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AcademicGround >> Catching Up on Accounting


6/26/07 11:42 AM
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El Maquina
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Edited: 26-Jun-07
Member Since: 01/01/2001
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It's been 8 years since I graduated college. I'm going back to finish up an accounting degree. The problem is that one class builds upon the other and I've probably forgotten most of what I learned those many years ago. Anyone else been in a situation like this? What did you do? I'm gonna borrow a textbook from the professor and try to catch myself back up.
6/26/07 3:59 PM
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Liyon
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Edited: 26-Jun-07
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How soon are you going back to school? What class do you think you are going to start off with? I suggest getting Schaum's Outlines for Principles of Accting 1 and 2. And complete it over the next month or two. Depending on your scedule, you can do 2-3 chapters a week. Trying to read the textbook is going to be a nightmare. Schaum's Outlines also carries books for the other major classes such as cost accting, Intermediate accting, etc..., so you can use those while you take the classes.
6/27/07 12:15 AM
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AaronU
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Edited: 27-Jun-07
Member Since: 09/26/2003
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What classes have you finished prior? The little details may have changed some, but as long as you understand the big picture you will be fine. I think maybe intro and intermediate build on each other, but the rest really don't at all (tax, audit, FS analysis, etc.)
6/27/07 10:22 AM
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El Maquina
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Edited: 27-Jun-07
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I'll be starting ACCT 300 at the end of this August. I already have ACCT 200, 201, and 315 under my belt. Thanks Liyon, I'll see if I can find that at Barnes and Noble. Aaron, at this point I think I may have lost the big picture, lol. Are both of you guys accountants? How do you like your jobs?
6/27/07 6:01 PM
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AaronU
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Edited: 27-Jun-07
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"I'll be starting ACCT 300 at the end of this August. I already have ACCT 200, 201, and 315 under my belt." Sorry, but this tells me nothing, really. I take it 200 is intro finacial, 201 is managerial intro, and 315 is????? What is 300???? I just completed an accounting degree at Santa Clara University and will be starting at PwC in NYC this August. I interned in San Jose last summer, and it was great. It's hard work, but lots of young people. If you go into industry, you can make better money right away, but the training you get in public accounting is VERY VALUABLE.
6/28/07 11:47 AM
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El Maquina
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Edited: 28-Jun-07
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ACCT 315 was management accounting. ACCT 300 will be Intermediate Financial Accouting. That just sounds hard. Sounds like you are well on your way Aaron. I'm going to do the internship also. I made a mistake the first time around not doing it. Did you get paid decently during your internship? Also, how closely do companies look at your GPA and credit report. Not that either of mine are bad, I'm just wondering. Liyon, Schaum's seems to be pretty outdated. Does this not negate any of the information presented at all?
6/28/07 2:42 PM
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Liyon
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Edited: 28-Jun-07
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"Liyon, Schaum's seems to be pretty outdated. Does this not negate any of the information presented at all?" Not at all, the principles of accounting don't change much and if they did there would be new editions of the outlines. A lot of their other titles have new editions. Schaum's Outlines for Prin. of Acct 1 and 2 are dated circa mid-90's. I would recommend that you review both of those. ACCT 300 sounds like intermediate accting 1 which has a lot of overlap with prin. of acct 1 and 2, so you should be able to jump straight into it. In fact, you're basically reviewing prin. of accting for a third of the course with some extra details and stuff thrown in. Int Acct 2 is where it really starts to get hard as you need to have a solid foundation in Int Acct 1 and it's all new material.
6/28/07 3:53 PM
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El Maquina
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Edited: 28-Jun-07
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Thanks so much Liyon. I'll order the outlines from Amazon. By the way, what can a guy realistically expect to make his first year as an accountant?
7/8/07 1:48 PM
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AaronU
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Edited: 08-Jul-07
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"Did you get paid decently during your internship?" Let's just say that PwC sent me to Disney World, put me up in the best hotel there, and I got paid $25 an hour to go on the rides. Does that count as "paid decently"? "Also, how closely do companies look at your GPA and credit report." They don't look at your credit report... at least not that I know of. I see no reason why they should. They DEFINITELY look at GPA. You should probably have a 3.3 to be competitive. If you're less than a 3.0, you better have done some damn good things in your extracurricular activities to set you apart.
7/8/07 6:02 PM
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El Maquina
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Edited: 08-Jul-07
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Let's just say that PwC sent me to Disney World, put me up in the best hotel there, and I got paid $25 an hour to go on the rides. Does that count as "paid decently Wow that sounds great! I'll try to get an internship as soon as possible. At what point in your studies did you get yours?
7/8/07 11:26 PM
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AaronU
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Edited: 08-Jul-07
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I got mine the summer before senior year, which is the standard for the big four. Before your junior year, they do have externships, though I think they are unpaid. They are 2-3 day programs. Doing them helps you in the interview process for internships, and I advise doing as many as you can.
7/9/07 9:59 AM
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El Maquina
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Edited: 09-Jul-07
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I appreciate all the advice Aaron. Would you mind telling me what company you work for? I wouldn't ask but the perks you are getting sound great! You could tell me in an email if that would be better for ya?
7/9/07 11:24 AM
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AaronU
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Edited: 09-Jul-07
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PwC is PricewaterhouseCoopers... the other firms in the Big Four have similar internship programs (though I have heard KPMG sucks from many people)
7/18/07 9:38 PM
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Liyon
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Edited: 18-Jul-07
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AaronU, did you have any prior accounting work experience before you got the internship? Also, how good/connected of a student were you?
7/19/07 10:10 AM
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El Maquina
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Edited: 19-Jul-07
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Good question liyon. By the way, I"m doing the Schaum's outlines. They are great but it's taking longer than I expected to catch up. There is Sooo much info to take in! I have until Aug. 27 to finish both outlines so the pressure is on. What does a typical workday consist of guys? Surely it's not just messing with T accounts all day?
7/20/07 1:44 AM
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AaronU
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Edited: 20-Jul-07
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"AaronU, did you have any prior accounting work experience before you got the internship? Also, how good/connected of a student were you?" No prior work experience. 3.7 GPA. I didn't really have any connections, but the firms put on a lot of events for students, and if you attended them, that definitely helped your odds. "What does a typical workday consist of guys? Surely it's not just messing with T accounts all day?" Microsoft Excel.
7/21/07 10:33 AM
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El Maquina
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Edited: 21-Jul-07
Member Since: 01/01/2001
Posts: 8131
See we worked with Excel in the 315 class doing spreadsheets. Something else I'll have to catch up on.

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