0Many times I have seen that students don't understand the basic accounting knowledge. Here I am not talking about the accounting principles or concepts. I am talking about the FUNDAMENTAL knowledge behind accounting treatment. Such as-
1) Why are we preparing the accounts?
2) Why are these accounts necessary?
3) What benefit will one get after preparation of accounts?
4) What is Trading, Profit and loss account, the Balance sheet is actually?
Like these above, many more questions students still don't understand. They memorise the steps for calculating answers which are useful for getting marks in exams, but if you want to be a great, smart and successful accounting professional, you have to understand the STORY. Every single transaction speaks this story.
So, my first lesson to the students is, do not memorise the subject understand the story, and you will see the benefits of it for a very very long time.
I will try to provide my next lessons to the students with a great explanation of concepts and of course THE STORY.
