The initial stages in studying accounting are desire and effort, yet there are a number of recommendations that should be followed to successfully study accounting. Studying accounting might be a chore if you don't find the topic interesting. Once you've made up your mind and are ready to give it your all, it's time to understand the best ways to study and absorb accounting material to learn about functions of accounting. But before that, we will also need to know the basic accounting concepts.
Preparation of Accounting Exam
Review the Material in your Textbook
Accounting textbooks are a must-have for any serious student of the subject. Following is a list of suggestions and tips for making the most of your accounting textbook.
One cannot expect to learn as much about accounting from a book as one would from a book on, say, history, economics, or biology.
Similar to how mathematics notions develop upon one another, accounting ideas also build upon one another. What you learn in this chapter builds upon and elaborates upon what you learned in the first.
Skimming a book for the meat of it's relevant parts is inefficient in accounting. Accounting textbooks are meant to be read by students and professionals alike. You should give credence to almost anything recorded in your books of account. Because of this, please read carefully and pay attention to every detail.
Discover accounts coaching near me when you search for lessons on Superprof.
The "WHY" may be better understood by reading the accounting textbook
Studying accounting does not need as much memorising as studying other subjects. This being stated, it is imperative that you fully grasp "WHY." Why is a key concept in accounting. Look for the "WHY" underlying the concepts you're studying in your textbook. Put forth the effort necessary to fully grasp the justifications for the lessons you are being taught.
Make an attempt to summarise what you learned in a new chapter of your textbook by writing it out in your own words. Elaborate on the concept, whether you're explaining it to yourself or someone else. Reading the same material over and over again is not as helpful as putting the concepts into your own words and explaining them aloud to someone else.
Third, master the "HOW" behind any task.
After you have a firm grasp on the "why," you can go on to the "how."
It is not enough to know the theory or reasoning behind anything in accounting if you can't put it into practise. In order to succeed in accounting, you need to be able to put what you study into practise and have a firm grasp on how things work.
Accounting ideas are built and applied in practise in a certain way, and you may learn this by working through the questions and exercises in your textbook. Most of the tasks posed in each chapter are designed to help you learn how to put the concepts and principles discussed in that part into practise. To ensure your answers are correct, finish each problem and then check your work.
Periodically assess your progress
It's far easier to understand and remember anything if you take the time to fully familiarise yourself with it the first time you encounter it. Then then, you will start revising a few days before the examinations, right, if you realise that you are not going to remember anything you have studied? This strategy could be acceptable in the social sciences and humanities, but it's definitely not acceptable in accounting. "REVIEW AS YOU GO" is the most effective technique to study accounting and ensuring that you are able to recall what you have studied.
Learn everything you need with accounts coaching near me on Superprof.
Cramming the night before an accounting exam is even worse of a plan than cramming the night before a history exam. You should never, ever wait until the last minute to review your books.
Remember that it is necessary to relearn any information that may have been forgotten. In many cases, the time required to relearn something is same to the time required to learn it for the first time. In order to avoid having to spend time trying to catch up at the end of the term or semester, it is far more efficient to study the content as it is being taught.
You will have several chances during the semester to pose and get clarification on any topic of interest. You shouldn't expect your professor or TA to be overjoyed about the prospect of spending several hours with you towards the end of the semester going over material that you should have covered during the course of the semester.
AND don't say "everything" when your professor asks you to explain what it is you don't get. If you must make a generalisation, then at least be specific. Such claims suggest that you haven't made much of an effort to fully grasp the issue on your own. Before you start asking questions, you need figure out exactly what it is that you don't understand. Be specific in your questions.
Discover amazing accounting classes near me on Superprof to help you learn everything you need to know!
Research Before Accounting Exam
If you're serious about improving your accounting skills, you should do your research. The greatest way to learn accounting is to conduct accounting, thus it is important to practise dealing with a variety of accounting problems.
You don't need to do anything beyond completing the accounting homework problems from your textbook, your study guides, and your courses to become competent in the subject. If you put in the time and energy to solve the problems presented in your accounting assignment, you will learn more. First, make sure you've read and thoroughly understand the issue's criteria. Examining the problem at hand is the next step.
- Ensure that you can successfully complete all of the homework assignments provided to you during the semester.
- Focus on the concepts that were discussed in class.
- You should know all there is to know about the subject.
- Verify that you have the necessary skills to independently address all of the assignment's challenges.
- Get a group together to learn, and then test their knowledge of the material.
Try to understand the material rather than just memorising it. The purpose of this test is to see whether you've retained the most important concepts and principles in accounting that have been covered this semester. On the test, you may expect questions to be presented in a somewhat different manner than you're used to. See whether you can confidently put your new knowledge into practise.
Rather than skimming, it's recommended that you read the whole issue
Leave yourself ample time at the end of the exam to review your answers and make any necessary changes. Take the simple ones first. Go through the exam and answer the questions you know the answers to. Next, come full circle and answer the most pressing concerns. That way, you won't waste time on questions you already know the answers to, and you'll have more mental energy for the more time-consuming ones.
Time limits are often included in most accounting quizzes. You shouldn't be constantly checking the time unless you're confident in your ability to handle accounting problems effectively and efficiently. Having answered 85 percent of the questions correctly on the accounting exam is far preferable than answering all 100 questions incorrectly.
Functions of Accounting
There are various functions an accountant needs to perform every day. The Functions of Accounting can be listed as followers-
- In favour of an organisation, an account is required to keep a systematic record and approach everyday whereabouts in financial matters.
- He is the person in charge who is responsible for storing financial records and data.
- An accountant helps a company analyse daily financial transactions.
- An accountant is expected to summarise the cost and report the same to the organisation.
Careers for Chartered Accountancy
Chartered accountants may find employment in a variety of sectors. They may look for careers for partially qualified CAs, careers for CA students who did not pass the course, or careers for CA students who dropped out of school before finishing the programme. Let's take a look at the seven best career in chartered accountancy.
-
Internal Auditing
The main purpose of an internal audit is to evaluate the efficiency of the company's internal control procedures.
-
Taxe Audit
A company's financial records will be scrutinised in great detail during an audit. When filing income taxes for a given fiscal year, it plays a crucial role in ensuring that the tax return is submitted accurately.
-
Accounts Payable Manager
The position of financial controller is a promising one for CAs. A chartered accountant may work as a controller and oversee the company's financial reporting.
-
Forensic Auditing
Forensic auditing is another field that C.A.s may work in. Financial records are one of several areas that might be investigated during a forensic audit. Its purpose is to detect wrongdoing, such as monetary manipulation, and collect data that may be used as evidence in a subsequent legal action.
-
Treasurer
Chartered accountants may work in the government in a variety of roles, including the Treasury. Sending in a CV for a treasury job with CA certifications is a plus. Their main job function is handling the company's treasury and cash flow.
With the help of the best tutors from Superprof, you can now fulfil your dreams of chasing the accountancy examination with excellence.
Enjoyed this article? Leave a rating!
Loading...
