The Test Today

For some of us in this part of the world, we took the test prior to all of you, Zone B, anyways the accounting test was 1/3 easy, 1/3 medium (if you studied haphazardly you should be able to answer) and 1/3 was ridiculously hard (for me that is)

I kept emphasizing on my accounting blog, to know your financial statements, and how to fill it out:

1. Balance Sheet
2. Income Statement (sorry I'm a little old school and US centric on this one)
3. Cash Flow Statement
4. Operations Statement

Some points of the test!!!

A) Know what principles/theories, etc and the advantages and disadvantages

B) Calculation of ratios (PE, turnover, etc)

C) Compare 2 businesses and do all the formulas and advise which one is the better buy.

Bank Reconciliation

If you know how to do these at least halfway decently you should be able to pass.

If you don't know anything, at least memorize all the principles/theories and know how to fill out a Balance Sheet, Income Statement and know how to do a bank reconciliation.

If you don't know how to do those by now, you're in big trouble.