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When I was in business school, people did anything that they could think of to avoid accounting classes. No matter which major you ended up choosing, all business students at my school were required to take at least introductory classes in both financial and managerial accounting, which was two classes too many for most.
One thing that is difficult for many in accounting is the uniformity. In baseball or football, the umpires and referees are said to have done their best job when they are not heard from at all. A mistake on that level creates too many variables in the game, where the only variables you really want to see are the players on the field. Much in the same way, an accountant can never make mistakes in a business. No matter who the accountant is, there is only one correct answer when it comes to accounting, so the best of the best are just able to reach that answer and do it as efficiently as possible.
This is also the good thing about accounting because there is a right answer. You do not even need to find accounting tutors near me to know if you are doing things right or wrong because you can know for yourself using the nature of accounting. Accounting can mostly be boiled down to two sides, assets and liabilities. On one side, the assets are everything that you own, including accounts payable, which is money that people owe you that has not been paid yet. On the other side, the liabilities are any debts, costs, or other things that you owe. The simple accounting equation for any business is assets equals liabilities plus stockholders’ equity. The added stockholders’ equity just represents any money that comes in via stockholder investment, which is technically a liability, as stockholders can cash out.
Thanos, the main villain of the Avengers, could be called the ultimate accountant because the main goal in accounting is balance. One side of the ledger must always equal the other. If the two numbers do not equal each other, you have a disturbance in the force. Thanos’ view is 50-50 life and death, while the accounting equation is live money vs. dead money. Finding the right balance takes work, but once you know what you are doing, you always know whether you are on the right track.
In English class, you do not get the same benefits. You can write a paper and think that it is your best work, but you never know what you will get on it until you get back the subjective grade from your teacher. That was the most frustrating thing to me because the immediate feedback of math and accounting was much more comforting.
As someone who always felt comfortable with math, the idea of accounting was always something I enjoyed. If I had to have a job doing something, working with numbers was a thing that I could understand and complete competently. If you are not great at math, but think accounting might be for you, try a math tutor first. The only thing that gets tricky is when you get into balance sheets and financial statements. You get into concepts like depreciation, which are very difficult to comprehend. As an asset depreciates, you are able to write it off over time, but the rules are complex.
That is another area in which you might find yourself attracted to or repelled from accounting. If you are into rules, accounting is a place you might shine. There are plenty of rules to keep you in check. If you are someone who likes breaking rules, accounting is not your bag and you probably do not want private accounting tutors.
As mentioned, the worst part of accounting is that it is so dry and boring. There are not that many exciting moments, save for the occasional realization that you can write something off or use tricks to help the company look better. In the movie The Accountant with Ben Affleck, you get a taste of the mind-numbing number crunching that takes place when he works with Anna Kendrick to find money that had been embezzled. A typical film scene investigation probably throws pictures up on a wall with interconnected strings signifying connections. In this, a wall covered in numbers and a conference room taken over by boxes and boxes of files represents the slog that accountants go through as they try to audit for any discrepancies.
Even for Hollywood screenwriters, it is hard to make accounting interesting. For a tutor, it does not get any easier. The best of the best will find any way they can to make things seem more interesting. There are a lot of concepts in accounting that I forgot as soon as I was out of class. I think that a lot of people work to the test and then take with them the things that work best for them. Even working with private accounting tutoring, you are not going to keep everything you learn, even if it is catered directly to you.
Two things that I will never forget from my intro to financial accounting class are the terms LIFO and FIFO. Each is a different method for calculating cost of goods sold when you have variable inventory costs. For example, if you make your first 500 items for $5, the next 200 for $4, and the next 700 for $3, you would either have to calculate an average or you would need to have a standard method of accounting that you use to maintain stable records. An average does not work because you are probably selling all the way through, so your average would change as new inventory comes in. Instead of keeping a running average, you either remove the last or first inventory in when you sell each item.
All of this is a complicated mess, but the fact that I still remember inventory accounting practices after spending years out of college in creative jobs is very interesting to me. I know these over all other terms all from a silly joke that a student made in class by saying “FIFO is my LIFO.” The professor lost her mind in hysterics and I was amused enough that the concept stuck in my brain all these years later.
The best accounting tutoring near me combines terms and knowledge with mnemonics and tricks that help things stick forever.
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