I am now taking Financial Accounting as a sophomore. I want to go into banking (interning at a PE firm starting Monday) and I want to get the most out of my accounting classes. Does anyone have any tips for me regarding the class?
Thanks.
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Financal Accounting takes no intelligence. Just straight repetition until you're a robot. That's what you need to do.
Is this for real? Are you asking us how to go through school? 1) Go to class. 2) Learn the material. 3) Kill the exams. No different from any other class...?
You learn what line items are debit/credit in the first two weeks.
If you can't figure out that stuff, drop the class and give up finance.
Well, to the posters above, I'd say accounting is a totally foreign concept to many newcomers. The idea of a balance sheet, debits/credits, you got to admit it's a weird concept at first. It's nothing like the math, English, or science courses we studied before college.
I'm going to PM you a .pdf from BIWS that's great for people just starting off with accounting.
You should slick your hair back and show them that you are dead serious. Honestly: pounce on that shit, because it's easy to learn if you have a little patience, and it is certainly good to know.
The biggest thing you need to learn is how the financial statements flow. What I mean is what accounts go to the income statement and what accounts go to the balance sheet. Then I would say find a publicly traded company and compare its past few years financial statements to its current financial statements. Start taking guesses at what the changes could indicate. Maybe it's just me but when I started out I wish I had a better understanding of the end result of the debits and credits rather than the specific GAAP rules.
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