LiftedX (November 30, 1999 at 12:00 am)

With English skills like this I hope it doesn't transfer onto the notes of financial statements. Also, a Chartered Accountant is a professional designation which requires competency. If you don't have that competency than your university failed you. I hope I can help you out anyway I can to fill in the gaps.

LiftedX (November 30, 1999 at 12:00 am)

Accounting just doesn't involve math. Every transaction has its own Standards of Financial Reporting Summaries that lay-out lengthy rules and guidelines to account for a transaction. Accounting textbooks as a result have more text and memorization than a standard history textbook. For example, a capital lease requires many tests: its useful life versus lease term, the present value of future cash flows must be 90% of fair value of leased asset, etc.

LiftedX (November 30, 1999 at 12:00 am)

As a 4th year accounting student doing consolidated financial statements and removing inter-company transactions, this equation sort of falls out of the total picture. Cash flow hedges is a nightmare I am tackling at the moment too.

hayzhayzhayz (November 30, 1999 at 12:00 am)

the journals are the day-books which record the everyday matters of the business.

hayzhayzhayz (November 30, 1999 at 12:00 am)

assets-liabilities= capital, you're right. but in the USA they call it Owner's Equity. which is the same thing, cause its what the owners has.

hayzhayzhayz (November 30, 1999 at 12:00 am)

aka Assets-liabilities=capital. BUT GUYS. theres a TON more stuff to this. this is just the first little equation. if you're going to take a uni degree in it, it will be so much more complex. im only taking it as an AS Level now, and theres LOADS. from reconialiations to depreciation. you have to know the ins + the outs of the system. but if you want to do it, consult some teachers.

akatsuki8leader (November 30, 1999 at 12:00 am)

if u doin degree, is it easy and what university u going 2?

supercork (November 30, 1999 at 12:00 am)

w00t, future career. Assets=Liabilities+Owner's Equity. This isn't hard guys, I am taking accounting in HS and at a local CC, very simple.

aggy028marc (November 30, 1999 at 12:00 am)

dude im a freshie and im previously taking this as a Major. any tips on how i could sink in to all this?? tnx men!

haccountant (November 30, 1999 at 12:00 am)

Accountancy [1] or accounting is the measurement, statement, or provision of assurance about financial information primarily used by lenders, managers, investors, tax authorities and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. The terms derive from the use of financial accounts.