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butterflee00
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Joined: 11 Feb 2010
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| Posted: 22 Feb 2010 at 09:45 | IP Logged
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you do not recall the BASIC accounting concepts...what if net realizable value rings like a semi-new concept for you... i have really rusty accounting from 10+ years, and after 4 kids, it's like going back full circle... what do u guys suggest, i'm taking it slow & easy, maybe not the best approach at this time. Any suggestions?
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kcd1
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| Posted: 22 Feb 2010 at 13:40 | IP Logged
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I think you answered your own question. Take it slow and spend the time needed to re-learn the concept.
It's more important to understand how NRV is used and when it is applied as well. A lot of the material was never taught or taught in such detail in college as well. The items that came back to me and were fairly easy were: Stockholders equity, depreciation/fixed asset, inventory, income determination, and leases.
Still, that's peanuts compared to all you need to memorize. Also depends on your course. Becker for example is designed to instruct those fresh out of college, or someone that's been out of practice for 20 years. They don't have a disclaimer that says, "Only meant for people that retained ~35% of their accounting courses from college."
You'll do fine =)
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Jeremy
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Joined: 30 Oct 2009
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| Posted: 22 Feb 2010 at 17:26 | IP Logged
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Just take a CPA review course? It will teach you everything you need to know regardless how far out of the game you are.
__________________
In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing. -Theodore Roosevelt
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Topic: What to do when studying if.......
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