Last day of the semester

Giving the final test on the last day of classes. Had a great semester but looking forward to a nice long break. I'm taking the week after Christmas off from my regular job and hope to spend most of my time up at the Big. Lots of snow coming down right now which makes me really giddy. Got the projects marked so only have the final to go.

Hope everyone has a good Christmas and hope to see everyone back here in January.

Even you Camas. At least stay in school even if you don't hang out with the cool kids in accounting, education is worth it.

Happy Holidays.

Project

Finished off Chapter 10 last night and spent most of the time talking about bonds. Had a few pleas for extending the project deadline.

After much arm pulling I agreed to extend the due date to December 3.

No class on Thrusday due to Turkey day. Hope you get some good food and fun mixed in with finishing up your project.

Homework:

Finish Chapter 10 homework
Read chapter 11

Chapter 10

On the home stretch now with 3 chapters to go. I appologize for not getting the test marked for class today. Will have it done by Tuesday for sure. Finished a lot of chapter 10 lecture. Got to bonds and started the discussion on issuing bonds. We'll take the last part of this chapter a little slower and finish up the homework next class.

Homework:

}E10-29
}P10-37A
}P10-38A
}P10-39A
}P10-41A

Test day

Looks like there isn't as much grunting and moaning coming from the audience. Camas even gave me the thumbs up. Jeff is done and it's only an hour and a 20 mins into the test.

No Ashley. Poor Ashley. I had secret hopes that she was keeping up with the class and would be here for test day.

Got to tell at least one story tonight. As everyone noticed, I'm usually bummed on test day as I don't get to talk about accounting. But I did tell the story of my rental adventures over the weekend. Being a landlord takes special skills in patience and perserverence. I had to evict someone over the weekend after windows were smashed in. He left the easy way. Hope we parted in a civilized mannor.

Homework:

Read Chapter 10

Test time

Got through homework and chapter 9 and went over the test. Looks like we have the 3rd test of the year next class.

Any Monopoly questions?

Test Tuesday. Bring your game face.

Chapter 9

Ashley has been missing for about 5 classes now. You still alive Ashley?

Went over long term assets in chapter 9. Fun chapter as we go through depreciation, selling an asset, intangibles, etc.

Jason gave us all a tip about buying vehicles. "Never buy a truck from a rodeo cowboy". Sounds like solid advice.

We will finish up the chapter and go onto homework. We will also go over the test for next Tuesday. Full class this Thursday.

Homework:
Read chapter 9

}P9-27A
}P9-28A
}P9-29A
}P9-30A
}P9-31A
}P9-32A

Chapter 8 continued

Got done some of the homework. Will probably finish up most of the homework then go onto chapter 9. We have 2 more classes to cover chapter 9 so that means next Tuesday is the 3rd test of the semester. Time flies when you are having fun.

Homework:

Finish chapter 8 homework
Read Chapter 9

Chapter 8

I really like lecture nights. I get to tell all my stories and most everyone is polite enough to listen. I got about half way done the lecture but in my defense we started with a couple homework problems and a quiz.

Lisa had a visitor come to class. Think it was to show her son how bad she has it.

Ashley was missing for the second straight class. You still alive Ashley?

Went over calculating bad debt expense and how to keep track of it. We'll go through credit cards, debit cards, analysing receivables, etc. in the rest of the lecture tonight.


Homework:
}P8-26A
}P8-27A
}P8-28A
}P8-29A
}P8-30A
}P8-31A
}P8-32A

Chapter 7 homework

Gave a quiz on internal controls. Seemed like a small class last night even with me telling you last class there would be a quiz. Probably do another quiz on Tuesday regarding petty cash.

Finished off petty cash and ran through a bank rec and petty cash question. We will do one more bank rec and probably one more petty cash question before moving onto chapter 8.

Novembers here. Try to get your monopoly project going. Only have a month left.

Homework:

Read Chapter 8

Internal control

This is one of my favorite chapters. So much good stuff to talk about. I have way more stories than I told last night but I controlled myself a bit.

Patrick got beat up by Ashley over Monopoly. Jason sounds like a good roller but a bad negotiator.

Camas looked like a prisoner looking out the window waiting to be released from his prision term.

Lisa came back from a week off of sniffles.

Heard some leaps for joy after seeing the test marks and some dejected head lowerings. Never fear the next test is way easier than the last.

Homework:

}P7-26A
}P7-27A
}P7-28A
}P7-29A
}P7-30A
}P7-31A
}P7-32A

Test day

Missing Lisa tonight. Hope she doesn't have the swine flu or something. Lisa, email me if you can so I can keep up to date with you.

Saw several people start with the long answer this time. I think that is a good strategy as you get more bang for the buck starting there.

Ashley looks and sounds precarious. Keep your distance Patrick and Jon, she's sitting next to you guys. Think I'll grade her test with rubber gloves.

The whole test I sat looking at Jeff's creame soda. Rotten way to torture me. Better bring some to share next time Jeff.

Homework:

Read chapter 7

Test time

Finished up Chapter 6 and homework. Also went over the test. I think I saw most of you with the homework already done. I think its extremely important for you to do the homework on your own then come to class to have it reinforced. Hope you feel the same.

