Success Strategies for Financial Accounting, Accounting 215
The information below is designed to provide you with tips for the Accounting 215 course. Accounting is more like a math class than a history class. While understanding accounting vocabulary is necessary for you to understand lectures and problems, success in accounting comes from learning and applying the accounting process for the various topics you encounter in the class.
Try these suggestions and decide what works for you. The first four chapters are key to understanding the rest of the book, so it is important for you to develop good study habits at the beginning of the class.
I. Reading the Text
An accounting book cannot be read in the same way that you read other textbooks. Each phrase or sentence is important. Gain the most from your reading of the book by doing the following:
* Spend more time reading accounting material than you would reading other texts.
* Skim through the chapter noting the headings, then read the chapter straight through. Reread the material you do not understand.
* Read the material in smaller chunks – for no more than an hour at a time. Immediately try an exercise from the back of the chapter involving the material you have just read, or complete the self study quizzes embedded in the text.
* Take notes or underline key concepts from each section.
* Read the text before class discussion on that chapter. The class presentation will parallel but not duplicate the text.
* Put sticky notes on difficult topics for quick reference when you ask questions later.
* Make 3 x 5 index cards of key points or terminology. Carry the cards with you and review them when an opportunity arises.
* Carefully review figures and diagrams until you understand how the process or procedure should be done. If you can reconstruct and explain major figures and diagrams in the text, you will have a good grasp of the concept.
II. Lecture
Lectures are meant to clarify the more difficult concepts and draw the material together into a meaningful pattern. The class presentation will parallel but not duplicate the text.
* Organized notes serve as a reference for homework problems and exam preparation. For more note-taking tips, go back to the accounting main page to connect with the general study guide websites.
* Topics covered in the lecture are deemed important by your instructor. You have a high probability of seeing this material again!
* There is no such thing as a dumb question! Others in the class may not understand the topic. Resolving your questions keeps you from being stumped on a test or quiz, and helps to make the class more interesting for everyone.
* Copy all problems shown in class – even those problems that seem simple or that you already understand. You may forget them by the time you get to homework or exam preparation.
* Try not to miss a class. Borrow notes from another student if you miss a day.
* Bring the textbook and a calculator to class. These items let you to better participate in the class discussion.
* Start preparing for exams on the first day of class.
III. Homework
Accounting cannot be learned by reading alone. Doing the homework problems is the best way to retain concepts covered in the chapter. A good faith effort on homework helps you earn credit for the class.
* After you read the chapter, solve the review problems and complete the self-quizzes. If you have difficulty, try additional problems. Refer back to your text (complete with sticky notes) and class notes when necessary.
* When doing accounting problems, you must show more than just the answers. You need to support your answers with the step-by-step computations. This is called "documentation" or "leaving an audit trail".
* Do the homework as it is assigned. It is very difficult to catch up.
* Attempt all problems. If you are not sure of how to do the problem, make an honest effort. You might surprise yourself and figure it out!
* If you get stuck on a problem, don’t waste too much time on it. Go on to the next problem. The next problem may help you understand the previous problem. If you are really having difficulty, take a short break. If this fails, put a question mark by the problem and go on. Sometimes, when you look at a problem after a good night’s sleep, the solution is suddenly obvious. Finally, the solutions manual is on closed reserve in the library. You can use it to check your work or to help you when you have taken the problem as far as you can.
* Look for a study partner among the students in your class. One of you may understand concepts that the other is having difficulty with.
IV. Tests
* Go back over your homework and class notes to review for an exam.
* Develop memory aids to remember lists or long concepts.
* Remember to bring your calculator and pencils to the test.
* Before you start the test, jot down the formulas and memory aids you developed as you studied while they are still clear in your mind.
* When you first get the test, look it over quickly to gauge how much time is needed for each section.
* Do the problems you are confident about first. Subsequent problems might help you with the questions with which you had a problem.
* Do not spend too much time on one problem. Go on to the other problems and come back to the difficult problem if there is time. Taking a "break" from the problem can suddenly make it clear to you.
* There is always time to read the questions carefully – underline key words in the question so you are certain that you are answering the right question. Make sure you answer all parts of the question.
* In a multiple-choice question, try to eliminate obviously wrong answers. Unless you are sure you misread the problem, it is probably not wise to change a multiple-choice answer. Generally your first instinct is best.
* In a problem question, summarize the facts of the problem on the side of the page. This step can help you organize the steps you need to do to calculate the answer.
* Document your answer by showing your work. If the logic of your answer is correct, but you make math errors, you may still get partial credit.
* If you are recording answers onto a scantron sheet, try marking your answer on the exam and transferring all of the answers during the last few minutes of the exam. This reduces the risk of putting the wrong answer to the wrong question number or not sufficiently erasing an answer you changed.
* Don’t be surprised if accounting problems contain information that you don’t need. Part of the test process is to see if you know what information you are supposed to use to get the right answer.
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