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Accounting Sucks

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Accounting Sucks [#permalink] New post 21 Jan 2008, 10:44
I hate my textbook with a vengeance. Its horrible and totally f*@!#*!@ incomprehensible. Can someone recommend any decent accounting textbooks, or better yet, free online resources? (For the record, I've got the Stickney & Weil "We Really Cant Write For Sh*t" Financial Accounting, 12th edition).
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 13:09
rhyme wrote:
I hate my textbook with a vengeance. Its horrible and totally f*@!#*!@ incomprehensible. Can someone recommend any decent accounting textbooks, or better yet, free online resources? (For the record, I've got the Stickney & Weil "We Really Cant Write For Sh*t" Financial Accounting, 12th edition).


Ha, I think I have some of my old ones lying around, I'll update when I get home tonight. Any topic you're looking for? I'd also be happy to help you out re: any specific questions.
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 13:54
Irishfan wrote:
rhyme wrote:
I hate my textbook with a vengeance. Its horrible and totally f*@!#*!@ incomprehensible. Can someone recommend any decent accounting textbooks, or better yet, free online resources? (For the record, I've got the Stickney & Weil "We Really Cant Write For Sh*t" Financial Accounting, 12th edition).


Ha, I think I have some of my old ones lying around, I'll update when I get home tonight. Any topic you're looking for? I'd also be happy to help you out re: any specific questions.


I tried typing up my entire textbook with the general question "WHAT THE @!(#!(#@? DOES THE BELOW MEAN", but decided that might take too long...

Jokes aside, thats the frustration -- I don't fully understand it, but its not like I can boil my confusion down to one question... Right now I'm reading up on statements of cash flows, so if you have any resources for that, feel free to let me know.

Conceptually, I understand the purpose of a statement of cash flows -- the balance sheet and income statement dont really tell me enough about whats going on - got it, clear as a whistle, but.... I don't necessarily understand how or why some things happen.

For instance, if I told you that company A had accounts payable of $10,000 in 2004 and $30,000 at the end of 2005, you'd say to me, "Golly gee rhyme, they musta purchased some stuff for $20,000". I'd say "Darn tootin, they sure did." Then youd say "Now whats ya think happened to their cash as a result?" and I'd say "Well, they bought on account, so hells, I don't think anything happened to their cash." and youd say "!@# your stupid. Make a t-account" and then I'd rip out your eyeballs and stuff them down your throat. Err, I mean, I'd say "Okie dokie, that sounds great." and I'd make some god awful painful t-account called CASH. Underneath that I'd write some crap like Operations, Investments and Financing. You'd ask me to categorize this particular issue and I'd say "Well, golly, its operations."

Now, you'd then tell me that since I've already figured out they bought $20,000 worth of crap I should make another T-account called Accounts Payable. I'd hunt down your family and burn down your house, but before I do that I make the T-account and I credit Accounts Payable (L) by $20K to reflect the change from 10 to 30. I then say, "sure, this is fun you sadistic !@(#". So I'd do that, and then I'd mindlessly debit cash for $20,000 so that the retarded equation balances. You'd clap your hands and we'd all be happy as !@(#@!(# pie. I'd be on my way to making a statement of cash flows and solving world hunger.

But then, I'd actually try to THINK about the problem, and all of a sudden, it all goes to !@(#. See, thinking and accounting are like me and that Justine Pergola girl in high school. Some things just weren't meant to be.

I'd turn to you and say "Wait a @!(# minute. What the !@#? Let me get this right... I increased my accounts payable by $20,000 - meaning, I owe some dumb!@# who actually had the stupidity to sell me something on credit $20k -- and I'm going to do what with that? Debit cash? This isn't cash. Its not even a !@(#1 bank note. It's inventory. @!(#! inventory. How the hell is my buying $20,000 worth of something make my CASH go up by $20K. No cash has been transacted at all. Heck, if anything, I should reduce my cash position by $20K cause I owe that much now."

You'd look at me, laugh shake your head and reply:

"Dear Sir, do not think of it this way, rather think of it as................"
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 14:02
sounds like all my engineering textbooks... lovely... :roll:
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 14:21
Rhyme. That was awesome.

I just forwarded that post to my wife (at PwC), and we're both in hysterics. Don't be surprised if this post eventually finds its way around the Chicago public accounting circuit.

To be honest though, you seem to have the core concepts down. I'd be glad to lend you a textbook or 3, if you think that'd help. Although, I'm not sure they'd induce any earth-shattering revelations on your part...it really is just a matter of perspective. For sure, SOCF is definitely one of the more confusing (albeit useful, from an investor's perspective) things to assemble.
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 16:23
People do this for a living? Seriously?
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 16:24
Hi there,

I am doing an online accounting course with UCLA. We start from the basics and use Accounting Principles, 8th edition, by Weygandt, Kieso and Kimmel.

Now in 4th chapter. So far, so good.
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Re: Accounting Sucks [#permalink] New post 21 Jan 2008, 17:55
rhyme wrote:
People do this for a living? Seriously?


Some people even make this their MBA major. :D
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Re: Accounting Sucks [#permalink] New post 22 Jan 2008, 05:56
rhyme wrote:
People do this for a living? Seriously?


Really, only the corporate accounting types. And even then, systems like JDE, Oracle, Peoplesoft, Lawson, etc. put them together, it's really just a matter of making sure all the corresponding journal entries make sense.

Anyway, good luck!

:-D
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Re: Accounting Sucks [#permalink] New post 22 Jan 2008, 08:12
rhyme wrote:
Irishfan wrote:
rhyme wrote:
I hate my textbook with a vengeance. Its horrible and totally f*@!#*!@ incomprehensible. Can someone recommend any decent accounting textbooks, or better yet, free online resources? (For the record, I've got the Stickney & Weil "We Really Cant Write For Sh*t" Financial Accounting, 12th edition).


