About
BusinessBuzz is a business blog that features content written by faculty, staff and students from Grand Canyon University’s Colangelo College of Business. In addition to profiles about events, students and faculty on campus, you’ll also find great resources for online students or anyone interested in attending business school. Learn about the modern business landscape, and how business today continues to grow and evolve to meet the needs of organizations and consumers in the 21st century. Check in every week for the latest news from the business community and around GCU.
Let's get started on your degree

* Do you have a high school, college or university credits from outside the U.S.?
* Are you a U.S. Citizen?
* Are you a licensed, registered nurse in the U.S.?
(example: 777-777-7777)
Browse

* Required field

** Required field if international

Request More Information

Accounting: More Applicable in Daily Life Than You Think!

0
Business Students working on Accounting

By Kelly Damron, CPA, MBA
Assistant Professor, Colangelo College of Business

It is challenging being a professor of a class very few students want to take. Accounting is often intimidating to students because it involves math and unfamiliar terminology. Moreover, accounting can be boring.

To make matters worse, the concepts in accounting are backward from the banking terminology students are familiar with. The term debit, as we know it as consumers, is not technically correct according to the rules of accounting.

Accounting is the language of business and even though we may not realize it, we use accounting every day in our personal lives. Simply purchasing a cup of coffee at your favorite coffee shop involves accounting for both the consumer and the business. The customer exchanges money, via cash, debit or credit, in exchange for the desired beverage. The business receives the cash and provides the yummy drink to the customer.

While consumers may not record every purchase, a company records each transaction using double-entry accounting. Double-entry accounting requires at least two items to be recorded in the journal, such as cash and sales revenue.

One of the main challenges for students taking an accounting course is learning how to apply the concepts of debits and credits correctly. Prior to taking an accounting course, students think that they increase the balance in their bank account with a credit, but a credit actually decreases the value of their bank accounts.

The universal use of debit cards, which is actually a “credit” to the consumer bank account, has made the topic of accounting confusing for many students.

While some students may dread their first accounting course, the knowledge of basic accounting will help them better manage their personal finances. With some general knowledge of accounting, students can make good investment decisions, too.

And just as important, Grand Canyon University graduates with a good foundation in accounting may notice they receive more frequent promotions than their peers without similar skills.

The Colangelo College of Business challenges and inspires students to be servant leaders with the business skills and values necessary to drive organizational success and positively impact society. To learn more about business degrees at GCU, visit our website or use the Request More Information button at the top of the page.

About Kelly Damron, CPA, MBA
Assistant Professor, Colangelo College of Business

Kelly K. Damron, CPA, MBA, is an assistant professor of accounting at Grand Canyon University. She was the recipient of the Public Service Award from the Arizona Society of CPAs in 2010. Kelly teaches introductory financial accounting, managerial accounting and advanced level accounting courses. Kelly utilizes games and other practical activities in the classroom to help students understand the topic and connect it to real-world situations. She holds a Bachelor of Science in accounting from Colorado State University and a Master of Business Administration from the W. P. Carey School of Business. She is the co-faculty advisor for the Collegiate DECA of GCU chapter.

Read more about Kelly Damron