I had a fascinating conversation with a mother today. She has a very bright ten year old child. She explained that her daughter wanted to be an accountant. I am sure there are accountants in the family.
As the conversation ranged over the Eleven Plus, school, entrance examinations and `A’ level choices it was clear that ’ level choices it was clear that careers guidance was a mere formality. I am sure that this mum could have written the book. What a pleasure!
When the phone went down I started thinking about what kind of questions would be asked in Accountancy examinations.
“A director is in a fiduciary relationship with his company. Explain the meaning and effect of this statement with reference to decided cases.” (This question came from the Institute of Company Accountants.) I did `Dog Latin’ at school for many years. The word `fides’ means faith. I suppose it means that a director has to be faithful to his company. I wonder if the relation is the same as a dog to his master or that of a cat? They are both animals but have a very different approach to their masters.
So thinking about this led to another question:
Explain by reference to statutory and common law examples what is meant by `lifting the veil of incorporation’. (Chartered Institute of management Accountants) Now I know of some ten year old who would love to debate the topic if they knew what the terms meant. To some people there must be real excitement when there is a seminar on `lifting the veil of incorporation’.
So over the years some of our ten year old will learn more about relationships and decisions. They will also learn about the difference between statutory and common law. We hope they will grow up to be both wealthy and wise. Who knows – perhaps one day one of these ten year old will be advising you on your pension! Oh happy days!