Looks like everyone has a handle on inventory costing. Got to feel good when you get the LIFO, FIFO, Average costing. Don't know how useful the knowledge is if you end up being a musician or doctor but think of the all the pick up lines you could use. "Hey baby your cost of goods sold is way above average."

Homework:

Test on Thursday

Chapter 6 homework

Small class yesterday. I wasn't sure if everyone was with me the whole class. It seemed like most people were understanding the concepts but occassionally I'd see a blank stare along or grimaces and snyd looks to each other.

We almost got done chapter 6 and will finish up and do homework on Tuesday. Also go over the test for next Thursday.

Heard both groups are in the 26 to 28 turn range in Monopoly. Any questions on special journals?

Homework:

}P6-29A
}P6-30A
}P6-31A
}P6-32A
}P6-33A
}P6-34A
}P6-36B

Monopoly continued

Had a fun night of playing monopoly. Looked like everyone was in pretty good spirits. Hopefully this doesn't stop everyone from wanting to play the game ever again. (usually a comment I hear)

Jeff was in agony all night. Stupid free parking and community chest. Patrick, Camas, and Ashley look to be in a wee bit of trouble as Jason looks like a monopoly shark waiting to bite.

Pretty close race between David, Lisa, and John. Be interesting to see who comes out ahead in that game.

Hope it helped having me there for the first part of your project. Let me know if you have any questions from here on out.

Homework:

• Finish chapter 5 questions
• Read Chapter 6

Monopoly night

Finished chapter five lecture and got through a couple of the homework problems. Told everyone to get their monopoly game in shape as I'll give you tonight during class time to play the game.

Make sure your group is all there so you can do this without hitches.

Ended up naming our kid Julia Jean Pitcher. Still adjusting to 3 kids. Don't know how my sister who has 6 with one on the way does it. I think she's officially insane. ha.

Chapter 5

Everyone looked a little drowsy last night so I tried to keep everyone engaged by telling lots of story's and experiences. Probably told to many as I didn't even get half done the lecture.

I guess we have an extra class as I planned for being out one class with the baby and since the baby co-operated and came on Saturday I don't have to miss any classes. (I know most of you were hoping for a day off, sorry about that.) Still don't have a name. How bad would it be to not name it. Everyone would ask her "what's your name" and she'd have to respond "I don't have one". Leave your name suggestions on the comments. If we choose one of your names I'll take you out to lunch.

We talked about inventory and selling inventory. About how automated things are getting with big companies and how available and affordable technology is becoming even for small businesses.

Found out David was a manager at an autoparts dealer and Lisa was a purchaser for a grocery store.

Jason was missing again. You can probably get by missing a class or two but would suggest if your not in class your grade will reflect it.

Homework:

}P5-26A
}P5-27A
}P5-28A
}P5-29A
}P5-31A
}P5-32A

Homework for Chapter 4

No baby yet. I'm hoping this weekend but with our luck it will be on Tuesday night.

Finished homework almost. Got to question 26. Probably run through that in class just to give another example. Doing closing entries is the last of the accounting process. Nice participation although it looked like not many had tried the questions on their own.

Found out David, Lisa, Patrick, and Jon have kids. Ashley is a Trekie. She's also a band geek and can do a rubics cube. Add to that accounting nerd and she's the real deal. Lisa plays the claronet and I think I heard Patrick plays claronet as well.

Made teams for Monopoly. Everyone drew out of a hate. Heard cheers of joy and celebration from all those who found out they were in Camas's group.

Homework:

Read chapter 5

Chapter 4

Gave back the test at the beginning of the class. No one wanted to go over any questions. Kind of a surprise. Usually there are a few questions.

Gave a quiz as well. Always catch people skipping class after a test day. But mostly I like getting feedback on the class at the beginning of the semester.

Started and finished chapter 4 lecture and assigned homework.

Hopefully we will complete the homework tonight and possibly start chapter 5 as well.

Homework:

}P4-23A
}P4-24A
}P4-25A
}P4-26A
}P4-27A
}P4-29A

Grunting and moaning

I'm standing at the front podium watching seven students take their first accounting test of the semester. I see a lot of painful expressions with weird noises coming from all directions. This was the easiest test I ever put together. Good thing I didn't give them the hard test.

The silly FVCC copyroom figured that they would save the environment and not use staples for the year. Thus the paper clip approach to the test. I almost didn't get the test on time. When I went to the mailroom all the doors were locked. Fortunately for everyone I found a custodian to get me the key to the test drawer. I won't give you her name so you can't egg her house.

Patrick came to my house yesterday to take the test and get a jump on a long weekend. Think he said he was going to Hawaii to visit his son.

Jeff already needed a new answer sheet as he skipped a page or two.

This is Ashley's 3rd test today. I thought we planned to have 4 tests for her today. I better talk to her other instructors to make sure we don't make the same mistake again.

Found this like on MSN listing the top 10 most versitile college programs to graduate from. Business administation is #1 on the list. Nice to see this even through the economic times we are in.

Think I found my new Ashley. This years Ashley is already to the long answer after 20 mins of class time. Should be done the test in half an hour. Not bad.

Homework:

Read Chapter 4

Test time

No baby yet. Wife is thirty eight and a half weeks pregnant. Hopefully it comes soon but we still have a couple weeks before it's acutally due.

Gave an overview of the monopoly project. We found out that Camas has never played monopoly before. Must have been a sheltered life of video games and skiing. Jeff has some nice home rules about putting the land money in the free parking. Watch him, he sounds like a professional.

