1. Debits & Credits

You know debits are on the left and credits on the right. You also know that debits MUST equal credits.

2. FIFO & LIFO.

Two cost layer methods that can be the death of you. LIFO is by far the most confusing, especially when you hit your Intermediate Accounting classes.

3. GAAP.

Generally Applied Accounting Principles. You don't abide by them? Well, you will be in some deep trouble.

4. Periodic & Perpetual.

Ah, yet another two methods of recording inventory. One requires adjustments at the end of the period which can be so much fun (not).

5. Revenue Recognition.

Cash and accrual methods are very different. With cash-basis, you wait to record revenue until you receive the cash, but accrual-basis you have to wait until the service is performed (even if you get cash before the service!).

6. ALOE

A famous acronym standing for Assets = Liabilities + Owner's Equity. If you don't have this basic equation down then you better drop the major now.

7. Depreciation

Yet another example of how there are different methods for nearly everything. You got your straight-line, sun-of-the-year's-digits, double-declining, and units-produced depreciation methods.

8. Tax season

It's the most wonderful time of the year! Goodbye 40 hour work weeks, hello no life!

9. "Oh so you like math!"

If I liked math, I would be a math major. Accounting is all about where numbers come from and knowing what to do with them. Plus most of the times we have excel and other software to do the math for us.

9. You are a rare breed.

A lot come into the first class of the major thinking they have to climb a few rocks, but little did they know that they would have to climb a mountain. Over half the class switches majors by the end of the semester.

10. Long exams

You might be given only 5 problems on your exam, but they will take you FOREVER. Not to mention you feel wiped out after each exam.

11. All the food (and travel expenses).

Although you are a long way from actually having a career in accounting, you look forward to all the lunch meetings, and travel expenses you can claim. It's so nice knowing you can travel on the company's dime.

12. Contemplating changing your major.

You constantly think about changing your major, but at the end of the day the reason why you chose the major overpowers all your fears and doubts.