Posted by & filed under Accounting Careers, Financial Accounting.

Description: Sonic booms and a bright fireball that could be seen in broad daylight marked the crashing meteor that left a trail somewhere near the Maine-New Brunswick border last Saturday. And now, all you have to do is find a one kilogram piece of the space rock in the woods to earn yourself a $25,000 fee from the Maine Mineral and Gem Museum. Of course, there’s no guarantee that anyone will find a one kg fragment, but the museum advises the searchers to familiarize themselves with what a chunk of a meteorite might look like before embarking on the treasure hunt.

Date:  April 12, 2023



Discussion points:

1) Have you ever witnessed a meteor crashing to earth or found a meteor fragment?

2) How do you think an organization would go about setting a price for a rare object like this?

3) Chapter nine of Wiley’s Financial Accounting: Tools for Business Decision-Making includes the concept of depreciation of long-lived assets. If you were an accountant at an institution like the Maine Mineral and Gem Museum, would you apply depreciation to their special collection of unique items for exhibits?

Leave a Reply

Your email address will not be published. Required fields are marked *