How Do You Go Really Well In Accounting?

[kingmar]

To me it was all understanding the concepts. The course is designed such that as you progress through the course, it will make more sense. But unlike other subjects, you can't just forget all your Unit 3 stuff when you go into Unit 4.

Building on from what AppleXY said, its a good idea to write out definitions for all characteristics and principles IN YOUR OWN WORDS and learn off that. Not only do you remember it easier, but it isn't rote learned, and assessors HATE rote-learning.

Rote-learning works for BM and H&HD. It doesn't for Accounting. They know all the definitions off textbooks and previous assessment reports. They may not penalise you for rote-learning, but a default answer that doesn't address the question will not cut it.

Similarly, when doing exercises, you should highlight dates and important information.

So in a paragraph of say prepaid insurance, you'd highlight prepaid insurance, how much, the dates, how much is use, how much is withheld etc. etc.

It's the small things that count. Work through things systematically. Students lose marks because their ledgers don't balance, they've stuffed up their reports and the like. It is generally best to always work through items by date.

Lastly, don't make my mistakes. When a profit is made in your Profit and Loss, the money goes to Owner's Equity in your balance sheet, not Assets.

[sheepz]

Building on from what AppleXY said, its a good idea to write out definitions for all characteristics and principles IN YOUR OWN WORDS and learn off that. Not only do you remember it easier, but it isn't rote learned, and assessors HATE rote-learning.

Rote-learning works for BM and H&HD. It doesn't for Accounting. They know all the definitions off textbooks and previous assessment reports. They may not penalise you for rote-learning, but a default answer that doesn't address the question will not cut it.

grr i've already rote learnt all my characteristics n principles! well, i sort of know what it has and work my words around it. what do u mean by they MAY not penalise you for rote learning? they don't do that, do they? unless you didn't address the question... but if i use a rote-learnt definition and explained why eg it does not fit in with the entity principle i should be fine right?

[Fyrefly]

IDL

Identify, Define, Link.

If you only identify and define (i.e the rote-learned stuff) then you'll get marks deducted becoz the assessors will think you can't apply your knowledge to the situation given.

[Mystery]

I rote-learned/remembered every single theory question and answer and understood what they meant for the past 5 years of exams from various sources - took a while, maybe 5 months, worth it? Definitely.

Theory is what got me separated from a 50 to a 46, oh and try and do ALL practice exams you have.

And as mentioned - try and learn the damn concepts which are very simple once you get it. I did a lot of accounting work before school even started and managed to learn the entire unit 3 contents before we even started! crazy, but required for high marks.

Find yourself a copy of the study design and learn EVERYTHING required (this goes for all subjects as well if you want to secure top marks).

At the end of the day it was English that screwed me and a lot of people over, please spend more time on English whatever you do - I regret not spending enough time on it...

[Fyrefly]

You did pretty well in accounting too then Mystery? Congrats on the high 46 ss, and I can totally empathise with you on the English thing. It makes me curious to know what I would've got if I hadn't stuffed up the English exam >.< XD

Sounds like you did a lot more work than me tho, lolz. 5 years worth of practice exams?! I don't think I would've stayed sane if I tried that... 0.o Srsly, I did bout 4 prac exams all year, 5 tops. I was so lazy... XD

[AppleXY]

lol. While I did 33 trial exams with 84/90 average on them and got 37. It wasn't worth it.

[kingmar]

Indeed.

Rote-learning isn't good because the definition often doesn't directly apply to the question.

If you provide a differing definition meaning the same thing, it reflects better on you in terms of effort in assessors' eyes. Of course, you can rote-learn, just remember to link it to the question.

But my methods ensures you understand yourself definitions rather than copying someone elses and not completely realising what it means. It also insures you against bitchy assessors' who will find any excuse to take marks off, and rote-learning is a pretty damn good excuse.

For the record, I did 4 trials per exam. It probably cost me a higher score, but with a 43 I ain't complaining.

[sheepz]

Do any of you have the practice papers on the computer? Can you maybe upload it for us in another thread? XD But wow, that is soo much! 33 papers and 5 years worth...

[Mystery]

I rote-learned/remembered every single theory question and answer and UNDERSTOOD what they meant

Rote-learn and UNDERSTAND what you rote learned so you can edit it in a way which answers the question being asked.


