Usually, the first class that an MBA student takes is accounting. That involves, yes, equations and counting widgets...but it's more than that. Inside the simple act of accounting is a revolutionary way of thinking not just about a business, but about the world. A universe where all the forces are in balance. Accounting gives you a sixth sense–one that can help you determine whether your business will survive or fail. In this class, you'll learn the basics of accounting, and uncover its origins. We'll introduce you to the man who helped it spread around the world. He was a monk, a magician, and possibly the boyfriend of Leonardo da Vinci. Is accounting... sexy? Yes. Yes it is. Find all episodes of Planet Money Summer School here.This series is hosted by Robert Smith, and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Sally Helm and engineered by Robert Rodriguez. The show is fact-checked by Sierra Juarez. Planet Money's executive producer is Alex Goldmark. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
This is Planet Money from NPR.
Welcome back to Planet Money, summer School MbA edition.
Today, I should point out our business school's latin motto.
It's carved over the archway here on campus, sine mathematica, which means, I.
There will be no math, I promise.
Even though today's episode is about accounting.
No, no, no, don't turn us off.
Give us a chance to make our pitch.
Accounting is usually the first class that an MBA student takes.
They come in with dreams of becoming billionaires, and then there they are, sitting in a lecture hall counting widgets or figuring out whether their inventory should be last in, first out, or first in, first out.
The life of FIFA conundrum is a struggle, but inside any accounting class is a revolutionary way of thinking, not just about a business, but about the world.
A universe where all the forces are in balance.
Good and evil, yin and yang, assets and liabilities.
It's a beautiful thing, a view that I know is shared by our professor for today's class.
Emil Shahada is a professor of accounting at NYU Stern School of Business.
Welcome.
Thank you.
Glad to be here.
We should make it clear that accounting is so much more than taxes and numbers.
Like, accounting is something that not only every business uses, but every person uses.