Tips to study on my upcoming sac

[mollyx3]

Hi,
Are there any tips to study on my upcoming sac?
I will be tested on chapters 1-7
thanks

[abcdqdxD]

Could someone please explain in full detail why drawings of stock must be recorded in the General Ledger? (This is question 1 from chapter 7.4 )
Thanks!

Perhaps you'd like to post in the accounting questions thread next time instead of making a new topic

All transactions must be recorded in special journals and are then posted to the General Ledger. It's necessary to record drawings of stock in the General Ledger so that it gives a true and fair representation about the level of stock held on hand, as well as allowing the drawings account to be an accurate indication of the owner's transaction with the firm (remember entity principle). In short, the omission of recording the drawings of stock will mean your final balance for stock control will be incorrect

p.s. I think I know who you are.. mx right?

[siddhartharora]

I got 90%+ in all my Unit 1/2 SAC's, and this is how I went about it. Do as many Practical Exercises from your textbook (I'm speaking from the Macmillan Textbook perspective) prior to the SAC, revise the main definitions from each chapter, and read each chapter minimum 2 times as well because it helps to understand those small aspects they might ask you to answer in the SAC and you won't expect it.

Also, if you have already done the Practical Exercises in your Workbook, then just re-do them somehow. If you're out of practice options, then check this thread: Practice Unit 3 Exam Revision Questions as there are plenty of Unit 3 Practice SAC's.

Hope I helped!

[abcdqdxD]

I got 90%+ in all my Unit 1/2 SAC's, and this is how I went about it. Do as many Practical Exercises from your textbook (I'm speaking from the Macmillan Textbook perspective) prior to the SAC, revise the main definitions from each chapter, and read each chapter minimum 2 times as well because it helps to understand those small aspects they might ask you to answer in the SAC and you won't expect it.

Also, if you have already done the Practical Exercises in your Workbook, then just re-do them somehow. If you're out of practice options, then check this thread: Practice Unit 3 Exam Revision Questions as there are plenty of Unit 3 Practice SAC's.

Hope I helped!

Hmm I don't entirely agree with this. If you're aiming for the top marks, I think you should place more emphasis on theory because this is what separates the 50s from the 45s. For theory try to understand WHY, don't simply rote learn (though this is sometimes necessary such as memorising definitions for A/L/R/E/OE) Most students are good at prac (i.e. recording), but slip up in theory so yeah try to focus on theory more

[siddhartharora]

Hmm I don't entirely agree with this. If you're aiming for the top marks, I think you should place more emphasis on theory because this is what separates the 50s from the 45s. For theory try to understand WHY, don't simply rote learn (though this is sometimes necessary such as memorising definitions for A/L/R/E/OE) Most students are good at prac (i.e. recording), but slip up in theory so yeah try to focus on theory more

I agree with the emphasis on theory, but having sat various Unit 1, 2 and 3 Accounting lectures and holiday programs, I can tell you for sure that practicing makes perfect. You need to set aside a portion of your study towards the theory, without doubt, but what use will it be if you can't apply it to the exercises or SAC's? Hence why, doing various exercises and practice questions (Checkpoints, NEAP) will be highly beneficial.