August 1, 2007

Me Versus Accounting: Accounting Wins

The results of our first quiz in Financial Accounting for the Pre-MBA course are out. Here's my not so sensational score:

If you ask me, my 42 out of 85 (49.4%) score is reflective of what I currently know about Financial Accounting. This assessment means I really need work on knowing the terminologies of accounting and know the effects of tweaks such understatements and overstatements on the accounting equation. I think I was able to narrow most of the 4-choice questions down to a 50-50 decision, but it seems I'm really not there yet. I'm trying to be positive about things but I can't say I'm totally happy. Who likes a low test score anyway?

This test score somehow casted some doubt on my ability to handle the MBA for a few seconds. I then looked at the big picture-- two weeks ago, I didn't really know that revenue is different from income, that debit and credit just means the opposite sides of a balance sheet and what accruals and deferrals mean. I probably scored zero in this exam if I took it last week.

Zero to 42 in a week is not that bad, but it can definitely be better.