Accounting Educators

[ex182]

Good afternoon Sir Larry

I just want to ask kung may alam po kayo na good source ng examination questions for Financial Management (specifically for Part 1). Im a part-time instructor in one of the SUC in Manila and currently working sa isang auditing firm here in Makati. Its my first time to teach that subject kaya po nag iipon pa ako ng questions for may test bank. Thanks po.

Hi EMDL.
I'm a full-time instructor here in Cebu. You can get a Financial Management Testbank at the yahoogroup for cpa review (visit the thread on CPA Review) kaso kailangan magpa.member ka muna. Sir Larry has a lot of materials for this though, you'll sure get one from him. I'll inform him about your query.

[ex182]

I suggest you work first for at least two years, take MBA units, then they will allow you to teach part-time. It is even better to start teaching in schools with low passing percentage, because they will even allow you to teach higher accounting subjects even without experience & without MBA units. Puede mong gawing guinea pig ang students nila, the students wouldn't even mind, because you might be better than their more senior teachers. If you go to the better schools, chances are they will ask you to teach basic accounting to non-accounting students. Besides don't teach full-time agad, you might realize it's not your cup of tea and the pay may not be enough to let you live a decent life. Or you can offer your services as a part-time teaching assistant who prepares teaching materials for the faculty. Ewan ko lang kung may mga teaching assistants pa sa mga schools. Si Ex182, kakagraduate lang, pinayagan nang magturo sa alma mater niya, kaya ikaw puede pa rin. May kilala nga ako, nagturo muna sa mga "not-so-good" schools, doon nagpractice, tapos nag-apply sa isang school along Taft, tinanggap agad at mabilis nakakuha ng load for higher accounting subjects. Kailangan lang, habang di ka pa nagtuturo, magbuild-up ka na ng test banks mo, para anytime paturuin ready ka ng magturo at magpa-test nang may kahirapan.

Sir Larry, I hope you can advise me on this matter. I'm pressed on taking my MBA, a master's degree is required within the 3-year probationary period in the academe. The main campus of our school has no minimum work experience for their MBA program, plus 20% lang din 'yong bayaran ko. Kaso po, I don't want to take my MBA now, kasi wala pa akong work experience. I thought na hinding-hindi ko ma-appreciate 'yong masters ko kong wala din lang akong work experience. Gusto ko kasi ma.enjoy at mabibigyan ko ng depth 'yong MBA ko. So what I'm thinking now, is to leave my fate to our HRD whether he'll let me continue teaching in the 1st semester of 2008-2009 or fire me for non-compliance. Ayaw ko talagang mag MBA hangga't wala akong work experience. I'm still keen on helping our reviewees and undergrads who have very poor accounting foundation. And I think Ma'am Jessica wants me to stay for "few years".

[Larry Tan]

Hi Ex182, I suggest you take a non-teaching job for now (preferably audit), stay there two years, then take your part-time MBA at USC & teach. No matter what honors we get upon graduation, real-life work experience is more important when we impart lessons to our students. Or better yet, after your two-year experience, take a full-time MBA at AIM. They give scholarships to at least 20% of their students. Think long-term. You can help students more effectively if you work first then take a good quality MBA than go straight to teaching right after graduation. BTW, you can chat with me thru YM. Regards. Si john ralf & lucky jai ka chat ko almost everyday.

[Larry Tan]

Good afternoon Sir Larry

I just want to ask kung may alam po kayo na good source ng examination questions for Financial Management (specifically for Part 1). Im a part-time instructor in one of the SUC in Manila and currently working sa isang auditing firm here in Makati. Its my first time to teach that subject kaya po nag iipon pa ako ng questions for may test bank. Thanks po.

So far, ang alam kong FM book na maganda ang exercises, problems & test banks ay yung kay Brigham & Houston (Thomson Learning), pero some professors do not like the discussion because wala masyadong discussion on theoretical basis of concepts.

