Navigating Introductory Accounting: Do I Need to Take It?

When considering whether to take an introductory accounting course, it's important to evaluate your background, course prerequisites, and goals. This article aims to provide clarity and guidance for those unsure about taking the Introductory to Accounting or Financial Accounting courses.

Prerequisites for Accounting Courses

To determine which course you should take, it's crucial to review the course catalog or discuss with an academic advisor. Each college may have specific requirements and sequences that dictate which courses are prerequisites for others. Understanding these can help you make an informed decision.

Course Content

Introductory Accounting typically covers fundamental accounting principles, debit/credit bookkeeping, and basic financial statements. This foundational course is essential for anyone in a business or accounting program or anyone looking to gain a basic understanding of financial principles.

Financial Accounting delves deeper into Advanced Accounting Standards Board (FASB) guidelines and Generally Accepted Accounting Principles (GAAP). This course is more detailed and is often required for students pursuing an accounting major.

Advising and Self-Study

It's always a good idea to seek advice from a professor or academic advisor in the business or accounting department. They can provide personalized guidance based on your educational background and the specific curriculum at your institution. If you feel confident in your basic knowledge, you might choose to self-study introductory material to prepare adequately.

Here are some questions to ask yourself when deciding whether to take the introductory course:

Do you know the difference between a debit and a credit? Are you familiar with the natural balance of asset, liability, or equity accounts? Do you understand the fundamental accounting equation: Assets Liabilities Equity?

If you answer these questions with “no,” then taking the introductory course is likely beneficial to build a solid foundation.

Course Considerations

Not all colleges and universities label their introductory courses the same. Some may call it ‘Introduction to Accounting,’ while others might use ‘Financial Accounting.’ Both can cover similar material, but the depth may differ. For non-accounting majors, an introductory course provides a basic introduction, while financial accounting is more detailed and suitable for accounting majors.

It's important to note that typically, taking both courses is unnecessary. You would only choose one, and for accounting majors, financial accounting is usually the starting point. If your institution offers both, you should consult your academic advisor to determine which is best for you.

In summary, while it's possible to take the introductory course without prior knowledge, it's often recommended to ensure a strong foundation in accounting principles before moving on to more advanced topics. If you're confident in your basic knowledge, leveraging self-study resources can also be a valuable approach.

Best of Luck on Your Journey!

For personalized guidance, please consult with your academic advisor or departmental professor.