Ha, I think I have some of my old ones lying around, I'll update when I get home tonight. Any topic you're looking for? I'd also be happy to help you out re: any specific questions.


I tried typing up my entire textbook with the general question "WHAT THE @!(#!(#@? DOES THE BELOW MEAN", but decided that might take too long...

Jokes aside, thats the frustration -- I don't fully understand it, but its not like I can boil my confusion down to one question... Right now I'm reading up on statements of cash flows, so if you have any resources for that, feel free to let me know.

Conceptually, I understand the purpose of a statement of cash flows -- the balance sheet and income statement dont really tell me enough about whats going on - got it, clear as a whistle, but.... I don't necessarily understand how or why some things happen.

For instance, if I told you that company A had accounts payable of $10,000 in 2004 and $30,000 at the end of 2005, you'd say to me, "Golly gee rhyme, they musta purchased some stuff for $20,000". I'd say "Darn tootin, they sure did." Then youd say "Now whats ya think happened to their cash as a result?" and I'd say "Well, they bought on account, so hells, I don't think anything happened to their cash." and youd say "!@# your stupid. Make a t-account" and then I'd rip out your eyeballs and stuff them down your throat. Err, I mean, I'd say "Okie dokie, that sounds great." and I'd make some god awful painful t-account called CASH. Underneath that I'd write some crap like Operations, Investments and Financing. You'd ask me to categorize this particular issue and I'd say "Well, golly, its operations."

Now, you'd then tell me that since I've already figured out they bought $20,000 worth of crap I should make another T-account called Accounts Payable. I'd hunt down your family and burn down your house, but before I do that I make the T-account and I credit Accounts Payable (L) by $20K to reflect the change from 10 to 30. I then say, "sure, this is fun you sadistic !@(#". So I'd do that, and then I'd mindlessly debit cash for $20,000 so that the retarded equation balances. You'd clap your hands and we'd all be happy as !@(#@!(# pie. I'd be on my way to making a statement of cash flows and solving world hunger.

But then, I'd actually try to THINK about the problem, and all of a sudden, it all goes to !@(#. See, thinking and accounting are like me and that Justine Pergola girl in high school. Some things just weren't meant to be.

I'd turn to you and say "Wait a @!(# minute. What the !@#? Let me get this right... I increased my accounts payable by $20,000 - meaning, I owe some dumb!@# who actually had the stupidity to sell me something on credit $20k -- and I'm going to do what with that? Debit cash? This isn't cash. Its not even a !@(#1 bank note. It's inventory. @!(#! inventory. How the hell is my buying $20,000 worth of something make my CASH go up by $20K. No cash has been transacted at all. Heck, if anything, I should reduce my cash position by $20K cause I owe that much now."

You'd look at me, laugh shake your head and reply:

"Dear Sir, do not think of it this way, rather think of it as................"


LOL...i am also taking financial accounting this semester ….our first assignment is due tomorrow and that is exactly what I am trying to do right now- make sense of cash flow statement from operating, investing and financing stanpoind blah blah..by the way, I forwarded your post to my learning team and all of us really enjoyed it.....
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Re: Accounting Sucks [#permalink] New post 24 Jan 2008, 11:49
Best thing about school is that our accounting professors more recent world view is "MBAs will never want, need or even try to do T-Accounting. Lets go high level and teach what you use and see, and that isn't anything like audit"

I really hate accounting, but this made the class alright. Until he straight cluster-$^%@ed us with an impossible final exam, anyway.
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Re: Accounting Sucks [#permalink] New post 24 Jan 2008, 17:25
i thought my acctg book was next to beautiful. It was um....crap, can't remember and my cat is on my lap.

Ok! Libby Libby and Short, Financial Accounting 5th Edition McGraw Hill. Libby and Libby are in Ithaca, so they use Fontana's Shoes as an example...I got my first pair of Danskos there. It was beautiful.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 07:22
You are too funny!!! I just finished Accounting I (not in B-school yet), and have my undergrad book and may be able to help. I will post the name of it when I get home, I thought it explained everything very clearly.

With Accounting its either you get it or you dont. It's not how smart you are, because I did very well (I not a math or finance whiz at all, fashion design major, ok lol! well now a brand manager) while my other peers (all business, finance majors) barely passed.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 10:43
Thanks nitty. I need help. I need a lot of help. I really really don't understand anything.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 16:10
The Book is: Accounting
by Carl S. Warren, James M. Reeve, Jonathan E. Duchac

Now to make life simplier for you where are you having problems? Is it with T-Accounts and adjusting them. I also have a 5 page cheat sheet to help you understand the basics equations, entries, etc.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 16:14
What text book are you using?
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 16:18
Nevermind I see the book, and I am reading the Amazon ratings and yes, alot of people share your points, lol. I see Northwestern also uses this book.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 18:22
Is it even remotely possible to avoid accounting in b-school?
I've never taken a class but I just know I will hate it! Rhyme's posts don't endear me too much to the subject either!
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 18:53
Take a basic course at community before u began but most schools only let those with cpas opt out.
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Re: Accounting Sucks [#permalink] New post 25 Jan 2008, 19:20
Nitty wrote:
The Book is: Accounting
by Carl S. Warren, James M. Reeve, Jonathan E. Duchac

Now to make life simplier for you where are you having problems? Is it with T-Accounts and adjusting them. I also have a 5 page cheat sheet to help you understand the basics equations, entries, etc.



Oooh where can I get this wonderful cheat sheet?
Re: Accounting Sucks   [#permalink] 25 Jan 2008, 19:20
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