Mac-Donald Ukata Written by Mac-Donald Ukata · 1 min read >

We usually have our classes on Fridays and Saturdays however during the precious CFA class the lecturer asked that we schedule a time for an extra class so he could round up the chapter we were reviewing at the time. During the course of the week, we had suggestions springing up, some suggested that we spend an extra one hour after the Friday lectures, others suggested Saturday between 5 pm and 6 pm, there was a lot of back and forth. We finally agreed on Thursday at 9 pm. A meeting invite was shared.

The class commenced as agreed, the lecturer was a few minutes late due to some communication lapses with the class president. As expected, the charismatic and humble lecturer apologized for coming in late and expressed his gratitude at us being able to meet up considering our very busy schedule. We continued from where we stopped in the previous class which was about Accrual accounting and Cash basic accounting. He asked that someone explain the difference between fiscal and calendar year, a member of the class Augustus by name raised up his hands and explained that Calendar year is the conventional 52 weeks cycle we all know, it starts on the 1st of January and ends on the 31st of December, while the fiscal year is any 12 month period that ends of the final day of any month except December. The lecturer confirmed that he was absolutely spot on with the explanation. During the class, someone pointed out that the class wasn’t recorded, so the lecturer apologized and started to record the online class. He was very concerned about people who were unable to attend and asked that we share the video of the class with people who were absent.

The lecturer asked that someone differentiate between Accrual accounting and Cash basis accounting, we had several people make attempts, he went ahead to explain that the main difference was the timing of when revenue and expenses are recognized. He went ahead to elaborate by defining accrual accounting as revenue and expenses recorded when they occur while cash basis means the line item are not documented until cash changes hands. 

He cited an example in the class manual and gave the different tasks to each group. Each group was expected to use their WhatsApp group to discuss their answers. Each group comes up with their answers. Considering this was borrowed time, he went ahead to explain step by step how to get to the answer. Personally, I love the methodology of the lecturer, he makes the complex issues seem easy and carries everyone along.

At about 10pm local time, the lecturer ended the class.

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