Accounting is a must to run any business without hindrance. Previously accounts subject was not looked up as high as Computer science or Biology but in recent year the people have become aware about the good career opportunity accounting can provide to earn well.
But accounting cannot be taken lightly. To study accounts you must have knowledge in numbers, concepts, rules and logical thinking, most of the students find it difficult to understand the syllabus and complete their assignments or perform well in examination. Because they do not concentrate well in class and understand the concepts.
In accounting, the most difficult subjects are:
- Auditing – Requires analysis of transactions
- Cost accounting – Requires accurate calculation of cost
- Intermediate accounting – Requires foundation of principles.
Now let us see how to get grades in accounting assignment,
1. Work from day 1:
To study from day one will never let you down. Learning and revising everyday will help you to remember the concepts and will also help you to understand the new topic that your professor is going to take the next day. If you fail to work regularly, amidst the periodical assignments and tests, you will end up in catching up with a huge lot of topics to cover including the new ones. This will build up the stress and anxiety which is cause poor performance. So learning topic in same order regularly will help you to finish your assignments in time else you may have to end up in catching up with old topics and then new topic in order to understand the working principle and finish your assignment on time. Also when an assignment is given, start immediately and do not postpone. You may not be aware of the difficulties until you try to work till the end of it. You may need time for resolving your doubts by asking your professor or researching the internet / textbook.
2. Self learning from text books:
Studying accounts is never like studying any other subjects where you can skip a lesson or topic or move on if you have partially understood the concept. Accounts is a subject where all the chapters are interlinked with each other. You can not skip any chapter in between. The concepts of previous chapter may be included in the next chapters. So read every topic again and again until you are familiar with the concept before you move on to the next chapter. Underlining the key points and memorizing will never be futile. So read everything in your text book as all of them are important.
3. Ask “ Why and How?”:
After reading every topic, try to ask yourself “why is this used and how is it used?”. These questions will help you to understand the logic of each topic. Since accounting is not a memorizing subject, this method of studying will create a strong foundation of understanding the principles and rules. Try every problem in your textbook before checking the answer, as each is designed in a unique manner to make you understand the application of rules which will help you to understand how rule work and why it is used.
4. Revising the concepts:
Revising all the lessons is much important as learning for the first time. It is also going to take 80% of the time as it took for learning for the first time. If you forget any topic or get struck with your assignment, just revise the concepts behind again and again. If you are preparing for the exam, do not wait till the last day where you think you can just give a glance of the chapter and attend the exam. This is not advisable. Keep revising your chapter every now and then try working of all problems until you are confident. This will also help you to submit your assignments in time.
Attend all your classes without fail. Concentrate on what your professor teaches you. It is very easy to understand a topic taught by an expert than to self learn. It is less time consuming too. If you are not able to follow or have a doubt, do not hesitate to ask them. Try to work on problems taught in today’s class, not only from your textbook but also from internet. Try to work on previous question paper as well. If you get stuck while working on problems, meet you professor for help. This will create a good impression on you, as your professor will come to know the extra hard work you are trying to put in. Even if you are already aware of the topic, use the class as a revision time or to know the how the professor has his opinion about the same topic. If you are bored with the class, just try to imagine how well would you handle in teaching the same topic to others. Always remember, it is important to pay keen attention to classes and never let your mind to wander. It is finally better to concentrate on classes rather to pay for separate tutor.
6. Take notes:
A student with good grades always has good notes. Remember that your professor will mostly concentrate on important topics, highlight the key points and give hint of problem solving hacks as he is already well versed in each topic. Every student must make use of it. Note down the headings or key lines of what he teaches in case you are not able to catch up quickly, then at the end of the class, elaborately write down on how you understood the concept of each key line. You must write down your own notes within 24 hours of teaching else you may forget something. Another advantage of taking notes is that, concepts are well remembered while writing that hearing. These note will of great help during your assignments.
7. Create templates:
After you have studied your textbook, attended your class and worked on your problems, you would have found the list of steps / rules to solve a problem easily. This is your template. Try to create a pattern for each of your problem solving questions and implement them in each question to see if it works. Try to write down “if and then rules” for each problem or topic. Previously prepared templates will be handy while doing your assignments or preparing for the exam. They will also consume less time during revision and will be easy to remember.
8. Combine Study:
Try to work on problems or do assignments with your friend. By this, your teaching ability will improve and will also help you to think on doubts our friend may ask you. This method will help both of you to learn concepts in depth which can not be forgotten easily. Even while writing exams, the discussion you had with your study partner will easily be come across your mind which will help you to get good grades.
9. Attend seminars:
Learning in accounting never ends. You have to keep up with recent industry developments, improve your career possibilities and top grade requirements.
To achieve all these, attending seminars will be valuable. There are so many seminars available online as well as other places but never miss seminars on the following:
- Sales and Use tax – Helps to avoid mistakes on cost penalties.
- Fundamentals of internal auditing – Helps to know about traditional and operational auditing, know various tools and techniques for quick problem solving, types of internal audits, documenting etc…
- Auditing business application systems – Helps to understand auditing of automated business applications.
- IT auditing and Controls – Helps to learn about the audit concern in IT field.
- Bank internal audit – Helps to learn about the audit in banks , related risks and how to handle them.
- Basic accounting skill – Helps to understand the basics of accounts and financing.
Advantages of attending a seminar on accounting:
- Enable to learn in depth on topics which we need or feel we are lagging.
- Gain knowledge from the experts who will be the speaker
- We can gain new and innovative ideas
- Increases confidence on knowing the subject
- Get up to date details
10. Help from online:
The last but not suggested idea is to pay and get your assignments done. Sometimes you may run short of time and your assignment may be the most complicated one for you. Then you may opt to pay for them for accounting homework help. There are so many websites in the internet like assignmentxp.com having accounting experts available 24*7 to provide any kind of help related to accounting.
Advantages of getting online help:
- Get personalized help
- Get complete solution
- Complete assignments on time
- Gain knowledge
- Learn on how to properly write an assignment
- Get solution step by step
- Save time and effort
- Plagiarism free assignments
- You can clear the doubts with experts who are available 24/7
Hope this article has helped you to know the “Must do’s” to achieve good grades in accounting assignment.