It's difficult to prepare for an accounting exam.In a history class, you might be able to memorize and order bits of information, but you cannot.You can't rely on a few axioms or theorems and practice by working a bunch of problems, as you can in mathematics.There are a few simple considerations you can keep in mind to help you study for an accounting exam.
Step 1: Keep up with what you're learning.
There are many lessons in the accounting class.Keeping up with concepts and how they relate to one another will help you understand how each process works together.You should review the notes after the class to make sure you don't have any questions.There are practice problems in the book.Ask for clarification.If you are having trouble with debt-to-equity ratio, ask your professor for help.
Step 2: Understand the reason.
Accounting terms and processes are set up to be logical.It is possible to understand why certain things are done in certain ways.What circumstances would you use the terms in?Come prepared to ask your class questions if you answer any discussion questions in your text book.To be sure you understand why a problem gets solved a certain way, it is helpful to speak with a classmate or tutor.There are many simulations and case studies that will ask you to sort through terms to get to your answer on the CPA exam.
Step 3: Understand how with practice.
It is time to learn how to do things once you understand why things are done.Take a look at old homework assignments.You may have missed work problems that were fully understood at the time.Discuss the methods you used to solve the problem with your partner to help them understand how the process works.Understand what key terms mean.Retained losses and accumulated deficits can be difficult to understand.
Step 4: You have to organize your thoughts.
Taking a moment to think about how you will organize the information will help you find a solution to the problem.It is possible to keep things focused and relieve stress during an exam if you have a clear method for solving problems.There are some long task based questions that can have several sections.List the relevant information on a separate piece of paper.It's important to understand all the parties involved, the length of time, situation being described as well as contract or payment terms.There is a list of related facts.Information that is not needed will be contained in some questions.
Step 5: Relate the material you're learning to the real world.
Accounting classes can be so full of numbers that you forget how things work out in real life.It will be easier to retain information if accounting concepts are used in real-world applications.
Step 6: Understand the strengths and weaknesses of yourself.
The Financial Accounting and Reporting section is the most difficult part of the CPA exam and requires a lot of studying to pass.If you know the problems and concepts will be challenging, it's a good idea to start with them.
Step 7: You have an understanding of key concepts.
Questions on the exam may not be exact copies of homework assignments.When you come to questions that might approach the material from another angle than ones you have previously encountered, you will be more confident.Try to get some practice questions from a source other than your textbook.This will help highlight areas where you may need additional practice or help from your professor if you encounter any problems you can't work on.
Step 8: Before and after class should be reviewed.
Giving the chapters in the book a thorough reading will allow you to walk into class with at least some understanding of the day's lesson before the professor delivers her lecture.You will be more aware of concepts you don't fully understand, which will allow you to pay particular attention to those parts of the lesson, as well as come ready with prepared questions to help you clarify anything you still do not understand.Before class, take notes on the chapter.Don't be afraid to ask questions.That is what your professor is there for.It is a good idea to take time to review notes after class.Rereading sections in your textbook or taking notes from the day's lesson will help you get through the rest of the book.
Step 9: Take a practice exam.
The best way to prepare for the test is to practice what you have learned once you understand how and why.Financial accounting modules are offered on websites.Track your time.The questions should only take a couple of minutes to answer.Task based questions can take anywhere from one to two hours to take the CPA exam.The testing environment should be mimicked.Take your practice test online if the test will be on a computer.Try and find a test out of your text book or website if you have to write it all down.The American Institute of CPA's has online sample tests.
Step 10: There is a quiet place to work.
Trying to study in an environment with too many things to think about can make it hard to focus.You can find a quiet room in your home.If you don't mind a bit of white noise, a quiet coffee shop or diner is a good place to go.If you want to be free of distraction, find a place that is comfortable.A large work area is important because you will have a lot of materials.Large tables can be reserved for a few hours at a time in some libraries.
Step 11: The appropriate materials are gathered.
You don't have to interrupt your studies to look for materials if you have everything in front of you.You can organize your class notes by topic or chapter.Post-it notes can be used to remember the relevant chapters in your textbook.Extra pens and pencils are a must.Have any old assignments with you.If you missed a problem, you may want to try and fix it.You might want to take some practice tests.Study guides can be used to supplement your textbook and class notes, and are available in several areas of accounting.
Step 12: You should be familiar with the test format.
If your instructor makes old tests available for study, you can get an idea of the exam format.This will give you an idea of what types of problems you should be practicing and how long it will take you to finish the exam.
Step 13: You should fuel your mind and body.
It takes a lot of focus and endurance to study for an exam.It is possible to stay alert and clear minded by making sure you eat healthy foods.Don't have too much coffee.It's important to eat a good breakfast.You can get a lot of energy from oatmeal, almonds, and fruit.Stay hydrated with a bottle of water.Take a break every hour or so to clear your mind.
Step 14: You can find a study partner or group.
Studying with others can help you stay focused.It is possible to help each other out by explaining what you have learned and how other students have come to understand it.A study group can be helpful if you can find people who are serious about learning the material.Make clear goals and objectives before each session to help you stay on task.Everyone should help to work out problems or participate in discussions.