The first time that I took a course in Financial Accounting as a student was in 1972, when there were only 3 financial statements. It was not until later in the 1970s that the accounting profession decided to create new statement that was originally known as the "Statement of Changes in Financial Position" then later changed to the shorter title "Statement of Cash Flows."

This new statement was created in response to the sudden bankruptcy in 1976 of a major U.S. retailer, shutting down 1,200 stores located in the downtown area of virtually every city and town in the United States and throwing over 100,000 employees out of work. One of this retailer's stores was located on State Street in downtown Hartford (near where the Morton's Steak House was located), just 1 1/2 blocks from CCC. The feeling was that, if this new statement had been in place, the investment community (and top management) would have been able to recognize the possible/impending bankruptcy and suggest/take corrective action to prevent it.

The annual holiday known as Diwali (also known as Deepavali, it is one of Prof. Murphy's favorite holidays) began on November 12, 2020 with the main celebration held last Saturday, November 14, 2020. Diwali is a five-day festival of lights and is celebrated in South Asia by Hindus, Jains and Sikhs. Since it is primarily an Indian holiday, why is Diwali celebrated in most cities and towns in Tanzania, East Africa