I have the general “asset increase, decreases cash flow” down but does anyone have any quick tips that helps them ace all types of accounting questions?
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Wrong
LOL! I meant cash flow DECREASES
There are no tricks- you really need to fundamentally understand what is going on, because memorizing different changes isn't going to cut it when the interviewer throws you off. It takes time and its boring, but worth it when you have it down completely and can recite accounting changes without a sweat.
Agree with youngbankermonkey. When going through a question on how it affects 3 statements, I find it easiest to go from the Income Statement, to Cashflow Statement then Balance Sheet. The IS ends in Net Income which transitions well to the top of the CF statement which ends in cash which transitions well into the BS.
Yes thank you both. Sometimes I forget what impacts the income statement and what doesn’t. I know now that inventory/PPE does not. Sometimes when I am doing problems about “selling an asset for 100 that costs 50” I get mixed up and an not sure what’s the difference between selling an object for 100 and the gains/losses questions. For example, you would add a gain to the income statement and then subtract that gain from the CFS
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