Do Not Pass Go

4 thoughts on “Do Not Pass Go”

  1. yeah… just TRY to get your hands on their handbook too. I managed to sneak in a backdoor and download a bunch of the chapters, and I’ll be damned if I can understand any of it. I swear, if they made the documentation easier, it wouldn’t take so long to earn an accounting degree.

  2. *grins just-this-side-of-batshit-crazily*

    As a 5th-level CGA student, I actually have to agree with everything you and Sue have said. Especially egregious: try reading the Tax Act sometime. Actually, don’t πŸ˜‰

    And yeah, unearned revenues are especially sneaky…I just think of it as being on the hook to do the work (or return the cash), therefore a liability exists…

  3. Oh it makes perfect sense to me “now” – but i haven’t crossed over far enough yet to let go of my long-standing personal definitions of debit and credit.

  4. Yeah, I had the same problem…usually because our knowledge of debits and credits comes from personal banking. The bank says, “We credited your account with an additional deposit” because to THE BANK, our account is a liability, so an addition is a credit to *them*. But to US, our account is an asset, so the addition is actually a debit to *us*. Hence my original terminological confusion.

    Wow, you’re right, this language really is obfuscating…I can only figure myself out half the time πŸ™‚

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