• Professor Elam

    Monday Nov 12 2012

    IEA predicts the US will overtake Saudi in oil production by 2020.

    I am always leary of predictions that far into the future. However as noted in our last post, HAL BHI and WHT have big plans just south of our campus.I will be reaching out to these companies. 

  • Professor Elam

    Weekend November 11 2012

     Halliburton and other firms are moving to San Antonio. Baker Hughes has already completed its $30 M faciltity just south of 281 and 410. Weatherford is also planning a facilty. 

    We will be approaching these companies so that our campus can be involved and informed about their progress. 

  • Professor Elam

    Friday Nov 9 2012

    American Suzuki filed for Chapter 11 Bankruptcy today.  As the article suggests, will Mitsubishi be next? 

    I think one problem for Suzuki was that there was never a pizzazz model in the line up,just another collection  of me too compact automobiles. Seems to me that the same company that produces the 300 kilometer per hour Hayabusa could at least make a stab at their own Miata. While the Miata does not sell in the numbers to sustain an entire company, at least folks it establishes the zoom zoom idea that Mazda wants to project. 

  • Professor Elam

    Friday November 9 2012

    This San Diego based Photographer placed a go pro video cam in his bride's bouquet. The result, a different point of view POV!  Click the link for a view of an original look at what the bouquet saw at the wedding. 

  • Professor Elam

    Friday November 9 2012

     The plan is for all accounting classes meeting at 5:30 Nov 13 or Nov 14 to assemble in the large auditorium 196  which we have reserved.  We are of course inviting all interested accounting students from the day classes to attend one or both evenings as well.

    Student Memberships are $35 and represent a great opportunity for students to network with CPAs in San Antonio.

    Tuesday November 13 5:30 PM

     Terry Cleveland, a Principal in Turner and Cleveland CPAs will bring Mila Yashkova,  a TAMUSA graduate employed at his firm. They will speak on public accountin a nd the advantages of belonging to SA CPA as a student member.

     Wednesday November 14 5:30 PM

    SA CPA President Melanie Geist will present along with TAMUSA alum Maria Pasecki who works with Fisher Herbst and Kemble CPAs. Bruce Howard a  member of the TAMUSA Business Advisory Council and frequent guest on campus is with FHK.

    Learn more at these links

    SA CPA Society

     Turner + Cleveland PC

    Porter Geist CPAs

    Fisher Herbst Kemble PC

     

     

  • Professor Elam

    Thursday November 8 2012

    Here is a review of Double Entry. This book describes the evolution of double entry accounting and its first well written description in 1494 by Luca Pacioli.  This ordering of business accounts was hailed as  a near scientific achievement at the time.  As Luca comments on his creation, without it, 'it would be impoassible for them to conduct their business for they woudl have no rest and their minds would always be troubled.'   

  • Professor Elam

    Wednesday November 7 2012

    Texas A & M University accounting student Josefina Hernandez attended the San Antonio IMA Student Leadership Conference this past week.I asked her to contribute her thoughts and experience at the conference. Her comments follow.

    I attended the IMA 13th Annual Student Conference.   Thursday night was the first day of the conference and it was more of an ice-breaker.   The task was to get a card with things like find someone with a light colored shirt and have them sign your card.  Once the card was full it was turned in for a raffle.

    Friday:  The first session was CEO & President Bryant Ambelang of NatureSweet Tomatoes.     His session was titled, Being the Groundbreaker.  Before this I wasn’t thinking good things about people that take their business out of the U.S. When I would think of companies moving overseas or to Central Mexico (as in this case) I would think of beat down workers and corporate executives with money pouring out of their pockets.  This presentation gave me a second take on it.  They chose Central America because that is the best place to grow tomatoes.  They were on a mission to make great tasting tomatoes and they did it by empowering their employees.  They did is by creating a better way.  They educated their employees, they paid them decent wages and they created happy employees.  Happy and proud employees look up.  Mr. Ambelang judged success by how many people looked up to him as he walked by.  (Shameful employees look down).  He decided that he was not only going to create a better way for the company but for the employees.  They have education assistance, onsite clinics and they dominate the industry.   He emphasized the problems we’ve had in our economy is not the employees fault but the managers fault.  He emphasized the breakdown in our economy has a lot to do with leadership problems.  As an accountant we can’t just focus on the numbers because it all comes from somewhere and down the line there are people just like me.  They have families and goals to.

    I think more people should talk about this company for what it has accomplished and how it was accomplished.  They strive to be transparent and they strive to empower their employees.  These actions are what have helped NatureSweet dominate the industry.

