14 Steps How To Learn For An Accounting Exam

(doylc.com) How to Learn for an Accounting Exam - Preparing for an accounting exam can be difficult. They don't come by memorizing and organizing information like you might do in history class. However, you can also not rely on a few axioms or theorems and practice by doing a series of problems as you might in mathematics. Luckily, there are a few simple considerations you can take into account to effectively study for an accounting exam.

• Know the substance

1. Keep up with the class. Many of the lessons in an accounting course build on each other. Being sure you are up to date with the concepts and how they relate to each other will help you gain an overall understanding of each process.

Check the notes after each lesson to make sure you don't have any questions about the lesson.

Check out all the exercises in the book.

Don't hesitate to ask for clarification. For example, if you're having trouble with your debt levels, ask your professor for help.

2. Understand why. Accounting terms and processes are designed to be as logical as possible. When you understand why certain things are done a certain way, you can better see what needs to be done to address each individual problem.

Create flashcards that define terms AND under what circumstances you would use or see them.

Answer all discussion questions in your textbook and be prepared to ask questions in your class.

It can also be helpful to discuss issues with a classmate or tutor to ensure you understand why it is being resolved a certain way.

The CPA exam in particular has many simulations or case studies that ask you to sort terms to arrive at your answer.

3. To understand problems of working practice, how. Once you can see why things are done, it's time to focus on learning how to do them.

Check old homework. Repeat points that you may have missed or did not fully understand at this point.

Work through problems with a partner and discuss the methods you used to solve them to help each other better understand how the process works.

Familiarize yourself with the most important terms and their meaning.

Beware of terms such as retained losses and accumulated deficits, which can easily be confused.

4. Organize Your Thoughts Before you start working on a problem, take a moment to think about how best to organize the information to solve it. Having a clear method for solving problems can help you keep things focused and relieve stress during an exam. Some longer task-based questions are given in long sections and may have multiple sections. Practice identifying the relevant information and listing it on a separate piece of paper.

Make sure you understand all parties involved, the duration, the situation being described, and the terms of the contract or payment.

Make a list of related facts or amounts.

Some questions contain information that is not required and is only intended to put you off.

5. Connect what you learn to the real world. Sometimes accounting courses are so full of numbers that you forget how everything works in real life. Linking accounting concepts to real-world applications will make it easier to retain the information.

• Preparation for the exam

6. Understand your own strengths and weaknesses. Most students and professors would agree that the Financial Accounting and Reporting section of the CPA exam is by far the most difficult and requires rigorous study to pass. Regardless of the exam, it may be best to start with the problems and concepts that you know will be challenging so that you can devote the appropriate amount of time to them.

7. Have an understanding of key concepts. Exam questions must not be exact copies of the term paper. Ensuring you have a clear understanding of key concepts will help you feel more confident when asking questions that may approach the material from a different angle than those you have previously encountered.

Try some practice questions from a source outside of your textbook.

If you encounter problems that you can't solve, this can help highlight areas where you might need additional practice or help from another student or your professor.

8. Review each lesson before and after class. If you read the chapters in the book thoroughly, you can go into class with at least some understanding of the day's lesson before the professor gives her talk. You'll also become more aware of concepts you don't fully understand, allowing you to pay special attention to those parts of the lesson and ask prepared questions to clarify anything you don't already understand.

Before you go to class, take notes on the chapter.

Don't be afraid to ask questions. That's what your professor is there for!

After class, take time to review your notes.

Check anything you're still struggling with by re-reading sections of your textbook or reviewing notes from the day's lesson.

9. Take a practice test. Once you understand more about the hows and whys, the best way to prepare for the test is to improve your skills by practicing what you have learned. Sites like offer modules that cover all the essential concepts of financial accounting.

Keep track of your time.

Multiple choice questions should only take a few minutes to solve.

For the CPA exam, task-based questions can take one to two hours to complete.

Try to mimic the test environment. If the test is on a computer, try taking your practice test online. If you have to handwrite everything, try finding a test in your textbook or print one out from a website.

The American Institute of CPA's offers online sample tests.

• Set up a productive learning space

10. Find a quiet place to work. When you're trying to study in an environment with too many distractions, it can be difficult to focus, especially when you're solving lengthy problems or trying to understand difficult concepts.

Go to a library or find a quiet room at home.

For those who don't mind a bit of white noise, a quiet cafe or restaurant might suffice.

Find a place that is comfortable and free from too many distractions.

You will have a lot of materials so make sure you have a large workspace.

Some libraries have quiet study rooms with large tables that can be reserved for a few hours at a time.

11. Gather the appropriate materials. Make sure you have everything you need organized in front of you so you don't have to constantly interrupt your studies to look for materials.

Carry all your lesson notes with you and organize them by topic or chapter.

Mark the relevant chapters in your textbook with sticky notes so you can easily flip to the information you need when you need it.

Have a few extra pens and pencils handy.

Do you have old homework or exams with you? You might want to pick up issues you missed and try to work them out.

Gather any practice tests that you plan to use.

Study guides (such as those published by Schaum's) are available in several areas of accounting and can be used to supplement your textbook and class notes.

12. Familiarize yourself with the test format. If you took a previous test in your class or your teacher made old tests available for study, you can get an idea of ​​the exam format. This will help you know what types of tasks you should practice and how fast you need to work to complete the exam in the allotted time.

13. Recharge your batteries for body and soul. Studying for any type of exam requires tremendous focus and perseverance. Make sure you eat some healthy foods before and during this to stay more awake and alert.

Coffee is fine, but avoid drinking too much.

Be sure to eat a good breakfast.

Foods like oatmeal, almonds, and fruit can provide you with a lot of energy.

Keep a bottle of water handy to stay hydrated.

Take a break about every hour to move freely and clear your mind.

14. Find a study partner or study group. Studying with others can be helpful in staying focused and absorbing information faster. You can help each other by explaining what you learned best and listening to how other students understood concepts you might not be so sure about. When you find people who take learning the material as seriously as you do, a study group can be an incredibly helpful resource.

Find a group of four to six other hard-working students

Before each session, set clear goals and goals to keep you on task.

Make sure everyone is either participating in discussions or helping to resolve issues.