Didn't get the teams listed. Before the test we should get those arranged so figure out your teams so you can hand them in to me.

Went over the adjustments homework. Seemed to be a fast moving class. Hopefully it was enough practice for the test.

Went over the test in class. Gave some solid hints as to what to expect on the test. Test is on chapters 1 thru 3.

Also noted that this is probably the easiest test I've ever made so hopefully that holds true.

Homework:

Study for the test Thursday

Homework and finish chapter 3

Had a visit from my good friend Liz. She just wanted to stop in and tease all the current students that she doesn't have to sit through another minute of my accounting class. Liz works for a company in Eureka that does internet marketing. They are looking at putting a new accounting system into their business so was asking me questions about that.

Gave back quizzes. Most were ok with their scores.

Started homework. Looked like most of you didn't even attempt the problems. Trust me. It's easy when we all do it together. You need to try it yourself if you want to do good on the tests.

David is turning into an accounting geek as he popped a great accounting joke. It was his turn to take a questions and he said "This is a cruel question". Very funny as it was an accrued revenue question.

Still have some doubts if everyone is clear on debits and credits. It takes time but if you are in doubt draw out the debit/credit model to help.

We were off by $300 on our balance sheet. Hope someone finds the lost amount. I can't stand thinking the world is not balanced.

Went through income statments and balance sheets. Will be able to finish up the questions on Tuesday.

Homework:

Finish questions from last post.

Bring your Monopoly book so I can assign the project.

Chapter 3 - Adjusting entries

Wonder class tonight. Lots of accounting concepts to get our accounting fix for the evening. Started out with a quiz and it looks like most people did fairly good. I thought it would take 10 to 15 mins and ended up taking 30 mins. I miss having Ashley L in class to judge how long quizes and test should take (double to triple Ashley's time).

Our new Ashley started out the class reminding everyone how easy it will be to fool me on the quiz as I never find mistakes anyways.

Camas is working at Sportsman but just for the discount.

Jason is back but missed the homework so he was laughing when he took the test.

Jeff is into Amway.

Haven't found out what everyone else does.

Homework:

•E3-19
•E3-21
•P3-28A
•P3-29A
•P3-30A
•P3-32A
•P3-33A
•P3-34A

Chapter 2 has come and gone

Finished homework last night so we will have a quiz come next Tuesday. Then start chapter 3. Had a fun class with everyone participating. Ashley was giddy most of the night. She did a great job on leading us on one of the questions on the chalkboard. I made lots of mistakes as usual. Glad everyone helped me through or we'd still be figuring out the questions.

Missed Jason and Deva. Two in a row for Deva so wondering now if she's MIA forever.

Homework:

Read Chapter 3

Wrapping up debits and credits

Heard a few yawns last night. Deva and Jeff were MIA. Started homework after finishing up the chapter lecture. Got to the problems so will hopefully get all the homework done on Thursday.

Thanks to Jason and Jon for providing calculators for the class. I'm sure we could be quicker in the problems if we don't have to wait to add things up. (Meaning, do your homework before you come to class).

Good participation as a whole. Ashley hides on the side but participates when called upon. Camas tries to hide at the back but with such a small class everyone has to take a turn.

Started hearing accounting terminolgy during our homework problems. Music to my ears.

BYU had a big win over the weekend. Brownie points to anyone congratulating me on the big OU win.

Homework:

Finish homework assigned for chapter 2

Hitting the semester running

Lisa showed up to class increasing our enrollment to 9 in all. Everyone else showed up for the second class in a row. Guess I didn't scare anyone away yet.

As always, I can't tell if anyone likes the class. Accounting may only be an interesting subject to me.

Finished off Chapter 1 by looking at simple financial statements. Tackled chapter 2 and assigned homework.

Chapter 2 introduces many fundamental accounting principals. Main ideas from lecuture include the accounting flow, double entry accounting (debits and credits), "T" accounts and the Chart of accounts.

The accounting flow is as follows:

1. Transaction occurs
2. Source document is generated (reciept or invoice)
3. Transaction is recorded (journalized)
4. Journalized transaction is posted to the ledger
5. All ledger accounts are summarized in the trial balance.
   

The next concept is something that is dear to any accountants heart, Debits and Credits. Below is the model that we will use to help us journalize any transaction.

Also inherent in the model is the normal balances for each account. Normal balances are debits for assets and expenses, Credit for liabilities, owner equity, and revenue. We will do about a thousand transactions using this model and it will become second nature.

I assigned a bunch of homework. We will get through maybe half (if we are lucky) on Tuesday. Less if we are not. Don't get overwhelmed by the homework load. We will go over the questions in class. Hopefully by next Thursday these questions will be a piece of cake.

I hope to change the girly music soon to appeal to our male contingent. Haven't gotten to it yet. Although I'm kind of a girl when it comes to music and movies. I have 5 younger sisters so have seen my share of Grease, Dirty Dancing, etc.

Homework:

Read chapter 2

E2-17
E2-20
E2-22
E2-23
P2-27A
P2-28A
P2-29A
P2-31A
P2-32A
P2-33A
P2-34A
P2-35A

First day of class 2009

Nice surprise to see so many males in class. As I said in class, last year I had 13 females so it made all my sports references moot.

