The BASS Financial Case Competition was held on Friday, November 20, 2015 with eight teams of two students competing for a total of $2000 in prize money. Aspiring accountants use the competition to display their developing knowledge and apply it to real life situations. This allows the students to use their analytical skills, test their critical thinking, time management and strategic skills in a challenging circumstance. Being judged by industry professionals as well as our own  Bissett faculty members, gives added credibility to the competition.

Rik Smistad, the Chair of Accounting and Finance, explains the case scenario:  “This year, the business case students presented on, involved a company that was a sole distributor for energy supplements, popular with athletes, as they contain no banned substances.  The company was looking for additional bank funding to continue expansion and the bank has asked the company for additional financial information.  A senior manager with little training in accounting drafted financial statements for the bank but they contained errors that put the company in a bad financial light. The case competitors were required to adjust the errors thereby generating correct and useful financial information.  Further, the winning cases went beyond the adjustments and considered financial ratios and analysis to support the company’s case for its ability to manage cash flow, and stay within bank required, current ratio requirements and minimum cash balances.”

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