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High school Accounting...University Accounting...Question!

A photo of shandal shandal
Hey guys, I am going through a tough and time consuming phase in my life and I'm not able to put much effort towards my accounting course. I have already been accepted to Queens Commerce, UTSC Co-Op managment, Laurier BBA/Financial math (DD CO OP), and Western BMOS no AEO. Still waiting on waterloo afm and shulich bba, all majoring in accounting.

Anyways back to my question, I have not been spending much time on economics and accounting, i know that in econ micro and macro will be in first year for most programs, which isnt a huge deal to cover in highschool as it is only 2 chapters...I am only trying to focus on and maintain good marks in calculus as i only need a 75+ to guarentee admission, my other 5 courses from 1st sem and last year are already completed.

I was wondering how important it is to know accounting for first year university...will i be screwed if i dont know the material that well? any experiences...i'm just worried i will die first year if i dont know this too well lol. but by exam time i hope to recollect the info i lost these past 3 months, and i plan on reviewing my accounting and calculus courses in the summer on my own to understand it at a deeper level i guess...

i am just quite worried, because i know that accounting is no joke in univeristy especially first year, and i wanted your imput. any sugesstions u guys have? much appreciated. thanks.
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A photo of MINTOK MINTOK
I don't think you even need to go over this stuff over the summer. There are many students in these programs who never took accounting before and still get high marks in the first year. There is normally enough time to learn the basics.
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A photo of ktel ktel
Like MINTOK said, there are so many students who don't or can't even take accounting. They will cover everything you need to know in university.
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A photo of bcd92 bcd92
take accounting in summer school; im doing the same.
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@bcd92 wrote
take accounting in summer school; im doing the same.


No point. Enjoy your summer. :)
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A photo of dimethylamylamine dimethylamylamine
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.
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A photo of bcd92 bcd92

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."
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Contrary to the above, people struggle through the introductory to financial accounting course if they've never taken it before. Realistically, it's most of Grade 11 and Grade 12 accounting shoved into 3 months of lectures. On top of that, it's a foundation that's incredibly important if you take further accounting courses.
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A photo of dimethylamylamine dimethylamylamine

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."



Hes wrong.
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A photo of MINTOK MINTOK

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.
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@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.
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A photo of dimethylamylamine dimethylamylamine

@caveman wrote

@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.



Conveniently you leave out minority interest (which is a pain in the arse to learn), consolidating statements of multiple companies, multiple methods of generating cashflow statements. and somehow I really doubt the fact that high school teachers would teach how to discount bonds (which require the use of annuity factors to calculate yields, and pv 1/r (1- 1/(1+r)^t) ). This is just off the top of my head, and I am sure there are more stuff I can't remember (tookt he course last year). So f*** off
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A photo of caveman caveman

@dimethylamylamine wrote

@caveman wrote

@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.



Conveniently you leave out minority interest (which is a pain in the arse to learn), consolidating statements of multiple companies, multiple methods of generating cashflow statements. and somehow I really doubt the fact that high school teachers would teach how to discount bonds (which require the use of annuity factors to calculate yields, and pv 1/r (1- 1/(1+r)^t) ). This is just off the top of my head, and I am sure there are more stuff I can't remember (tookt he course last year). So f*** off


Settle down. There's no need to tell someone to f*** off.

TVM stuff is pretty simple. That's covered in Grade 11 math, and there's no reason why you can't do it by Grade 12. There's a reason most accounting classes won't get to it, but some do. My accounting class covered it for a few classes. Admittedly we didn't do as much on it as we did in university, but everyone was capable of doing it.

We also did cover multiple ways to generate cash flow statements, and we did cover consolidating statements (briefly).

Minority interest was not part of the curriculum, but it is also not taught in many intro to accounting courses in university. There's nothing overly complicated about it though, so if there was more time allowed it could be covered in any first year or high school accounting class just fine, imo.

There were also some minor topics (usually building on other concepts) that were covered by our high school accounting class that weren't covered in our intro to accounting class. Yes they are different, but for the most part (if your hs teacher was good) you're not going to see to many new topics.