I remembered Camas after class. He's the guy behind the ski adjusting counter at Sportsman. I need to get some ski's adjusted this year so maybe I can get special treatment now. ha. Glad his dad is making him take this class.

Jeff is married. Didn't say if he has kids. Jason and Jon I think are married as well. I think I remember Deva and Ashley say they weren't married. Deva says she's bad with money so needs to take this class. Ashley has 20 credits. Crazy.

David worked/works? for Semitool. Must be involved with purchasing somehow.

Patrick ran and owned some businesses before. Sounds like he took care of the books for the company. Good experience.

I tried to keep everyone awake. As you hopefully can tell, I'm pretty casual during class. If I can make a joke, I will. Some will be humourous, some will make you groan. Anything to get a response.

I'm gonna have to bring a clock or I'm going to go crazy. Terrible to not know what time it is during the lecture.

Here are the instructions for My Accounting lab:

To register, you will need a student access code and a course ID. If you purchased a new textbook, it should have come with a Student Access Kit that contains a code you can use to register. If you do not have a Student Access Kit, you can purchase access online with a major credit card.
Course ID: XL0E-B1KR-001Y-9K72
Course Name: Accounting 8e 201

1. Go to www.myaccountinglab.com and click the Student button, in the Register section.
2. Enter the course ID, XL0E-B1KR-001Y-9K72 and click Next.
3. Choose to register an access code (came with your new book) or purchase access if you don’t have an access kit/code.
4. Click the button to proceed to registration.
5. Follow the instructions to create your account (school zip code required to complete).
6. Click the link to login. You’ll be directed to www.myaccountinglab.com, where you can enter the user name and password you just created. Click the login button.
7. The first time you enter the site, you will need to choose how you will work in MyAccountingLab. Select the " I am taking a course that is using MyAccountingLab, and need to enroll in my instructor's course." option.
8. You’ll be asked to enter a course ID. Re-enter your course ID, XL0E-B1KR-001Y-9K72
9. Be sure to click on the Browser Check link on the Announcements page or in the upper right of the screen the first time you login and anytime you use a new computer. This wizard will walk you through the installation of the software you will need to use the MyAccountingLab resources (such as Flash).

Note: the software may already be installed in the school lab, so in that case check first with your lab administrator.

Homework:

Read Chapter 1

P1-33A

New semester starting

Picked up the new version of the textbook. This version weighs about the same as the last. Too bad they didn't split up the book into two halves.

Any former students still listening to music or following the blog? Leave a comment if so. I'll try not to tease you about being such an accounting geek.

Looking forward to a good semester starting next Tuesday.

Final post of the semester

Test tonight. No more homework. Summer is here. Breathe a sigh of relief.

I'll have grades by next week. You can email me for grades but I'll probably just ignore you until I have anything to report.

One last bit of news from the Pitcher household. We had an ultrasound on Monday and found out we are having a girl. I thought it was going to be a boy but am not at all disappointed with it being a girl. Got to love the thought of daddy's little girl. My first girl is spoiled and I'm sure this one will be more spoiled.

Link to me on LinkedIn if you want to stay in touch.

Last day of class

It was a good semester. Can't believe it's gone already. Looking forward to a good summer. Hope everyone stays in touch. The final is on Tuesday at 7pm.

Here is the last quiz of the semester.

Quiz:

Please list off the top 10 things (or more) you remember most about Acct 202. This can be topics, learning points, tangents, Doug-isms, etc.

Please leave in the comment section of this post or email me if you can't figure that out.

Second to last class

Finishing up the semester with some activity based costing. Ran through the chapter and assigned homework. Gave a quiz on variance calculations to start the night out. Probably have one more quiz to round things out. Will have it posted on Thursday.

It's been a good semester but looking forward to the summer.

Homework:

•P24-25A
•P24-26A
•P24-27A
•P24-28A

Project

Well the day is finally here. Project is due tonight. That means we are almost to the end. One more little test and maybe a quiz or two left. The final is May 12th which is also the last day of class.

We Finished chapter 22 and started chapter 23. I gave out homework but would be surprised if anyone did any of it.

Homework:

•P23-26A 1, 2, 3
•P23-27A
•P23-29A 1,2

Chapter 22

Gave back the test and everyone looked overjoyed from the results.

Project due next week. Got through chapter 22 and one question for the homework. Spent our time talking about budgets for business and personal endeavors. Key is to do one. You'll come up with what works for you.

Homework:

Chapter 22 -

•P22-23A
•P22-24A
•P22-25A

Chapter 23-

•P23-26A 1, 2, 3
•P23-27A
•P23-29A 1,2

Test Day

Got to class late so everyone could fill out the surveys. Guess from here on out I don't need to try since that's over with. Yes, I do try to be entertaining occasionally. It's not the easiest task to keep people awake during process costing at 8pm.

Julie informed everyone she got fired from Huhot. She's had a run of bad luck in the job market lately. I've been told if you get laid off but are going to school you don't get unemployment benefits. Pretty sucky.

Project due date is fast approaching. Haven't had any turned in yet for review. Not required but might be a good idea.

