When Yale University New Haven invited me to be part of their career counseling session, it was shocking to see how students were petrified with the subject of accounting problems and assignments related to it.
“I am certainly looking at a career away from Accountancy! But the concepts of accountancy are difficult to digest” said the second year student James Smith.
While Maria Hernandez had these words to say, “I want to become a CA if only I can guidance towards my accounting problems.”
This is when I realized that instead of taking a session on career counseling, it was right to take up a session on how to crack these accounting problems and remove the inhibitions on accountancy and its problems.
So here is for all those students who think in the words of the famous British Politician William Wilberforce that “Life is all about ups and downs, however, these will soon be over. We all have to ultimately give an accounting to the Almighty of how fairly have we lived.”
Before we move ahead to the seven impeccable tricks on cracking the accounting problem, for all my friends, here is a recap on what you have understood on accounting-
Accounting or accountancy as the term states-
It is the study of measuring, processing and communicating the financial aspect and information of the entities. Although accounting is often termed as the ‘language of the business entities’ it cannot be denied that it certainly does the measurement of the firm’s economic activities.
It is perhaps due to the accounting measurements that the economic activities are conveyed in a manner that helps the organizations to take decisions. A business is liable to its creditors, management, investors, regulators, and shareholders to help them know the standing of the entity.
To keep a track of the economic and financial activities every company requires an accountant who can take care of the well-being of the firm. Financial accounting is a must for every organization. If you thought accounting was only restricted to financial accounting, think it again!
In fact, accounting students have a vast spectrum of career choices. You are the ones who are going to deal with management accounting, tax accounting, external auditing, cost accounting and more.
If you know how Accounting information systems are designed, you will exactly understand how it supports the accounting functions and its related activities. Your career will mainly focus on the reporting of the company’s financial information that comprises of financial statements that will aid investors, suppliers, and regulators to analyze measure and take the decisions thereafter.
Knowledge about accounting comes from the very basic bookkeeping. It is the place where financial transactions are recorded. Double-entry bookkeeping is by far the most common system to record the financial transactions.
Now that you have got a fair idea and know what accounting can do for you, read ahead as I unveil the tricks to solve the accounting problems not only for your assignment completion but also during your examinations-
1. Never miss a lecture
There may be times when you have simply hated the topic. It could be the Account codes or the Balance Sheet Reconciliations, Bank wires, receiving or Chart of Accounts (COA), missing lectures on any of such topics will only make you start disliking the topic. The secret to crack the problems on accounting starts from liking to do. When you enjoy what you like, there is never a problem.
Why never miss a lecture at the school or college?
Honestly, when you miss a lecture, you are bound to invest those hours at home trying to understand the topic. Self-study is good when you already have knowledge about the topic, but when a chapter is new to you, it will take longer time for you to understand. You miss out a lot the way a professor imparts the matter to you. You may ask your classmate, but the way your lecturer would have explained to you, your classmate certainly wouldn’t have.
Many a time in the classroom several topics are discussed that can be a part of your assignment. There are many students who have a presentation to show. Class activities are involved. Mock sessions are arranged. There is a lot that is missed out when you remain absent from the class lecture on accounting.
There is a difference in seeking knowledge from a qualified faculty than a senior or your classmate, you agree, right?
2. Don’t hesitate to ask for help
Okay, so here goes the topic on Correcting journals without index numbers, Endowment, Equipment management to Encumbrance lifter, and you have no clue what so is happening around.
You are obviously not taking any help! Your pride comes before prejudice! On the contrary, what are you going to reap from this? Nothing! It is you who is going to be a loss. The ambiguity in the subject is going to make your assignments get poor grades. Your presentation will not be up to the mark and this is going to dampen your overall grade.
This day getting quality faculty help is easy. The online education portals provide you with online tutoring and assignment help wherein you can have a discussion on one-on-one. All your inhibitions and doubts will get cleared. The advantage of getting online faculty to help you is that you can avail these services at any time. Most of the tutors online hold Ph.D. degree in their genre of expertise. You are thereby sure to get quality services.
The assignment help will benefit you in getting higher grades. Whether there is a problem in ledger closing assignments or any other topic, timely help is always available.
3. Start practicing more
Preparation for any sport, art, the topic comes from practice only. Thus, you cannot master any topic overnight. If you have flair for a subject you will automatically start doing practice sums on it. But what is the case when you dread a subject? What do you do?