Thanks Fyrefly; English ahahaha - I laugh at it every time, three A's and I get a 38 =.= just perfect...and for English I did one practice essay every single night 3 months before the exams and  I think around 8 practice exams,killer xD

but back on topic; yea accounting is probably a test of accuracy and understanding of vcaa's childish ways of screwing you over - pretty much goes for all subjects lol

My teachers were a great help for practice/trial exams, ask around and if I remember correctly, BOS allowed me quite a number of trial exams for different subjects, some kinda only hard drive full of exams, more like a gold mine for VCE students  if you ask me =)

[Collin Li]

Rote-learn and UNDERSTAND what you rote learned so you can edit it in a way which answers the question being asked.

IMO, understanding makes rote-learning redundant.

[AppleXY]

I must stress to every future VCE accounting student that this subject is more based on accuracy and time management rather than true accounting; that'll will occur in university.

When you start doing trial exams at home, you will feel less nervous and probably manage the time better because you are not stressed and have the examiner's report at your immediate disposal after you finish, giving some reassurance on your performance. However, in the actual exam room it is quite different, nerves take over. Do not take any moment to think about your scores or anything, purely keep thinking about the question and DO NOT your flow of thinking. On that note, some people may find the accounting extremely hard and may be overwhelmed with extreme pressure. If that is the case, chill-out and don't think of other people except yourself and your skills. I can bet that you will perform much better on the exam and who knows many people may have found the exam difficult and chances are you will be the high-achievers

In my experience, I shat myself when I saw 2 Reports (P&L and CFS) and lost my train of thought. So you do not stress.

Your teachers may have said this, but I cannot agree how vital it is to READ THE QUESTION PROPERLY, if some information looks incomplete; just keep skimming. [most likely it'll be on the bottom or especially right on the top (in the previous question) which can fool most people (including me lol). ]

Again, VCE accounting is mind-games and do not get discouraged if you stuff up your exams, as if that'll be like real world accounting.

In Dot points the ideal exam approach would be:

  - Sit Down (LOL, well *duh*)
  - Get your equipment out
  - Rearrange items to best suit your needs
  - Think only about the concepts you have learnt and nothing else, don't think about what you are going to do after the exam or whatever.

When reading time begins

  - Question 1 is the easiest so I would allocate 40 minutes for it, 5 minutes for checking time and 45 minutes for Question 2.
 - Look for General Journal Questions, throughly read them and visualise in your head what they want you to do. General Journal entries are quick-smart and fetch quite large marks. Some easy General Journal entries are worth 2-4 marks! So General Journal, General Journal, General Journal. HOWEVER, DO NOT DO THE EXTENDED BDA GENERAL JOURNALS AS THEY CONSUME THE MOST TIME. BEWARE.
 
 - Think about the eaisest to hardest order. Do the easiest questions and progress to the hard ones.
 - Do not put of theory questions. Try to do them in order as they can be quite easy to forget.
 - If there are any extended scenerios (like in Unit 4) pleease carefully read it properly, you seriously don't want to miss marks like me.

When writing time begins
 - Initate Plann
 - Just don't panic, if you're in Year 11, you have another one year so don't worry.

I'm tired now and I may add some more tips later. Anyways, good luck peoples and I hope all FSNers obtain 45+.

Short Guide to Accounting Grades:

A+ A+ A+ 38 - 50
A A A 34 - 37

[elaine]

lol. While I did 33 trial exams with 84/90 average on them and got 37. It wasn't worth it.

Does anyone know where you find 33 trial exams?? For bus man, I could only get A+ Publishing, Leading Edge and the VCAA papers. So about 16.

[gfb]

I really sucked at Accounting

[kingmar]

My teacher sold us a photocopied pack of exams. A massive pack.

I think I had at one stage available to me:
VCAA 2000 - 2005
Neap 2002 - 2006
A+ 2002 - 2006
IARTV/CSE (shit. do them for a challenge but beware the answers are usually wrong) 2002 - 2006.

There were a bunch of others, but I guess I couldn't care enough to buy the pack or do the exams. VCAA and a Neap were enough for me I suppose.

33 is quite excessive. I would have thought about 10-15 is about right.