The Love Story with Corporate Financial Accounting – Early Impressions

Corporate financial accounting is a course I find particularly engaging among all the subjects we’re studying this semester. I’m cautious not to form opinions too hastily, given that it’s still early days, and our focus has been on definitions and concepts largely centred around rote learning.

The real test, I believe, will come when we delve into more calculations. That’s when I’ll gauge how enduring my relationship with the course will be. So far, I’ve been enjoying Dr. Francis Okoye’s teaching style. One aspect I appreciate about his classes is his willingness to address questions, irrespective of how basic or seemingly trivial they may be. He never dismisses you for asking what might be considered the ‘wrong’ question.

Even after addressing everyone’s queries, he manages to neatly wrap up the day’s topic, a practice I find commendable. While there are instances where we can’t cover all the coursework for the day, he strives to strike a balance between learning and addressing questions. It adds an interesting dynamic to our sessions. Some of our facilitators can do this seamlessly, while others… well, let me not go there, lol.

Honestly, my current focus is on absorbing as much as possible because there are, in Dr. Francis’ words, “useless concepts” to grasp. Periodicity concept, Matching concept, Entity concept, Materiality concept, Objectivity concept, and many more. My motivation lies in the ability to absorb and apply this knowledge. I hope the exams align with this approach, allowing me to pour out everything I’ve crammed for the course.

On a serious note, I’m genuinely learning numerous accounting principles that I hadn’t paid much attention to in my workplace. Working closely with our finance department due to sales targets, I’ve gained a deeper understanding of processes like invoicing, realization, accounting, and matching. These are crucial elements we review month-on-month to secure our commissions. While the finance team performs their calculations, you also want to align yours to ensure you don’t miss out. I’ve particularly come to comprehend the accrual basis of accounting, grounded in the fundamental principle that revenue is realized when earned, not when money is received, as well as the matching concept.

The matching concept also makes sense; it involves aligning costs incurred with revenue generated during a specific period. When our accounts team applies this to the deals we close, I didn’t fully appreciate it until now.

The objectivity concept, too, became clearer after its definition. In my office, for instance, if I inform our finance team about an Uber expense seeking a refund, they always request the receipt or proof of payment. At times, I get a bit frustrated because the amounts might be small – say, 2,000 naira or 5,000 naira – but they won’t process the payment without evidence to justify the expense. For me, this course is shaping up to be my best yet as it provides real-life scenarios alongside theoretical learning – the most effective way, in my opinion.

Thanks for attending my TED Talk.