Feb 23, 2008

How to Study for Your First Accounting Exam

Oh, no. Your first accounting exam. Accounting at first can seem like a very difficult subject just due to the fact of how it is a whole different language for business. Your professor probably also understands the material 100% and you probably don't understand what he's saying. Well, let me tell you your first accounting exam will not be as bad as you may think it may be if you study in pieces.

First, the accounting equation. Remember the basics, Assets = Liabilities + Equity.

NEXT, Branch off of each in as many ways as you can think.

Assets = Accounts Rec., Supplies, Prepaid Rent, Land, etc.
Liabilities = Accounts Payable, Notes Payable, etc.
Equity = Common Stock, Retained Earnings, etc.

Know them, remember how to set them up. Remember what type of events and how they will effect the equation! Your professor, the book, and the assigned homework has prepared you for this! Just review it and you'll do fine!

Second, remember what your teacher went over. Bring your book to class and flip the pages that your professor covers and highlight what he or she covered. Your exam will be composed of what was covered in class almost 99% of the time! If you marked what you went over you know what to study and you can minimize the weight of your studies!

Third, go over the examples and re-do the homework you didn't do because it was too hard. The homework should be getting easier as you decompose the material you've been covering, try the homework, do what you can. If something is easy then don't do it, you know it. If it's hard make a note of it. The things in between, do and check.

For the hard stuff go back to the material the notes your professor or the accounting lab if your school has one.

Fourth, the financial statements. There's no trick to remembering these. Just review. I learned by covering the page and gradually moving down until I could say what was next on the financial statements and then until I could say them all without needing to look.

Fifth, it won't be that difficult.

Sixth, think to yourself that it won't be that hard and you can and already know most of it! Because you do, you just need to reinforce it before the exam.

How to Study for College Exams

College exams can be a lot different from what we were used to in high school. College exams are usually more comprehensive and could cover a quarter of a book to half of a book. Most often exams will cover a quarter of the book. You'll be tested on chapters 1,2,3 and 4. How do you study for a test that will cover four chapters?!

First, hopefully you have been preparing from day one. You have been coming to class with full attendance and with a notebook, pen and pencil. Hopefully, you have been printing out study guides or keeping up with the text.

If you don't have a study guide. After every lecture look back at your notes and re-read the topics the teacher covered from the book and make a note of them. Highlight/mark in your book the important topics. Make yourself footnotes in your book, circle pages, etc.

Second, review your text and notes for fifteen minutes a day. Study at least 30 minutes approximately one or two times a week to cover what you've just learned and reinforce what you already know.

Doing the above will help when it comes time to really hit the books and prepare for the test. You'll know what you're solid on and what's foggy. When you know what to zero in on you can prepare better.

Third, whatever homework/quizzes your teacher has given make sure to review. There's a good chance exam questions will be similar if not exact in some cases.

Hope this helps with your college exams!