Question: Now that youâ€™ve almost completed your first course in accounting, highlight three of the most important things youâ€™ve learned and explain how you can put them into practical use. Are your top items the same or different from others in the class?
Min 75 words
Sample posts from students to give you an idea of what was learned:
“The three most important things I have learned about are the accounting equation where assets equity + liabilities, all of the different reports (balance sheet and statement report for example) and internal controls. I think these are some of the most important things weâ€™ve learned as they set up the basis for accounting and help to ensure no mistakes were made. Right off the bat, if your assets do not equal equity + liabilities you know something is wrong. This equation also helps you keep accounts separate and give you an idea of how debits and credits affect accounts. All of the different journals and reports are all crucial to accounting as they help keep everything organized and also ensure that mistakes are not made or are caught. Lastly, internal controls are crucial for all companies. It is critical to a companyâ€™s success to have internal controls to prevent unethical activity and to catch mistakes.
So far, only one person has posted a reply and our top three are different. Obviously, we all wonâ€™t have the same answers. It is understandable that people have different ideas of what is most important. With that being said though, I am sure we can all agree that everything we learned in this class is important and critical to our success as accountants.”
“Three most important things that Iâ€™ve learned in this class are inventory, receivables, and cash. Learning about inventory is important to me because being part of accounting and if I want to move up I will want to have some knowledge about what I will be doing and how to do it. We count inventory every year and it is nice to have an understanding on how it works and both sides of it. Learning about receivable also helped me a lot because I do help out somewhat with checks and ROAâ€™s. I am then able to tell the difference between receivables and payables. Knowing what ledgers are used in receivable is awesome because when I am actually doing the work that is something I think about and something that I can put into practice. Lastly, learning about cash and the pros and cons about it helps me think if there is anything we can do to change to make sure we are doing our due-diligence. We control cash quite well but are we doing it the correct way?”
“One of the most important things I learned in this class was that
An incorrectly input data in your Quickbooks will completely mess up your balance sheet, thus it’s imperative to learn to utilize the tool/ software. If I ever need to use QuickBooks again I will make sure to take a dedicated class that will teach me to use it.
Balancing the sheets (using the double entry method) is important and makes perfect sense as to why a company would choose to go that route. However, it is most important to know how to actually balance it correctly and know how to input the information accordingly. I don’t plan on having my own company anytime soon, nor do i plan on working in the field of accounting, but it has shown me that I must find really dedicated accountants with good ethics if I ever need someone to balance the books for me.
Accounting is far more complicated than i thought. Kudos to those of you persuing this field. It has been stressful and many times I did want to quit because this class is just a requirement to obtain my bachelors and I can honestly say I dislike accounting more than ever. I guess the fact is that it’s more than just inputing numbers and adding and subtracting. It’s rules and data that just took longer for me to compute in my mind the way it should be done. I know that if I ever need accounting I will definetly hire someone who enjoys this field to do my books.
So Far, It seems as my items are different as other’s post. I suppose it could have something to do with the fact that I am studying IT cybersecurity and not going deeper into accounting. I wish all of you the best in your endevours and much success.”