Most of the students do the mistake of piling up the toughest subject for the end. Firstly let me tell you, accounting is the most fun-loving subject. There is no need to get scared or hate the subject. But in case you have those notions on accounting topics; this is what you do-
- Get hold of old question papers or assignments sheets and start working on it. You will find the first question paper was the toughest for you. But as you begin to take up more papers and mock tests, you will start solving it effortlessly.
- Practice sums related to the topic initially in case the question papers bother you. You can avail practice sums from guides or approach online education portals that conduct practice sums sessions. You will be timed. Your weaknesses will be understood at length. You can thereby begin to work towards the topics that are tough and eventually master it.
- Sit with a friend and set question paper for each other. This way you will ransack for the toughest questions for your friend and know the answers as well. It is a fun way to go ahead with practice sessions.
4. Get your basics right
If you are someone who is blank when the professor says to use the Revenue Principle or start using the Objectivity principle, you are definitely in the soup. But the good news is, now that you know you are not aware much on the basic concepts, you will have to start working on it. In fact, most of the assignments are around the basic concepts of accounting. They play Peek-a-boo with you to make you feel perplexed. But the base idea remains the same.
It is therefore always said that get your ABCDs on accounting clear….Accounting, Bookkeeping, Credits, and Debits. If you are through with this aspect, there is nothing more that will keep you away from getting higher grades in your assignments.
You will be able to understand the accounting cycle using GAAP to prepare the financial statements. You will have a flair for the conceptual framework of accounting and accounting system. Classifying assets to liabilities, equity to revenue, you will solve it in a jiffy.
In fact, you will be able to deliver a lecture on the purpose of the revenue, expense, drawing accounts and so on. The clear distinction between accounting and booking will help you to be an ace accounting personnel in the future.
All this and more is achievable when you are through with your doubts.
5. Always ask the question ‘why’?
The clandestine behind doing very good in your accounting exams is to understand ‘why’ a certain technique. Accounting subject being a technical one, there are sets of rules and regulations to it. But if you know the reason behind it, you will get the logical answers to it.
For instance, if you know why bank reconciliation is done and why such an entry, you will never face a problem while tallying your statement of affairs. Nevertheless, once you know that the process of matching the balances of the organization from its cash account to its bank statements is imperative, you will inevitably start ascertaining the differences and make the changes accordingly.
Also once you have got the hang on why such an entry is handled in a way, you don’t have to memorize anything. Simply use your logical thinking and solve it in no time. Ask your professor, your tutor to help you know the reasons behind certain accounting methods or its usage.
6. Getting through with MCQs
Multiple Choice Questions though look simpler, but students waste much of their time on these questions. The hurdle is no sooner you look at the four options, you are distracted. The trick is when you look at the problem don’t see the options. Instead, solve it at your end and you will find the right option there. The other three options are the distracters to help you go away from the objective.
7. Try teaching others
This is satisfying and beneficial too.
In this way, you will learn and have information about the topic. The questions from your junior or friends will help you learn more. The idea is to make sure you are helpful in giving the right information and impart knowledge. Your self-confidence is boosted. You are motivated and know every bit on the topic. Be it the sales and use tax chapter or the tax-exempt status, you will excel in all the topics.
Accounting is important for every firm. The financial statements undergo auditing practices by well-established accounting firms. All the financial statements are maintained as per the principles of GAAP (Generally accepted accounting principles).
These principles are set in accordance with FASB (Financial Accounting Standards Board) and Financial Reporting Council in the US and UK respectively. Ever since 2012, it has become mandatory to adapt to the IFRS (International Financial Reporting Standards) regulation. It remains universal and accepted globally.
With this, it is a wrap. Hope the session was as interesting for you as it was for me while putting in the thoughts. The above illustrations and examples were a part of my teaching experiences. They are tried and tested and hope does the needful for you too. So next time I meet you, you must be this confident student who wishes to pursue his career in Accounting and nothing else.
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Evelyn W. Minnick holds her MBA degree from the University of Notre Dame. Her knowledge of accounting is par excellence. She enjoys imparting accounting education to the students in the most lucrative way. She has a unique way to teach students. This day she is known to be the most famous online tutor at 24x7assignmenthelp.com who has been incessant for the past six years in giving top-quality education.