club27
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I might take these in the spring. How has it been for you? Any information would be most appreciated
So who has taken/taking Financial Accounting and Managerial Accounting?
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Financial accounting isn't too hard. I'm studying for my test tomorrow now actually. As long as you keep up with the reading so that you can clarifyinstead of learn in class you should be fine. I didn't do that for the first test and i barely passed but it's been cake since i've been doingso...
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i'm currently taking managerial accounting ...
it's not too bad, but i think my professor is making it really confusing for us. he was the only one teaching it, so i didn't have much of a choice.
simple math ... simple equations
it's not too bad, but i think my professor is making it really confusing for us. he was the only one teaching it, so i didn't have much of a choice.
simple math ... simple equations
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That Managerial Accounting is no joke...took it like a year ago and got a C....
club27
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Awesome responses. Could anyone elaborate a little more on what to expect?
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Microeconomics is to macroeconomics as financial accounting is to managerial accounting.
Take financial first; it'll help lay down the foundation for managerial.
Take financial first; it'll help lay down the foundation for managerial.
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I thought macro is easier than micro. My thoughts
krayziegunts
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Financial Acoounting is working with financial statements and making analysis that will be used for external people such as investors and how to find thingssuch as liquidity ratios and so forth. Managerial is mainly production budgets, and things that will be used to aide inside managers on decisions on the firm.I think financial is easier to grasp that managerial....if that helps
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definitions and addition. don't worry
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I gotta take man. acct in the spring also, I hate acct with a passion but gotta take it since i'm a business major.
club27
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You guys have been a big help, thanks!
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Don't underestimate the classes, start studying from the get go...The tests will be nothing like what the instructor teaches in class based on myexperience..
The first one, financial?, is definately harder than managerial though...
Nonetheless, i did great in both.
Also, i believe this class will give you a slight idea whether you want to be an ACCT major...Intermediate will be INSANE.
PO
The first one, financial?, is definately harder than managerial though...
Nonetheless, i did great in both.
Also, i believe this class will give you a slight idea whether you want to be an ACCT major...Intermediate will be INSANE.
PO
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For me managerial was easier. Financial Accounting dealt with a lot of credits and debits, trial balances, journal entries, and learning the 8 bazillion rulesin accounting. I've worked in finance for a couple years and a lot of that stuff still doesn't make sense to me. Managerial deals with more with costbenefit analysis, measuring cost, future cash flow, etc. That's stuff that is relevant to managing the profitability of a business. For financial, I'dsay you have to put in 6-8 hours of studying a week, in addition to your class time to get a good grade. With managerial a good 3-4 hours a week will get thejob done.
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Financial:
-"Accounting from the outside" - as in the information is provided to outside entities, such as investors and bankers.
-You basically look at 4 statements:
1. income statement (revenues - expenses)
2. statement of retained earnings (change in net income essentially)
3. balance sheet (Assets = Liabilities + Owner's Equity....basically an equation that you will get familiar with really fast)
4. statement of cash flows (change in cash flows from different activities (basic activities
perating, financing, and investing))
-You will learn about debits and credits, journal entries, ledgers, etc.
- Accounting for inventory
- Depreciation of assets
-Accounting for stocks and bonds (usually, depending on your teacher)
-How to read different ratios and performance indexes
Management:
"Accounting from the inside" - as in the information is used within the company.
There are generally 3 types of companies: service (no inventory), merchandising (finished goods inventory), and manufacturing (more than 1 inventory: rawmaterials, work in process, finished goods). Most management accounting classes focus on manufacturing companies, because if you can do manufacturingcompanies, you can account for any kind of company.
-You will use debits, credits, and knowledge of accounts that you learned in financial
-Learn different costing methods (job order, process, activity-based, etc.) - basically how to manage your inventory costs in different ways
-Cost-Volume-Profit (learning what your fixed/variable costs are, what your sales are, your break-even point, what your net income is, and various numbersrelated to that)
-Budgeting
I probably left out a lot of stuff, but this will give you a decent idea of what to expect. The class is not that bad, unless your teacher sucks. If you keepup with the class, everything will be fine. Definately take the classes though. Accounting is essentially the language of business.
-"Accounting from the outside" - as in the information is provided to outside entities, such as investors and bankers.
