[okadir]

I just started studying for my CPA exams using the Wiley review books and have quickly realized I have forgotten ALL of my accounting knowledge. I got my 150th credit hour 4 years ago and haven’t used any of the skills/content I gained in school. WHAT DO I DO?? How do people pass the CPA exams when they’ve been out of school so long? Do I just buy some textbooks and get to reading? Someone please help, I really don’t know where to go from here…. ;(

"patiently persevering"

[ak311]

Okadir – I'm sure you haven't forgetten everything. You're probably just rusty, don't freak out. Once you start reviewing it will start coming back to you. It has for me. And many of the concepts you will understand much better than you did in school since you have real world work experience. I started studying again for FAR last month…I had intermediate accounting in 2008. Plus in many ways what you need to learn for the exam is a lot different than what you learned in school.

FAR - F (2011), 5/16
AUD - F(2011)
BEC -
REG -

2nd attempt at this thing. Time to get serious.

[Anonymous]

Ok, this is gonna sound really stupid, but i swear, i lean on this ALL the time, and I swear, some of my friends still don't get this basic concept.

DR CR

Assets = Liabilities + Owners Equity

Expenses — Revenues

DR = LEFT

CR = RIGHT

Assets & expenses, are INCREASED by Debits because they are on the “Left”

Liabilities and Owners Eq and Revenues are Increased by Credits because they are on the “Right”

If you just remember the basic formula and “ER” the order they show up, is how to figure almost any debit/credit out.

Watch out and UNDERSTAND what contra assets are, and accrueds. otherwise, all of accounting stems from that 1 basic formula.

[Getting a CPA]

bjo – that's a great way to remember it!

[Author]

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