While there are several methods for studying accounting, it’s important to identify the key crucial factors that can lead to a successful outcome efficiently. To begin with, you must ensure that you have the passion to learn and are willing to dedicate the hard work required.
Most exams offered by noteworthy accounting organizations are created to test your comprehension of key bookkeeping concepts and terms. The below suggestions will help you identify methods that have worked successfully for prior accounting students and help you prepare effectively:
The Textbook is your key to success:
When reading a history textbook, you have a moderate to strong chance of success if you're able to understand 90 percent of the information or have a general idea of the topic content, but this wont work for accounting. It’s important to understand a concept in its entirety as accounting concepts build upon one another. If you were unable to understand the concepts taught in chapter 1, you're going to have a difficult time learning the concepts in chapter 2 and most likely be lost by chapter 3.
One effective way to ensure clear understanding is by explaining the new concept to yourself or someone else which is far more effective than reading the content repeatedly. Although just understanding isn’t enough, you also must learn how to apply them which can be done through working out problems. Most chapter problems are designed specifically to help you discover how to apply the principles or concepts being taught in that section.
Review helps you identify your drawbacks:
Any subject is easier to understand and remember if you thoroughly learnt it previously but if you're unable to remember everything you've learned, you'll have to start from scratch couple of days prior to the exam. Although this might be a feasible idea for theoretical subjects such as history or management, it won’t work for analytical courses such as accounting courses. Therefore, it’s important to constantly assess one’s learning to identify loopholes and areas for confusion.
You can begin your review process by skimming through your chapters learnt on a weekly basis and reworking problems commonly asked and especially struggled with. By taking some time to review your notes frequently, you will be able to refresh your memory and ensure that you have understood everything you studied during the week.
Remember, information that is forgotten must be relearned and the time required to relearn information is often the same as learning it for the first time. Therefore, it’s far more efficient to review as you go than to attempt to relearn forgotten information at the end of the term or semester.
Tackle the exam strategically:
To begin with, go through the exam paper and answer all the questions you know or the ones you find easy. will ensure that you get credit for all the questions you know and relieve a little pressure as you tackle more time-consuming or challenging questions.
You must ensure that you are confident enough to work accounting problems in a timely fashion and aren't constantly checking the clock and stressing yourself out. Although the ideal situation would be to finish the accounting exam having answered all the questions correctly, it's far better to complete 85 percent of the exam correctly than to complete 100 percent with a majority being incorrect.