When I say pass, I earned an A in Financial and a B (missed A by two points, darn).
To be honest though, I am not going to remember most of what we learned when I actually have to use it. From what I understand Bookkeepers/Clerks aren’t responsible for the advanced skills learned in Management. I am willing to refresh my knowledge when the time comes, but not using it = losing it.
Do follow-up classes after Intro to Accounting build on these where retention of Intro is essential? I’m not talking about financial statements, a = l+c, basic entry level knowledge but differential analysis or pricing decisions.
I’m think I understand the question. I believe you are an accounting major(?) asking whether future courses will build on cost (managerial) accounting? Most of your future classes will build off of financial accounting rather than cost accounting.
Other than some questions on the CPA exam, one can go an entire career without ever seeing cost accounting. I’ve spend 25 years as a CPA without doing one iota of cost accounting (by design, not my thing). I’ve been a pure tax guy for 20 years now, but even in my audit days I didn’t use cost accounting.
It is not just enough to pass. First, you need around an “A” average if you want to get hired by a Big 4 firm and work toward a CPA license or at least good grade to get into public accounting to work toward a CPA license Secondly, to have longevity in the accounting field, you need to understand accounting from a big picture high level perspective and understand the interrelationships between the balance sheet, income statement and the cash flow statement for accounting transactions (for me in college and my earlier working career, it was the statement of changes in financial position instead of the cash flow). The accounting classes have basic concepts which builds up from the lower course to the higher course like simple math to algebra to geometry and to calculus. Intermediate accounting is a great course that may determine whether you stay in accounting or not. Then there are specialty classes like Tax, Auditing (maybe it is called assurance now), Advance Accounting (which covers consolidation, non profit accounting, etc.).
I am a CPA in the tax field for a Fortune 200 company and this accounting understanding helps immensely.
UCBUSCalum - I see what you are saying, and I agree. My concern is that everything that I learned last semester in Managerial Accounting will be forgotten if I don’t put it into practice vocationally. I am working on enrolling in a certificate program just to be able to start as a bookkeeper or clerk but if I get an A and forget what I learned…
ARC918 - That is definitely reassuring. I still remember Financial Accounting well. I got an A in that one. The Managerial I got a B in (missing an A by a few points when my hard drive crashed mid-semester) and I would need a refresher.
Sorry for the delay. Moved to Austin. Loving it and it is a “mecca” of sorts for accountants. Taking a bit to get settled in. Thanks again.