Getting ready for intermediate accounting...


J

JD

Alright, I have heard several horror stories about intermediate financial accounting. How bad is this course? Lucky for me it will be the only course I will be studying this fall. Is it truly one of those hated classes that will make you or break you? I just finished fundamentals of corporate finance. Crammed 13 chapters into a 6 week period. THAT was rough. I ask how much harder can my next class be? Yes, I know this next class involves heavy analysis of balance sheets.
 
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S

SA

Alright, I have heard several horror stories about intermediate financial accounting. How bad is this course? Lucky for me it will be the only course I will be studying this fall. Is it truly one of those hated classes that will make you or break you? I just finished fundamentals of corporate finance. Crammed 13 chapters into a 6 week period. THAT was rough. I ask how much harder can my next class be? Yes, I know this next class involves heavy analysis of balance sheets.

I am not really sure how different/heavy the Intermediate Accounting
courses are up in the US compared to Canada. But up here in Ontario
the course(s) are tough! It isnt your basic accounting/bookkeeping
courses where you are basically walked through each subject. These
courses are tough, and the only way to succeed in them is to do your
work. I have already weeded through 2 intermediate courses (obtained
a B+ for both so far), so heres some of my tips:

- Manage your time. Spend a good amount of time studying everything
in each chapter. You will need to know everything in each chapter. I
normally spent about 4 hours per chapter, reading it over and studyign
the examples to make sure I understand them fully before jumping into
the homework.

- Give some of the homework questions a shot without looking at the
chapter/reviewing and flipping through again. If you dont know the
answer, guess.. after giving the question(s) your best shot, check
the solutions and then see what your problem area(s) are.

- Dont fall behind in the readings. In my college, we basically
covered one chapter a week (2 session per week, first session is where
the teacher would walk us through the chapter highlighting to us and
bringing certain things for discussion) 2nd session is for bringing up
any concerns about the homework or chapter.

- Study hard.. dont cram. it will be impossible trying to cram
multiple chapters, especially when you get into Complex Secruities,
Pensions (this stuff is hard), F/S Analysis (we arent just talking
about memorzing formulas.)

- Hopefully you have access to the homework solutions.. but do
yourself a favor and DO NOT just skim through the solutions figuring
you would do the same as the author would. Make the effort to do the
homework.


The Intermediate Courses here are tough. I know a few colleagues in
my school still on the 1st Intermediate Course (they have tried 2
times.. both times failed/dropped out) simply because they dont/wont
do the homeork properly.


Good luck!

-SA
 
P

Paul A. Thomas

JD said:
Crammed 13 chapters into a 6 week period.
THAT was rough.

Oooooooooo

Half a chapter a day, and weekends off.

Where do I sign up?
 
M

Marisa

JD-
Intermediate is the class that will prepare you for the CPA exam (if you decide that you want to take it). So you are about to take on of the most important courses in your college career! This may help.....I suggest coming home and rewriting or typing your notes. This will:
- Allow you to put things in your own words
- Will guarantee that you revisit the lecture at least once
-Will act as a study guide at test time (and even for the exam)
And don't be afraid to ask questions- don't spin your wheels. Chances are if you are confused, so are most people in the class.
Good luck!
Marisa

Alright, I have heard several horror stories about intermediate financial accounting. How bad is this course? Lucky for me it will be the only course I will be studying this fall. Is it truly one of those hated classes that will make you or break you? I just finished fundamentals of corporate finance. Crammed 13 chapters into a 6 week period. THAT was rough. I ask how much harder can my next class be? Yes, I know this next class involves heavy analysis of balance sheets.
 
M

MCG

Good advice, Marisa. Where were you when I was taking those classes?
 
D

DrumDesigner

I think with almost every college that teaches Intermediate, there are horror stories. In fact, my professor had actually had the previous semester's class write up tips to give the new incoming students about what they thought about the course and how to succeed in it. You should have read some of these things! The only advice I can give you is that you should be prepared to spend more time on this course (and Intermediate II) than you have for any other course. They call Intermediate I, the "make or break" course. Those left standing at the end are the ones that will be continuing on and making a career in accounting. Case in point. My Intermediate I class started out with 24 students and ended up with 11 at the end of the semester! I offer the following tips:
1.. Don't get behind! Much like paying bills, it's harder to catch up than not to get behind in the first place!
2.. Trim the fat where you can as far as methods of study. There may be times where you have to skim the chapter, go straight to the problems and see what they are looking for, then go to the applicable section and really spend some time there to reinforce the points needed to solve the problem. Intermediate Accounting texts' are notorious with being more information-laden than "normal" textbooks. Many topics are bundled in to a single chapter. Using the technique above, you "trim the fat" and focus on what's needed (at least for the course anyway).
3.. When working with problems and you have one successfully completed problem where the solution is verified, rework the problem in a "rote" fashion. Do the problem 4 or 5 times in a row. What you're trying to build here is the repetition of learning the steps needed to solve the problem (not just getting the "answer"). One skill that you absolutely need other than getting the correct final answer is a thorough knowledge of the PROCESS of how answers are derived. Nothing is more worse than taking an exam and reading a problem with the sudden realization that you have absolutely no clue where to begin!
4.. When you are copying down calculations done on the board by the teacher, just don't copy down the numbers. Use arrows or some other means to "label" the numbers so you know where they came from and how they pertain the to the topic at hand. If you don't do this, you'll spend WAY too much time "rediscovering" how the calculations came about. Completely avoid this my labeling your calculations taken down in class.
5.. You're going to spend a lot of time studying. Take a break and go for a short walk. You WILL need to do this to get a fresh start/perspective during those long study sessions.
Hope the info given helps!
Alright, I have heard several horror stories about intermediate financial accounting. How bad is this course? Lucky for me it will be the only course I will be studying this fall. Is it truly one of those hated classes that will make you or break you? I just finished fundamentals of corporate finance. Crammed 13 chapters into a 6 week period. THAT was rough. I ask how much harder can my next class be? Yes, I know this next class involves heavy analysis of balance sheets.
 
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R

Ron Todd

Alright, I have heard several horror stories about intermediate financial accounting. How bad is this course? Lucky for me it will be the only course I will be studying this fall. Is it truly one of those hated classes that will make you or break you? I just finished fundamentals of corporate finance. Crammed 13 chapters into a 6 week period. THAT was rough. I ask how much harder can my next class be? Yes, I know this next class involves heavy analysis of balance sheets.

Just think of IA as an aptitude test give to see if you have the
aptitude for accounting. If you don't pass it, your not accounting
material and should choose something else.


*****************************************
Boycott list:

Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,

Sometimes the only influence you have is to say, "No, I'm not buying."
 
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W

WMMorgan

JD said:
Alright, I have heard several horror stories about intermediate
financial accounting. How bad is this course? Lucky for me it will be
the only course I will be studying this fall. Is it truly one of those
hated classes that will make you or break you? I just finished
fundamentals of corporate finance. Crammed 13 chapters into a 6 week
period. THAT was rough. I ask how much harder can my next class be? Yes,
I know this next class involves heavy analysis of balance sheets.
--
The worst thing I recall about Intermediate (around 1990) was the text
by Keiso and Weygandt. Many in our class were utterly mystified by
critical passages so badly written it was scarcely better than random
gibberish.

I find it difficult to believe this text is still widely used. Perhaps
later editions were massively revised.
 

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