Accounting FAQs and Tips

[eeps]

Can I do 3/4 Accounting without 1/2 or any prior Accounting?

Do not worry!

I finished Accounting 3/4 this year (2010), having not done Units 1/2 either. You don't necessarily need to have done Units 1/2 to succeed in Accounting 3/4. Most of the fundamental concepts and ideas are repeated again in Units 3/4 anyhow. Units 3/4 only builds on what is taught in 1/2. There is only a little bit which is really new for students to learn. It's not a hard subject.

If you're really unsure, then go over the 1/2 textbook (doesn't matter which one), and make summary notes for each chapter. Don't do all the exercises in the textbook, rather do a few exercises per chapter. You'd be better of starting the Unit 3/4 course and catching up to speed. To add to my point about Accounting not needing Units 1/2 - 4 people in my class got 50, 1 got 47, 1 got 46 and another 2 got 45. They were like me - none of us did Accounting 1/2 - so it can be done!

You can do the whole 1/2 textbook if you want to, nothing is stopping you. Once you feel you are comfortable with the 1/2 concepts, start on Unit 3. The concepts in Accounting are very easy, once you get the hang of things.

How many exams should I do?

I can't answer nor can anyone else. It really comes down to the individual. Some may only need to do 10 exams and feel prepared, others may feel the need to 30+ exams in preparation for the exam. There isn't a set value/number of exams which will get you a good score for Accounting, let alone any other subject. Do as many exams as you need, until you feel fully prepared!

If you want to know how many I did - for the Unit 3 exam, I did about 10~15 exams. For the Unit 4 exam, I did 20+ (close to 25) exams. Again, the amount of exams I did is irrelevant - that was the amount of exams I felt I needed to do, in order to be fully prepared. Doing more exams doesn't necessarily mean you'll do any better than someone who does 5 exams. It varies from person to person.

How hard is Accounting?

Accounting isn't hard. It's considered an "easy" subject, hence the +1 scaling - the students who generally do Accounting are average~good.

Accounting isn't a hard subject. It's about reducing your mistakes on SACs and on the exams. Record your mistakes in a separate book and make sure you go over it before moving on. This will benefit you in the long run, so if a similar question does comes up, you won't lose cheap marks. This can be done by constant practice and to go over your notes. Keep refreshing your memory of concepts and theory.

How do I score well in Accounting?

One of things I took out of Accounting this year, was practice. In many ways Accounting, is like Maths, you just do the exercises - and the more you do, the more likely you'll get better. If anything, just have notes on the theory for each chapter - have a separate exercise book for theory notes.

Generally, there is more prac than theory on the Unit 3 & 4 exams (~60% prac, ~30% theory), though this can change each year. Theory is main area which separates the A's from the A+'s (hence, my score). The practical side of things - most students will pick up, it's the theory that gets students. Theory may only be worth 30 or so marks out of 90 on the exam, but it's very important.

I'd also stress this point about using all the resources available to you. Ask your teacher heaps of questions and for extra worksheets. He/she is the best person to ask, as they are the ones who know the course and have taught it for many years. When it comes to exams; do as many different types of exams as you can - don't limit yourself to one. You'll find plenty of practice exams on this board. There isn't one company/exam which is harder than the other, it depends on the individual.

A few more pointers (from experience)

- Keep your notes up-to-date (theory notes, that is)
- Practice - do exercises from the textbook and any other books you can find
- Practice - do exercises from the textbook and any other books you can find
- Practice - do exercises from the textbook and any other books you can find
- Constant revision of concepts and theory
- Do different practice exams (i.e. not just the VCAA ones)

Other tips

- Be organised: This is key to doing well in Accounting. Make sure you keep everything in order - completed SACs, notes, exercises and so on. This will benefit you, as when it comes to the exam, it will be quick & easy to find things.

- Have a "mistakes" book: When going over practice exams and SACs, record the errors in an exercise book. The reasons for this should be obvious.

- Exam revision techniques: There are many ways to study for Accounting; don't limit yourself to one method of revising (i.e. doing exams). Have flash-cards and write a word on one side and the definition of it on the other. This really only works for theory. For example, write "Asset" on one side of the card, then write its' definition on the other. Get your parents or a family member to test you. It will consolidate your knowledge and is alternative method to the plain old "exams".

NOTE: What I've said in this thread is what I found worked for me. I'm sure for some of you, you don't know where to even start with Accounting. I was the same. Hopefully this goes some way to helping you get a clearer picture of Accounting.

As much as I can talk about the aspects of Accounting; it's really up to you. If you want to succeed in Accounting, let alone any other subject, be willing to put in the hard work and effort. I can ensure you, if you do that, you'll succeed. Have the right attitude and mentality. Don't get disheartened if you get a poor SAC result; look over it and move on, there's always next time.