Accountancy guide

[frostyrej]

hello guys..

btw, I'm just new here in this forum so I hope I could already make friends out of the people here..

But anyway, can somebody please help me with these..

I found out that in order for us(aspiring accountants) to pass the CPA exam.. we must master the following:

1. Theory of accountancy (already studied this but still mastering it)
2. Business law and taxation
3. Management services
4. Auditing theory
5. Auditing Problems
6. Practical accounting problems I
7. Practical accounting problems II

based from an article: http://twentyfive.hubpages.com/hub/H...d-Requirements

hmm now here it is, To all those who are already ahead of us
(i'm still a fresh graduate from highschool and will be a college student this coming june 13 but I'm having my advance study)
please share some of your knowledge about these scopes..

your informative answers will be appreciated very much!!
More power guys!! Godbless us all!

[AccIdPEx]

Ang sipag mo naman, pero tama yan dahil ikaw din naman ang makikinabang dyan balang araw.

Sa pagaaral mo ng Theory of Accounts (TOA), madadamay na din dyan ang Practical Accounting I (P1) at Auditing Problems (AP) dahil ang TOA ang theoretical side ng accounting at ang P1 naman ang procedural/practical side ng accounting. Ang AP naman ay parang correction of errors kung saan computed na lahat at aalamin mo kung tama ba yung sagot at kung saan nagkamali [parang ganun ang concept].

[lockex]

Kala mo lang madami, pero onti lang yan. If you have a study habit (na parang meron kasi may advance reading ka na, ang sipag), use it to do extra-curricular things.

A lot of people waste a lot of time watching TV or texting or going on Facebook. It's a waste in college. If you can handle your academics, and believe me just regular study will get you far ahead in accounting, get involved in other areas of your college life. Write for the school paper. Get involved in JPIA. Play sports during intramurals, and if you're really good, maybe even at a collegiate level.

[frostyrej]

@sir accidpex: ahh uu nga po noh.. as far as I know po kasi, parang ANG accounting theory un na ANG foundation ng profession itself..
Ang problem ko nalang po kse pano ko malalaman na ang isang account ay isang liability, asset, or capital.. Though familiar na po ako sa equations tsaka nakapag download napo ako ng ledger para mas mapag ibayo ko pag account.. un na nga lang po parang how to sort nalang po kasi wala po kse ako idea kung ano2 ANG mga iyon haha.. Maybe all i need is more than theory, some sort of situations po ata haha.. Btw, thank you po sa compliment sir!

@sir lockex: haha oo nga po eh, kaso bawal po daw freshmen mag involve sa extra-curricular activities.. haha

anyway, kaya po talga ako sumali dito sa forum kasi para matuto ako mula sa mga graduates ng accountancy.. hehe thank you po mga sensei! ^______________^

may follow up lang po ako.. pwede po ba mag hingi ng example scenario para po mas maclear sakin ang transaction at pag process ng accounts? Thank you po ulit very much!!

[Larry Tan]

@sir accidpex: ahh uu nga po noh.. as far as I know po kasi, parang ANG accounting theory un na ANG foundation ng profession itself..
Ang problem ko nalang po kse pano ko malalaman na ang isang account ay isang liability, asset, or capital.. Though familiar na po ako sa equations tsaka nakapag download napo ako ng ledger para mas mapag ibayo ko pag account.. un na nga lang po parang how to sort nalang po kasi wala po kse ako idea kung ano2 ANG mga iyon haha.. Maybe all i need is more than theory, some sort of situations po ata haha.. Btw, thank you po sa compliment sir!

@sir lockex: haha oo nga po eh, kaso bawal po daw freshmen mag involve sa extra-curricular activities.. haha

anyway, kaya po talga ako sumali dito sa forum kasi para matuto ako mula sa mga graduates ng accountancy.. hehe thank you po mga sensei! ^______________^

may follow up lang po ako.. pwede po ba mag hingi ng example scenario para po mas maclear sakin ang transaction at pag process ng accounts? Thank you po ulit very much!!