Was asked to teach next years night accounting class again. Poor people. Don't know what FVCC has against you poor students. It's one thing to come back to ACCT 202 in the winter after taking 201 from me. You kind of know the torture you're putting yourself through. It's another thing entirely to doom students to a semester of my unsilly jokes, unwitty humor, and uninspiring lectures. I hymned and hawed as I'm not sure of my plans for next year. Baby is due in early October. Contemplating moving back to Canada at some point. I reluctantly said yes as they offered me free parking and the highest wages FVCC offers to part-time, adjunct, night class faculty.

Homework:

Read chapter 22 (only 4 chapters left in the book)

Chapter 21

Finished lecture and homework for Chapter 21. Saw lots of fear in everyones eyes about all the contribution margin/variable costs formulas. Hopefully going through the homework helped some instead of confusing everyone. Hard part about it is you can figure out the problems in several different ways. We did one problem and we saw 4 different ways to get to the same answer. I could say my way is the correct way and mark all others wrong but I suppose even I'm not that vain.

Max got a question right last night but was surprised so don't know if that's a good thing or not. Nikki almost made it through half of the class. Josh got his hands on a new truck. Appraisal business must be doing well. Mary-Liz got a car. Hope she has better luck with the car than her hay truck. Tammi had a good...boating trip up the missouri? Julie quit her wretched job at the bank and got a job cooking at the HuHot on 93. Liz is starting her project on Ace Hardware.

I was in a little bit of a cynical mood last night. Made several teasing remarks about engineers, lawyers and about squeezing profit by outsourcing jobs to other countries. Must be the fact of having to come back to school after such a nice break.

Test next class. Make sure Debbie knows she needs to make an appearance finally.

Spring Break

Hope everyone is having a good spring break. Just thought I'd make sure everyone has the homework for next class.

Also wanted to point out how much fun you could be having with your project this week. Just think of how wonderful it would be on a river camping trip to pull out your laptop and analyse a company while your kids paddle the canoe. Or reading out of the accounting text book around the campfire at night. All your friends and family would thank you for the poetic prose for sure.

If you get your project done early, hand it in so I can give suggestions etc.

Homework:

•P21-26A
•P21-27A 1,2,3
•P21-28A 1,2,4
•P21-29A 1,2,4
•P21-30A 1 (break even point), 2,3

April fools

OK, I can see you are way too smart for me. I was hoping I'd get a lot of hate mail come my way but suppose even if I had class next week no one would show up anyways.

We got done most of the homework last class. One question left and I could see most had not attempted the question so I sent everyone home to at least try it before I went through the question.

Tonight we will finish homework from chapter 20, start lecture for chapter 21, then go over the test for the unit. After spring break we have one class to wrap up chapter 21.

CVP analysis is way more fun than process costing so hopefully I can keep everyone awake tonight.

Class next week

I just wanted to let everyone know that we are way behind in our lectures and homework so will need to hold class next week during spring break.

Please let me know if this will be a problem.

Chapter 20 class

Got done the homework and gave out a quiz for chapter 19. Started the lecture for chapter 20.

Lost some people on the equivalent units part of process costing. We'll do more tonight so it makes more sense.

Love to get updates from students when they are not in class. I often think they just decided to skip so they don't have to sit through another boring accounting class.

I was thinking the below excuse would have been something Ashley could have come up with. Alas only our friend from the north would have something like this happen to her. I think she's telling the truth. How could you actually make this up and expect anyone to believe you.

Actual email from student:

I wanted to let you know I'm not sure I am going to be able to make it in to class today. It was very cold and snowing this morning so as I always have to when it's cold, I started my hay truck to warm up as it is a diesel. I thought the truck died in the driveway, but when I went out it was gone. The emergency break failed and the truck rolled through the yard, through a fence and down an embankment... and hit a tree... so, I am stuck waiting to see if it can even be fixed, and how long that will take.

*************

This email made my day.

Homework for chapter 20

I'll update further tomorrow. Chapter 20 homework.

Homework:


•P20-24A
•P20-25A
•P20-27A

Project cost

Went over project costing chapter after arguing about what's best for the economy, AIG executives etc.

Discussed some project questions and told everyone if they don't have any questions it's because they haven't started yet.

Tune gave us inside news that Semitool is laying off another 33% of their employee's. Yuck.

Got through the slides then ran through one homework question.

Probably be a quiz on this chapter.

Homework: Finish homework assigned in last post. Read Chapter 20

Test review and chapter 19

Spent a bit of time going over the test last Thursday. Cash flow was a big question. As a whole everyone did really well even though several of you said you failed this test.

Started Chapter 19 which is on project costing. This type of system is used whenever you want to identify the costs for a particular project, activity, etc. Usually it's pretty apparent as to when you would use project costing. Sometimes for efficiency reasons you don't want to do project costing as it does add some detail level that has to be maintained in your system.

We will go over process costing next chapter. We looked at manufacturing wake boards as a process costing system. For those of you that didn't know what a wake board is I explained that it was what you put deceased bodies on. I know most of you are very twisted and becoming more and more accountanting types as I heard lots of snorts and laughter.

Project is due April 30th. Keep on task and do a little bit each week so it's not overwhelming at the end.

Homework: Read chapter 19


•E19-20
•P19-25A
•P1927A
•P19-28A – Step 1, 2,4

New Orleans

Had a great time in New Orleans. See my other blog for in depth coverage of the conference.

Had a few good stories. This one is probably the funnest (non-incriminating), stolen from the other blog I do.

