A GUIDE FOR STUDENTS STUDYING ACCOUNTING

The following study guide is a series of rules and suggestions

which, if followed, will help you achieve the maximum results for
your study efforts. Although there is no substitute for HARD
WORK and a DESIRE TO LEARN, most of you can use your study time
and classroom time more efficiently.
READING THE TEXTBOOK
------------------1. Studying accounting is not like reading a novel or even like
----------------------------------------------------------studying history, sociology, or economics.
----------------------------------------a. Each assignment in accounting BUILDS on previous
assignments. If you do half-hearted work in Chapter 1 and 2, you
may be confused by Chapter 3 and lost by Chapter 4.
b. Accounting books are condensed. Almost every sentence is
important. Scan reading just does not work!
2. Read to understand "WHY."
-----------------------a. This is a technical subject, it is logical, and it
requires reasoning.
b. Strive to be able to say, "I understand why they do
that." If you can understand "WHY" in accounting, there is very
little to memorize.
c. Try to explain every new topic in your own words.
Putting the new ideas into your own words is better that reciting
the words of the text a hundred times.
3. Work problems to understand "HOW."
--------------------------------a. Even though you understand "why they do that" in
accounting, you must be able to do it yourself. This is a
do-it-yourself course.
b. To be sure that you understand "how" as well as "why,"
work the problems that are shown with the reading material.
Don't copy the book. Try your own skill and then check your
answers.
4. Remember "why"and "how.
---------------------a. Go back to previous chapters and notes to refresh your
memory. Rework problems that were difficult for you. Try to
work extra problems that are similar to the assigned homework.
b. Never wait until examination time to review your
accounting.
The REVIEW-AS-YOU-GO plan produces better results, doesn't

take as long, and saves all that last minute worry and sacrifice
of other courses. The forgetting curve is the mirror image of
the learning curve. You forget as fast as you learn
It is a scientific fact that information that has been
forgotten requires that it be relearned, requiring the same time
it took to learn it the first time.
5. If there is something you do not understand, prepare
specific questions to ask your instructor. Some students keep a
notebook of points with which they have questions. PIN-POINT THE
ITEMS THAT YOU DO NOT UNDERSTAND. Don't make vague comments to
your instructor such as "I don't understand any of this
material." Such statements are a strong indication to the
instructor that you have made no attempt to try to understand,
and will receive very little sympathy or help.
WORKING HOMEWORK PROBLEMS
------------------------1. READ THE PROBLEM! Read the instructions and scan the
problem to see what is ahead.
2. Work the problems without "PAGE FLIPPING" back to the
chapter.
a. When in doubt, look back at the chapter -- but NOT until
you have tried to do the problem on your won. This indicates
that you do not remember the chapter material. You are not
prepared for an examination.
b. The "PAGE-PLIPPING" method is guaranteed to waste a
maximum of your time and to produce a minimum of results.
3. Keep up with the class!
CATCH UP!!

IT IS EASIER TO KEEP UP THAN TO

A. Check your problem against the solution presented in

class.
b. Be sure that you understand the correct solution.
4. Note the part of the problem with which you have difficulty
and ask questions during the classroom session.
MAKE BEST USE OF CLASS TIME
--------------------------1. Classes are never interesting unless you TAKE PART.
2. ALWAYS BE PREPARED before you go to class.
3. DO NOT BE AFRAID TO ASK QUESTIONS. If you have a question,
at least ten other students probably have the same question but
are afraid to ask because it might sound like a dumb question.
4. Students who make FAILING GRADES also fail to attend

classes, fail to pay attention during class, fail to have their

homework,and fail to ask the instructor for help until it is too
late. And when they do ask, it isn't for help. They go to the
instructor to offer poor excuses for poor performance which the
instructor has heard from other students over the years.
Remember, when you start your career after graduation, excuses
won't be a substitute for poor performance; nor will it earn you
a grade in this course.
PREPARING FOR EXAMS
------------------1. Be specific in your study; concentrate on the things which
seem to be most important.
a. Note items that the instructor emphasizes in class.
b. Note homework problems that are assigned.
2. Do not stop with just "getting the idea." Be sure that you
can work problems without the aid of the book. Practice by
teaching the material to someone else. Study groups of two or
three students work well for this purpose.
3. Every exam has an element of speed. Have your "hows" and
"whys" at your finger tips. If you are slow, you probably need
to study more.
4. The questions on exams approach the material from a slightly
different angle to test your ability to REASON AND UNDERSTAND
rather than your ability to memorize.
5. When taking exams, many points are lost and questions missed
because the student does not READ THE PROBLEM. This is
especially true with multiple choice questions. Read what the
question is really asking, not what you think or want it to
ask..AVOID CARELESS ERRORS. On each exam, assume that you have
made several careless errors and allow enough time at the end of
the exam to look for them.
6. An excellent strategy to use when taking an exam is to
quickly look through the entire exam and answer all of the
questions that are easy for you. Those are "sure" points and
help to relieve the pressure when you go back to work on the more
difficult and time-consuming problems.
7. The greatest weakness in a student's ability to take an exam
is to keep up a good STEADY PACE without the clock causing the
student to panic. Remember, when you panic by constantly
thinking about the time factor, the mind closes up on you and
that ends any chance you have to do well. It is better to
concentrate on answering only 80% of the questions and getting
them all correct than to answer all of the question and missing
half of them. Of course it is best to answer all of the questions
and get them all correct, which is only possible if you
concentrate, keep your composure, and maintain a steady pace.

