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
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