First year accounting is pretty basic, and remember that there's students from other faculties that take it and are able to do it just fine. It's not like we're dealing with some advanced level math course or something.
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A photo of dimethylamylamine dimethylamylamine

@caveman wrote

@dimethylamylamine wrote

@caveman wrote

@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.



Conveniently you leave out minority interest (which is a pain in the arse to learn), consolidating statements of multiple companies, multiple methods of generating cashflow statements. and somehow I really doubt the fact that high school teachers would teach how to discount bonds (which require the use of annuity factors to calculate yields, and pv 1/r (1- 1/(1+r)^t) ). This is just off the top of my head, and I am sure there are more stuff I can't remember (tookt he course last year). So f*** off


Settle down. There's no need to tell someone to f*** off.

TVM stuff is pretty simple. That's covered in Grade 11 math, and there's no reason why you can't do it by Grade 12. There's a reason most accounting classes won't get to it, but some do. My accounting class covered it for a few classes. Admittedly we didn't do as much on it as we did in university, but everyone was capable of doing it.

We also did cover multiple ways to generate cash flow statements, and we did cover consolidating statements (briefly).

Minority interest was not part of the curriculum, but it is also not taught in many intro to accounting courses in university. There's nothing overly complicated about it though, so if there was more time allowed it could be covered in any first year or high school accounting class just fine, imo.

There were also some minor topics (usually building on other concepts) that were covered by our high school accounting class that weren't covered in our intro to accounting class. Yes they are different, but for the most part (if your hs teacher was good) you're not going to see to many new topics.

First year accounting is pretty basic, and remember that there's students from other faculties that take it and are able to do it just fine. It's not like we're dealing with some advanced level math course or something.



I don't know what 3rd-tier school you attend, but if your intro to fin. accounting is a joke, good for you.
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A photo of dimethylamylamine dimethylamylamine

@caveman wrote

@dimethylamylamine wrote

@caveman wrote

@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.



Conveniently you leave out minority interest (which is a pain in the arse to learn), consolidating statements of multiple companies, multiple methods of generating cashflow statements. and somehow I really doubt the fact that high school teachers would teach how to discount bonds (which require the use of annuity factors to calculate yields, and pv 1/r (1- 1/(1+r)^t) ). This is just off the top of my head, and I am sure there are more stuff I can't remember (tookt he course last year). So f*** off


Settle down. There's no need to tell someone to f*** off.

TVM stuff is pretty simple. That's covered in Grade 11 math, and there's no reason why you can't do it by Grade 12. There's a reason most accounting classes won't get to it, but some do. My accounting class covered it for a few classes. Admittedly we didn't do as much on it as we did in university, but everyone was capable of doing it.

We also did cover multiple ways to generate cash flow statements, and we did cover consolidating statements (briefly).

Minority interest was not part of the curriculum, but it is also not taught in many intro to accounting courses in university. There's nothing overly complicated about it though, so if there was more time allowed it could be covered in any first year or high school accounting class just fine, imo.

There were also some minor topics (usually building on other concepts) that were covered by our high school accounting class that weren't covered in our intro to accounting class. Yes they are different, but for the most part (if your hs teacher was good) you're not going to see to many new topics.

First year accounting is pretty basic, and remember that there's students from other faculties that take it and are able to do it just fine. It's not like we're dealing with some advanced level math course or something.



I don't know what 3rd-tier school you attend, but if your intro to fin. accounting is a joke, good for you.
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A photo of caveman caveman

@dimethylamylamine wrote

@caveman wrote

@dimethylamylamine wrote

@caveman wrote

@MINTOK wrote

@bcd92 wrote

@dimethylamylamine wrote
Just get a book on basic accounting and read it over the summer at your leisure, no need to take a course. high school accounting barely covers pre-midterm intro accounting anyways.




This is what my accounting teacher said, "University accounting is the same thing as grade 12 accounting except you have more work, assignments, and such."


It might be the same if you're going to Ryerson or something. Top schools have accounting courses that are nothing like those in high school. High school course is covered in 1 month and then it's new material. Also, format of learning in different. Instead of memorizing concepts and answering multiple choice questions, you learn concepts, understand them and apply them to cases.



