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Tutor profile: Kirsten V.

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Kirsten V.
Accounting Manager & Controller
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Questions

Subject: Basic Math

TutorMe
Question:

Word problems are so confusing. How do I begin?

Inactive
Kirsten V.
Answer:

The first thing I always do is read the entire paragraph. That gives me an idea of what type of answer they are requesting. Number of apples? How many miles? etc. Then, there are some handy tricks you can apply. For example, wherever the problem says "is", you can replace with "=". Whenever is says "combined", you can replace with "+". Finally, drawing a picture is often helpful.

Subject: Personal Finance

TutorMe
Question:

Do I really need a budget? I don't know where to begin.

Inactive
Kirsten V.
Answer:

Although making a budget may seem overwhelming, it truly is vital to a solid financial plan. It does not need to be anything fancy. It is really a reflection of your money coming in and your money going out. The easiest way to begin is to get a piece of paper and begin listing all the things you spend money on, including utilities, food, credit cards, car payments, etc. Then, look at your list and write down how much you spend on those items. For some items, it varies. Start with what you think is typical amount. Then, list things you would like to have (for example, retirement nest egg, emergency fun, college for children). Finally, list the money you bring home from jobs, child support, etc. This will give you an excellent start!

Subject: Accounting

TutorMe
Question:

What is the correct way to account for payment of a one-year maintenance agreement?

Inactive
Kirsten V.
Answer:

Good question. Although you pay the entire contract upfront, it is important to spread the expense over the entire one-year period. So, when you pay for the contract, you record it as a Prepaid Expense (which is an Asset). Then, every month, you expense 1/12 of the cost. The example below assumes you purchased a one-year maintenance contract for $12,000. Record Payment: Prepaid Expense (Asset) $12,000 Cash (Asset) $12,000 Record Expense (every month for 12 months): Maintenance Expense (Expense) $1,000 Prepaid Expense (Asset) $1,000 At the end of 12 months, your Prepaid Expense account will be $0.

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