Food at conference overall has been good. Great food around the area. Went to Palace Cafe last night and had a great seafood plate. The night started with a dinner invite with Rick from Ascentis. We cabbed it to some local restaurant up Canal Street. After sitting down to a meal we discovered they only accepted cash. Rick didn't have cash so we ended up waiting outside for a half an hour for another cab. Beautiful night so it was nice to be outside. After a great meal at Palace Cafe Rick tried to pay with his one and only credit card. Which ended up being declined. We watch a grown man sweat, turn green, cry and almost pass out and am pretty sure he was begging the waiter for a job in the back to do dishes. We let him off the hook but probably will have some explaining to do to Linda for the hefty bill. ha.

**************

Rich came by the next day (I changed the name from Rich to Rick to protect him a little bit and I doubt anyone is reading this blog so no need to be too secretive) and he gave us peace offerings of coffee mugs and pens. Nice guy and I felt bad for him but for some reason we couldn't stop laughing at him (with him) while this was all taking place.

My roommate did snore. I was surprised I got any sleep actually. We didn't come in before 2 am any night so it didn't make much difference anyways.

Giving a test tonight. Mary-Liz is MIA. Anyone find out the scoop on her?

Everyone said they spent the whole week studying for this test. I expect high flying grades. Although Ashley did admit she did most of her studying on chair 1, 4, and 7.

Scratched 2 MC questions already and the class in only 25 mins in. Could be interesting marking this one.

Homework: Read Chapter 19

Materials, WIP and Finished Goods

I caught 3 or 4 people nodding off last night. I started making faces at everyone to see who was paying attention. I didn't see any reaction and think a few people were thinking I was having face spasms. I also said something like raw materials could be nails, lumber, dogs, cats...didn't even see anyone flinch. At least I can entertain myself. I'm always glad when someone leaves then comes back. I often think "that's the last I'll see of Michael" then in 10 mins or so he wanders back in. ha.

Chapter 18 is the introduction to management accounting. We don't get too detailed but give you the outline of what happens in a cost accounting system. Future chapters will go into Process costing, job costing, analyzing, break even etc.

Mary-Liz sounds like she's had some experience with all this. We are talking A, B, and C's and she's near the X, Y, Z's. It's basic at this point. Don't get frustrated.

Homework next class and Test overview. Don't miss the fun.

Analysis overview

Started off looking at a couple of companies for analyzing. Target had an easy downloadable excel tool for their financials. Others from PDF aren't too good but can get some numbers into Excel but doable.

Went over homework. I use the term "went over" lightly. Put the answers up on the screen for everyone to check their work. Started chapter 18 which is a shift in topics. Introduction to management accounting. The introduction chapter is a little fluffy but that only makes for an easy chapter test. Two more classes left before we have a week off. Next Tuesday we have the rest of chapter 18's lecture. Next Thursday is homework and test review. Test will be March 17th.

Got permission to send out a students project from last year. They want royalties on any money I make off it so make sure you pay me lots so I can share the wealth with them. Contact me if you don't get an email in the next hour.

Homework for next Thursday:


•E18-20
•P18-26A
•P18-27A
•P18-30A

Financial analysis chapter

Tried to make the lecture as painless as possible. Hard to do when all that's in the chapter is going over innumerable formulas and problems. The fun stuff was looking at both horizontal and vertical analysis methods. It will hopefully make sense when we do the homework next class.

Next class I'm thinking of going through the homework questions then choosing a company to do a little analysis on so you can see how I'd do the project.

I'll email out some sample writing formats and Excel analysis.

Ashely tried using a computer in class then ran out of battery half way through. Poor thing had to actually pretend to pay attention some of the time. Debye was yawning. Tune talked about tuff times at Semitool. Liz made me laugh about something. Can't remember what it was but was something about every answer is "it depends" (I think). Mary-Liz told us how many jobs there are up in Eureka. Zippo.

Homework is listed on the last post. Only addition to that would be coming to class with the company you want to analyze.

Homework chapter 16

Gave a quiz tonight. I'm sure some of you are thinking "I can't believe this class is so easy". Not to fear, some challenging stuff is ahead. Although it still just seems to me like we are hanging out, having fun, talking about accounting. Some of you asked if my wife knows how dorky I am. Yes my friends, she is well acquainted with my inner (and sometimes outer) geeky tendencies.

Finished homework for statement of cash flows. We are onto chapter 17. Should be a good chapter to bring the project all together.

Everyone should be figuring out what company you are going to do the project on. This would include finding the shareholders annual handout etc. Usually you can download this from the web. They are usually a hundred pages or so. Pass it by me if you have any questions on whether your company would be good or not.

Hope doing the homework in class is still useful. I could sense boredom from some of you, relief that it all came together for others, and anxiety for a select few. Here is a summary of the steps to doing a statement of cash flow:

1. Complete P and L and BS first
2. Enter in Net income at the top of the sheet
3. I usually put in beginning and ending balance in so I know what I'm reconciling to
4. Fill out operating activities section (steps 5 through 8)
5. Add back in Depreciation
6. Add or subtract gains or losses on selling assets
7. Add or subtract the net change on all current assets (increase in balance, decreases cash flow or vice versa. Think opposite thumbs.)
8. Add or subtract current liabilities (increase in balance increases cash flow. Thumbs go in the same direction).
9. Fill out investing activities section (step 10)
10. Add or subtract increases in long term assets (Opposite thumbs)
11. Fill out financing activites section (steps 12 through
12. Add or subtract long term liabilities section (same thumb direction)
13. Add or subtract capital section ( Add issuing of stock, subtract dividend)
14. Make sure your ending balances are equal. Find your mistakes.

