I woke up this morning feeling lazy and not in the mood to write anything. Deadline for submission of blog writing is on Sunday and I have two more to go. I am more of a speaker than writer, writing is too much work to me, it must be important for me to sit and pen down. What do I talk about, what story do I put up and in what direction, how do I ensure the reader understands the flows of the story etc. OK, let me brace myself up and write something, it is very compulsory that I make three submissions before Sunday.
I will be writing about Corporate Finance Accounting. I am a fan already, the methodology used in solving accounting problems requires attention and discipline. You must know it else it will overwhelm you. The principles are straightforward, quite a number to memorize and with solving pattern to understand. Our lectures are taken with real life accounts, we practically go online to Nigerian Stock Exchange website to take data, analyze them (income, profit and loss, cash flow statements etc.). We are encouraged to do the analysis in groups of random people for knowledge sharing. Some members of these groups are majors in accounting while most are not, the essence is to balance the learning and carry everybody along. So far so good, I have started applying the little knowledge gained as required and soon the effect will start to show.
Personally, I believe something is still missing at my end with regards to Corporate Financial Accounting. The fear of complex accounting questions is still problem for me. The fear I believe is influenced by the thought of learning something new that is a per-requisite to succeeding in LBS. Maybe with time, dedication, and discipline, i will build the right confident and be able to answer questions or deal with real life situations that require accounting principles. Another way could be by applying these principles so my own business and learning from my mistakes. I currently run a small business that is successful. The business has been running for over 10 years with most of the strategy applied organically. However, I have not been able to scale beyond my immediate business environment which you can also call ‘my comfort zone’. This is the main reason I joined LBS, I needed to learn business management in a professional way and design a proper expansion plan. Although, the business has grown in terms of Naira and kobo and this is because I currently have monopoly of environment as Government has not allowed people setup business in that area in the last 7 years. However, there are rumors that Government is planning to commercialize the area which means room for competition and the monopoly broken. So, LBS Corporate Financial Accounting should be key to me if i really want to weather the storm.
Finally, I feel happy that I am learning accounting and appreciate the opportunity of exposure we gain through the assignments given by the school. I understand that there are other difficult aspects of the course that will come later, but the principle is still same. I will drop my pen now and be back with more stories. #EMBA27
Users of Financial Statements