I truely hate accounting...vol. HOW THE HELL??

[ballinb]

Originally Posted by mjbetch

Originally Posted by chris steez

Originally Posted by RUTHE1

I got my first exam on tuesday. I'm about to study up, basically the intro from what I grasp is Assets=Liabilities+Owners Equity. Debits right side, Credits left side. Journal Entries, T accounts, ledgers, and accruals and deferrals.

this is EXACTLY what the test was on...and i was killing every question, walked out thinking i got atleast a 90

WHAT?! my proff is saying that DEBIT on the LEFT side... and CREDIT on the RIGHT side.. doesn't make that much of a difference does it tho?

and OP, which community college are you at? cuz i'm at one too haha. same exact boat as you.

Correct, debits on left and credits on right in accounting. Of course its different for personal finances etc.

 

[iryceboi]

all u gotta do is know how to record onto the journal and everything should be a breeze.. record into the right accounts and t-accounts that then work fromthere.. trial balance, just throw everything from the T accounts to the TB[know what's debit/credit] balance it then.. income statement is simps[revenue-expenses(if you don't know which is which.. then you gotta step your game up) statement of retained earnings = beg balance(retained earnings) +netincome(income statement) -dividends = ending balace(ending retained earnings)

 

[iryceboi]

Originally Posted by andycrazn

what about accounts payable and accounts receivables?

you actually did good on your first exam. the chapter on debits and credits usually confuses people and after the first exam alot of people were lost in my class.

accounts payable = what you owe
accounts receivable = what they owe you

 

[andycrazn]

the only time when credit is on the left side and debit on the right is when you look at bank statements because you are looking at it from their point ofview.

 

[picknroll24]

First day of accounting on Monday
*posting for later reference*

 

[hyphysole]

u should not of failed an open book test. Mine were open book, and all you got to do is follow the examples... easy

 

[jcash da kid]

ACCOUNTING IN THE BUILDING. Debit on the Left Credit on the right of T accounts. Wait till yall get to FIFO LIFO and weight avgs. Cats going BE LOST!! lol iknow I was a little a first.

 

[ruthe1]

Definitely messed up with the credits and debits my bad on the misinfo, long day. Good info going around in here.

 

[chris steez]

ill get the official score on tuesday and hit yall up with an update...this cant be the real score lol, ive never messed with this online score stuff, all itsays is E1 78 idk !!@ that means, im assuming exam 1? but underneath it..it says "exam 1 - "

 

[iryceboi]

Originally Posted by JCASH DA KID

ACCOUNTING IN THE BUILDING. Debit on the Left Credit on the right of T accounts. Wait till yall get to FIFO LIFO and weight avgs. Cats going BE LOST!! lol i know I was a little a first.

started that mess today.. :T

 

[andycrazn]

Originally Posted by JCASH DA KID

ACCOUNTING IN THE BUILDING. Debit on the Left Credit on the right of T accounts. Wait till yall get to FIFO LIFO and weight avgs. Cats going BE LOST!! lol i know I was a little a first.

fifo= first in first out

lifo= last in first out

too easy.

 

[jcash da kid]

Originally Posted by iryceboi

Originally Posted by JCASH DA KID

ACCOUNTING IN THE BUILDING. Debit on the Left Credit on the right of T accounts. Wait till yall get to FIFO LIFO and weight avgs. Cats going BE LOST!! lol i know I was a little a first.

started that mess today.. :T

Easy FIFO first in First Out. Lifo Last in First Out. I haven't done a problem like that in a while but pretty much your beginning inventory add yourpurchases and take out your the first things that you buy. Also the entry correct me if I'm wrong is Dr. Cash(A/R Cr. Sales Dr. COGS CR. Inventory (TheFIFO amt or LIFO amt) So like if your beg inventory is 10. On 1/1 you cop 10 for a 1000 jordans 1/15 you cop 20 jordans for 2000 and 1/30 you cop 15 jordansfor 1255. You sell 15 in a month. You take the the first 10 for 1000 and 500 from the 2000 if it was FIFO. LIFO same information different method. You take the15 from 1/30 because it was the last thing in but the first thing out. Hope that helps a little bit. Kinda of wrote it fast

 

[jcash da kid]

Originally Posted by andycrazn

Originally Posted by JCASH DA KID

ACCOUNTING IN THE BUILDING. Debit on the Left Credit on the right of T accounts. Wait till yall get to FIFO LIFO and weight avgs. Cats going BE LOST!! lol i know I was a little a first.

fifo= first in first out

lifo= last in first out

too easy.

Yeah when I first started doing accounting though I was looking at dude like he was crazy. Like $!% does it matter lol.

 

[nyrican23]

Try remembering this....DEALOR

DEBITS
ividends
Expenses
Assets

CREDIT
Liabilities
Owners equity
Revenues

 

[chris steez]

Originally Posted by nyrican23

Try remembering this....DEALOR

DEBITS

ividends
Expenses
Assets

CREDIT
Liabilities
Owners equity
Revenues

WOW thats dope good looks!!

 

[jrp44]

Damn I wish I was back in the intro level days....you guys think that stuff is hard

If you guys had to take Advanced accounting

Deadset, Trill, Lazy know what I'm taking about.

 

[jcash da kid]

Originally Posted by jrp44

Damn I wish I was back in the intro level days....you guys think that stuff is hard

If you guys had to take Advanced accounting

Deadset, Trill, Lazy know what I'm taking about.

Son I'm taking advanced accounting now. Grad level. Business Consolidations and combinations. MIND=BLOWN. Equity Method, Translation, Remeasurement andHedging. FML test on tuesday.

 

[gescobe]

hate it too.

 

[andycrazn]

is the more advanced accounting classes help with stocks?

 

[ioround3]

Originally Posted by andycrazn

is the more advanced accounting classes help with stocks?

help how?

advanced accounting is more conceptual as opposed to intermediate accounting....
accounting will help you account(in your books) for stocks and bonds, ex. posting purchased stocks and bonds and amortizing the premium's or discounts onstocks and bonds....


op, if you need help you can pm me any questions/class assignments

 

[bigshake]

I go to a community college taking accounting 1 for the second time (first teacher was hard to understand-filipino accent)

Studied three hours before each test (that's it)

First test, he gave us 10 transactions and we had to record them in an assets=liabilities=owner's equity "form" and then from these
transactions make an income statement, statement of owners equity, and balance sheet............95/100

Second test we had to journalize 10 transactions using given account titles, then post the journal entries to T-Accounts and total their
balances, prepare an unadjusted trail balance, and determine total revenue, expenses and net income.........100/100

 

[hellaones]

no lie it took me mutiple times for me to pass acct II

 

[sosmoove]

Originally Posted by andycrazn

is the more advanced accounting classes help with stocks?

Stocks will be covered in Finance classes. Also, why is it that open book tests can be some of the hardest ones to take

 

[agold1002]

stick to your ustream steezy....

 

[mr5dollarfootlong]

if you having trouble grasping the basic stuff, it's time to work harder or consider switching major