Try mo sa youtube, may mga video-lectures on accounting topics.

[frostyrej]

@sir larry tan: wahaha uu nga noh.. d ko naisip un ah xD salamat po!! sa suggestion!!

[AccIdPEx]

@sir accidpex: ahh uu nga po noh.. as far as I know po kasi, parang ANG accounting theory un na ANG foundation ng profession itself..
Ang problem ko nalang po kse paano ko malalaman na ang isang account ay isang liability, asset, or capital.. Though familiar na po ako sa equations tsaka nakapag download napo ako ng ledger para mas mapag ibayo ko pag account.. un na nga lang po parang how to sort nalang po kasi wala po kse ako idea kung ano2 ANG mga iyon haha.. Maybe all i need is more than theory, some sort of situations po ata haha.. Btw, thank you po sa compliment sir!

^ Saan ka ba mag-aaral?
Madi-distinguish mo din yan, sanayan lang talaga.

[frostyrej]

@sir accidpex: this coming pasukan sa Ateneo de Davao University po..
ahaha nga po eh, pero mas ok siguro if sanayin ko na po while early palang haha.. para advance na.. diba po parang cycle lang po un lahat? basta alam mo lang yong theory ng accounting? then lahat logical nalang?

pano ko po mageneralize yong point of view ko about accountancy sir?
may nagawa napo ako kaso i'm not certain about this..

These are all that I knew at the moment.. There are two kinds of statements, Balance sheet and the income statement.. In the balance sheet there are three accounts/sections namely: Assets or the left side of the sheet, Liabilities, and equity or the right side of the sheet..

basic equation: A = L + P(equity)

The income statement has two accounts/sections namely Revenue and expenses ..

if written in an equation.. this will come out like this:
A = L + P + (e-I) or if algebraically, can also be: A + I = L + P + E

Income statement is also known as the statement of financial performance (If my words are chosen right) because through this, one could analyze if the company is progressing financially in a positive way or in a negative way..

Total of all acounts is known as balance..
Maintaining the entries in the accounts is known as book keeping
The accounts themselves are known as the ledger
placing a particular entry into an account is known as posting

Debit = reduces it's balance if Liability, Income, or capital
but increases it's balance if Asset, or Capital
Credit = vice versa..

tsaka if income > expenses = net profit
pero if income < expenses = net loss

eto palang po so far ang nalalaman ko sir... I think it's too broad T_____T ( ..

[Larry Tan]

Suggest ko improve mo ang reading comprehension skills mo. Ang challenge sa accounting students, kaya mo ba intindihin ang accounting books without the help of a teacher's lecture? kung sago mo dyan ay oo, then you are made for accounting.

[tryinghard]

^^ I beg to agree with Sir Larry. If you can understand the books you are reading in advance, then you are really for accounting.
I suggest you to read some novels before reading accounting because it will really hasten your reading comprehension skills. Take note, I read a lot and when I turn to read accounting books, it is just like I am still reading the novel. HAHAHA God bless! Penge ng mga exercises mo pag nagkaaccounting ka na

[frostyrej]

@sir larry tan: sigee poo wahaha... thank you po sa advice sir!! ^___^
but sir, if d ko pa po masyado maintindihan yong mga terms sir.. does it mean po ba na di po talga para sa akin yong course? or may chance pa po na mas maintindihan ko pa po? baka po kasi f ganun d ako makakahabol sa klase

@sir tryinghard: wahhh nagbabasa naman po ako kaso more on articles, dictionaries tsaka po gumagawa rin po ako ng own composition.. but minsan lang po ako nagbabasa ng novels...

thank you po sa lahat ng suggestions and advice sir! .. I'll improve my reading comprehension skills further.. I really appreciated your kind answers mga sensei! hehe ^_^

@about sa exercises: wahaha sige po.. bakit po pala?

