Every now and again, I go to look for my past to see how it has developed. Last night I did just that and I came across this story:
I also remember Duncan Williamson, my instructor
in Financial Accounting. My personal experience with
him was very interesting. There was the last exam, which
I could not attend due to personal circumstances. I asked
the professor beforehand to let me take it separately, so
he gave me a very interesting assignment to complete.
It
was financial statements of 20 unnamed companies from
different industries. I had to determine which statement
belongs to the aviation industry, which to the hotel
management sector or oil and gas production, and so on.
No other hints.
At first, I was shocked. How can I possibly
identify these companies? Luckily, there was and still is
a great library _____. I spent three days there trying
to identify sources of information. Fortunately, I found
a guide from Robert Morris Associates: a guide to all US
companies from different industries. I checked the list and
was more or less sure in 10 companies. For example, one
balance sheet had very large indicators in leased assets.
I realised that most likely these are airlines, because
airlines lease their planes. Thus, I was certain in half of
the answers and the second half I just completed by
trial and error.
I ended up getting a B. I was very happy.
I remembered this assignment for the rest of my life.
I realised that even without any knowledge in the very
beginning you could come to solutions by searching for
information.
I am grateful to this professor for giving
a chance to not fail the course and for giving me such an
interesting assignment.
I have to admit that I do not remember that story but it clearly meant some thing to my former student, wh is now the deputy CEO of a major bank!
DW
28th February 2025