Only 14 steps. Sounds simple.

Lost my goggles this weekend. I'm sure someone snagged them. Have any good deals on goggles Ashely?

Homework:

Read chapter 17.

Pre homework for next Thursday for you ambitious types:


•E17-20
•P17-24A
•P17-25A
•P17-26A

Statement of Cash Flow

Went over the test. Everyone did fairly well as a whole. Handed out project. I'll post samples in a few days a blog specifically on the project.

Got done most of Chapter 16 which is statement of cash flows and assigned homework. Tried to keep the class entertaining with stupid accounting jokes on the slides. Hopefully most people stayed awake. I know Sheila was having a struggle with that.

Josh was happy with his test grade. Think Mary-Liz and Nikki wanted a better score. Michael was expecting the worst but was OK with what he got. Tami was disappointed with her grade but found an extra couple of marks to bring her score up a bit.

We will go over homework on Thursday so hopefully it will make everything come together. This is a thumb chapter so you can put those digits to good use again.

Homework:


•E16-29
•P16-35A
•P16-36A
•P16-44B
•P16-45B

Test night

I can sense the anxiety in the room. People are sweating. I've caught a few dismayed looks. Relax the first test is over. It's all down hill from here.

I will present the project next class so you will want to be here for that. It ties in with chapter 17 which is in this unit.

Happy Valentines day and President's day weekend. Bought my wife roses tonight so I could make sure I get them to her before Saturday. Seems like if I don't do it a day early I forget. Truth be told this is the first time I've remembered Valentines day. I hope she doesn't wonder what I did to feel the need to go through the hassle of flowers. I hope I'm not the only guy that is terrible on days such as this. OK, another truth, part of me thinks if I get her roses for tomorrow she'll let me go skiing on Saturday. ha.

Homework:

Read chapter 16

Bond wrap up

Spent the class on bonds. Gave a quiz and went over the answer. The question is similiar to a question on the test. Didn't have much time to go over all the homework. Think we completed 2 questions and the quiz. Had a hard time getting through on the comparing to market rate question. It always is confusing to see the spreadsheet listed as it is.

If you want a set formula for discount versus premium it's this: If market rate is higher than our bond we sell at a discount. If market rate is lower we sell at a premium. Discount means lower than par, premium higher than par.

I sent out the homework answers to everyone I had an email for. If you didn't receive it email me and I'll send it again.

Went over the test so everyone know what to study for. Hopefully that helps in your preparation time. Remember, you can bring in a regular size paper as a cheat sheet. Hopefully that helps your study preparation as well.

Here is the quiz question so you can work it again if you like. This was at a premium. Should also know if it's listed at a discount.

On March 1, 2008, a corporation issued $60,000, 5%, 15-year bonds at 115. The bonds pay interest each September 1 and March 1 and the corporation uses the straight-line method to amortize premium or discount. Prepare entries for the issue of the bonds, for the first interest payment and for the adjusting entry on December 31. (10 Points). (Anyone remember what page the book goes over something like this? 7xx something a ruther.)

Test on Thursday.

Bond, James Bond

Already to the third chapter in the semester. That means it's test time. The first test is scheduled for next Thursday. We spent some of the time discussing bonds, interest rates, buying and selling at a different rate than the market rate.

Hopefully I said everything correctly last night. I always get going a hundred miles a minute and say things confusingly. I'd like to pretend I do it on purpose just to make sure everyone is awake but don't know if I can honestly feel good about the deception.

The main points in the chapter revolve around a company that is issuing bonds. So put yourself in the issuing company shoes. Not the one buying bonds. If you issue at a discount that means you don't receive as much money as you will owe when the bond matures. Thus it increases interest expense over the life of the bond. If you issue at a premium you get more money than what you owe at maturity date. Thus decreasing overall interest expense. In all reality, The interest rate you pay overall is pretty well the market rate when the bonds are issued. Hopefully the homework solidifies the concepts.

My favorite quote on interest:

“Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. … Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.”
- J. Reuben Clark

Glad there were several people asking questions. I'm sure everyone had the same questions. It's helpful to the class as a whole. Didn't see Debye in class. Anyone know her status? Tammy's been quiet this semester. Must still have a sore head from her fall. Tune must follow current events as he knew about Icelands banking fiasco. Another link. Josh says his pathology class rocks. I sure everyone says the same about accounting. Mary-Liz decided she'd create a work of art by doing a combined journal entry with interest expense for discounts/premiums. That's what I'm talking about. Fun stuff.

I'll have to do another blog to talk about Nikki's article from WSJ. Probably do that on Monday.

Homework:

•P15-31A
•P15-32A
•P15-33A
•P15-38B
•P15-39B
•P15-40B

Homework chapter 14

Struggled last night with a couple of questions but hopefully didn't get everyone totally confused. I think we got to a point where we had all the questions answered. Finished homework for chapter 14. Treasury stock, stock splits, dividends etc. I could see some people going cross eyed. Hopefully the worst is over.

