I have learned a lot from the courses in the MMBA program but would like to point out the course that i think is most beneficial to people outside the finance field but engineers in particular. Why do i say that?. I said it simply because the course covers the pre, in, and post stages of a business finances and many people practice it but not professionally, at all. so an Engineer like me who is interested in business gets to learn a lot from this course, and i will share some of them.
The first that comes to mind is the concept of materiality. this concept looks at the difference an asset makes on a financial statement. for example; the wall clocks in a company branch building are assets of the company but they are not stated in the financial statements of the company because the difference its makes financially is negligible but assets that generate income for the company are most times if not all are material because they make a difference in the accounts of the company and if they were to depreciate or be impaired they would cause significant loss.
The second that comes to mind is Qualified and Unqualified statement. So, our facilitator asked us which was a good case between a managers report being qualified and being unqualified and from the ideas the words qualified and unqualified many of us guessed it would be qualified but he corrected us; saying that a managers report being qualified meant that there is something or somethings to be qualified/clarified in the statement but an unqualified statement means he goes with everything in the statement and it aligns with his/her analysis.
the third would be the person or persons responsible for a financial report. like in the former, he asked who was responsible for the financial report of a company and we all gave answers; some saying was the finance departments and some saying it was the accounting departments while others said it was external auditors but then he rephrased the question into who is responsible by law for the financial report of the company and after many attempts he finally said it was the directors.
The forth that comes to mind is the matching concept that states implies that a cost or expense must match its use in time. so lets say a woman running a catering business is giving a hundred thousand naira to bring food for a gathering of 20 people for next year, the matching concept is saying that the income should not be recorded for two reasons but i will state the one that concerns this paragraph which is because the requirement or her obligation in the case would be fulfilled in the coming year so the income should be recorded in the time she will perform her part of the contract or agreement.
The fifth is the regulations and laws used/involved in the accounting practice and how they all play in the field. the first is the IFRS(international financial reporting standards) which “is/are set of accounting rules for public companies with the goal of making financial statements consistent, transparent and easily comparable around the world” (Wikipedia). So, they basically set the standard or structure that a financial statement. Now, the IFRS replaces the IAS (international accounting standards) in the year 2001 by the IASB (International Accounting Standards Board).
MENTAL WELLNESS