Boston – A Great Place For Sports, Food, Education, History, And More

Welcome to Boston

Boston is one of the most historically significant cities in America. Near the spot where the Pilgrims landed when they first arrived in America, this Massachusetts city is one of the most important cities in the U.S.

It is called the unofficial capital of New England, and ranks 20th in size for the U.S. The metropolitan area of Boston has a population of 7.6 million people, and is one of the most important financial centers in the U.S.

Boston is an international hub for education, with over 50 institutions for high learning, including Harvard and MIT, not to mention Boston College and Boston University. Students from all over the world work hard in school and try to get the best standardized test scores they can in hopes of attending one of these schools.

Not only is it an important city for education, commerce, industry, electronics, and technology, but it is also a major sports city.

The Red Sox, a Major League Baseball team that has won seven World Series championships, calls Boston home. Their stadium, the famous Fenway Park, has sold out more championship games than any other club in MLB. Fenway Park can hold nearly 40,000 people, and the fans that attend the local baseball games nearly fill the stadium every game.

The Boston Bruins is the local hockey team in the NHL that has captured five Stanley Cup trophies. The Boston Celtics, team of the legendary Larry Bird, have taken home 17 NBA championship titles. Both teams play in TD Garden stadium, which covers 3.2 acres and is worth $160 million.

The New England Patriots are also based in Boston, and this National Football League team has captured three Super Bowl championships. Their home stadium is the Gillette Stadium located just over 20 miles away from downtown Boston. This mammoth stadium can hold over 68,000 people, with 87 luxury seats and 6,000 club seats.

If you visit Boston, you cannot leave without visiting some of the places that depict Boston’s historical significance. Walk the Freedom Trail, a 2.5 mile hike along some of the most famous historical sites in Boston. You will see where the Boston Tea Party took place, the house of Paul Revere, the site of the Boston Massacre, and many more places significant to American history.

Take a walk up to Bunker Hill, and see where American soldiers stood bravely against British soldiers in the Revolutionary War. Look at the mammoth obelisk, over 200 feet high, that stands as a commemoration of the bravery of these heroes.

If you are a bibliophile, you cannot pass up the opportunity to visit the Boston Public Library. Home to one of the largest collections of books in the world, the Boston Public Library also holds rare prints, fine pieces of art, and more.

Take a tour of the MIT campus. One of the world’s most renowned institution’s for technology, Massachusetts Institute of Technology has a sprawling campus and a 90 minute tour through the entire complex. Students work very hard to gain admission to this school, and others in the Boston area, through hard work, good grades, and quality test prep.

The New England Aquarium offers a great source of entertainment to children of all ages, free of charge. Bring the kids to see all kinds of marine life, including sharks swimming in huge tanks, giant sea turtles, and whale-watching cruises.

Love to eat? Take a stroll in the Quincy Market, where every Wednesday they have an International Food Fair in which you can taste food from all over the world at no cost to you. If you love to see parades and floats, Boston has two or more citywide events between the months of March and June.

Boston is the perfect place to visit to bask in sports, education, history, and culture, and a great place to take the family on vacation.

Accounting Education in Films

Because of major financial crises that have occurred in the past, many film producers choose to re-enact these events through movie productions. These producers were forced to incorporate technical accounting and financial principles to correctly portray the events leading to a financial crisis. “Other People’s Money,” a film released in 1991, by Norman Jewison, starred Danny Devito as Lawrence Garfield. Garfield’s success has come as a result of purchasing companies and liquidating their assets, which required accounting and financial theories. The accounting that is discussed during the movie directly relates to course material commonly studied in an intermediate level accounting class.

Garfield identifies an appealing company called New England Wire and Cable. He is aware that the company has a higher liquation value per share than market price per share. In addition, he is particularlyimpressed by this company because it has no debts, no legal liabilities, no environmental or contingent liabilities, and a fully funded pension. Garfield makes every effort to influence the owner to sell the company and illustrates to him how his assets are worth more after liquidation.

This movie incorporates many theories and topics presented at an intermediate accounting level. Topics such as Generally Accepted Accounting Principles (GAAP), liquidation, market value, historical costing, financial statements, and fair market value are frequently mentioned throughout the plot. A particular scene in the movie displays Lawrence Garfield explaining a very basic valuation analysis to the owner of New England Wire and Cable that simplifies the concept of “market value or price per share.” This calculation includes the addition of equipment at salvage value, land at fair market value, value of other operations, and working capital, totaled and divided by the number of shares issued and outstanding.

