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ACC 203 Financial Accounting

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  • Professor:
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    Sen, AllanM.Rabinowitz, AndrewA.Anabila, ArnoldL.Berman, Gibber, RobertP.Zwicker
  • Average Course Rating (from 2 Students)

    5.0/5
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    • 2 Advice
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  • Top Course Tags

    Great Intro to the Subject

    A Few Big Assignments

    Always Do the Reading

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Financial Accounting Advice

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    • Profile picture
    Dec 27, 2016
    | Would highly recommend.

    Not too easy. Not too difficult.

    Course Overview:

    I would recommend this course because it provides a solid foundation of accounting, and the organization required to successfully operate a small, medium, or large business. There is a lot to learn in accounting but getting the basics down was the most important step in my success. Professor Berman taught the course as an “intro to business”, in the sense that regardless of what type of business major I was, accounting could help me in my line of work. He taught me that I should always understand how the business works behind the scenes, and how it affects my role in the company. For example, knowing the status of a company's inventory can help a marketing major tell which products are selling well, and which aren't! For a finance major, looking at a company's assets in comparison to its liabilities can help determine whether a company is a good investment! Using these tools can set you apart from your peers, and put you ahead of the curve in your career!

    Course highlights:

    The highlights of this course were learning inventory methods such as First In, First Out (FIFO), and Last In, First Out (LIFO). Professor Berman taught me that any inventory method can be used as long as it is consistently used each year. This allows a business to use the method that works best for them, and makes them the most appealing to the public. Another highlight was Bank Reconciliation, which is the process of fixing the mistakes made by either a company or by a bank about the same amount of money. For example, sometimes company’s deposit checks that have insufficient funds (an NSF Check), and the check was insufficient due to a customer's inability to pay for the company's product or service. These checks are sent back by the bank and the bank records the transaction in their records. If the company hasn’t fixed that in their records, it is then my responsibility to reconcile (fix) the mistake to ensure both the bank and the company are on the same page! I thought this was an amazing topic because I was able to become the means of consistency between two powerful entities!

    Hours per week:

    6-8 hours

    Advice for students:

    A great way to excel in Financial Accounting is to do an extra problem in the textbook each day. Allow yourself 20 minutes a day, and in a week that will add up to an hour and a half of solid studying! In my experience, practice makes perfect in accounting, and so the more problems you do, the better you'll be! Also, don't be afraid to ask your professor for help or get a tutor. At the end of the day, accounting may not be understood easily by everyone, but it’s up to you to get the help you need. Professor Berman always recognized when I was going the extra mile to seek help, and he always got me the help I needed whether it was a study session after class, or via email. Most professors will do the same if you ask them because they want you to succeed in the course, so show an eagerness to learn and you’ll be well on your way. If you're uncomfortable going to your professor, going to a tutor is a great way to learn the material without the added pressure! When I was being tutored in accounting, my tutor had taken Professor Berman, and showed me how to complete the work in the way that Professor Berman liked it. Not all tutors will have taken your professor, but tutors are often in the higher level accounting courses and have taken Financial Accounting before. This means that not only can they explain the information from a student's perspective, but they can help you avoid the pitfalls they made when they took the course. Lastly, get a study group! Having a designated group of people to do accounting with is a great way to stay on top of the course. Excelling in the course becomes a collective effort for everyone involved, and where your struggling, your group can pick up the pieces. With a study group, the course becomes more manageable, more interesting, and more fun!

    • Fall 2016
    • ArnoldL.Berman
    • Yes
    • Great Intro to the Subject Always Do the Reading Participation Counts
    • Profile picture
    Nov 29, 2016
    | Would highly recommend.

    Not too easy. Not too difficult.

    Course Overview:

    I recommend this course because professor zwicker teaches you the material in a way you will understand it on a personal level. He is very straight forward with his lessons but he makes sure everyone is involved.

    Course highlights:

    While taking this course currently, I am learning the basic necessities of financial accounting and all the tools we are going to need for the next step. I am constantly going over new problems in our textbook and going over them in class. That is the way you are going to get through it. You definitely need to show effort and you'll be great.

    Hours per week:

    3-5 hours

    Advice for students:

    Definitely review the material on your own time after class. You will understand it so much better after looking at it a few times. Everyone can get through it. You just have to put your mind to it.

    • Fall 2016
    • RobertP.Zwicker
    • Yes
    • Great Intro to the Subject A Few Big Assignments Great Discussions

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