An accounting exam can be difficult to prepare. You can't get away with simply studying by heart and sorting out information, as you could with history. However, you also can't just study a few axioms and theorems and do a few exercises like math. Fortunately, there are a few simple considerations you can keep in mind to effectively study for an accounting exam.
Steps
Step 1. Take lots of notes
Preparing for an accounting exam doesn't start the exam week - you'll do much better if you take notes during the course. Be sure to take note of key terms and their meanings, such as the correlation principle, the revenue recognition principle, and the accrual principle. You should also copy the sample exercises from class entirely, because the exam questions are likely to cover similar problems.
Step 2. Read the appropriate parts of the textbook
Accounting is similar to math in this important respect - exams are primarily about solving problems, but understanding the underlying concepts is crucial. Be sure to read the textbook for an accurate explanation of the concepts that are relevant to the problems.
Step 3. Solve the example exercises
This is probably the most important task in preparing for an accounting exam. Your textbook should include sample exercises at the end of each chapter. You can also redo the old exercises and compare the solution with the initial work.
Step 4. Review the old material
The concepts of financial accounting have common foundations, so you should also be familiar with the above material. In particular, basic operations such as journal entries and balancing T accounts should be familiar to you.
Step 5. Make sure you know your strengths and weaknesses
If you are close to the exam, you may not be able to get clarification from your teacher or another student about a concept that is not clear to you. When you come across concepts that aren't clear to you during the written test, skip them, then come back to them later.
Step 6. Use material outside the program
There are many extra resources you can draw on to boost your accounting knowledge. There are websites that offer modules that cover all the essential concepts of financial accounting. There are also several manuals on the market that can be used to supplement the textbook and your notes.
Step 7. Familiarize yourself with the structure of the written exam
If you have already taken a written test, or if your teacher has made old tests available for study, you can get an idea of the structure of the exam. This will help you understand what types of exercises you should do and how fast you will need to go to finish the exam on time.
Step 8. Finally, don't study alone
It is always a good idea to have a study partner. You will help each other by explaining what you have learned best. When someone is preparing for the same exam as you, they are the best person to study with. You will learn more by asking questions and explaining things to each other.
Advice
- Try to avoid tools that will not be accessible during the exam. For example, if the calculator is not allowed on the exam, get used to doing the exercises without it.
- Your results will be better if you eat a well-balanced meal and get enough sleep before the exam. You should avoid taking too much caffeine and other stimulants.
