How Do You Go Really Well In Accounting?

[kido_1]

 Hello guys

Firstly congratulations to all FSN'rs who pawned accounting and to all FSN'rs in general for there outstanding scores. 

I have decided to do accounting 3/4 next year. I did not do 1/2 last year but I like the subject (best out of the ones I could choose from). I am only doing 3 other subjects next year, so I will have a good amount of time to spend on accounting.

As a new student in this subject I would like to ask how to improve/get a really good score in accounting? What should I do in the holidays? What books/mateial should I buy? ....?...?

Any advice, I will be highly grateful.  :smiley6600:

[Andy]

Dear Kido_1

I am also doing Accounting next year as a 3/4 subject, but acheived pleasing results this year in 1/2 Accounting. Advice from me to acheive good results in this subject is to constantly revise and make sure you have a good understanding of each topic covered. For instance this year we did Profit and Loss Statements, Balance Sheets, Accounting Principles, Stock Gains/Losses using FIFO/LIFO methods and so on. I wouldn't worry too much even though you haven't done the subject in 1/2. As said earlier about having a good understanding for each topic. ensure you understand each topic which should put you in good stead for next years sacs/exams. The books we will be using are by Neville Box which is great and easy to understand in my opinion

Good Luck for next year

[azhtey]

read through neville box's textbook and go over the qualitative characteristics and principles

[costargh]

lol my end of year report said to "improve theory questions"
I was so lazy on them this year.
I am the kinda person that sees a question in accounting and the answer just seems really obvious and I don't fully explain the answer because in my head it already seems answered lol... i dont know if that makes sense

[sheepz]

lol its always very easy to do that so ive trained myself to write lots n actually explain (use definitions and stuff) what i mean... but yea, make sure u understand the concepts as it is covered, do some practice practical questions n it shud b alrite ^^ im using the new (from 07) textbook by cambridge and i find it pretty good too!

[Odette]

lol my end of year report said to "improve theory questions"
I was so lazy on them this year.
I am the kinda person that sees a question in accounting and the answer just seems really obvious and I don't fully explain the answer because in my head it already seems answered lol... i dont know if that makes sense

Lol a little off topic but I did that with business management in SACs... teacher thought i was being cocky though lol

[AppleXY]

I hate VCE accounting. I put so much effort, and I really like the subject.

Just work hard, and do as much practice as possible. A good theory framework is IDL, Identify, Define and Link. Identify is to find the appropriate characteristic to match what the question is asking; Define is to define the characteristic (not the whole one) just the part that relates to the characteristic and Link is link it back to the question.

For example,

With reference to one qualitative characteristic, Explain why Balance day Adjustments are required:

Relevance

Relevance states that all material information must be included in accounting reports that will affect decision making. Balance day adjustments are required to determine the correct profit by matching revenues earned instead revenues received to expenses incurred instead of expenses paid, in turn this will definitely affect decision making.

[Fyrefly]

Summarise each chapter, and don't move forward until you fully understand something because almost everything builds on everything.

Accounting is perfectly do-able without units 1 and 2, but I would strongly recommend that you cover more than just accounting principles and qualitative characteristics on the holidays, as it will generally take you a lil longer to understand the course content compared to people who have done 1 and 2.

[costargh]

We are doing three chapters over the holidays, 1 being principles and characteristics.

[Andy]

I just realised that on our booklist we have a workbook for everything in the textbook. This means no more time wasted using the cd to print off question templates. It is made by Neville Box.

[sheepz]

lol this means having to spend more money to buy the workbook as well >.< n yea, we're doing 3 chapters also but i think i will try n read ahead if i have time =)

[Andy]

Sheepz, you're doing uni accounting? that'd be awesome

[sheepz]

haha yeah i applied to do it in monash (clayton) so hopefully i'll get in n it will help me with year 12 accounting =) the main reason im doing it is so i don't have to study so much for at least year 12 accounting lol! (hopefully that will work?)

[Fyrefly]

I used the Cambridge textbook (Simmons and Hardy). I haven't read the Neville Box textbook, but I know from experience that the Cambridge one is fantastic.

I suggest that if your school does use Neville Box, to go to the Access Education accounting seminars @ ACU in Fitzroy as part of your mid-year and end-of-year revision. Anthony Simmons speaks at those and he can really help you get your head around the harder concepts (and you'll be getting *his* version of the course content without having to buy the Cambridge textbook).

[azhtey]

Buy NEAP Unit 3 and 4 (when it comes out) study guides with the prac exams. They are normally really good. I also did the A+ publishing ones and found them a bit iffy but overall were quite helpful.