Yung book authored by Ross, Westerfield & Jordan (McGraw-Hill), mas maganda ang discussion pero di ko pa nakita instructor's resources.

Yung authored by Keown maganda rin, kumpleto sa instructor's resources. Ang ayaw ko yung kay Gitman, masyadong procedural ang approach.

BTW, where do you teach, PUP or PLM?

[EMDL]

Hi EMDL.
I'm a full-time instructor here in Cebu. You can get a Financial Management Testbank at the yahoogroup for cpa review (visit the thread on CPA Review) kaso kailangan magpa.member ka muna. Sir Larry has a lot of materials for this though, you'll sure get one from him. I'll inform him about your query.

Thanks a lot ex182. Ill try to visit the group kapag nakaluwag ako from my workload. Wala kasi kaming access dito sa office eh, blocked yung site.

[EMDL]

So far, ang alam kong FM book na maganda ang exercises, problems & test banks ay yung kay Brigham & Houston (Thomson Learning), pero some professors do not like the discussion because wala masyadong discussion on theoretical basis of concepts.

Yung book authored by Ross, Westerfield & Jordan (McGraw-Hill), mas maganda ang discussion pero di ko pa nakita instructor's resources.

Yung authored by Keown maganda rin, kumpleto sa instructor's resources. Ang ayaw ko yung kay Gitman, masyadong procedural ang approach.

BTW, where do you teach, PUP or PLM?

Thanks a lot Sir Larry for the prompt reply. I’m teaching in PUP, my alma mater. I also attended the review sessions in CPAR. I heard kayo po yung naghahandle ng ibang classes sa MAS although I was not able to attend one of your classes. Sayang!

Thanks a lot po sa mga references. May e-book po ako ng Ross, Westerfield & Jordan; maganda nga po yung discussion nya. Would you know kung saan po ako puwedeng bumili ng instructor resources ng Keown? We adopted po yung Moyer, McGuigan & Rao as the official text.

[Larry Tan]

Thanks a lot Sir Larry for the prompt reply. I’m teaching in PUP, my alma mater. I also attended the review sessions in CPAR. I heard kayo po yung naghahandle ng ibang classes sa MAS although I was not able to attend one of your classes. Sayang!

Thanks a lot po sa mga references. May e-book po ako ng Ross, Westerfield & Jordan; maganda nga po yung discussion nya. Would you know kung saan po ako puwedeng bumili ng instructor resources ng Keown? We adopted po yung Moyer, McGuigan & Rao as the official text.

Instructor's resources are not for sale. They are given for free by the publisher once you have adopted the book. But I can give you the contact person - Brian Herrera of McGraw-Hills 0917511-0113. Tell him I referred you to him. BTW, I have the solution manual but not the test bank, yet.

[Galvantic@STS]

hello Accounting educators,

CPAs lang ba talaga ang pwedeng magturo ng Accounting sa college?

[Larry Tan]

hello Accounting educators,

CPAs lang ba talaga ang pwedeng magturo ng Accounting sa college?

Yes, that is according to the new Accountancy Law. Even sa graduate schools, CPA lang puede magturo ng accounting subjects. Pati nga basic finance according to that law, CPAs lang puede.

[fmontserrat]

Salam!

@ Galvantic@STS: I'm reposting some provisions of the Accountancy Law which were also quoted in response to a similar question posted on this thread:

http://www.pinoyexchange.com/forums/...=342394&page=2

SEC. 4 Scope of Practice. – The practice of accountancy shall include, but not limited to, the following:

x x x

(c) Practice in Education/Academe – shall constitute in a person in an educational institution which involve teaching of accounting, auditing, management advisory services, finance, business law, taxation and other technically related subject: Provided, That members of the Integrated Bar of the Philippines may be allowed to teach business law and taxation subjects.

x x x

SEC. 26. Prohibition in the Practice of Accountancy. – No person shall practice accountancy in this country, or use the title "Certified Public Accountant", or use the abbreviated title "CPA" or display or use any title, sign, card, advertisement or other device to indicate such person practices or offers to practice accountancy, or is a certified public accountant, unless such person shall have received from the Board a certificate of registration/Professional license and be issued a professional identification card or a valid temporary/special permit duly issued to him/her by the Board and the Commission.

