On a scale of 1-10 how hard is this for a first test in introductory financial accounting? I have a test in 2 days, just opened the accounting textbook and realized that this is nothing like the accounting in breaking into wall street's financial modeling module. Does anyone have any insights in how to get through the debits/credits problems which I would characterize as the only "difficult" concept that I'm not understanding properly.
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This is pretty much the bookkeeping/business accounting part of financial accounting that helps to create financial reports. The BIWS (from what I've heard others say) is conceptually different because it takes the data from those financial reports and attempts to glean as much relevant information as it can.
As for the difficulty, I would say pretty easy... (2-3/10) even for an introductory class. The knowledge required to do well on this exam would be how actions (business's reality) affect the financial statements (through the use of accounting to keep track of the business). Debits and credits are just the most straightforward way to transmit that information onto financial statements.
As a rule, a debit is made onto the financial statements to reflect an increase in assets, and a credit is made to decrease assets. On the other side of the balance sheet, there are liabilities and equities, which are contrary to assets in terms of debits and credits. A credit will increase a liability/equity account whereas a debit will decrease it.
Vyraal has a good, straight forward description of debits and credits. The test is elementary.
Is it possible to learn all of it in 5-6 hours of study? If your starting out with more understanding of the "finance" -balance sheet, profit/loss statements, cash flow?
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