The first thing you should do is buy a good accounting textbook to help you study for the exam. If possible, it would be better if you can borrow it from a friend who is already a promising student in accounting. In addition to the book, you can also get access to a lot of free online tutorials that will give you an idea of what kinds of questions you’ll face on the exam. By having an idea of the types of questions you’re likely to face, you can make sure that you will be ready and able to successfully complete the entire duration of the examination.
Once you’ve bought an accounting textbook, then you can start putting together your own set of homework problems. Although most universities provide their students with the resources they need for doing homework, there is nothing like actually completing practice problems under real conditions. Make sure you make enough preparation time for your homework, and try to use a variety of tools to keep yourself busy and interested while studying. A good idea is to use the online resources available to you to download practice questions and even play educational games so that you can practice your different accounting concepts and calculations.
Another great way to prep for the exam is to practice doing the problems by yourself. You don’t have to pay for any tests to practice, but rather you can get access to a free tutoring session offered by various colleges or universities. In these sessions, you can ask questions to a qualified tutor about any area of concern. The tutor will give you answers to your homework problems that are based on the textbook and the actual exam topics. This allows you to gauge your readiness level before having to pay for the actual tutor’s services.
Although you may feel confident in your knowledge of basic accounting concepts, it never hurts to familiarize yourself with the more advanced accounting concepts as well. Learning accounting software is a good way to gain this additional knowledge. If you’ve already bought a book on practicing for the exam, then that’s great – but if you’ve never learned accounting software, then you should seriously consider purchasing one. You will learn accounting basics much quicker when you are comfortable with the software you are using.
When you go over your homework, there are a few key questions you’ll need to study harder than the rest. The most basic questions cover the major topic areas – expenses, income, gross revenue, expenses, net revenue, and other such areas. The first thing you need to ask yourself is what type of financial activity occurred during the time you were responsible for the transaction? Are there any peculiarities? For example, did you create a purchase order? Did you enter an order to sell something?
You’ll also need to ask questions relating to any textbook information that you still need to study. For example, if you came across a statement in your textbook that made your eyes light up, but didn’t really understand, then you probably didn’t really learn all of the details in the passage. As long as you can show your instructor that you understand the passage, your test score will be greatly improved. Don’t just check your textbook; instead, get someone else to check it for you so you can get a second opinion. A calculator can also be a good tool to use to study for the accounting exam.
The key to remember about studying accounting is to take your time and not to panic if you find you aren’t making mistakes that the class makes sure you are aware of. The exam is a combination of reading, listening, and answering tests. It’s definitely not as easy as it sounds, so don’t expect to pass with flying colors the first time you hit the classroom. However, if you put in the effort to do your homework properly and to practice on the exams, then you will notice a marked improvement in your score. If you put some thought into the process, you’ll notice a marked improvement in your grades the very first semester that you apply to the CPA exam.
