Unit 5

jewels.pjewels.p Font Of All KnowledgePosts: 1,774Registered
Hi there,

I completed the Certificate in Accounting in December (Hopefully) and have started my Advanced Certificate. I am on Unit 5 and finding it a great struggle to absorb all the information regarding Accruals, Prepayments etc. Already I am finding the Advanced Certificate a lot harder than the Certificate. Am I the only one?:confused1:

Comments

  • jow774jow774 Trusted Regular Posts: 465Registered
    Hi,

    No your not the only one. I was exempt from certificate as Ive worked in accounts for 15 years and i still found parts of it hard to get my head around. I think were all so used to computers doing all the hard work for us, lol. Stick with it though, it will sink in eventually and I found the e-learning a massive help with understanding the basics.:001_smile:
  • dobbieobbydobbieobby Well-Known Posts: 231Registered
    Jewel, I got my books for Unit 5 through in March last year to sit the exam in June 08. I've NEVER EVER got involved in accurals and prepayments etc even though I've worked in accounts for 3,000 years. I past the exam though, so dont be down hearted. Just do as many extended trial balance and trial balances as possible and it WILL click. I printed off a dummy P&L and balance sheet and stuck them on my screen at work to look at as you HAVE to learn the correct lay out.
    I'm sorry to say this, but I remembered the prepayments from thinking of Dorothy Perkins (Debtors Prepayments) But as it's still in my brain now and I've done Unit 6 and currently on 7 it must of worked!!!
    Oh, and if you like pie, think of this PIE meaning P&L = Income - Expenses
    and
    Balance Sheet starts with BAL, so Balance Sheet = Assets - Liabilities.
    Good luck :thumbup1:
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    Hi,

    Thanks for that! I have written out the Dorothy Perkins, PIE and Balance Sheet you said you used so hopefully that should make it easier to remember.
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