If you search “why is accounting so…”, Google offers “hard” and “boring” as the top suggestions. That’s not surprising: if math is known to cause math anxiety, accounting is known to require notoriety and precision. Even though all the calculations are simple arithmetics, students struggle with accounting for several key reasons. We’ve collected and processed hundreds of customer reviews and feedbacks from Nerds to develop a list of these reasons and suggest practical ways to solve them.
Accounting Homework is About Figuring Out Types of Financial Documents
Learning accounting documents is one of the things that are keeping students awake at night. The whole accounting is built on understanding financial transactions, and accounting documents evidence financial transactions. Memos, invoices, receipts, vouchers, sales orders, supplier invoices, and bank statements — the list is very long and tedious, especially for a beginner.
In one particularly insightful customer review, we’ve come across a statement that “professors don’t pay enough attention to the topic of accounting documents.” Our tutors also admit that accounting documents, especially source documents, deserve more lecture time. Accounting courses usually focus on transactions and creating financial statements, however, source documents are the basis for all of that.
A single failed source document record can wreck the whole accounting system. Nerds make sure to give all the info to the students.
At Nerdify, Nerds make sure that students learn everything they need about source documents, such as where they come from, when transactions should be made, and how. Our Personal Nerds take a unique approach to advising with accounting homework — they focus on practical aspects rather than theoretical. In result, accounting shifts from math to natural science — students study a literally living system of finance.
Customer feedback indicates that such an approach helps students to understand how accounting documents are used in real financial operations. Our Nerds are well aware that one improperly recorded source document can result in severe issues in the accounting system. While dealing with tasks that involve source documents, Nerds make sure that students get all the info they need to nail it.
Demons of Accounting Homework: Debit, Credit, And Double-Entry
This one is a tough one. At a glance, debit and credit are easy — assets increase in debit and liabilities increase in credit. This is basically the guideline for double-entry transaction recording in the form of T-accounts. However, one step further and students face seemingly complete chaos.
For instance, many students struggle to comprehend the concept of accruals and their entry in accounting systems. Another tough one is the difference of transaction recording for different types of businesses. For instance, bank loan for companies is a liability, while for banks it’s a revenue-generated asset. Transactions that record taxes and depreciation are a whole another level of complicated.
Mentoring transactions recording, Nerds start from accruals and end with depreciation and taxes. Therefore, no questions remain unanswered, and students feel natural in accounting systems.
Our Nerds are well aware of all the pitfalls of double-entry bookkeeping. They know exactly how to explain every one of them to students and advise in any situation. Here at Nerdify, Personal Nerds don’t take any accounting question lightly — they describe it in detail, making sure that students get a full understanding of it. Due to such meticulous approach guarantees, double-entry won’t be a problem anymore to our customers.
Learning GAAP and IFRS Brings Students to Accounting Help Online
To say that the standards that govern accounting and financial reporting are complicated is an understatement. It definitely takes a lot of time to memorize them and apply in practice. In fact, students often seek tutoring and accounting homework assistance because they get confused by the amount of these rules and how they work.
The majority of customer feedback that we’ve analyzed indicates lack of practical explanations of how each guideline works. Another common issue is that students who study more than one set of standards are puzzled with why and how each set of standards works. For example, our Nerds reveal that students struggle to understand how they can compare the performance of two or more international companies that use different standards. Such as, the U.S.-based companies use GAAP, while IFRS is used in more than 110 countries.
Accounting standards are problematic to comprehend and apply due to the lack of practical examples.
Our Personal Nerds have been there and understood the struggle with accounting standards, which makes them the best tutors. They explain accounting standards to students in simple terms and provide a variety of practical examples to demystify GAAP and IFRS. Here at Nerdify, we’ve ensured that Nerds who specialize in accounting have extensive experience with commonly used accounting standards. Dozens of grateful customer feedbacks suggest that we’re on the right track.
Audit Is a Core Problem of College Accounting Homework Help
Auditing is like the other side of the moon to many accounting students — they are aware of it, but aren’t sure how it looks like. The key issue with auditing is that it requires to evaluate accountant’s work. Regarding accounting specialist preparation, auditing tasks are very useful, because they allow students to learn how their future work will be assessed.
However, auditing tasks are challenging because students don’t know where to start. At a glance, any balance sheet seems legit if assets are equal to the number of liabilities and capital, but auditing means in-depth investigation. The knowledge of how auditing works transform a good accountant into an excellent accountant because it means being able to evaluate their work critically.
Auditing tasks are often challenging because students don’t know where to start and how to critically evaluate every financial statement.
Numerous customer feedbacks we’ve carefully read through indicate that checking every figure in financial reports seems like a “mission impossible” task. Our Nerds know that this is the key issue with auditing tasks, so they take a “slowly, but surely” kind of approach. When it comes to auditing, Personal Nerds offer full guidance to students and explain how to determine whether reports are error-free and credible.
Our Nerds also reveal that students find it particularly helpful that Nerds provide examples of all types of audit reports — unqualified opinion, qualified opinion, adverse opinion, and disclaimer opinion. Students point out that unqualified opinion is the easiest to find, unlike the other three. Personal Nerds also explain where students can find audit reports in financial statements and what they mean. Such an approach to auditing allows students to learn both the theoretical and practical sides of auditing.
Management Accounting Homework Is Extremely Complex, to Say the Least
In management accounting or managerial accounting financial information is applied to determine the weaknesses of an organization and develop effective future strategies. Our customer feedbacks indicate that students often get tasks like “analyze the financial performance of Apple Inc., define what’s wrong and what needs to be done to fix it.” The problem is, students are often intimidated by such tasks and pretty much any homework in management accounting.
According to our Nerds, the reason is very simple — the complexity and scope of the problem. A lot of the times students need to analyze large, even huge companies, that have whole departments that evaluate performance and adjust strategies. Comparing the capacity of such team to the capabilities of one student with a pressing deadline doesn’t make sense! Also, a great deal of information about companies are trade secrets that are kept hidden, but influence management accounting a lot.
In reality, this type of analysis is conducted by large committees. For a single student to cope, Nerds help to pick up a strategy.
Our Nerds are always brutally honest with students and let them know that in reality this type of analysis is conducted by large committees. To help students get the highest grades and learn as much as possible from doing management accounting tasks, Nerds explain all the terms and approaches to strategic analysis.
Personal Nerds let the students know right away that no strategy is perfect. Instead, they help students learn how to make optimal decisions by maximizing advantages and minimizing drawbacks. In addition, Personal Nerds let us know that they often turn to SMART goals framework to help students instantly evaluate their potential strategies. Our Nerds set a SMART goal of helping every student get an A and have all the resources to make it happen.
Have too many tasks to handle? We have 1’000s of Nerds ready to help. No apps, no forms. Messaging is all it takes to get help with your tasks at Nerdify.
As A Result…
When it comes to accounting homework help, be it auditing or management accounting, we are passionate about offering our customers the highest value. Here at Nerdify, we know that any homework is doable with a dash of professional assistance. With the right guidelines and explanations, every student is capable of getting straight A’s, no matter the difficulty level.
Besides, we’ve got a story on how Nerds nail business and financial reports with practical tips — another burden on accounting students’ shoulders. Make sure to check it out.
If you are currently struggling with any problem, contact Nerdify and check whether it can be solved — it’s completely free.