FADM

The 1st class of FADM - Financial Accounting in Decision Making is underway, and Mark Finn, our professor seems quite an able, informed, and genial teacher. Going to have a good time learning. Accounting to several engineers amongst us was quite a scary thing to begin with, what with a majority of us flunking the IA preparatory online test.

Couple of interesting tid-bits ...

- Terminlogy Confusion: Debtors are A/c receivables, Bank Loans is Borrowings, Turnover is Sales is Revenue, etc. And in India because of the mixed influence of commonwealth in the past and close US trade at present, we find alternative terms showing up sometimes in the same balance sheet!

- Witholding damaging company information from shareholders in financial statements is myopic, akin to treating a symptom rather than the disease. (Courtesy Tuhin, our good CP'er)

- The fundamental debate of Accounting is between Acquisition (Historical) Cost Accounting versus Market Value Accounting.

- Double entry book-keeping is probably one of the oldest things medieval man learnt to write, counting goats and sheep