Summer Review II

June seems like it just whizzed by, right? The heat swelters across the Forty Acres; time seems like it is merely an illusion, as days pass by like water under the Congress St. Bridge while minutes by the lake linger lazily on. Perfect for a cup of coffee and a little bit of review.

The week was not completely eventless though: …..click here to read more

Summer Review I

We all know that championships are won during the off-season. It is this additional preparation that gives contenders an advantage months down the road. Thus, this column will conclude with an accounting concept every week for the next several installments or so. Whether you are just entering the program, a fourth-year student about to take on Intermediate Accounting, or about to finish up, the concepts to be presented should help enforce (or even set) the foundation for what you will see in the next couple of months.

As usual, though, I will begin with some interesting news bits from this past week.

The Sixth Sense?

Researchers from the UMass Medical School say they may have detected a gene that allows people to detect magnetic fields via the retina. Although research is early, they say that this extra sense would be mostly involved in sensing spatial orientation. Read more from the New York Times.

Wal-Mart Stores, Inc. v. Dukes, et al (2011)

The U.S. Supreme Court ruled Monday that a case brought before them could not be tried as a class action lawsuit. A woman accusing Wal-Mart of sexual discrimination tried to file a class action lawsuit with about 1.5 million other women. The Court, however, threw the case out because of a lack of commonality. Justice Scalia, who delivered the opinion of the court, wrote “A regional pay disparity, for example, may be attributable to only a small set of Wal-Mart stores, and cannot by itself establish the uniform, store-by-store disparity upon which the plaintiffs’ theory of commonality depends…[R]espondents have identified no ‘specific employment practice’—much less one that ties all 1.5 million claims together.”

Commonality is “the rule requiring a plaintiff to show that ‘there are questions of law or fact common to the class’” and requires the plaintiff to “demonstrate that the class members ‘have suffered the same injury.’” The Supreme Court did not actually rule on the Title VII violation accusation (which actually caused some dissent amongst the justices because of the timing of the dismissal along which this decision sets a precedent), but, rather, it may have established what is necessary in order to file a class action lawsuit in the first place. The New York Times article may be found here.

 

Summer Review: SFAS No. 5

It is my intention to go over what I would consider the Ten Essential FASes this summer. SFAS No. 5 is a classic.  This statement is known for its ambiguity because it is so overarching; however, it is because it covers so much—especially in principle—that makes it essential for understanding the nature of accounting. …..click here to read more

New to UT: III. How Do I Get Football Tickets?

I once heard that the athletic budget at UT was larger than the GDP of a small country. If there is anything bigger than MPA on campus, it is the football team. I remember Vince Young edging into the end zone like it was yesterday, and I still get chills every time I see the replay too. Needless to say at this point, the football team was a big part of why I attended Texas, and if there is any benefit to being a student here, it’s that you get to see a team in the upper echelon of college football royalty play for only a marginal cost.

First though, some thoughts for the week:

Memorial Day

Memorial Day, originally “Decoration Day,” was first celebrated in 1868 to commemorate the Battle of Gettysburg, although the date was intentionally chosen to not coincide with the date of the battle. As time progressed, however, Memorial Day’s scope increased to honor the fallen of all American wars. Congress made the holiday official in 1968 under the Uniform Holidays Bill, which also established Washington’s Birthday and Veterans’ Day as official holidays. As someone who treasures freedom, I could not let this holiday pass without giving a space in my column to those who have died for me to have it, for it takes true courage to put your life on the line for this ideal. (Imagine the lifestyle in which the rights that we consider “unalienable” can be taken away for merely disagreeing with those in authority.) Thus, I leave this paragraph to honor those who gave their lives for my freedom generations later and to support those who answer the call to protect the threat of that freedom when needed. 

The Fifty Best Burgers in Texas

The Stodg, found at The Porch in Dallas, is cooked over hickory wood. It's hard to fathom that this behemoth is only No.6!

In my very first blog post, I mentioned how I have been trying to complete the AFI Top 100 movies. Well, another one of my lists is based on an article published in Texas Monthly nearly two years ago. This article ranks the fifty best burgers in the state. (Seeing as how most public accounting firms have a mandatory retiring age, I figure I’ll have time to open a restaurant once my auditing days are done.) Perhaps not my healthiest endeavor, it is interesting to see how these different establishments set up their businesses and to see the many different ways there are to just cook a burger. Personally, I find that I am partial to those cooked over a wood flame, but that can be compensated for if the quality of the meat is top notch. Thus, I realize that not all of my readers may like the aforementioned classic films, so hopefully curiosity to try a solid burger would be more relatable…and palatable.

