Accounting for Students

Financial Accounting is one of the most difficult subjects in Accounting, not to mention very important too. It helps communicate to users the financial performance of an entity may it be annually or quarterly. If an entity reports its financial performance more than once a year, it is called Interim Financial Reporting. This field of accounting is more useful to internal users such as investors and creditors. This can help them determine whether they would continue financing the entity or pull out their investments. External users such as employees, government and their agencies, and the public also needs financial reporting. This is just an overview on how important Financial Accounting is but how important is it for an Accounting student? Believe me, if you want to get a high grade on this or just want to pass your school's cut off grade, you have to sacrifice a bit of your social life and dedicate your time into studying. Remember this is one of the board exams subjects. You ...

Anybody who has gone through Accounting subjects would definitely understand its level of difficulty. Of course there are a lot of accounting subjects to consider and probably the easiest ones are Accounting for a Sole Proprietorship, Partnership, and Corporations. Anybody who takes a business course goes through these subjects. There is no short cut in understanding Accounting. You need to take time and read all the sources you can get your hands on. It would be best to find and authored book who can make you understands the principles without complicating it. The basic principle that everybody should bear in  mind is this simple equation, Assets = Liabilities + Equity. Another thing, that you should really practice well, is classifying of accounts. Most students do not know how to classify the accounts. If you cannot master this, it will be hard for your to record transactions and also solve certain accounting problems. Being a student under the Accountancy Program is not eas...