- That calculator is your life.
Ah, we all know the mini heart attack you get when you can't find your calculator in your bag. It's everything! And although you can do some of the computations mentally, a trusty calculator is still an essential because you can never be too sure, right? And of course, all those lengthy totals and computing for depreciation values will be virtually impossible without it. So you treasure it, keep it with you at all times, and double-check always if it's in your bag. It's been with you for years, maybe even before you took up accounting, and never once has it let you down. Saving grace, indeed.
- Unequal balances will be the end of you.
It's pretty early in the night, and you've just finished your trial balance. Now, you just have to total everything and you can finally relax. Then: Oh no! Both sides aren't equal. Looks like you'll be spending another late night trying to figure out where it went wrong. Often, even the smallest mistakes in any of your previous work can undermine the entire thing. Did you put on the wrong side? Did you miss one? Ugh, why is it like this? So you sigh and you just resign yourself to the thought that you will, in fact, need to redo a considerable amount. But hey, it's worth it in the end.
- You start seeing things differently.
Yes, you may have known for a while that money really is a powerful thing, but not until you've delved into accounting as a subject or course do you realize what it can do. Knowing the amount that a company earned matters, knowing how much of the capital they still have matters, knowing their net loss or gain matters, knowing how much you have to pay a supplier matters. Giving a discount or receiving a discount is important, the price of what a company sells is important, the value its assets still have is important. You can buy a product and then resell it at the right price because you understand how depreciation works. Borrowing something can help you a lot, but you need to understand the terms or you're in trouble. With accounting, you start understanding that everything you spend on can make a significant impact on you, so you start appreciating more of the things around you.
- That sabaw moment when the class finishes an exercise.
About 30+ transactions and a trial balance to finish and all of you are tense but sure. Someone somewhere is shrieking every now and then because she forgot her calculator and it's kind of a race against the time limit. Your hand is almost shaking as you punch in the numbers and write on your pristine journal pages. Another classmate has his head on his hands now because he made a mistake and might have to do it all over again. And finally, finally, all of you finish. You hear a collective sigh of relief and you can feel the entire room deflating a bit. You might not be able to really talk to someone for the next few minutes while everyone reels back from the exercises, so you revel in the quiet.
- Finishing those journal entries or income statements flawlessly.
I know you know that feeling. Perfectly written transactions without an error or erasure in sight so organized and so satisfying to look at. Yes, the process was nerve-racking and your hand almost felt like it was going to give out but here you are, about to pass your work and everything is in its place. The totals are balanced, the numbers precise, the information complete, and there is no better feeling. You can go on to the next statement to create with a very satisfied mind and heart.
Know of more struggles and successes only accounting students can relate to? Feel free to share them with us in the comments below.