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[ChibieWasHere]

hello, I took a break after graduating highschool and I'm thinking of going into college with accountancy in mind. The problem is, I took Stem in Highschool and it doesn't cover anything related to accountancy so I don't know anything at all. Is there any tips or topics I can study on to prepare

 

[KatzSec DevOps]

ChibieWasHere Next time always upload your files sa

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[YunaNulled]

Try mong aralin yung about sa Bookkeeping , Accounts , Financial statements etc. baka makatulong sayo

 

[ChibieWasHere]

Try mong aralin yung about sa Bookkeeping , Accounts , Financial statements etc. baka makatulong sayo

Cge try ko..salamat

 

[Luckysaint]

There's a very good reason that accounting professionals need to take several years of classes. You could do a lot of damage to the company, and possibly yourself by extension (assuming your business is not incorporated) by not having a complete understanding of what you're doing.

That being said, you want the easiest way, get books. Instead of enrolling in classes, go to the bookstore and find the textbooks that relate to the classes and buy a couple. Get yourself a QuickBooks tutorial book as well.

I do not recommend that you work in an accounting environment, especially processing people's paycheques, without any formal accounting education.

1. Double-Entry Accounting: This is the fundamental concept in accounting. Every transaction affects at least two accounts - one account is debited (increased), and another is credited (decreased). The total debits must equal the total credits, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.
2. Types of Accounts:
   • Assets: These are things of value owned by a business, such as cash, inventory, equipment, and real estate.
   • Liabilities: These are obligations or debts a business owes to external parties, such as loans, accounts payable, and bonds.
   • Equity: Also known as owner's equity or shareholders' equity, it represents the ownership interest in the business and is the residual interest in the assets of the entity after deducting liabilities.
   • Revenue: Income earned by the business from its primary operations.
   • Expenses: Costs incurred by the business in its operations.
3. Financial Statements:
   • Balance Sheet: This provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.
   • Income Statement (Profit and Loss Statement): This summarizes a company's revenues and expenses over a period, resulting in net income or net loss.
   • Cash Flow Statement: It tracks the inflow and outflow of cash over a specified period, categorizing cash activities into operating, investing, and financing activities.
4. Accounting Principles and Standards:
   • Generally Accepted Accounting Principles (GAAP): These are a set of standard accounting principles, standards, and procedures that companies in the United States follow to prepare their financial statements.
   • International Financial Reporting Standards (IFRS): Used in many countries outside the United States, IFRS is a set of global accounting standards.
5. Recording Transactions:
   • Transactions are recorded using journals and ledgers.
   • The journal records transactions chronologically, and the ledger organizes these transactions into specific accounts.
6. Accrual vs. Cash Basis:
   • Accrual Accounting: Recognizes revenues and expenses when they are earned or incurred, regardless of when cash is exchanged. It provides a more accurate picture of a company's financial position.
   • Cash Basis Accounting: Recognizes revenues and expenses only when cash is received or paid. It is simpler but less accurate for matching revenues and expenses.
7. Financial Analysis:
   • Accounting information is used to analyze a company's financial performance, liquidity, profitability, and solvency.
   • Key financial ratios and metrics, such as the debt-to-equity ratio, return on investment (ROI), and gross profit margin, help assess a company's financial health.
8. Auditing and Compliance:
   • External auditors review a company's financial statements to ensure they are accurate and comply with accounting standards.
   • Businesses also need to comply with tax laws and regulations, and accounting plays a crucial role in tax reporting.
9. Budgeting and Forecasting:
   • Accounting data is essential for creating budgets and financial forecasts, helping businesses plan for the future.

Accounting is a vast field with various specialized areas such as managerial accounting, financial accounting, auditing, and tax accounting, each serving distinct purposes within the realm of financial management and reporting.

 

[bebyerd]

hello, I took a break after graduating highschool and I'm thinking of going into college with accountancy in mind. The problem is, I took Stem in Highschool and it doesn't cover anything related to accountancy so I don't know anything at all. Is there any tips or topics I can study on to prepare

Always read in advance ung mga lesson niyo, this course is tiring and draining, need mo ng mahabang pasensya at lugar na makakapag aral ka ng 6-7hours a day. Lalo na kung BSA nakuha mong course sa college. goodluck kakayanin mo yan

 

[CDNIM_]

Its easy. You just need to be willing to answer hundreds of problems