BA 215: lecture on 26 February 2025 (Test EC mainly w some Ch.5)

President of the Senate

  • The President of the Senate is the Vice President of the United States.

Jesse Owens

  • Famous for his accomplishments in track and field.

  • Notable for being one of the first prominent Black athletes in the sport.

  • Competed in the 1936 Berlin Olympics during Adolf Hitler's regime.

    • Hitler sought to showcase Aryan superiority but faced a setback with Owens’ performance.

    • Owens won four gold medals in the Olympics, defying Hitler's expectations.

    • The Nazis attempted to hide their propaganda to present a façade of neutrality during the games.

Harry Potter Series

  • Fourth Book: "Harry Potter and the Goblet of Fire."

  • Discussion on the different Harry Potter books:

    • The first book often viewed as the introductory piece, others have different fan-favorited assessments.

    • "Prisoner of Azkaban" mentioned as a preferred book by some readers.

    • Comparison of the books and movies, with mentions of continuity and artistic expression in adaptations.

  • J.K. Rowling informed Alan Rickman (Severus Snape) about the ending of the series due to its importance.

Statue of Liberty

  • Gifted by France to the United States.

  • Designed by architect Gustave Eiffel (who also designed the Eiffel Tower).

  • Made of copper, which tarnished over time, resulting in the green color seen today.

  • Symbolizes friendship between France and the United States.

1980s Iconic Bands and Artists

  • Boy George, lead singer of Culture Club.

  • Morrissey, noted for his music and influence in the 1980s.

  • Simon Le Bon, lead singer of Duran Duran, known for songs like "Hungry Like the Wolf."

  • George Michael, recognized for his impactful music career and concert performances.

Iconic Movies and Books

  • Frankenstein: Written by Mary Shelley, challenging themes of creation and monstrosity.

    • 1931 film starred Boris Karloff as the monster, not the name character Dr. Frankenstein.

    • Shelley's inspiration from a weekend writing contest with her circle of famous literary figures.

Music and MTV

  • First Video on MTV (1981): "Video Killed the Radio Star."

  • Michael Jackson’s famous moonwalk performance was a pivotal moment in music history during the televised Motown anniversary in 1983.

  • Explanation of how MTV revolutionized the music industry by popularizing music videos as a platform for artists and bands.

Accounting Principles in Retail Business

  • Differences between service and retail businesses.

  • Core process of retail involves:

    • Purchasing merchandise.

    • Marking it up.

    • Selling to consumers.

  • Understanding of business-to-business (B2B) and business-to-consumer (B2C) transactions.

  • Management of inventory systems:

    • Perpetual Inventory System: tracks in real-time; records purchases and sales as they occur.

    • Periodic Inventory System: relies on physical counts at the end of the accounting periods.

Financial Statements Comparisons

  • Retail businesses report:

    • Sales as income and Cost of Goods Sold (COGS) for expenses in the income statement.

  • Introduction of new accounts in the chart of accounts for tracking merchandise and refunds appropriately.

Purchase Transactions and Discounts

  • Details on accounting for inventory purchases, payment terms, and how to manage discounts for early payments.

  • Discussion on handling returns and allowances with inventory tracking, including debit memos for documenting returns.