Ace Your Accounting Classes: 12 Hints to Maximize Your Potential
December 30, 2008
by David Albrecht
Many students experience difficulties
when they try to get good grades in their accounting classes, and they are
searching for answers. There is no single answer. Getting a good
grade in an accounting class results from a process. If you know and
understand the process-and can apply it–then your chances are much improved for
getting a good grade. I recommend a process that includes twelve steps:
KNOW WHAT THE PROFESSOR
EXPECTS
BE YOUR OWN TEACHER
WORK HARD FROM THE FIRST DAY
ATTEND EVERY CLASS
TAKE GOOD NOTES
PARTICIPATE IN CLASS
READ THE TEXTBOOK SEVERAL
TIMES, AND READ IT WELL
LOOK FOR PATTERNS
DO LOTS OF HOMEWORK
STUDY WITH A FRIEND
STUDY LONG AND HARD FOR EACH
EXAM
LIVE HEALTHFULLY
Accountancy is the preparation and analysis of financial records for a commercial company, government or other organization. Accountancy also called accounting, enables decision –makers to interpret financial information and use the results in planning for the future. For example, such data tell executives which products or departments are doing well and which poorly.
Business people often call accounting the “language of
business” because they use accounting data in communicating about a firm’s
executives. Information provided by
accountants helps managers and other
executives understand the results of business transactions and interpret the
financial status of their organization. With this knowledge, managers can make
informed decisions about such matters as production, marketing and financing.
Charities, churches, colleges, government agencies, and other nonprofit making
organizations also use accounting to measure their financial performance.
Accounting is sometimes confused with a related activity
called bookkeeping. In general, a bookkeeper records daily financial
transactions. An accountant sets up an organization’s overall bookkeeping
system.
Financial
reports
Publicly owned companies are required by law to issue
financial reports. These reports are used by investors, officials of banks,
government agencies, and trade unions and others interested in a firm or its
industry. Accounts prepare the reports, which provide summaries of a company’s
financial condition. Most companies issue quarterly reports. All firms use
similar accounting procedures so that the reports can be compared.
The most important financial reports include balance sheets, income statements and
statements of changes in financial position. A balance sheet shows a company’s
assets, liabilities and net worth. An income statement shows whether the
company had a net profit or a net loss for that period. A statement of changes
in financial position tells the amount and sources of incoming funds and how
funds were spent during a period.
Organization that do not want a profit need many of the same
kinds of financial reports. For example, schools must keep track of their
assets and liabilities. A government agency may wish to compare the cost of a
programme with the benefits. Possible donors to a charity may like to see how previous donations were used.
Fields
of accounting
Accountants may be classified by the type of organization
for which they work. For example, business accountants are employed by all
types of companies. A small firm may have one general accountant who handles
all financial records. But a large corporation may employ large numbers of
accountants for the various duties involved.
Organizations or
individuals may hire professional accountants for occasional tasks or special
accounting services. Professional examinations are held which entitle
membership of various bodies.
Most accountants specialize in a field of accounting. The
major fields include budget accounting, cost accounting, management accounting
and tax accounting. Accountants who specialize in a field called auditing
review the work of accountants in other fields.
Budget
accounting consists of drawing up a budget for the expected future
activities of an organization during a certain period. Budget accountants base
their work on the organization’s most recent financial reports and on
projections of future conditions and activities.
Cost
accounting deals with determining the expenses involved in producing
and selling a product or service. Among these expenses are the wages paid to a
company’s employees, the cost of the materials needed, and overheads. Overheads
include all other costs, such as heat, light, power and maintenance of
machinery.
Management
accounting involves recommending ways to improve an organization’s
operating policies and increase its efficiency. For example, a management
accountant may assist managers in deciding the best method of undertaking a
major project, such as the purchase of a factory. Many accountants work for
companies that provide management consulting services. A business firm hires
such accountants to study its system of management and recommend changes.
Tax
accounting consists of preparing tax returns for organizations or
individuals and determining the taxes involved in proposed business
transactions. Tax accountants suggest ways to save money on taxes. They must
have a thorough knowledge of the tax laws that affect their clients or
employers. Tax accountants also need to know the details of court rulings in a
wide variety of tax cases.
Auditing
involves the examination of the accounting records of an organization or an
individual. Auditors evaluate the accuracy of these records and whether they
have been prepared using generally accepted accounting principles. Some
organizations employ their own auditors, called internal auditors. Internal
auditors make sure their organization follows the accounting procedures desired
by management. They also seek ways to increase efficiency and reduce waste.About ACCA
Association of Chartered Certified Accountants (ACCA)
Founded in
1904, the Association
of Chartered Certified Accountants (ACCA) is the global professional
accounting body offering theChartered
Certified Accountant qualification (ACCA or FCCA). As at June
2015, ACCA had 178,000 members and 455,000 students in 180 countries. ACCA's
headquarters are in London with principal
administrative office in Glasgow. ACCA works
through a network of 91 offices and centres and more than 8,500 Approved
Employers worldwide, who provide employee development.