    The second seminar I attended was Finding a Mentor by C.S. “Bud” Kulesza

    He talked about informal and formal mentors. I focused more on the formal.  The role of a mentor is to advise, train and educate.  The goal for the mentee is to reach the mentors abilities or surpass them.    Mentors coach/advise, sponsor, act as a role model, provide social support, and protect the mentee.  He didn’t talk about how to get one.  My mentor is male and I would like to have a woman mentor as well.  I think it is important to get both perspectives of the industry.  So although I went to the seminar, I don’t know how to find and approach a female mentor.  He provided tips for choosing a mentor; they should have industry and organization knowledge, organization and industry relations, a respected reputation, abilities and skills to show you the ropes, and motivation to help you.   He mentioned how some people with good faith pursue a mentor/mentee relationship but don’t have the time and haven’t acquired the skill to be a mentee.  With that being said-how in the world can you find a suitable mentor?    

  • Professor Elam

    Tuesday November 6 2012

    Lawyers preresenting customer of MF Blogal added PricewaterhouseCoopers to a civil lawsuit. The suit alleges PwC did not adequately audit MF Global's internal controls.

    PwC plans to 'vigorously difend itself' which is interesting considering that MF Global did indeed collapse. CEO Corzine was at a loss to explain why. 

    Treasurer Edith O Brien has been mum on what happened. Now she is added to the list of defendants.

    One of the things I learned as a Bankrutpcy Trustee is that in such cases the lawyers are likely the only ones to gain anything from such cross actions. Pity the customers. 

  • Professor Elam

    Tuesday November 6 2012

    Rita Crundwell moves a small time job into big time crime. This is an amazing story, those of you that are NOT accounting majors had best read it.  Acounting majors can learn from this.  This is why there is  aneed for internal controls and outside audits. 

  • Professor Elam

    Tuesday November 6 2012

    Did you know that Lincoln was elected with a mere 39% of the popular vote. This is today's excerpt from delanceyplace.com

    In today's selection – Abraham Lincoln only won 39.8 percent of the popular vote in his first presidential victory, and used a questionable tactic to help win his second. In fact, since 1820, the last year an essentially uncontested election was held, most presidential elections have been extremely close. Only four presidents received more than 60 percent of the vote, nine elections saw a candidate win between 55 and 60 percent of the vote, and candidates who received less than 50 percent of the vote have won 18 presidential elections:

    "He was the luckiest man to run for president: He won with only 39.8 percent of the popular votes cast — the smallest percentage ever recorded. He had no help from his running mate: he only met his vice president Hannibal Hamlin on Election Day. How did Abra­ham Lincoln manage to win?

    "The remaining 60.2 percent was split among three other candidates: Stephen A. Douglas (29 percent), John C. Breckenridge (18 percent), and John Bell (13 per­cent) . Had it not been for the presence of two 'third-party' candidates — Breckenridge and Bell — Lincoln might not have been elected. (In that year there were four candidates because each of the two parties had nominated an upstart South­ern candidate as well as an official North­ern one.) Says the historian Jay Winik: Lincoln's victory 'was in many ways a fluke and nothing more.'

    "Naturally, lacking a strong 'popular mandate,' Lincoln had a difficult time leading the country. In 1864, with the Civil War going badly, Lincoln made preparations to go home, fully expecting General George McClellan to be his suc­cessor. … Observes the historian James McPherson, 'If the election had been held in August 1864 in­stead of November, Lincoln would have lost.' …

    "In the middle of an unexpectedly long war that had — in Walt Whitman's memo­rable words — turned the nation into 'one vast central hospital,' the president needed all the help he could get in his fal­tering reelection bid. His primary support came from soldiers and those who contin­ued to believe in the war.

    "Of the twenty-five states of the Union, only fourteen permitted soldiers to vote in the state they happened to be in while fighting. Soldiers from the remaining eleven states would be out of luck be­cause they were not home. One of the critical states was Indiana. The state's Re­publican governor went to Secretary of War Edwin Stanton and told him that without the support of Indiana's fifteen thousand soldiers, Lincoln would lose. How about giving the soldiers 'sick leave' so they could come home to vote?

    "A letter immediately went out, signed by the president, to General William Tecumseh Sherman: 'Indiana is the only important State victory in October, whose soldiers cannot vote in the field. Anything you can do to let her soldiers, or any part of them, go home to vote at the State election will be greatly in point.' Never in the history of warfare had soldiers been permitted to go home to vote, thought Sherman when he read the letter, but then, this was different. 'Our armies van­ish before our eyes and it is useless to complain,' he wrote his wife, 'because the election is more important than the war.' (He also knew if Lincoln lost, he would be out of a job.] …

    "The Democrats were furious when they heard what Lincoln had done, but there was nothing they could do, lest it impugn the patriotism of their fighting men. They became even more frustrated when they saw what happened on Election Day. From every direction, thousands of sol­diers got off the train to vote and sweep Lincoln to victory. Exactly who these thousands of troops were, nobody could be sure. It was, in the words of one histo­rian, 'the day that Michigan, Illinois, Pennsylvania, and Ohio voted in Indiana.'

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