Have chapter 15 coming up which is on bonds. Here are a couple of sites that have bond infomation. Wikipedia, Yahoo, and basics on bonds.

Chapter 15 is typically a difficult chapter to get your head around. Everything seems opposite. Please read the chapter before coming to class.

No quiz but one will be coming in the bond chapter. Lucky Ashely was stuck counting stock instead of sitting in class. Max got 2 questions right last night. High five. Josh has a good calculator that always gives the right answers. Did you do the homework before coming to class?

I find that those that actually do the homework before class have a huge advantage over those that don't. Just makes sense.

Let me know if you'd like the homework spreadsheet for last chapter and I'd be happy to send it out. (not the one for next chapter yet).

Homework:

Read chapter 15

Chapter 14

Good stuff last night. How much more fun can you have in talking about stock dividends, splits, treasury stock and retiring stock. A lot of good interaction and discussion. I think I went off on about 6 different tangents the first one being this blog and recommended books etc. Funny how I can talk for 10 mins and finally realize I'm on a tangent. You guys do that on purpose don't you.
Question about reverse stock splits. Here are a couple of resources. Wikipedia, MSN Money, and Motley Fool.

Julie referenced a joke I had last semester after we discussed putting *Assumed number on the test if you don't know anything. Here is the joke. Click on picture to see it clearer. So if you don't know anything at least amuse me. I would have given at least 1 mark for this for creativety. ha.


Josh almost stayed awake for the entire class. Ashely made it known that we never get out early so the class just better write off their life from 7 pm to 8:50 pm each T and Th. Irina was too nice to offer my former students less for their textbook. Asked Debye a question for the first time and she passed with flying colors. Hadn't heard her speak before then. Some students are more under the radar than others. Tune packs up his books at 8:30 pm. My goal this semester is to be so interesting that he actually forgets to pack up early (at least during one class period.)

Homework:
•E14-16
•P14-26A
•P14-27A
•P14-29A
•P14-39B

Homework Chapter 13

Well, we spent longer doing homework that I thought we would but hopefully doing the questions in class is beneficial. I tend to drag questions out and talk really slow and boring like but I didn't notice anyone nodding off none the less.

Glad no one yelled at me for doing that formula wrong. I remember I did the same thing last year and the students got mad because I was confusing them. (well one or two students). It's a learning process. Hopefully going through the questions make it easier to remember the concepts.

We will start chapter 14 next class.

Homework: Read Chapter 14

Chapter 13 Lecture Finale

Had a few people missing last night (Penny, Debye, Julie, Tami) but the crowd that was there were animated. Started off by talking about the stock market which led to buying or selling stock. Discussed IPO's and reasons companies sell stock. Max gave us all a hot stock tip. I followed up with the best stock tip I know which is "buy low, sell high". Discussed stocks, mutual funds, broad based index funds, etc. Probably went off on a few too many tangets but everyone seemed to follow along easily enough.

Discussed declaring dividends, paying dividends to preferred and common stockholders.

Nikki used her extreme faith and prayers to have the computer turn off. She tried to pass it as a sign that we should be done however after a quick reboot we were back in business.

Found out Mary-Liz lives up in 10 Lakes by Eureka and has a 2 hour drive to get home at night. Now that's dedication. I better make sure class is worth all that driving. Iyrna works at a bank. Tune is one of the Semitool surviors (for now). Josh is an appraiser.

Finished (almost) the lecture for chapter 13. Will go over homework in the next class.

Homework:

Email me so I can have your contact info (If you haven't already)

•P13-29A
•P13-30A
•P13-32A
•P13-33A
•P13-41B
•P13-43B

First class of 2009 spring semester

Always exciting to start a new semester. Interesting that there are only 5 students from the first semester night class and 10 from either the day time schedule or returning after a few years break. Hope everyone can stay awake at such a late hour.

Great to have a bunch of new students so I can tell my stories all over and not worry if everyones heard them before. Found out Josh is an appraiser. I hope I don't call Michael, Max all semester. Nikki must know Michael somehow as they were sitting together. She usually sits in the front by Tammi. Penny sounds smart. Needs to get on the role as I had to write her name in. Mary-Liz must not be from Kalispell as she said "People around here".

We went through the syllabus and calendar. Discussed the project a bit which is analyzing a company of their choice. I'll give further detail around chapter 17.

Started chapter 13 which is about corporations. Had a few questions about Par Value. Click on the par value link and you can see more information regarding this.

Heard that Julie is heading to Seattle to support her father who is having open heart surgery. Our thoughts and prayer go with her.

On the other hand Tami is going to Arizona to play. Catch some sun for us.

APB goes out to Carrie K, Amanda B (did she have her baby) and Ashley H. If you see them tell them the class sounds easier than ever and they should sign up for another semester of fun.

Homework: Read Chapter 13 (missed telling people this, we'll see who actually reads this blog)

Also, email me your email address so I can have a contact for you.

Back to school

Had a good semester break. Went skiing several times, bum leg and all. Looking forward to a great semester. I see we have 13 students signed up right now so who knows what we'll end up with.

I'm at a adjunct faculty opening semester session. I forget how it feels to be a student so it's good for my soul to sit through a few sessions like this every year. Remind me to go off on tangents more often to keep things interesting.

Classes start next Tuesday so we'll see everyone then.