Accounting question for people in accounting careers...?

Accounting question for people in accounting careers...?
Right now, I am majoring in accounting. I understand that with accounting, you either hate it or love it. Well, I love accounting and for ACC I, I breezed through it with no problems at all. Now, I am taking ACC II and I'm not grasping the topics as easily as I was in ACC I. (I'm taking these online) I'm sure that it is normal with some topics in accounting. But I was just wondering, are accounting careers like careers that you have to know like the back of your hand or is it as long as you have a good understanding on most things?


Answers:

Tarique M:  special
2006-10-06 10:22:48
smashley:  ACC II should be more challenging to you, it's more advanced. And, unfortunately, yes, you do need to know more, if only because of all teh laws and regulations that can get you thrown in jail. You'd be surprised how responsible you are for your company.
2006-10-06 10:23:18
CJ:  I think it's a little bit of each. You definitely need to know how to research and keep up with the latest changes.
2006-10-06 10:23:57
Chosen Answer
twigg808:  If you want to do well in accounting after you get your degree you have to get your CPA. To get your CPA you really do have to know everything. Luckily however there are a million different cram/study courses out there that teach you everything you need to know to get your CPA. However once you have your CPA, you really only need to know what is important to your specific job. Which most of the time is a pretty narrow area. All you really need to learn is where to look for the answers if you have a question later. No one knows it all.
2006-10-06 10:24:48
sharkman:  If you're "numbers-nimble" -- have a good algebraic mind and like the details of accounting, get as grounded as possible in bookkeeping. I have been an accounting professional for over 40 years and today's accountants are clueless about debits and credits. One reason for the recent outbreak of accounting and financial scandals is that those that should be catching this stuff no longer know their debits and credits; they are not grounded in how transactions are created and subsequently manipulated. The sole means of manipulating financial information is through accounting transactions, and the creation of accounting transactions is bookkeeping. A seasoned bookkeeper/accountant that knows what they're doing can easily have an accounting/bookkeeping/income tax practice grossing $100,000 and more a year ... as much as many CPA sole practitioners make. Getting to this level of expertise would mean getting apprenticed with a seasoned accountant/bookkeeper, a fast fading species. Good luck!
2006-10-06 10:41:52
msprong:  "Accounting" is very general. With an accounting degree you can choose to go into public accounting (work for an accounting firm doing audits and/or taxes - become a CPA). Another option would be to go into private accounting (work for one company) and do things such as financial reporting or tax work to name just a few (I recommend getting experience at a firm first). A third option is to work for the government (IRS or Franchise Tax Board). What I mentioned above is still very general. You'll find that there are many paths you can take once you have that degree and a few years of experience. There's a lot involved with accounting....it's not just debits and credits. As far as you having more difficulty with Acct II, that's okay...it supposed to get harder. You don't have to know everything, because you're not going to use everything you learn from the text book. However, you should have a general understanding and then you'll tend to specialize. If you are enjoying your accounting classes, that's a good sign. An accounting degree is a very respectable one to have and I can assure you that if you have a good understanding of accounting, you'll never have a problem finding a good job. Keep the GPA up and firms will be recruiting you before you get out of college. I highly recommend getting involved with the Accounting Society or Beta Alpha Psi at your school (if you are at a 4 year university right now). It's a great way to learn more about careers in accounting, learn to network, improve on communication and interviewing skills, and meet other accounts who are looking to higher good students with a desire to work hard and be successful.
2006-10-06 10:42:09