[AccIdPEx]

Sa lagay na yan mahina pa comprehension skills mo?
Huwag kang masyadong kabahan, lahat yan ay matututunan mo in time. Baka mamaya, ma-info overload ka na at mag-crash ang utak mo.
Pero nakakainggit ang dedication mo. Siguro kung ginaya kita noon, baka hindi ko na kailangan pang magreview dati, take agad pagka-graduate.

[tryinghard]

Masyadong nerve-wracking kapag mga articles ang binabasa mo. Take it slowly and leisurely para ma-enjoy mo wag mo masyado i-pressure ang sarili mo. Take it step by step. Have a proper time management. Ako rin kasi this year palang magkaka-acctg.! )) So parang 1st year palang din ako but i will really consider this year as my 1st year in college haha I want to forget my 1-yr stay in my college because it is full of regrets and disappointments.

[jer_10]

incoming freshman ka pa lang ba?

try mo to:

www.elightneup.net

click mo yung "start studying" ng bookkeeping libre naman eh. Yung financial at managerial accounting lang ang may bayad.

naging malaking tulong sakin yan. Dahil dyan nakapasok ako sa top 10 ng departmental exam namin. Di kasi gaanong nagtuturo yung professor namin.

Take things slowly but surely. Wag madaliin para san ang nauuna ka pero di mo naman lubos na naiintindihan.

Wag mo munang gulatin ang sarili mo sa mga subjects na nabanggit mo. Dun ka muna sa basics.

Ako nung 1st year ako nalula din ako sa mga accounting subjects na yan. Incoming 3rd year palang ako. Summer summer din.

[jer_10]

ay mali beybe

www.enlightenup.net pala. Kulang ng "n".

[frostyrej]

@sir accidpex: weeeee thank you po!! hahaha .. parang na boost confidence ko sa mga sinabi mo po.. medyo kinabahan po talaga kasi ako ... wahaha thank you po talaga.. and I think I got the cliche that mr. larry tan wanted to expose.. I must improve my understanding.. hehe Thank you po talaga!! you're da best sensei! hehe

@sir tryinghard: uu nga po ee.. haha tamaaaa.. cool lang dapat pala talga .. tsaka sipag lang at tyaga.. anyway po.. nakaka2long po ba *** pag solve ng puzzles or any logical games? kasi po mahilig ako nun. .specially chess tsaka sudoku ... I think makakapag improve din po un ng comprehension ? I think? hahaha

@sir jer_10 : wow!.. that's very helpful po!.. though di ko pa po siya naoopen.. but maya po after po masuccessfully reformat nitong laptop namin haha.. thank you po sir!!

thank you po sa lahat.. Hope po na if may maidagdag pa po kayo sa mga nasabi, mag post lang po kayo ng patuloy! I'll appreciate it very much po talaga.. Isa po kayo sa mga tumulong upang maging accountant ako. Thanks po talga!! hope to know more po dito sa forum. Godbless! and more power!

[jer_10]

don't forget to sign up muna sa enlightenup then log in para makanood. walang bayad.

Kung ayaw magload ng video meron naman sa youtube. Search mo lang si enlight09 o kaya videos entitled accounting 101.

[anino83]

one important thing na dapat maumpisahan ng mga accounting students is yung pag-aaral ng concept ng topic na inaaral... dapat fundamentally sound ka na sa concept.. kasi ang isang fault sa bata ngayon and well I am guilty during my time e minsan procedural and minemeorize lang sagot or solution and hindi iniintindi paano naderive ang sagot.

if you think ganito ka na now.. BREAK the habit...habang maiksi pa ang sungay.

[frostyrej]

@sir anino: haha opo.. kaya nga po ako nag aadvance study po ako para po di ako ma far out sa mga lessons namin pagdating ng klase.. hehehe
thank you po sa advice sir! ^____________^

[Simplyhana]

kaya mo yan frostyrej..

buti as early as now alam mo na kung ano yung gusto mo.
Basta ienjoy mo lang yung pag aaral ng accounting. Pag napapagod, take a rest. enjoy lang. It will be worth it in the future. Believe in yourself and always trust God. Good luck and God bless!