Classes for Accounting Major

The classes typically required for an accounting major can be put into 3 groups:
1. Required accounting courses
2. Required non-accounting courses
3. Accounting electives
Required accounting courses usually include:
• Financial Accounting
• Managerial Accounting
• Intermediate Accounting
• Tax
• Audit
• Accounting Information Systems
Required non-accounting courses usually include:
• Corporate Finance
• Micro- and/or Macroeconomics
• A management course
• A marketing course
• A math course
• A stats course
Accounting electives usually include:
• Advanced Accounting
• Advanced Tax
• Advanced Auditing
• Nonprofit/Governmental Accounting
• Financial Statement Analysis
Some schools also offer additional accounting electives, such as:
• Accounting Ethics
• Law for Accountants
• Sustainability Reporting
• Fraud Examination / Forensic Accounting
• Data Analytics for Accounting
0:00 Introduction
0:10 Required accounting courses
0:20 Financial accounting
0:33 Intermediate accounting
0:43 Managerial accounting
0:51 Financial vs. Managerial Accounting
1:59 Tax
2:18 Auditing
2:38 Accounting information systems
3:03 Required non-accounting courses
3:17 Corporate finance
3:34 Micro and macroeconomics
3:44 Management
4:06 Choosing which management course
4:21 Marketing
4:34 Math and statistics
4:54 Accounting electives
5:07 Advanced accounting
5:22 Advanced tax
5:31 Advanced auditing
5:41 Nonprofit/governmental accounting
6:03 Financial statement analysis
6:20 Other accounting electives
6:30 Special topics
6:42 Accounting research
7:02 Which electives to take?
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[@voodooblue6162]

How hard is intermediate accounting? Every accounting student I’ve talked to said it’s a weed-out course.

[@GENIUSA1A]

The first half of intermediate accounting isn't too bad, just builds on financial accounting. There are some challenging topics in intermediate accounting that make it difficult because it may be new and you actually have to study. Some these topics include: bonds, leases, revenue recognition

[@RVC0902]

I found Intermediate Accounting II so tough that I had to put in twice the amount of work into it than my other classes. But once the material clicks, you'll feel great. Just put in the time. It's a lot of material.

[@simrantaneja8371]

@@RVC0902 what are the topics covered in intermediate I & intermediate II

[@Edspira]

I have an index of intermediate accounting topics on my website which is a little easier to navigate than KZbin: www.edspira.com/intermediate-accounting-index/ The main concepts are: time value of money, revenue recognition, income taxes (for financial statements), pensions, leases, segment reporting, accounting changes, foreign currency transactions, consolidation accounting, and diluted EPS.

[@404TRUCKERTV]

It's hard but doable. All math is done with Excel and a 4-function calculator. Use rate my professor and schedule your classes with easier classes. If you're a freshman and take at least one accounting class every semester for 4 years, you will be fine. I don't recommend taking more than 2 accounting classes in one semester. After intermediate its not much to learn, but accounting research and practice application. Dont, worry, IT'S WORTH IT!!!! There are so many jobs available with an accounting degree. With a few years of experience, you make $100k.

[@GENIUSA1A]

Intermediate Accounting I and II definitely the most important accounting courses in my opinion.

[@GENIUSA1A]

At my school required accounting courses were: -Financial Accounting -Managerial Accounting -Intermediate I -Intermediate II -Taxation -Advanced Taxation -Business Law I -Business Law II -Auditing -Accounting Information Systems -Advanced Accounting -Accounting Capstone

[@tiffanytran7521]

This is awesome! Thank you very much for breaking it down.

[@Edspira]

No problem, Tiffany. I hope you are doing well!

[@RVC0902]

This was excellent. Thanks for this comprehensive yet quick overview

[@Edspira]

No problem!

[@GENIUSA1A]

All these classes did not "click" until I did the CPA Exam.

[@nermingendy1302]

So informative 👏 👌 thank you!

[@Edspira]

Glad it was helpful!

[@Rose-iq2eh]

Hello professor, I just watched your video about partnerships. Than you for it. I am currently taking Individual Taxation class, using the Income Tax Fundamentals book by Whittenburg/Gill. This has been a very challenging class, specially because I am also taking Intermediate Accounting II. There is so much to read, confusing subjects to understand, and limited time to take it all in. English is my second language, but these classes make me feel like I am learning a 3rd language. I will definitely look into IFRS accounting. It could become helpful in the future.

[@GENIUSA1A]

By the time we got to Intermediate Accounting II, my professor joked it was too late to change majors

[@Edspira]

😆

[@simrantaneja8371]

What are the topics in intermediate II

[@hjxb]

very helpful, thank you

[@Edspira]

You're welcome!

[@404TRUCKERTV]

Omg, my school has all the classes you mentioned plus fraud examination and Forensic accounting as well. I guess I need to take them....😩😩😩lol

[@abdinasiradan7220]

Am CPA from kenya .This is very helpful. My request is you introduce Introduction, intermediate and advance Excel skills to this channel. Thank you.your vedios are very helpful

[@Edspira]

Working on it!

