Accounting can be an "experience" for some, and not such a wonderful one. To indure the concept of accounting one has to able to visualize the concept from all angles. One should know how it started, and why the process of accounting is of such importance. If one should ever find him or herself struggling with this topic, then he/she should search for answers within this field. Not only should you want to learn in the classroom setting, but also be able to take it upon oneself to committ to learning through other sources and in other environments.
My experience started off as a not so pleasant one, which really started to lower my spirits, because I am an accounting major and really doubted myself with questions like, "is this major really for me," but something inside of me kept saying keep going, so I continued. My unpleasant experience started when I had to drop the class, not because I wasn't learning but because it didn't feel right at first, then I realized that I had to keep at it and don't let insecurity get the best of me. I retook the class and now I'm doing well, and I also did some searching on the net and from others about accounting and why it is important. I looked at different things and considered the many different ways that this career could be the right one for me. Not by considering the many different options with a job, but also by considering how this would help out others, and how I could help them by advising, or teaching them simple steps to use in their business and personal life. The beginning "exerience" got me down, but I have learned to deal with it, and any one struggling within this field should learn the same.
10 QUICK TIPS TO ACCOUNTING:
- You should know the accounting equation (its your best friend) : A = L + E (Assets equal Liabilities plus Equity)
- The left side of the accounting equation is always equal to the right side (everything must balance)
- When doing a "T-Acct" all credits must equal debits (for every credit there is a debit and vice versus)
- Know your Asset Accounts (cash, land, receivables, merchandise, etc)
- Know your Liabiltiy and Equity accounts (Notes Payables, expenses, revenues, owner's capitol, etc)
- The left side of a "T-Acct" is always a "debit" & the right side is a "credit"
- To increase an Asset acct you must make a "debit" and to increase a liability acct you must make a "credit"
- Revenues are always "credits" and expenses are always "debits"
- When creating posting to the general ledger always put all "debits" 1st this will make it simple
- Know the three types of "Sheets" (balance sheet, income statement, and statement of cash flows)
