3 answers
micha
Student
Singapore, LP
1
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what is it like to apply for accounting course?
#business-management
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3 answers
Anthony Brideau-Errigo
Financial Analyst
16
Answers
Orlando, Florida
Updated
Anthony’s Answer
Hi Micha,
I can speak from my experience of taking 3 or 4 Accounting courses over my college career. First of all, let me assure you that if you have never taken an Accounting course before and have absolutely no knowledge of Accounting, you are absolutely not alone! The entry level Accounting course (typically Accounting 101 or something like that) is intended to teach you the foundations of Accounting, right down to what a credit/debit is.
A hesitation I had heard from some of my former classmates is that they were not confident in their Math skills, and were worried that Accounting would be heavily math-based. As strange as it may seem, having advanced Math skills is not a requirement to be a good Accountant. The most complex math that will be required is simple addition/subtraction/multiplication/division, and you will *always* have a calculator handy. Most of Accounting can be boiled down to adding an amount to one account (say, +$100 in Rent Expense) and subtracting that amount from another account (-$100 in Cash). Occasionally, you may be asked to multiply a percentage to an amount (when calculating depreciation, for example), but that is about the extent of your need for Math.
If you are considering taking an Accounting course, I encourage you to give it a try. The whole purpose of an introductory course is to give you a chance to dip a toe in the water and see if it is right for you or not. It is perfectly ok to not have prior Accounting experience, you will find yourself in good company.
I can speak from my experience of taking 3 or 4 Accounting courses over my college career. First of all, let me assure you that if you have never taken an Accounting course before and have absolutely no knowledge of Accounting, you are absolutely not alone! The entry level Accounting course (typically Accounting 101 or something like that) is intended to teach you the foundations of Accounting, right down to what a credit/debit is.
A hesitation I had heard from some of my former classmates is that they were not confident in their Math skills, and were worried that Accounting would be heavily math-based. As strange as it may seem, having advanced Math skills is not a requirement to be a good Accountant. The most complex math that will be required is simple addition/subtraction/multiplication/division, and you will *always* have a calculator handy. Most of Accounting can be boiled down to adding an amount to one account (say, +$100 in Rent Expense) and subtracting that amount from another account (-$100 in Cash). Occasionally, you may be asked to multiply a percentage to an amount (when calculating depreciation, for example), but that is about the extent of your need for Math.
If you are considering taking an Accounting course, I encourage you to give it a try. The whole purpose of an introductory course is to give you a chance to dip a toe in the water and see if it is right for you or not. It is perfectly ok to not have prior Accounting experience, you will find yourself in good company.
Great answer Anthony. Very encouraging. Cheers!
Matthew Eby
Moises Cariaso, MBA
Professor
9
Answers
Manila, Metro Manila, Philippines
Updated
Moises’s Answer
You will be dealing with number and profit and loss analysis of a company.
Matthew Eby
Strategic and Operational Consulting
26
Answers
Sarasota, Florida
Updated
Matthew’s Answer
Micha - I'd like to answer your question by writing about what it's like to apply the knowledge that you will learn in an accounting course throughout your life.
I used to teach a personal finance course to college age students a few years ago. One of the questions that I would ask is, "can we create our own personal financial statements?" Of course the answer is Yes. So, let's take a look at the terminology from an accounting course and convert it into personal finance. Starting with assets, these are things of value and for a business they create income. Well, guess what. it's the same for you personally. Your assets are your knowledge, education, talent, skills, health, and abilities and so on. These are things of value and you will use them to get a job or career and create income for yourself and your family.
Then comes liabilities or things that you owe. You have to be very careful in how many promises that you make or things that you borrow because this will create an obligation on your time or other assets. Be very mindful about controlling any liabilities.
Then we come to what is known as the accounting equation, where Assets minus Liabilities equals your Net Worth. So, it's easy to see that if you build your education. Develop your talents and skills. Manage your liabilities and obligations well. You can continuously build and develop your net worth over your life time.
You can also build a high degree of self-confidence by applying what you learn in an accounting class to your personal life.
Who knew?
It's worth the time and effort for anyone reading this to develop these basic money management techniques and apply them to other aspects of life.
Best of luck
I used to teach a personal finance course to college age students a few years ago. One of the questions that I would ask is, "can we create our own personal financial statements?" Of course the answer is Yes. So, let's take a look at the terminology from an accounting course and convert it into personal finance. Starting with assets, these are things of value and for a business they create income. Well, guess what. it's the same for you personally. Your assets are your knowledge, education, talent, skills, health, and abilities and so on. These are things of value and you will use them to get a job or career and create income for yourself and your family.
Then comes liabilities or things that you owe. You have to be very careful in how many promises that you make or things that you borrow because this will create an obligation on your time or other assets. Be very mindful about controlling any liabilities.
Then we come to what is known as the accounting equation, where Assets minus Liabilities equals your Net Worth. So, it's easy to see that if you build your education. Develop your talents and skills. Manage your liabilities and obligations well. You can continuously build and develop your net worth over your life time.
You can also build a high degree of self-confidence by applying what you learn in an accounting class to your personal life.
Who knew?
It's worth the time and effort for anyone reading this to develop these basic money management techniques and apply them to other aspects of life.
Best of luck