The equation is begun by explaining that equipment, purchased at 120 million dollars, has a salvage value of 30 million dollars. The concept of depreciation, which includes salvage value, or value of an asset at the end of its useful life, is an intermediate level accounting topic that is frequently referenced. Garfield continues by adding the fair market value of the land, as grazing land. When learning fair market value (FMV) in accounting education, it is commonly associated with impairments, a topic learned in intermediate accounting. New England Wire and Cable also conducts operations of plumbing electrical and adhesive, with added other revenues to Garfield’s calculation. Finally, working capital is added to this part of the equation. Working capital, particularly as a ratio, is constantly used in accounting and finance to show liquidity of a business by comparing current assets to current liabilities. In intermediate accounting courses, current liabilities are further discussed relating to gain and loss contingences.

To begin the second part of the calculation, Garfield decided to reduce the total by 25 million dollars because the wire and cable division of the company is not producing a profit and is being supported by the other divisions. He does this to be conservative. Conservatism has remained a large part of intermediate level accounting, specifically in acquisition and valuation of plant, property, and equipment. Following this new conservative total, Garfield calculates the value per share of 25 dollars by dividing by the number of shares issued and outstanding. The current owner of New England Wire and Cable mentioned that the initial market price was 10 dollars per share and Garfield refers to this as a “sale” since its liquidation value per share is 25 dollars.

The market price per share of stock is a current measure, not based on historical values. All of the variables needed to calculate the market price per share is given within a company’s financial statements. The difference been these two values is that the initial market value is what the stock is actually selling for per share while the liquidation value is what each share would be sold for if the company should go out of business and sell all assets. Typically, the market price per share should be higher than liquidation value. In addition to the actual calculation of a valuation analysis, students of intermediate accounting are continually educated on the preparation of financial statements, in compliance with the Generally Accepted Accounting Principles, otherwise known as GAAP.

In this short equation, each component included a number of accounting concepts that are discussed in intermediate level accounting. Each line item of the equation could be broken down into accounting ideas that directly relate to many other theories. As students are educated in the field of accounting, it is easily determined that each theory and concept is a building block for a more complicated and complex accounting problem.

Church of England School

About one fourth of all primary schools in England are Church of England schools. Most British citizens believe that receiving and education from a CE School is important for children to be able to learn and develop a sense of what is right and wrong. Individuals also believe that these students will receive a finer education and evolve into a responsible member of their society.

There are three different categories of schools located throughout England. The first one is called voluntary aided; the school is owned by the church and the governing body of the church handles all school operations from appointing teachers to raising money to aid in the repairs of school buildings.

The second category is the voluntary controlled, where the school is owned by the church and it appoints its own overseers. However, the school board is not totally loaded with church members, and the teachers are not appointed by the church board. Rather the teachers are hired by the local education authority who also oversees any repairs to school buildings as needed. The last type is the foundation, where a foundation owns the school and the foundations board employs the teachers and other staff and oversees all school operations.

The Church of England is also in the first throes of a major expansion project, hoping to open over 100 additional schools. Currently as of 2004 approximately 25 of these schools had been opened with another 15 of them almost completed. Because of the popularity of catholic education, such expansion is possible and needed to provide the education for British children across that country.

The admission policy in England is pretty straight forward. The board will admit students of all faiths provided there is not a shortage of available spaces in the school system. If there is a shortage, preference will be given to students who are, of course, from the catholic faith, and then to students who have excellent academic records, and go on from there. In some locations, scholarships are available to the families of students who excel in academics but cannot afford to pay for a private education.

There are some myths of catholic education. For example many individuals do not believe that catholic schools educate children on the topic of sexual education. In fact, there are requirements that this topic is taught as part of each school’s science curriculum. The catholic school system has also been accused of not wanting to educate children who are of different faiths. That too is a myth. Of course, the church believes in the religious education of all children, particularly the catholic faith. However, children of all faith are welcome to the system, as are children who express no faith at all.

The catholic way of education has been founded in history in the country of England, going back to the legendary kings of England who were the heads of the Catholic Church. The catholic education of England’s children remains a very popular educational system.