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How Do You Go Really Well In Accounting?

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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. :P

sheepz:

--- Quote from: kingmar on December 22, 2007, 03:11:09 pm ---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.

--- End quote ---

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

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