3 answers
Paige
Student
Cherryville, North Carolina
1
Question
Updated
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What are some tips to avoid "Number walls "with accounting?
I'm a junior Accounting student at a four year university. Sometimes when I’m working through accounting problems, all the numbers start to blend together and I have trouble keeping them organized. What are some strategies or tools that could help me process information more clearly and prevent pages from becoming just walls of numbers?
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3 answers
Nadia Siarova
Finance
4
Answers
Sofia, Bulgaria
Updated
Nadia’s Answer
Hi Paige,
When working with financial statements, it's useful to convert all numbers to the same format. This makes it easier to understand their size. For example, instead of mixing numbers like $1,251.356, $358,301.1, and $24.24, use a consistent format. It's often helpful to express amounts in thousands or millions, like using $135.5M instead of $135,456,234. This way, it's simpler to see which amounts are large, medium, or small. Hope this helps.
When working with financial statements, it's useful to convert all numbers to the same format. This makes it easier to understand their size. For example, instead of mixing numbers like $1,251.356, $358,301.1, and $24.24, use a consistent format. It's often helpful to express amounts in thousands or millions, like using $135.5M instead of $135,456,234. This way, it's simpler to see which amounts are large, medium, or small. Hope this helps.
Michael Pagan, MBA
Risk and control
4
Answers
New York, New York
Updated
Michael’s Answer
Hi Paige,
Remember that numbers tell a story. Try to see the story they are telling, and soon the connections between them will make sense and feel important.
Next, you can analyze them further and hopefully come up with a few insights which your boss and company will really appreciate!
Remember that numbers tell a story. Try to see the story they are telling, and soon the connections between them will make sense and feel important.
Michael recommends the following next steps:
Steven Graham
Chief Accounting Officer, Corporate Controller, VP Finance
29
Answers
Boynton Beach, Florida
Updated
Steven’s Answer
Paige,
When that happens, sit back and think about what you're trying to accomplish...in other words, are you looking to do a journal entry, analyze a P & L account, etc.? Depending on what you're trying to accomplish, the numbers will line up in a certain manner every time regardless of the format, the backup, the details, etc. Once you understand that without the numbers getting the way, the numbers will fall into place.
Hope this makes sense
When that happens, sit back and think about what you're trying to accomplish...in other words, are you looking to do a journal entry, analyze a P & L account, etc.? Depending on what you're trying to accomplish, the numbers will line up in a certain manner every time regardless of the format, the backup, the details, etc. Once you understand that without the numbers getting the way, the numbers will fall into place.
Hope this makes sense