Financial accounting

Financial accounting

Financial accounting is a branch of accounts that keeping track of financial transactions of a company. Financial accounting has been challenging since it involves a lot of calculations that need one to be proficient in mathematics for accuracy and speed. Also, one has to master the various rules in financial accounting; each branch of accounting has its own rules, while financial accounting rules differ depending on the entity where there is a non-profit organization or a profit organization. Understanding the technical terms used in financial accounting has been hectic for me. Most of the financial accounting incorporate technical terms in calculation and analysis.

To overcome his challenges, I realized I had to take an extra maths class. The maths class has helped me increase my speed in calculations, understand the underlying assumptions and rules in various functions of algebra and algorithms. Speed in financial accounting is crucial, and it is through being proficient in math that I have overcome my accuracy and speed issues. Also, I have taken the time to study the various laws involved in financial accounting. I have made an extra effort to create mnemonic, which guides and helps me to remember the rules quickly. Also, I have taken the initiative to allocate more hours for study in a day. More time for financial accounting means more time to understand the technical term, also, I will get used to

The challenge I faced in financial accounting has led to poor results in my overall accounting performance. Also, poor performance has lessened my excitement and urge to study accounting, which in turn affects the performance in other branches of accounting. Lastly, the challenges I have experienced in financial accounting make me spend a lot of time in financial accounting that I forget about the other units, which negatively affects my academic achievement.