However, I don't think the law explicitly precluded non-CPAs from teaching accounting subjects, including those offered by universities and colleges without a BSA program; no statement which reads e.g. "Provided, however: that only CPAs are allowed to teach accounting courses, subject to accreditation" or something to this effect. In fact, the only statement which qualified par. c of Sec. 4 was the last sentence with regards to members of IBP being allowed to teach business law and taxation. Even the Implementing Rules and Regulations did not address the issue. Of course, I could be wrong. The Education Technical Council may have already responded to the issue through a memorandum or circular but I have yet to see a copy if there is any.

[ex182]

Hi Ex182, I suggest you take a non-teaching job for now (preferably audit), stay there two years, then take your part-time MBA at USC & teach. No matter what honors we get upon graduation, real-life work experience is more important when we impart lessons to our students. Or better yet, after your two-year experience, take a full-time MBA at AIM. They give scholarships to at least 20% of their students. Think long-term. You can help students more effectively if you work first then take a good quality MBA than go straight to teaching right after graduation. BTW, you can chat with me thru YM. Regards. Si john ralf & lucky jai ka chat ko almost everyday.

Hello po Sir. That's exactly what I'm thinking lately. Walang kapalit 'yong real-life work experience when it comes to teaching. I'll stay on until October this year, may kinausap na akong reviewees from our school na papalit sa akin pagkapasa nila this October. I'm impressed with AIM, I'm reading features about it in the newspaper..that possible 6-digit starting salary once you've completed their Masters program..that formidable line-up of professors..that prestige and "brand" attached to the Institute..that...what? $16k tuition?hehehe San kaya ako hahanap ng ganung pera.hehe

[Larry Tan]

It is easy for CPAs to get a scholarship at AIM. The MBA program needs CPA in class to help out their classmates in accounting & finance subjects. But I suggest, if you are really serious about your plans to take quanti subjects in your engineering college. That is usually the waterloo of accounting students in the MBA. If you are interested we can talk about your pre-MBA preparations.

[Larry Tan]

Salam!

@ Galvantic@STS: I'm reposting some provisions of the Accountancy Law which were also quoted in response to a similar question posted on this thread:

http://www.pinoyexchange.com/forums/...=342394&page=2



However, I don't think the law explicitly precluded non-CPAs from teaching accounting subjects, including those offered by universities and colleges without a BSA program; no statement which reads e.g. "Provided, however: that only CPAs are allowed to teach accounting courses, subject to accreditation" or something to this effect. In fact, the only statement which qualified par. c of Sec. 4 was the last sentence with regards to members of IBP being allowed to teach business law and taxation. Even the Implementing Rules and Regulations did not address the issue. Of course, I could be wrong. The Education Technical Council may have already responded to the issue through a memorandum or circular but I have yet to see a copy if there is any.

Actually I already asked lawyers about this provision, and the proper interpretation, according to them, is that this defines the practice of the profession and any non-CPA teaching accounting subejcts is malpracticing in the accountancy profession. Of course it is always a matter of opinion. If the Board of Accountancy will not actively implement this provision, nothing will come out of it.

[badabing]

If you are teaching financial management, the better books are by (1) Brigham (Cengage Publishing, formerly Thompson Leaerning)

Is this the one titled Financial Management: Theory and Practice?
Authors are Eugene F. Brigham and Michael C. Ehrhardt.
This was a required text on two finance courses I took up for an MS program in FM & IS.
Starting this year though Corporate Finance by Ross will be the main text.

