The World According to...Who Knows

So today in Advanced Auditing we discussed inventory management and the audit procedures undertaken to test the assertions and accounts pertaining to inventory. Of course, most of the examples referred to observing and testing the inventory of "widgets." Samples of purple widgets, a selection of blue widgets, various obsolete yellow widgets. It was all pretty mundane.

After a little while though, maybe because I happened to be staring at that part of projector screen for too long or just because accounting classes take me to such a special place of insanity, I started contemplating the widget and its completely undeserved significance in my life.

Since the dawn of time, or day one of Econ 101(pretty much the same), all I have heard about is this magical little thing called a "widget." They are omnipotent. A widget is a commodity, a luxury item, an inferior good; They are traded in perfectly competitive markets, controlled by monopolies and oligopolies, are price elastic and inelastic. They are produced utilizing economies of scale, traded in every currency, hedged using all types of derivative instruments. Every nation, tribe, village, merchant, and vendor has at one time had a comparative advantage in producing, growing, manufacturing, and selling widgets. Apparently widgets are also stored in warehouses, arranged in their various colors and sizes, and must be audited by CPAs. To someone who didn't understand the strictly anecdotal nature of the classic widget example, it would seem that the little guy was the leading export and import of every country in the world.

I understand story problems and examples must exist for teaching purposes but WHY THE WIDGET?!? Is it too much to ask for textbook authors to replace "widget" with "car" or "apple"? For all we have learned about them, it would seem that a shock in widget prices would decimate the global economy. Unfortunately no one really knows WHAT a widget even IS.

There really is only one way to solve the great mystery of the widget: Google Image Search.

A Widget:



Or maybe this?



How about...




This?




OR...





So...as usual, Google Image searches provide an incredible amount of clarity. Apparently a Widget is either a one-inch white ball, a stop watch, a strange purple man, AFRICA?, or THE SUN?!?!?! Gee thanks, internet world. Good to know that we can all time our widget-throwing skills with a widget while hunting safari widgets on the continent of widget by the ultraviolet light of the great widget. Stellar.