How to Study for Accounting Exams

Writing accounting exams can be challenging for some. How do you approach your studies and learn to work faster? How do accounting star students manage to work with such accuracy?

Students find it easier to study subjects like history, philosophy or languages, as these tend to be theory based. By memorising the important content, you’ll probably be able to pass exams, but accounting is completely different.

Accounting exams are all about understanding and practically applying the theory. It’s almost like already being a junior chartered public accountant and you’ll have to spend time to develop your skills and accounting acumen.

Similar to maths, accounting is a subject that stacks concepts and learning on top of each other. It’s therefore imperative to understand the basic concepts before moving on. One of the biggest reasons undergraduate students have problems with university accounting is that they didn’t fully grasp accounting concepts at school.

A university degree in accounting or finance will open many doors in management and chartered accountants are some of the best paid career-people in the world. This article will provide you with some tips on how you can pass your accounting exams and potentially continue to complete your degree or become the certified accountant you’ve dreamed of.

Mastering Textbook Material

Textbooks are there to create the foundation for your studies. It might not be the most interesting part to learning accounting, but knowing each step of the accounting process will ensure you don’t lose your way while building your financial knowledge. Be diligent about covering textbook material and ensure you learn all the accounting terminology when you start your accounting studies.

Those studying accounting at university will learn many other disciplines and related subjects including governance, ethics, economics and business management. Try and see if you can make the links between the various topics as it'll simplify final or honours-year studies.

Accounting is based on comprehension and you'll need to develop a solid understanding of accounting problems and solutions. Be sure you review your study notes and previous homework assignments.

More importantly, ask if you are uncertain about the steps taken to solve an accounting problem. One useful tip is making a list of questions and challenges you face while studying and asking your teacher or lecturer ahead of the next class.

It’s always good to understand ‘why’ the problem occurred or the question is asked before moving onto the ‘how’ of solving it.

Organising your thoughts is imperative, so take time to understand the problem and the various factors that play into the problem before you jump into solving it.

Take time to consult online accounting resources and finance sector websites on the concepts the textbook fail to explain to your satisfaction. It might feel like hard work now, but will benefit you once you’re faced with more complicated accounting problems.

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Practice Through Practical Application

Flipping through your textbook and studying by browsing is certainly not the way to master this subject.

Homework and coursework have a very specific function in studying accounting; it gives you the practice you need to cement the accounting process and methodology. Double-entry accounting, as example, can only be understood if you’ve done it a couple of times and there’s no better teacher than real-life experience and application.

Study workbooks are one of the most useful resources for budding accountants. These are collated books on past exams and they also provide step-by-step answers to problems for students who might get stuck. Try and answer the full question by yourself before peeking at the answer. If you got it wrong you'll trace back the step/s in the process and will learn where and what you did incorrectly. Now redo the question and see if you can remember the steps.

Most universities also provide past university papers on their library portals, which means you can work through them as part of your exam preparation.

Future chartered accountants, financial accountants or management accountants can also read books on accounting to help them grasp more diverse concepts. The quicker you master them, the easier your future studies will be.

Use Class Time and Engage Fully

Many university subjects can be passed without attending classes, but when it comes to accounting, your time in class is the most valuable contribution you can make to your studies.

If you are fully present, engaged in discussion while asking questions around the steps or things you are uncertain about, you’ll most probably set yourself up for success when it comes to your homework and future exams. Don’t be afraid to place alternative ideas on the table for discussion and treat other students with kindness, there's no such thing as s stupid question.

Completing assignments on time will reinforce the concepts covered in previous classes. If you make an effort to practise them after each class you will reduce the amount of work required to recap the concepts in the weeks leading up to exam.

Preparation for classes and exam will also ensure you make the most of your time in class. If you get stuck you might fall behind when the next class continue to build on those concepts, so ask for help and guidance before the problem becomes bigger.

Remember that you can always supplement your studies with accounting courses. It might put you ahead of the class and ensure you have a greater understanding of the subject.

Maximising your Studies

Planning your studies is just as important as planning in a real-life accounting job will be one day.

How many hours do you need to study and how will you break it up per day?

Ensure you give yourself enough breaks to go for a walk or clear your head, but allocate time to cover all the topics and chapters for the upcoming exams.

Teachers and lecturers also tend to highlight certain chapters, so be sure you master those as this almost gives you a guarantee on marks that will help you pass.

How many times have you experienced or heard students say they couldn’t finish their exam in time?

Time is of the essence when it comes to accounting exams. Creating a real-life exam-like scenario for yourself will help you assess how well you know concepts and test how you’ll manage during the actual exam.

Do your mock exam at least two weeks ahead of the actual exam. Keep a previous examination paper ready, don’t peek at it and try and complete it in the allocated time to determine how well you know your work. This will also allow you a couple of days to practise the areas you struggle with or ask a fellow students or lecturers for guidance.

Writing the Exam

You’ve done your homework, understand the topics, worked through enough accounting problems and prepared well for the exam. When the day of the exam arrives you'll need to ensure you are well rested and have all the equipment and stationary you need to write the exam.

Don’t fixate on the time, especially not if you managed to complete your mock-exams in time. Doing a couple of breathing exercises before the papers are handed out will help you relax and bring your focus to your exam.

It is also recommended by some to read all the questions and first tacking the ones you find easiest. This way you can ensure you get some marks in the bag from the beginning and use the leftover-time to battle it out with the tougher problems.

Using a Tutor

Sometimes classrooms are big, lecturers busy or there's just no space or time to get all your personal questions answered. A qualified accountant can guide a undergraduate student through high-level financial concepts, while entry business students can learn accountancy skills from students who are in their final year of accounting studies.

You choose the rate, whether you study online or in-person, the tutor and the requirements to supplement your course and needs.

An Investment in Your Future

Every professional career and dream comes with its own set of requirements. One thing is for certain; diving into your finance degree or accountancy course with passion will certainly reap some rewards one day. Even if you don't end up in a financial career, you'll use those skills in general life with budgeting and personal financial planning. You might even do your own tax or gain skills that place you ahead of the pack when you apply for another job.

Good luck with your studies, your future is in your hands.