The term 'Chartered'
in ACCA qualification refers to the Royal Charter granted in 1974.
Chartered
Certified Accountant is a legally protected term. Individuals
who describe themselves as Chartered Certified Accountants must be members of
ACCA and if they carry out public practice engagements, must comply with
additional regulations such as holding a practising certificate, carrying
liability insurance and submitting to inspections.
The Association
of Authorised Public Accountants (AAPA), one of the British
professional bodies for public accountants, has been a subsidiary of
ACCA since 1996.
ACCA
claims to work in the public interest, assuring that its members are
appropriately regulated. It promotes principles-based regulation.
ACCA actively seeks to enhance the value of accounting in society through
international research. It takes progressive stances on global issues to ensure
accountancy as a profession continues to grow in reputation and influence
Chartered
Certified Accountant (ACCA)
Chartered
Certified Accountant is the professional body's main qualification. Following
completion of up to 14 professional examinations, three years of supervised,
relevant accountancy experience and a professional ethics module, it enables an
individual to become a Chartered
Certified Accountant. The ACCA professional examinations are offered
worldwide four times yearly, in March, June, September and December as
paper-based exams. Computer-based exams are also offered for the first four
exams (F1, F2, F3 & F4) which are available to take at ACCA licensed exam
centres throughout the year. A Bachelor of Science (Honours) degree in Applied
Accounting (after completing the Fundamentals level of the exams, the
professional ethics module and submitting a Research and Analysis project), is
offered in association with Oxford Brookes
University.
The
syllabus comprises 14 examinations, although some exemptions are available. The
qualification is structured in two parts. The Fundamentals level consists of 9
examinations: F1 Accountant in Business, F2 Management Accounting, F3 Financial
Accounting, F4 Corporate and Business Law, F5 Performance Management, F6
Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial
Management.
The
Professional level involves 5 examinations. Within the Professional level three
papers are compulsory: P1 Governance, Risk and Ethics; P2 Corporate Reporting;
and P3 Business Analysis. Two of the following four options papers must also be
completed: P4 Advanced Financial Management, P5 Advanced Performance
Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance.
The ACCA
full Professional qualification is regarded as the equivalent of a taught UK
master's degree by the UK Border Agency and Department of Education.
Subjects
include financial accounting, management accounting, financial reporting, taxation, company law, audit
and assurance and financial management.
Foundation-level
qualifications - Foundations in Accountancy
ACCA
offers a range of foundation-level certificates and diplomas - collectively
referred to as Foundations in Accountancy - which provide an entry point for
anyone new to accounting and finance and who doesn't meet the minimum entry
requirements for the ACCA Qualification (which is three GCSEs and 2 A Levels or
equivalent, in five separate subjects). Students can start at any level within
the Foundation level, but it is recommended that students without any formal
academic qualifications start with the Introductory Certificate in Financial
and Management Accounting and complete exams FA1, Recording Financial
Transactions and MA1, Management Information; then progress to Intermediate
Certificate in Financial and Management Accounting and complete exams FA2,
Maintaining Financial Records and MA2, Managing Costs and Finance; before
progressing to the Diploma in Accounting and Business and completing FAB,
Accountant in Business, FMA, Management Accounting and FFA Financial
Accounting. Students can use the Foundation-level awards as an entry route onto
the ACCA Qualification. Students who complete the Diploma in Accounting and
Business will be given exemption from the first three exams of the ACCA
Qualification (F1, F2 and F3) and can start their studies on the ACCA
Qualification with Paper F4, Corporate and Business Law.
In order
to achieve a certificate for the exams completed students must also complete a
foundation ethics module called Foundations in Professionalism, but this only
has to be completed once, even if a student wishes to achieve both certificates
and the diploma.
The Foundation-level exams are available as paper-based exams held in June and December or as on-demand computer-based exams throughout the year at ACCA Licensed exam centres…
The Foundation-level exams are available as paper-based exams held in June and December or as on-demand computer-based exams throughout the year at ACCA Licensed exam centres…
Inspiring accountancy
A powerful global presence within the profession, ACCA inspires its
members and students towards greater success and prosperity. Students in Malaysia benefit from a fast track to our ACCA Qualification, with
a career’s worth of valuable resources and support to help them…
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Exams) ... Available for Paper F1, F2, F3, F4, F5, F7, F8, F9, P1, P3 and
P5. ACCA – Association of Chartered Certified Accountants.
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Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered
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