If you're into cut throat competition among the country's best and brightest accounting students, you already know what's up with the AICPA Accounting Competition. We write about it every year unless something far more interesting is going on, like a ginormous fraud or some shady partner giving insider tips to his golfing buddy. Or, you know, the occasional local CPA pervert harassing young ladies in Cleveland or something.
This year's Accounting Competition is unique in that, well, I'll let you see for yourself. Here's the assignment:
2014 AICPA Accounting Competition: Management Accounting
Humble Pies, Inc. is the genius of childhood neighbors and best friends Linda Jackson and Taylor Johnson. Though almost inseparable through high school, the two parted ways after graduation—Linda heading abroad to study the art of pasty making in some of the most elite patisseries in Paris, and Taylor pursuing his love of food (especially bacon) by landing jobs in some of the finest restaurants in their hometown of Charlotte, N.C.
A chance encounter back in 2005 reunited the two and got them talking of their mutual love of food and what they’d been learning. Soon they were spending their free time crafting quirky but sophisticated (not to mention delicious) pies—passing them out to friends and family, and building a grassroots fan base around town. When the operation outgrew the Jackson family kitchen, Linda and Taylor applied for a small business loan. With it, they bought a small pie factory in Charlotte and became the proud owners of a 60,000 square-foot facility where they now produce high-quality pies.
A couple years ago, as demand for the pies grew to a national market (thanks to the company’s Instagram account), the co-owners hired a new Controller, a CPA with her Chartered Global Management Accountant (CGMA) designation from their CPA firm to help them continue to grow and stay profitable. Now they just landed their largest grocery store yet. In 2013, the company had $6.1 million in sales revenue and is on track to do $9.3 million this year.
The theme changes every year so it was only a matter of time before the CGMA reared its ugly, unwanted head to scare these kids into thinking they want one. BUT HEY, whatever.
Submissions are due September 29th so if you think you're up to the challenge, get a team together and tear it up. Remember, though, the competition is only open to legal U.S. residents who are currently-enrolled undergraduate students at two-year and four-year colleges, community colleges, and universities. Competitors must be student members of the AICPA.
Knock yourselves out…