Tuesday Sept 9, 2014

    The prices of collectible cars continue to set new records, along with the stock market. This is explained  by the predictive social science of socionomics. Social mood drives behavior. And at the moment that behavior is optimistic towards higher prices for art, autos,a and stocks. 

    European car makers have traditionally anmed their cars in a way that identifies something mechanical about them. To this day, BMWs sport a name like 328 which means it is a three series with a 2.8 liter engine. 

    Ferrari names it cars using the cubic centimeter displacement of one cylinder. Italy taxed cars based on total displacement so the older Ferraris had twelve cyinder engines with small displacements. The Screenshot 2014-09-09 07.23.40pistons were about the size of a six ounce orange juice can.  So this 275 GTB has 275 cc per cylinder of 

    2758 x 12 = 3.3 Liter Displacement

    At the recent Pebble Beach Auction, this collectible brought $26.4 Million. Our points here are

    there are multiple methods of tracking social mood including prices for art, stocks, and all manner of collectibles

    social mood is currently expansive in markets like this but dangerously exclusive in the Middle East, Scotland, and the Far East where China threatens its neighbors. 

    Screenshot 2014-09-09 07.34.14Ferrari collectibles first crossed the $10 M mark in 2008 when a 1961 model once owned by actor James Coburn sold for$10,894,000.

    Note the $10 M figure occurred at the top of the markets in 2008. Now that markets are once again making new highs, so are collectible Ferrari prices, believe me all this is inter connected. 

    One hundred dollar oil in the Middle East is driving such prices much higher. As a result Ferrari has now scaled current production back to a mere 7,000 units a year from about 7,400. Model runs are snapped up as soon as they are announced. Ferrari understnad the lure of exclusivity for its brand. 

    As future accounting professionals I suggest you make a habit of following interesting markets and becoming expert on them. After all, there is nothing more deadly than sounding like an accountant. 

    By the way, you do know where Pebble Beach is, right?  Dan Neil who writes teh auto column for the weekend WSJ was a judge at this year's Pebble Beach Concours. 

    one 

  • Professor Elam

    Mnday Sept 8 2014

    Martoma at SAC received nine years to do in Federal Prison as a result of an elaborate insider trading scheme.  The trading fund apparently made some $275 million as a result of trading on inside information. 

    And Martoma was hit with a multi million dollar fine.