Bauer Accounting Students Credit Oil and Gas Accounting Course Key to Win
Putting their knowledge of the oil and gas industry to the test, three accounting students from the C. T. Bauer College of Business at the University of Houston brought home a first and fourth place win during the ConocoPhillips Accounting Challenge.
Accounting juniors Urooj Javed, Valeria Montalvo and MS Accountancy student Justin Neumann competed against students from across the nation in Bartlesville, Oklahoma.
The participants were divided into teams and attended classes on joint interest accounting, revenue accounting and financial statements as related to upstream operations. Each of the teams was given a choice of two questions to address in the presentation to three ConocoPhillips professionals.
Neumann’s team, which included students from the University of Arkansas and the University of Kansas, was tasked with identifying the financial statement most useful to a potential investor. They chose to build a case around the statement of cash flows, a move that Neumann described as risky, but one that ultimately paid off.
The team won first place, and Neumann was awarded $4,000. Montalvo was awarded $500 for her team’s fourth place finish.
The students credited their success at the competition to the classes and professors at Bauer College. Neumann explained that he drew heavily from the knowledge gained in Clinical Assistant Professor Barry Teare’s class.
“I feel like all of the oil and gas accounting classes I took helped tremendously,” Neumann said. “The oil and gas accounting background I had really gave me the upper hand.”
Bauer Accounting Clinical Professor and Director of Accounting Programs Michael Newman explained that the oil and gas classes were created with that in mind.
“The certificate in oil and gas accounting, and its related course offerings, were designed to ensure that students would have an edge in the energy industry,” Newman said. “It’s a testament to the quality of our program and our students that we achieved so much success at this competition.”
By Sarayu Sundar