[Tylerr]

Right now I am in intermediate Accounting I. I am finding the concepts behind revenue recognition understandable, but to me the bookkeeping and journal entries extremely confusing and understanding them are begining to hinder my speed of progress. The book does little way in explaining why, so figuring it out as been a lot of work. Are these tested extensively on the exam? Will a future career kill me for not really understanding bookkeeping totally(I understand it usually, just this chapter is so complicated). What can I expect with relation to the revenue recognition methods. And what do current CPA’s have to say about the process of the bookkeeping related to this accounts in the audit/accounting world. If I forget some of this, or it doesnt make sense right away, am I really hurting myself?

[Anonymous]

What you learn in school doesn't come anywhere near preparing you for the CPA exam. I hope you learn to love journal entries because we live them every day. If you are serious about becoming a CPA, now is the time to start thinking about it. Go to the AICPA's website and look around. They used to have a student section called Start Here, Go Places or something like that. You can also find the Content Outline for the CPA exam. Because the exam is non-disclosed, no one can tell what they saw on the test they took, but if something is listed on the outline, it is fair game on the exam. No two tests are alike. Good Luck to you!

[Anonymous]

What you learn in school doesn't come anywhere near preparing you for the CPA exam. I hope you learn to love journal entries because we live them every day. If you are serious about becoming a CPA, now is the time to start thinking about it. Go to the AICPA's website and look around. They used to have a student section called Start Here, Go Places or something like that. You can also find the Content Outline for the CPA exam. Because the exam is non-disclosed, no one can tell what they saw on the test they took, but if something is listed on the outline, it is fair game on the exam. No two tests are alike. Good Luck to you!

[teeteenounouche]

Tylerr, try and find a study group or another teacher that gives review sessions. That's what I did with my first accounting class. I didn't get it until I attended a review session before a big exam. Debits and Credits suddenly made sense. You could also try googling journal entries for whatever topic and see if anything helps.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

Tylerr, try and find a study group or another teacher that gives review sessions. That's what I did with my first accounting class. I didn't get it until I attended a review session before a big exam. Debits and Credits suddenly made sense. You could also try googling journal entries for whatever topic and see if anything helps.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Anonymous]

Stick with your classes and be serious about learning the concepts. Each class is a layer that plays upon the last. Build a good foundation with the basics such as debits and credits, financial statement and yes, journal entries. Learn how to love T-accounts because they will save you when the time comes. =) Good luck and study hard, young NINJA-In-Training. =)

[Anonymous]

Stick with your classes and be serious about learning the concepts. Each class is a layer that plays upon the last. Build a good foundation with the basics such as debits and credits, financial statement and yes, journal entries. Learn how to love T-accounts because they will save you when the time comes. =) Good luck and study hard, young NINJA-In-Training. =)

[Tylerr]

Thanks for the input guys. I have a 100 in the class after 1 exam and 5 quizzes. I have the highest grade among my professors two sections I believe. If anything everyone comes to me asking for help. The kind of questions I have typically have no answer no matter how many times I google search them. Somethings to me are odd, like how in the percentage of completion method of long term contracts, we recognize a percentage of total gross profit, but then when we see a loss on the whole project, we don't recognize a portion of our gross loss, we just keep recognizing the loss. Believe me I am more than serious, if anything I am a role model. I'm just I feel like some things the book just not put enough emphasis or build up to and it leads me to believe its unimportant which I know is not true.

[Tylerr]

Thanks for the input guys. I have a 100 in the class after 1 exam and 5 quizzes. I have the highest grade among my professors two sections I believe. If anything everyone comes to me asking for help. The kind of questions I have typically have no answer no matter how many times I google search them. Somethings to me are odd, like how in the percentage of completion method of long term contracts, we recognize a percentage of total gross profit, but then when we see a loss on the whole project, we don't recognize a portion of our gross loss, we just keep recognizing the loss. Believe me I am more than serious, if anything I am a role model. I'm just I feel like some things the book just not put enough emphasis or build up to and it leads me to believe its unimportant which I know is not true.

[Anonymous]

Tyler – It's all important and Construction accounting gets to a lot of us. I think mla1169 could probably explain it better than I can.

[Anonymous]

Tyler – It's all important and Construction accounting gets to a lot of us. I think mla1169 could probably explain it better than I can.

[teeteenounouche]

Pick up a Wiley book, they are very long and detailed and should have most of the answers you are looking for…

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

Pick up a Wiley book, they are very long and detailed and should have most of the answers you are looking for…

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[NYCaccountant]

Just know the definition of an asset, liability, expense, revenue and contra account. This is the basis of journal entries. Once you have a very good understanding of these definitions it will be very easy. trust me. I learned bookkeeping in High School. Debits and Credits is not that hard when you break it down to those four core basic elements.

Also, you recognize the entire loss for percent complete because of the principle of conservatism.

AUD - 99
BEC - 84
FAR - 93
REG - 87

NYC born and raised.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Just know the definition of an asset, liability, expense, revenue and contra account. This is the basis of journal entries. Once you have a very good understanding of these definitions it will be very easy. trust me. I learned bookkeeping in High School. Debits and Credits is not that hard when you break it down to those four core basic elements.

Also, you recognize the entire loss for percent complete because of the principle of conservatism.

AUD - 99
BEC - 84
FAR - 93
REG - 87

NYC born and raised.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[teeteenounouche]

Perfect NYC, I should have said to check with you on any questions, you're a human Wiley book 🙂

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Author]

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