[@djsalyers7822]

My university does quarters so my required accounting courses for the 5-year CPA track program are as follows: ✔AC114 Accounting I/5 ✔AC115 Accounting II/5 ✔AC117 Personal Taxes/5 ✔AC118 Accounting III/3 ✔AC122 Payroll Accounting/3 AC130 Introduction to Accounting Software/3 OR ✔DP150 Spreadsheet Applications/3 AC202 Managerial Accounting/5 AC221 Intermediate Accounting I/5 AC222 Intermediate Accounting II/5 AC223 Intermediate Accounting III/3 AC301 Cost Accounting I/5 AC302 Cost Accounting II/5 AC310 Business Taxes/5 AC321 Corporate Governance/3 AC375 Accounting Professional Ethics/3 AC405 Accounting Information Systems/5 AC411 A Survey of Auditing/3 AC412 Auditing for Fraud/3 AC413 Auditing for Compliance/5 AC435 Advanced Accounting I/5 AC436 Advanced Accounting II/5 AC440 Financial Statement Analysis/5 AC445 Governmental & Not-for-Profit Organizations/5 AC452 CPA Review - Financial Accounting & Reporting/3 AC453 CPA Review - Business Environment & Concepts/3 AC454 CPA Review - Regulation/3 AC455 CPA Review - Auditing & Attestation/3 AC490 Accounting Capstone/3 BU320 Legal Issues in Consumer Sales Transactions/5 BU325 Legal Issues in Commercial Transactions/5 EC225 Macroeconomics/5 EC235 Microeconomics/5 FI210 Principles of Finance/5 FI420 Corporate Finance/5 ✔MA121 Principles of Management/5 Total: 225 credits I put a checkmark next to the courses I've completed (I just started my sophomore year!) and kept the number of quarter-term credits that each course is worth. These are in addition to the required general education courses (64 credits) and the additional required elective courses (12 credits).

[@orobleh77]

I am surprised that you didn't mention Accounting Theory as an elective. I did Accounting Theory in my undergraduate. Very little math but more on theories.

[@Edspira]

You're right, I should have mentioned that one. Thank you for catching that!

[@Just0ke]

I got question for you. I'm a business owner. If I take out a loan for the purpose of investing it into stock, crypto, do I have to pay tax on income used to pay off the loan?

[@Edspira]

If you earn money that would otherwise be taxable income, and you use that money to pay off a loan, that money is taxable and you generally don't get a tax deduction for paying off a loan. I said "generally" because there are exceptions; for example, U.S. taxpayers can get a deduction for paying interest on a student loan.

[@simrantaneja8371]

Sir could you specify the topics/contents that are covered under advanced accounting & data analytical for accountants

[@lordjoey9505]

Advanced accounting is primarily about the accounting for consolidations. They used the equity or cost method for the consolidated income statement and balance sheet. It obviously depends on whether the transactions are up- or down-stream (parent to child or child to parent), whether the parent owns 100% or less of the subsidiary, the type of transaction (inventory, land, or depreciation assets), and other factors. I know the last three chapters were primarily about non-profit/governmental accounting.

[@simrantaneja8371]

Thanks …..& what about data analytics for accountants

[@Edspira]

Data analytics for accounting is a relatively new subject at many schools, so there is wide variety in the course content from one university to another. But if you'd like to see a list of topics for a textbook on data analytics for accounting, you can look at the book by Vernon Richardson. It focuses a lot on applications of data analytics in auditing but covers other subjects as well. You get exposure to Excel, Access, and Tableau

[@simrantaneja8371]

@@Edspira Thanks sir

[@candyluna2929]

Statistics is the only useful math. ❤

[@flake8382]

Marketing is a gateway drug. I pray for the children.

[@Edspira]

😂

[@WoodT92]

Love you videos. I got a major in finance back in 2015 but have been working in accounts payable for the past 5 years. I am 30 now and I want to get into an accounting role. With AP I see one per of accounting but I do not have experience in this field. I did take accounting 101 and 102 in college which was beginners managerial and financial accounting but lack the experience needed for these jobs. What is the best way for me to prepare for an accountant job. What should I be studying? I already know the basics but there is more to be learned.

[@Edspira]

If you want to go beyond the basics of debits and credits you could get the textbook Intermediate Accounting by Kieso; it's a comprehensive book for financial accounting (they also have an IFRS version of the textbook if you live in a country that uses IFRS). But I would try to determine specifically what position you want and then identify the skills required for that position (for example, if you want to become a staff accountant in private industry, you might be asked to do bank reconciliations and handle payroll accounting)

[@WoodT92]

@@Edspira thank you for this. I am looking for a staff accountant role for sure so I will keep this in mind. I will look into ordering that textbook. It will be great to pick up more knowledge in accounting

[@andy_182]

Ridiculous that business calculus is required for my school