Scairt?
I just realized yesterday how difficult Accounting was. I don’t know why it was just yesterday. I’ve always understood basic Accounting concepts but this sem, I always get stumped.
This was the scenario… And the problem.
Ayon, yesterday was our class in Financial Accounting I. It’s all about assets. We are now studying bank reconciliation statements (done by businesses to make the amount in their bank account and the amount in their accounting books match) and petty cash fund.
The exercises in the provided textbook were pretty easy, but then our prof showed us a book on Practical Accounting Problems and we had to solve this one. It sort of goes like this:
A cashier misplaced the accounting documents and you have to fix up the accounting records. These are the only things you know:
1. JOURNAL ENTRY:
Accounts Receivable xx
Miscellaneous Expense xx
Notes Receivable xx
Interest Revenue xx
Cash xx2. The amount of the cash in the books before adjustment.
3. The amount of outstanding checks (checks that the business issued but are not yet redeemed in the bank).
Find the amount of cash in bank before adjustment, and the correct amount (after adjustment).
Nosebleed noh?
None of us could solve it, even if I had a vague idea on how to solve it. Even the prof couldn’t do it.
If that is a sample problem in the CPA Board exam, how am I supposed to answer correctly a hundred other problems as hard as that?
I’m now doubting if I could actually become a CPA. 
Heck, I’m doubting if I could graduate with a Bachelor’s Degree in Accountancy.
The requirements in our school are also pretty stringent. We will be having an assessment exam after our summer sem this year, and I think we will be evaluated after we reach 3rd year, to see if our grades are high enough to qualify for the BSA degree.
In both of my Accounting classes, our classrooms are always stuffed with 50+ students. How many will remain when we reach 4th year?
