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ACC 323 Extra Credit Opportunity Tasks: Identify a person who works with company financial statements on a regular basis

Accounting

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Tasks:

• Identify a person who works with company financial statements on a regular basis.  This person ought to either prepare financial statements, or analyze financial statements.   You might find a person who is working as a financial accountant within a company, or a loan officer at a bank, or an investment analyst.  Academics and tax preparers are generally not good targets for this assignment.  If you interview an auditor, make sure the interview focus is industry specific US GAAP and not the auditing process.

 

• Get familiar with the company and/or industry this person works in.  Do research to identify the industry specific accounting elements that must be accounted for, and the specific US GAAP rules that need to be applied. It is important to be somewhat acquainted with the business and industry so your questions will be relevant, about industry specific US GAAP, and so the person you interview will be impressed with you.

 

• Secure an interview appointment with this individual.  Often business personnel are excited to participate in the education process and are happy to spend a half hour or so with a student answering their questions. 

 

• Create a list of at least 10 interview questions designed to investigate the industry specific US GAAP rules this person applies in their work.  Reference your ACC 321 & 323 materials, and consider how US GAAP rules differ in different industries (i.e. construction, health care, airline).  Compose questions to elicit interesting & relevant US GAAP related info.  Avoid “quiz” questions & questions yielding “yes” or “no” answers.  Make sure your questions are appropriate for the person that you are interviewing.  PLEASE NOTE: points are NOT earned for questions that are not related to US GAAP!

 

• A few sample questions intended to give you ideas, and that you are welcome to use, include: 

1. What are the most common types of temporary difference items that you work with?  The most common types of permanent difference items?  What are some of the more unusual difference items that you see?
2. What portion of the leases that you account for are operating leases?  When did you start reporting the debt related to these operating leases on your balance sheet, and did doing so cause any problems for you?

 

• Conduct your interview.  (No “shared” or “group” interviews.  Each student must arrange for and conduct a separate interview as well as author their own questions.)   Make sure to:       
  • take notes
  • explore surprising or interesting items that come up in the interview
  • be gracious and thank the professional for their time (& send a thank you note)

 

• Prepare and submit a Microsoft Word document using the following format:

1. Your name and seat ID number (bullet point)
2. Name, title, company, & phone number of your interviewee (bullet point)
3. Date of the interview (bullet point)
4. The 10 or more questions you asked and the answers you received (alternating Q & A bullet points).
5. Your experience of the interview process (one or more paragraphs)
6. What you learned during the interview that was the most surprising or interesting (1 or more paragraphs).