This class was tough.
This course is undoubtedly one of the most challenging courses that you will ever take in your academic career. However, with that said, if you enter this course with an open-minded and positive attitude you will be poised for success. The skills that you learn in this course are invaluable and very practical once you graduate from college or decide to start your own business. Do not let your fear of not doing well in this course be a deterrent for soaking up all of the knowledge that you possibly can.
You will gain a plethora of information and skills in this course, such as financial statements, specifically the statement of earnings, the balance sheet, and the statement of cash flows, the content of the basic financial statements and the relationships among them, the principles used to value assets and liabilities as reported in the balance sheet, how income is measured in the earnings statement, the various components of owners' equity, how cash flows are measured and reported in the cash flows statement, and the importance of ethics in the production and presentation of accounting information for business decision making.
Hours per week:
Advice for students:
Create a set of flash cards and study the differences between the different financial statements, specifically the statement of earnings, the balance sheet, and the statement of cash flows as soon as you can. You are much more likely to succeed in this course the quicker that you learn these financial statements and the relationships among them. Also, this may appear self-explanatory, but genuinely study at least two hours every night. Financial accounting is unlike most courses because the concepts are like learning a new language. Initially, you will not be familiar with a lot of terms; however, you will progressively become a lot more familiar and comfortable with the concepts as you go along. And finally, do not be afraid to ask questions!