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High School - Accounting

Most things in life involve money. Going to school requires money for gas, for example. Eating at the cafeteria also requires money. Students usually could not get food without buying them first. Even with having fun, students need to shell out some money: for instance, games consoles come at a price, and games are not free either. Literally no aspect of life can escape the use of money.

For this reason, the subject of accounting is key. High school students must learn how to track their money properly as early as possible, as it is an essential life skill. If students know how to budget, control their spending, and take note of where their money is going, likely they will not run into as much financial trouble in their adult lives.

Accounting is basically about cashflow: tracking the money that comes in and the money that goes out. Since high school students are not working yet, they do not have a source of income. However, technically, they do receive money from their parents, so that may count as their “income”. The challenge for students is tracking all of their expenses down to the last cent.

The practice of accounting values precision, so tracking every dollar and every cent is essential. But if students start to get the hang of it early, it will soon become a lifestyle. The habit of expense monitoring will also make students think twice about every purchase they make.

Through studying and practicing accounting, students would also develop a sense of discipline with their finances. Additionally, they will have a fundamental level of financial IQ that will be useful later in life. Even if they are not earning their own money yet, it will equip them with a very important set of skills that will guide them through a huge part of adulthood.