We have been introduced to corporate financial accounting (CFA) by Dr. Owolabi where we were taught the basics of finance. We also did T-table and Journal entries. It was quite an interesting introduction by the lecturer. Entering the new week we were introduced to another lecturer who has been assigned to handle the second part of the course. He introduced himself as Dr. Chiemeka. I find Dr.Chiemeka to be quite an interesting character. He started the class with jokes stating that it took gods to bring out the huge of amount of money we all did to embark on this MBA program considering we could have used the money to build houses and buy cars. In his opinion, we knew what we wanted to achieve and we were in the right place. He went ahead to give us some rules to follow in his class. One of which was that no question was stupid, thereby encouraging everyone to ask a question. There is a phrase he uses which is “a man can only die once” in this context, he means that what the worst that could happen to you if you get his question wrong? Absolutely nothing however he will then know where every one of us was lacking behind.
Another amusing statement he says in class is that we should not throw words at him. What this simply means is that we should not assume our opinion to be fact. I recall a classmate defining a current asset to be an asset that can quickly be converted to cash. And he asked if land was a current asset and most people said it was a non-current asset. He immediately proved the person wrong by explaining that if someone sells landed properties for a living, it immediately turns the land into a current asset. He went further with another example using coscharis. He asked if Coscharis manufactured 20 BMW cars and all were being transported to the showroom, at that point, there were all current assets. However, if the CEO decides to pick one of them, the one he picks for office use becomes a non-current asset. The lecturer is pragmatic with the way he lectures and it was very easy to follow. Finally, the lecturer loves when a student completes his sentence.
After setting the ground rules, he went ahead to review everything we had been taught before by explaining the accounting equation. He explained in detail as there were lots of subtext on the accounting equation he presented on the board. He itemized the steps which we would take before analyzing or writing a financial statement. It was detailed.