Do you really go around trying different kinds of burgers?

Yes, even if it is just for business purposes. As a business student, I like comparing strategies of different companies to see what works, what doesn’t, and why. For example, what qualities distinguish Wal-Mart and Whole Foods even though both fundamentally sell groceries? Similarly, it is interesting to see a chain like Jack-in-the-Box with an incredibly diverse menu that extends to tacos and egg rolls succeed at the same time that the local Mighty Fine thrives on having a menu that nearly consists of only its burgers. Thus, for me it’s not only to taste awesome food, but it’s to see what simplicity can do for metrics such as throughput, quality, training costs, economies of scale, etc. 

But you really want to hear about how to get football tickets…  …..click here to read more

New to UT: II. Do I Need a Car?

This matter is obviously one of preference. It is a question I receive often though, especially from incoming freshmen, so I decided to address it here. There are some pros and cons to having a car as a UT Austin student that I will cover, and even though I believe that it is not necessary to have a car, at least my reasoning will be transparent enough.

First, some highlights from the past week…

Congratulations for Graduating!

Congratulations to all the UT students who graduated this past weekend. I’d like to give a special shoutout to my roommate of four years, who probably deserves a medal for tolerating me for eight semesters. Congratulations on graduation and on your full-time offer!

The Rapture…

…either didn’t happen, or we all got left behind. I hope for the former. In case you didn’t hear, Harold Camping, an 89-year-old retired civil engineer in California, predicted Judgment Day would occur on Saturday, May 21; the prediction did not manifest. Nevertheless, the most famous end-of-days prediction in U.S. history occurred in 1844 when William Miller predicted the second coming would occur on October 22, 1844. Many followers gathered in anticipation (some even quit their jobs) of this prediction and waited all day only to discover that nothing happened; as such, this event was known as “The Great Disappointment. 

Bee Week

May 29-June 4 is Bee Week in Washington DC, and it is probably one of my favorite events of the year after the NCAA Basketball Tournament.

In what I would now describe as a hyper-recruiting-event-like party, contestants and their coaches and families (usually the same people) stay in the Grand Hyatt for a week. While there, contestants engage in meet-and-greets, game nights, several tours throughout the nation’s capital, a barbecue, and a final banquet. Wednesday and Thursday are set aside for competition, however, as students (none past the 8th grade are allowed) try to spell their way to a $30,000 cash grand prize (and about an extra $10,000 in other prizes). To gauge the types of words these spellers face, Scripps Howard offers this sample test

And back to the main topic…

Do I Need a Car? …..click here to read more

New to UT: I. Where Do I Live?

After taking some time to destroy my finals (and vice-versa), I sit back at my computer, relaxed and ready to make some noise on the web (and the Millennium Lab) again. Summer shines its face upon Austin again, whether you’re driving along Mopac watching the green leaves of the trees waving at you as a smooth summer breeze floats by or watching the sun smile upon the lake as you stroll along the Congress Avenue Bridge.  As such, my next several entries will be shorter so that I can go outside.

This next series, as promised, will address some questions I sometimes hear from incoming students. Because a mixed audience may be reading this (1st years, 3rd years, and 5th years), I will try to avoid over-generalizing and be more specific on my thoughts on each of my outlooks.

First, though, a couple of tidbits from the past couple of weeks:

Dallas Mavericks

I admit: I was a doubter of the Mavs and have been for the past five years or so, especially after that debacle against Miami in the finals. After praising the Lakers since the off-season—the 1980 off-season—Mavs fans have my full attention. Please don’t ask me to root against Kevin Durant though…

Kutcher to Replace Sheen

Warner Brothers announced that Ashton Kutcher will replace the estranged Charlie Sheen on the CBS sitcom “Two and a Half Men.” Kutcher is best known for his parts in “That 70s Show” and “Punk’d.” Kutcher will have to undergo a blood test before he is officially signed on as part of a new policy initiated by the Warner Brothers legal counsel to check for abnormally high levels of tiger blood. (#kidding)

Vocabulary Boost?

Merriam Webster published a list of words to add pizzazz to your everyday vocab. These words are supposed to add an extra kick of sophistication and spice to your conversation skills.

Anyway, on to topic…

Where do I live?

I get this question from incoming Longhorns pretty frequently. Honestly, it’s a matter of taste. Some people like quiet, some people like proximity, some people like partying, some people like price. Here are my thoughts on the subject… …..click here to read more