I've taken a look at your textbook, and there's nothing in there that can't be covered in high school accounting. The only exceptions are cash flows (which many high school accounting classes cover, anyways) and bonds (which again some high school accounting teachers cover). Above and beyond that, there's a greater emphasis placed on understanding the "why?" and relating it to business, but if you had a good accounting teacher in high school you would have got some of that anyways (mine, for example covered cash flows and bonds and did a very good job).

Of course university will be different: material will come at you quicker, things will be taught in a slightly different way, you may have more cases and such, you'll be tested on things differently. But that's just university vs high school for you.

While I have yet to look at every accounting textbook used, from looking at them and talking to both professors and students, I have not yet found an intro to accounting class that goes much above and beyond a high school accounting class. You guys must have had terrible teachers, or are delusional and want to think your intro to accounting class is infinitely harder than your high school one.



Conveniently you leave out minority interest (which is a pain in the arse to learn), consolidating statements of multiple companies, multiple methods of generating cashflow statements. and somehow I really doubt the fact that high school teachers would teach how to discount bonds (which require the use of annuity factors to calculate yields, and pv 1/r (1- 1/(1+r)^t) ). This is just off the top of my head, and I am sure there are more stuff I can't remember (tookt he course last year). So f*** off


Settle down. There's no need to tell someone to f*** off.

TVM stuff is pretty simple. That's covered in Grade 11 math, and there's no reason why you can't do it by Grade 12. There's a reason most accounting classes won't get to it, but some do. My accounting class covered it for a few classes. Admittedly we didn't do as much on it as we did in university, but everyone was capable of doing it.

We also did cover multiple ways to generate cash flow statements, and we did cover consolidating statements (briefly).

Minority interest was not part of the curriculum, but it is also not taught in many intro to accounting courses in university. There's nothing overly complicated about it though, so if there was more time allowed it could be covered in any first year or high school accounting class just fine, imo.

There were also some minor topics (usually building on other concepts) that were covered by our high school accounting class that weren't covered in our intro to accounting class. Yes they are different, but for the most part (if your hs teacher was good) you're not going to see to many new topics.

First year accounting is pretty basic, and remember that there's students from other faculties that take it and are able to do it just fine. It's not like we're dealing with some advanced level math course or something.



I don't know what 3rd-tier school you attend, but if your intro to fin. accounting is a joke, good for you.



I don't attend a 3rd-tier school. We missed one little topic. Big whoop, we covered other stuff.

Every undergraduate program that has the 51 credit-hours gives you virtually the same accounting knowledge as any of the top programs. My high school accounting actually gave a credit at a college that has the 51 credit-hours. There's really not much of a difference. You can fool yourself into believing that introductory accounting is infinitely harder than high school accounting, and that your accounting courses are so much better and different than any other school, but it's really not true. Oh and I checked out your textbook and there's nothing difficult about it, at all.
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A photo of Jack555 Jack555
idk man...our class avg for midterms for my prof was 65 for intro to financial accounting, from people that had 90-95s in high school accounting, coming from a wide variety of highschools. and its not like we didnt study....
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A photo of Arctic Arctic
I support dimethylamylamine's position, but not his cocky attitude.

Point being, that high school accounting covered very important topics which are covered rapidly in your first accounting course, but this will not provide the same level of foundation nor understanding of the basic accounting concepts which you'll use further in future accounting courses.
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@Arctic wrote
I support dimethylamylamine's position, but not his cocky attitude.

Point being, that high school accounting covered very important topics which are covered rapidly in your first accounting course, but this will not provide the same level of foundation nor understanding of the basic accounting concepts which you'll use further in future accounting courses.


Well I didn't notice too big of a difference between the two, overall. Perhaps my high school accounting class was just taught by a really good teacher and is really not a good representation of the average high school accounting class. I don't know what to say. I go to your school, btw.
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@caveman wrote

Well I didn't notice too big of a difference between the two, overall. Perhaps my high school accounting class was just taught by a really good teacher and is really not a good representation of the average high school accounting class. I don't know what to say. I go to your school, btw.



Though, the OP "was wondering how important it is to know accounting for first year university...will i be screwed if i dont know the material that well?". I'm not saying that the courses are different.

Most people who took accounting in high school take for granted the foundation that they built all through high school. Things sink in better over time, so two extra years of exposure to debits, credits and financial statements definitely is advantageous compared to learning it over the course of three months.
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