sjrcpa wrote:Do they still teach T accounts in school?
Yeah, it is still taught in the entry level accounting classes. I believe they remain on the CPA exam, too. Most people don't have a clue about T accounts, and I agree everything is worsened when viewing things from an accounting perspective vs. banking perspective. I had software available to me when I was in college and while I did occasionally use it for assignments, it was NOT provided by the school--we are expected to do everything the old fashioned way. I am 35, so this is not THAT long ago.
Software tends to make it worse, and people dumber. Peachtree (and whatever it is now called, Sage 50...?) says "increases" and "decreases" for various G/L accounts. NOT the way to think of it, but I lose that battle all the time. Glad Intuit has not gone that route and forces you to know normal balances for G/L accounts.
I do recall when I first started out in accounting 16 years ago, I was stunned at how the CPA I worked for could tell me how every single account would be either debited or credited depending on the circumstances. I had learned basic accounting but had not memorized normal balances, so I was baffled at how he could remember them. Well, I reached that point long ago but I still make mistakes when I do things too quickly, and I'll admit with GJEs I do not always put the debits, first, simply out of laziness.