First class at ISB

Today I had the experience of first class at ISB. It’s a pre-term on Accounting. It is marvelous. I don’t really have words to explain. Faculty member Mubeen Rafat is too good. Since Accounting was new to most of us (IT guys and gals), so much of class participation. So many questions, so many doubts, from almost everyone in the class. Lot of questions like:

What is an asset?
Who will audit?
Who will pick the auditors?
What if auditors give wrong results?
How will cash become an asset since it didn’t incur any expenditure?
Whether salary is an asset or liability? Etc etc

In the class when mubeen was telling the example like “when we get 100/- from the stake holder and if we could generate 20/- as a profit from that….then one student asked a question like “how will the assets and liabilities get balanced now, as there is some profit generated. (Ofcourse it is a very basic question, but think in the perspective of the student who is very very new to accounting). Then immediately she answered “the extra generated profit 20/- becomes an asset and we are liable to share with the share holders too. So 20/- is to be written in the asset side to balance assets and liabilities. Then one guy immediately asked “Just for the heck of balancing I should write 20 in the assets side?” :-):-).There was one more interesting question. “If the company goes for bankruptcy, how can we show the company money in terms of shareholder’s own property?

But believe me, class was really really interesting or rather I should say interactive. 2 hrs just flew away.

Hmmm. Backlogs started. We are supposed to read the case before attending the Marketing class. Almost 150 pages to read. Few notes to read for other classes too. I should finish everything by this Saturday. Will try my best to finish.