-You basically look at 4 statements:
1. income statement (revenues - expenses)
2. statement of retained earnings (change in net income essentially)
3. balance sheet (Assets = Liabilities + Owner's Equity....basically an equation that you will get familiar with really fast)
4. statement of cash flows (change in cash flows from different activities (basic activities
perating, financing, and investing))-You will learn about debits and credits, journal entries, ledgers, etc.
- Accounting for inventory
- Depreciation of assets
-Accounting for stocks and bonds (usually, depending on your teacher)
-How to read different ratios and performance indexes
Management:
"Accounting from the inside" - as in the information is used within the company.
There are generally 3 types of companies: service (no inventory), merchandising (finished goods inventory), and manufacturing (more than 1 inventory: rawmaterials, work in process, finished goods). Most management accounting classes focus on manufacturing companies, because if you can do manufacturingcompanies, you can account for any kind of company.
-You will use debits, credits, and knowledge of accounts that you learned in financial
-Learn different costing methods (job order, process, activity-based, etc.) - basically how to manage your inventory costs in different ways
-Cost-Volume-Profit (learning what your fixed/variable costs are, what your sales are, your break-even point, what your net income is, and various numbersrelated to that)
-Budgeting
I probably left out a lot of stuff, but this will give you a decent idea of what to expect. The class is not that bad, unless your teacher sucks. If you keepup with the class, everything will be fine. Definately take the classes though. Accounting is essentially the language of business.
superblytrife
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I had Financial Accounting this past semester and dropped it. Honestly, I probably didn't put in the work that needed to be done from the jump. But onthe other hand, my instructor was THE worst. It was her first time teaching a college class ever, and to top it off, she really had a thick accent which madelearning in class almost impossible. She clearly knew her stuff, but she had a tough time relaying that info to us.
Did great on the first quiz, but after that I fell behind.
Like it has been mentioned already, KEEP UP WITH THE WORK. This is one of those classes that if you miss a week, you'll come back and be lost. Andit's basically the base of knowledge on which you'll build. So you have to make sure you grasp the concepts before you move on. Honestly, it reallyisn't that hard. Just remember this one basic concept and you'll be golden: both sides of the equation have to balance out.
Did great on the first quiz, but after that I fell behind.
Like it has been mentioned already, KEEP UP WITH THE WORK. This is one of those classes that if you miss a week, you'll come back and be lost. Andit's basically the base of knowledge on which you'll build. So you have to make sure you grasp the concepts before you move on. Honestly, it reallyisn't that hard. Just remember this one basic concept and you'll be golden: both sides of the equation have to balance out.
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- May 8, 2007
i have a managerial acct exam tomorrow. lets hope i dont get another "F." i just hate accounting period so i think thats my problem. just make sureyou understand all the material. dont be afraid to ask questions cause sometimes it does get extra confusing. the first part should be a review of financialaccounting so if youre ok with that you should be off to a good start. oh, and get yourself a financial calculator. TI-BA II is really helping me alot with thecashflow buttons and stuff. theyre like $35 @ office max/depot.
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Financial accounting is usually a pre-requisite for Managerial accounting. To most, Financial is a lot harder but it does set the stepping stone and once youget to Managerial, it gets a lot easier. At least that's how it is with me. SO my best advice is, work real hard on the Financial class and it will greatlyhelp when it comes to Managerial. Of course you have to put in a lot of work on both classes. Good luck.
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I just dropped my Accounting class today......I completely underestimated how complex it is. I hate the fact I have to take it because I'm a businessmajor.
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I hate my financial accounting class with a passion. I hate it even more knowing that next quarter I have to take managerial accounting. I'm seriouslythinking about switching majors because business classes are so uninteresting to me.
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I've taken both, but I'm an accounting major so it comes to me pretty easy. Theconditioner ^ up there pretty much nailed it. My financial class was alot of debit credit, definitions, more simple stuff where managerial was break even, cost of goods sold, inventory etc... need to think more in managerial andmake decisions where financial you just have to know which account gets debited and credited. I don't know conditioners post says it in a better way.
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I took both a couple years, relatively easy for me, since Accounting was the major, and the only thing that was able to keep my attention during my years ofschooling. And the cats that are in it, or took it basically gave you the game on what to expect.