END

Learning the Key Concepts

1. Keep up daily. Each assignment in accounting builds on previous
assignments. If you do not understand Chapter 1, you will have difficulty in
Chapter 2 and may be lost in Chapter 3. As you are reading, jot down points of
confusion. Ask these questions in class if they are not clarified.
2. Focus on understanding "why".
a. This is a technical subject with its own set of rules; however, once you
learn the basic rules, accounting is internally logical.
b. Strive to understand why items are handled in a certain way. If you can
understand why, there is very little to memorize.
c. Be critical. Ask me to explain the reasons for accounting methods that you
do not understand.
3. Work problems to understand "how"
a. You may be able to understand "why", but you must also be able to work
problems to demonstrate your understanding.
b. Before beginning a problem, take a moment and determine how you will
set-up the problem. Be neat and orderly and show all of your work.
Developing an orderly methodology for solving problems will help you to
organize your thoughts and make exam taking less stressful. Additionally,
when partial credit is given, you are more likely to receive credit if your work
is orderly and easy to follow.
c. I will often provide a list of "extra" problems. If you find that you are
having trouble with a particular concept, work the related extra problems for
additional practice.
d. Most accounting texts include demonstration problems, self tests and key
terms at the end of each chapter. Insure that you are familiar with the key terms
presented and use the other review material to help improve your understanding
of the chapter contents.

Making the Best Use of Class Time

1. Be prepared before you come to class read the assigned reading material
and complete or at least attempt the homework.
2. Don't be afraid to ask questions. If you are uncomfortable asking questions
in class, ask them after class or come by my office to discuss them.
3. Attend class and take notes. Taking notes helps you to remember the

material and gives you a feel for the areas that I think are important.
Additionally, I often cover material in class that is not in the text.

Preparing for and Taking Exams

1. Be sure that you can work problems representing all concepts covered
without the aid of the book or solutions manual.
2. Know the material. You will not have unlimited time for the exam. If you
have to spend significant time trying to remember the "hows" and "whys"
related to each exam question or problem, you will have difficulty completing
the exam.
3. Do not expect exam problems and questions to be a carbon copy of
homework problems. The material may be covered from a different angle to
test your ability to reason and understand, rather than memorize. When
studying consider how concepts covered in homework could be presented
differently. While working homework problems ask yourself "what if"
questions to challenge your understanding of the material. For example, if the
homework problem reflects a loss situation, ask yourself, "how would I treat
this if it were a gain situation?"
4. At the beginning of the exam, quickly scan the exam to determine what is on
it. Easy problems - do those first. Problems that you think you may be able to
do if you think about it - do those next. Problems that you swear came from
another course - leave them for last. One of the worst things you can do is try
to solve a problem that you do not understand first. This may cause you to get
bogged down and confused and may keep you from completing problems that
you do understand. For most students it is wise to work the problems first and
then return to the multiple choice questions. This allows you to get warmed up
on the problems, preparing your brain for the often more challenging multiple
choice questions.
5. Budget your time appropriately. If a problem is worth only a few points, do
not spend half an hour on it (regardless of how brilliant your answer, it will still
only be worth those few points).
6. Read the problem carefully. Often points are lost because the question asked
was not fully answered.
7. Show all of your work. I cannot give partial credit without it.
8. Tips for navigating multiple choice questions (the following tips are
excerpted/adapted from "Gleim CPA Review, A System for Success", 2007
Edition).
a. Attempt to ignore the answer choices - do not allow the answer choices to
influence your reading of the question. If four answers are presented, three of

them are incorrect. These incorrect answers are called distractors and they are
called this for a good reason. For computational items, the distractors are often
the result of common mistakes so do not assume your answer is correct just
because it is listed.
b. Read the question carefully and in its entirety to determine the precise
requirement. DO NOT assume you know what is being asked based on prior
experience in class or with the homework. You may find it helpful to underline
or circle important information as you read such as dates, time periods, etc.
This will also help you to ignore extraneous information. Be especially careful
when the requirement is an exception: e.g. "which of the following is not...."
c. If possible, determine the correct answer before looking at the answer
choices (see a. above)
d. Read the answers choices carefully. Even if the first answer appears to be
correct, do not skip the remaining choices. As you determine which part of an
answer is incorrect, mark the answer in some way (I cross out the words/word
that make an answer wrong). This process of elimination is particularly helpful
if you are not certain of the correct answer.