Accounting 610 – Accounting in a Corporate Environment – Week 3

Week 3 – Income Statements and Static Budgeting

On the flip side, we moved down the financial statement reporting package and focused on the income statement. We worked through the income statement and the many facets and portions of it,  including any management interpretations of the results and biasness introduced by it. For the management side we dove into budgets, which is kicking off the most valuable part of this class. I remember attending a controllership training session at my first job. Everyone there wanted to know about how to budget. It’s not something that comes as innate with the job, and it is the most valuable add for the role. My past includes mostly sales budgeting experience, I always seemed to work well with the sales team. I also spent two years doing nothing but hard core operational budgeting and learned a lot about how a healthcare organization works. I wish that role would’ve led to something more interesting because of how much effort I put into learning that system, but I felt there were greener pastures than being a non-clinical employee for a not-for-profit hospital system. However, I digress, we continued this week working on budgets, more of an overview, because we will be deep diving this more in week 4 and week 5.

I will also add this is the week I spent most of camping, first with the Cub Scouts (3 days) and then the Boy Scouts (6 days). I did come home during the week for one day where I wrote a paper for 12 hours straight, then read the managerial accounting textbook when I could get time back at camp. This was one of the more stressful weeks of my life, mostly because of the heat and lack of quality sleep, as well as working on my small Chromebook and tablet device. I made it work though. I did very well on the paper though and got full credit on the managerial accounting assignment, which is encouraging given how uncomfortable camping is in hot, humid, and rainy weather.