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As a new tutor with WyzAnt I have noticed that there a number of potential students requesting assistance in setting up QuickBooks, and this is often in addition to receiving help in learning how to use the software. Although Intuit markets QuickBooks as a bookkeeping application that even amateurs can use, there are many features that cannot be used effectively without some knowledge of bookkeeping and training. Therefore, I have decided to start a blog that will address some of the issues in setting up and using QuickBooks. In this first blog I would like to address the Chart of Accounts. As every bookkeeper knows, how a business reports its income, expenses, and financial condition is dependent on the accounts included in the Chart of Accounts and how they are structured. QuickBooks will provide a default Chart of Accounts, and the user has some control when installing the software because he has to choose what type of business he will be using the software for. However,... read more

     The uniform CPA exam is regarded as one of the most difficult professional exams, with a passing rate around 50% for all of the sections. However, attaining a CPA license will give you many opportunities in your career. The requirements for the CPA license vary by state, but they all include education (150 credit hours with basically a major in accounting), examination (it is the same exam for all states), and experience (1-2 years). You need the education (or at least a couple of months away from getting it) to sit for the exam, but you do not need the experience portion to sit for the exam. The sections of the CPA are: Financial Accounting and Reporting (FAR), Audit (AUD), Regulation (REG), and Business and Economic Concepts (BEC). Thankfully there are many CPA review courses that will be extremely helpful to you as you prepare. Becker is the standard in the industry (the one I used), but it also the most expensive ($3,400). There are a lot of similarities in... read more

I’ve been asked many times, “what is the best learning tool that an accounting student has in their arsenal”. When I’ve proposed this question to other modern accountants, they generally list out the programs they utilize most, Quicken, Excel, or the Intuit program du jour; all are cited as the best learning tools for the future accountant. My own response to this question may surprise anyone that has become an accountant post-1995, but would not shock the pre-computer group. While I am a member of the older crowd (by age), I am a new accountant in that I was not accounting professionally prior to 2000. So what tool is most important to me? What one piece of equipment is in my arsenal and is the most dangerous weapon in the accounting world? An abacus? Though I can use one and suggest everyone learn, not the most important tool. A Burroughs Sensitronic with magnetic tape to store ledger cards? Close, but again no. What, what, what apparatus is so important?          ... read more

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