Knowing the Material
Keep up with the lessons. Many of the lessons in an accounting class build on each other. Being sure that you are keeping up with concepts and how they relate to one another will help with your overall understanding of how each process works together. Review notes after each class to be sure you don’t have any questions about the lesson. Look back at any practice problems in the book. Don’t hesitate to ask for clarification. For example, if you are having trouble with debt-to-equity ratio, ask your professor for help.
Understand why. Accounting terms and processes are set up to be as logical as possible. Understanding why certain things are done in certain ways will give you a stronger insight into what to do to tackle each individual problem. Create flashcards that define terms AND what circumstances you would use them or see them in. Answer any discussion questions in your text book and come prepared to ask questions in your class. It can also be helpful to talk problems out with a classmate or tutor to be sure you understand why it gets solved a certain way. The CPA exam in particular will have many simulations or case studies that will ask you to sort through terms to get to your answer.
Work practice problems to understand how. Once you can see why things are done, it’s time to focus on learning how to do them. Review old homework assignments. Rework problems you may have missed or may not have fully understood at the time. Work through problems with a partner, discussing the methods you used to solve it to help each other understand more deeply how the process works. Familiarize yourself with key terms and what they mean. Be aware of terms like retained losses and accumulated deficits that can easily be confused.
Organize your thoughts. Before you start to workout a problem, take a moment to think about how you will organizing the information to best help you come to a solution. 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 giving in long paragraphs and can have several sections. Practice identifying the relevant information and listing it in on a separate piece of paper. Make sure you understand all the parties involved, the length of time, the situation being described as well as contract or payment terms. Make a list of related facts or amounts. Some questions will contain information that is not needed and simply there to throw you off.
Relate the material you're learning to the real world. Sometimes, accounting classes can be so full of numbers that you forget how everything plays out in real life. Tying accounting concepts to real-world applications will make it easier to retain the information.
Preparing for the Exam
Understand your own strengths and weaknesses. Most students and professors would agree that if you are taking the CPA exam that the Financial Accounting and Reporting section is by far the most difficult and that it requires a rigorous amount of studying to pass. Whatever the exam, it may be best to start with the problems and concepts you know will be challenging so that you can spend the appropriate amount of time on them.
Have an understanding of key concepts. Questions on the exam may not be exact copies of the once from homework assignments. Making sure you have a clear understanding of key concepts will make you more confident when you come to questions that might approach the material from another angle than ones you’ve previously encountered. Try some practice questions from a source outside of your textbook. If you encounter any problems you can't work, this might help highlight areas where you may need additional practice or help from another student or your professor.
Review each lesson before and after class. Giving the chapters in the book a thorough reading will allow you to walk into class with at least some understanding of the day’s lesson before the professor delivers her lecture. You’ll also be more aware of concepts you don’t fully understand, which will allow you to pay particular attention to those parts of the lesson as well as come ready with prepared questions to help you clarify anything you still don’t understand. Take notes on the chapter before you go into class. Don’t be afraid to ask questions. That’s what your professor is there for! Take time to review notes after class. Revisit anything you are still having trouble with by rereading sections in your textbook or going over notes from the day’s lesson.
Take a practice test. Once you understand more about the how and the why, the best way to prepare for the test is to hone your skills by practicing what you have learned. Websites like www.accountingcoach.com offer modules covering all of the essential concepts in financial accounting. Keep track of your time. Multiple choice questions should only take you a couple of minutes to solve. If you are taking the CPA exam, task based questions can take anywhere from one to two hours. Try to mimic the testing environment. If the test will be on a computer, try taking your practice test online. If you'll have to write everything long hand, try and find a test out of your text book or print one out from a website. The American Institute of CPA's has an online sample tests.
Establishing a Productive Study Space
Find a quiet place to work. Trying to study in an environment with too many distractions can make it difficult to focus, especially when working out longer problems or attempting to to understand difficult concepts. Go to a library or find a quiet room in your own home. For those that don’t mind a bit of white noise, a quiet coffee shop or diner might do the trick. Find a place that is comfortable and free of too many distractions. You’ll have a lot of materials so be sure you have a large work area. Some libraries have quiet study rooms with large tables that can be reserved for a few hours at a time.
Gather the appropriate materials. Make sure you have everything you need organized in front of you so you don’t have to keep interrupting your studies to search for materials. Have all your class notes with you and organized by topic or chapter. Mark the relevant chapters in your textbook with Post-it notes so you can easily flip to the information you need when you need it. Have some extra pens and pencils handy. Have any old homework assignments or exams with you. You may want to refer back to problems you missed and try to rework them. Gather any practice tests you might want to use. Study guides (like those published by Schaum's) are available in several areas of accounting, and can be used to augment your textbook and class notes.
Familiarize yourself with the test format. If you have taken a previous test in your class, or if your instructor has made old tests available for study, then you can get an idea of the exam format. This will help you to know what types of problems you should be practicing and how quickly you'll need to work to finish the exam in the allotted time.
Fuel your mind and body. Studying for any type of exam takes an enormous amount of focus and endurance. Making sure you eat some healthy foods before and during can help you stay more alert and clear minded. Coffee is fine but avoid having too much. Be sure to eat a good breakfast. Foods like oatmeal, almonds, and fruit can provide you with a lot of energy. Have a bottle of water handy to stay hydrated. Take a break every hour or so to clear move around and clear your mind.
Find a study partner or study group. Studying with others can be a helpful way to stay focused and more quickly absorb information. You can help each other out by explaining what you learned best and by hearing about how other students have come to understand concepts you may not feel as confident in. If you can find people who are as serious about learning the material as you are, a study group can be an incredibly helpful resource. Find a group of four to six other hard working students Make clear goals and objectives before each session to help you stay on task. Make sure everyone is participating either in discussions or by helping to work out problems.
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