Other books that we used:

Short-Term Financial Management by Maness & Zietlow
Corporate Valuation by Daves, Ehrhardt & Shrieves
Creating Shareholder Value: A Guide for Managers and Investors by Rappaport
Financial Markets and Institutions by Madura
Understanding Financial Statements by Ormiston
Economic Way of Thinking by Heyne, Boettke, Prychitko

[Larry Tan]

Is this the one titled Financial Management: Theory and Practice?
Authors are Eugene F. Brigham and Michael C. Ehrhardt.
This was a required text on two finance courses I took up for an MS program in FM & IS.
Starting this year though Corporate Finance by Ross will be the main text.

Other books that we used:

Short-Term Financial Management by Maness & Zietlow
Corporate Valuation by Daves, Ehrhardt & Shrieves
Creating Shareholder Value: A Guide for Managers and Investors by Rappaport
Financial Markets and Institutions by Madura
Understanding Financial Statements by Ormiston
Economic Way of Thinking by Heyne, Boettke, Prychitko

Hi Badabing,

Theory & Practice is actually advanced financial management, the basic version is Fundamentals of Financial Management, the other books that you mentioned, di ko kilala. Can you provide us with feedback? Kung may instructor's resources ka ng Theory & Practice, exchange deal tayo, meron ako ng Fundamentals from the same author.

[fmontserrat]

Actually I already asked lawyers about this provision, and the proper interpretation, according to them, is that this defines the practice of the profession and any non-CPA teaching accounting subejcts is malpracticing in the accountancy profession. Of course it is always a matter of opinion. If the Board of Accountancy will not actively implement this provision, nothing will come out of it.

I partly agree on the interpretation. But I think it's sort of unfair that the framers of the law included MAS and Finance as courses to be taught by CPAs. Siguro this provision is true for courses which are part of the BSA program. Pero kung Finance majors ang pag-uusapan, mas tamang instructors with a BS-FM degree at significant finance experience ang magturo.

Off topic: Ano pong status ngayon ng teacher's accreditation? Medyo pressured ang aming college kasi kaliwa't kanan ang accreditation (PICPA/ACPAE for the teachers, CHED, PAASCU and ISO for the university).

Quoting a co-faculty: "Anu ba yan, me Masters degree requirement na nga ang school, me Education units requirement pa ang PICPA. Para sa karampot na sahod, mas marami pa tayong requirements kesa sa nag-pa-practice ng accounting!" Sigh.

[Larry Tan]

I partly agree on the interpretation. But I think it's sort of unfair that the framers of the law included MAS and Finance as courses to be taught by CPAs. Siguro this provision is true for courses which are part of the BSA program. Pero kung Finance majors ang pag-uusapan, mas tamang instructors with a BS-FM degree at significant finance experience ang magturo.

Off topic: Ano pong status ngayon ng teacher's accreditation? Medyo pressured ang aming college kasi kaliwa't kanan ang accreditation (PICPA/ACPAE for the teachers, CHED, PAASCU and ISO for the university).

Quoting a co-faculty: "Anu ba yan, me Masters degree requirement na nga ang school, me Education units requirement pa ang PICPA. Para sa karampot na sahod, mas marami pa tayong requirements kesa sa nag-pa-practice ng accounting!" Sigh.

Hi fmontserrat, tama ang co-faculty mo diyan. When it was first brought out in the Accounting Teachers Conference, patay malisya lang mga accounting teachers. Nobody bothered to comply, so ngayon ang balak yata, applicable na lang sa incoming teachers. Ang sa akin lang Accountancy Law nga hindi nila ma-enforce, how much more this accredition things. Besides, hindi naman ni-require ng BoA na i-shoulder ng school ang teachers' training costs.

[badabing]

Hi Badabing,

Theory & Practice is actually advanced financial management, the basic version is Fundamentals of Financial Management, the other books that you mentioned, di ko kilala. Can you provide us with feedback? Kung may instructor's resources ka ng Theory & Practice, exchange deal tayo, meron ako ng Fundamentals from the same author.

I apologize for the late reply I was busy with finance finals and work, also I don’t have the instructor’s resource because I don’t teach. I asked my professor if he would like to loan it but he said he can’t even if he wanted to. Apparently he has an agreement with the book company that he cannot divulge any contents of the manual to anyone much less lend it. However one is on sale at EBay Canada for US$ 50 if you really want to get hold of it. Link is
http://cgi.cafr.ebay.ca/FINANCIAL-MA...QQcmdZViewItem

Re: feedback, I’ll give you my two cents but do take it with a grain of salt because I am a non-finance person and thus have limited exposure to finance concepts, practice and literature.

Short-Term Financial Management by Maness & Zietlow
For the first time I understood the importance of metrics such as DPO, DSO, Inventory turnover, cash conversion, etc. in the firm’s liquidity and cash position. More importantly I grasped how the effective management of short-term accounts adds value to the company. Credit policy, risk management, hedging, derivatives, cash concentration, treasury information systems, payables are just some of the topics covered in the book.
The modeling part is really what is interesting, one model let students apply financing and investing strategies on a given set of financial products and their yields, the objective being to maximize the net interest effect.
Another model, part of a case study, integrates forecasting of sales, derivation of dependent variables, open credit lines, compensating balances, commitment fees by linking balance sheet, income statement and cash flows.
I think there is also model for a lock-box study using Excel’s Solver for optimization.

Corporate Valuation by Daves, Ehrhardt & Shrieves
Get this if only to avail of the valuation modeling tool, called DES, developed by the authors. It is basically DCF that allows cash flow projection through the high growth, steady state and horizon stages of a firm, and then discounting the cash flows by the WACC.
The authors realizing that financial statements vary from one company to another provides a mapping sheet wherein almost all accounts are included and the user just needs to map the ones applicable. Therefore the model remains usable across a large number of companies, segments and industries.
Adding to its niftiness are the graphs. Each metric’s time series can be graphed by a push of button. The image can also be copied then embedded in reports/term-papers for illustration and aesthetic purposes.

Creating Shareholder Value: A Guide for Managers and Investors by Rappaport
I find this book hard to read, although if one takes time to digest the material there are nuggets of wisdom in the pages. Maybe because the author approach is more high-level and avoids discussing how he arrived at the numbers in his models. Good thing my professor was good enough to follow Rappaport’s logic and was able to recreate a workable model for us for most of the time. It is a different matter whether the students will be able follow the model’s logic as well.

Understanding Financial Statements by Ormiston
I used this book on a pre-requisite subject, that and the fact that I was entirely illiterate of financial statements at that time made it an ordeal to read this book. But to its credit this book covers a lot of financial statement accounts, their meaning, uses, and relationships.
It also provides pertinent FASB rulings explaining why and how it brought about such and such accounts.

Economic Way of Thinking by Heyne, Boettke, Prychitko

Economics without the math and minimal graphs is how I’ll describe this book. On this respect it is similar to Thomas Sowell’s Basic Economics although Sowell’s crammed more material and examples on its pages.
Through this book the authors aim to educate the student on the rudiments of sound economic thinking. Supply and demand, opportunity cost, transaction cost, comparative advantage, competition, cooperation, marginal cost/benefit, inflation, positive externalities are just some of the topics I remember reading and discussing in class.
The authors are funny as well which makes heavily abstract reading a little bearable.
It is worth noting that two authors, Boettke & Prychitko, are products of the Austrian school (George Mason) while the late Paul Heyne finished a PhD in Chicago, so their bias for market freedom and minimum government intervention are evident in their writings.

[ms. rhea]

hi everyone...
what's the latest on teachers' accreditation?

[Larry Tan]

hi everyone...
what's the latest on teachers' accreditation?

Hi rhea, will update you tomorrow, ACPAE directors & Manila-based reviewers will have a breakfast meeting with the BOA members tomorrow. I have already seen the requirements, but will need clarifications from them. Honestly, I am against the way it was being implemented.