Take it in Small Parts!
Just as your class is broken into weekly components, your learning of the weekly material needs to be broken up as well. Learning accounting is very, very different than any of your other classes. It is not wise to leave all the work for the last minute and try to get it done in one sitting or one day. Accounting cannot be learned like that! If you try to cram studying for an accounting exam and completing your accounting homework all on Saturday afternoon or Sunday before class, you will not be successful.
Learn a Little Bit Each Day!
It’s difficult juggling work, family and friends, other classes, sports, and other activities all while trying to make time for school every day. But here’s a tip! If you do even 1-2 hours of studying a day instead of 5-8 hours on a Saturday or Sunday, you will learn the material easier, you will feel less frustrated, and you will have more time on your hands for other activities.
Set aside a few hours every day when you’re going to focus on reading that chapter on debits and credits, or completing your homework on depreciation, or studying for an exam covering LIFO and FIFO. By taking a few hours each day to study, you will feel less stressed and become more successful in learning accounting!
Know how your brain learns accounting!
When you see something for the first time, your brain acknowledges it. Your brain doesn’t completely absorb the material and it may be confused, but the information is there, mulling about in your head. If you put the material away and come back to it a second time (later in the day, or another day), your brain looks at the material again with a fresh pair of eyes and says “hey! I recognize this”. At that point, your brain is more receptive to learning. But don’t overdo it! Don’t push yourself (or your brain) to try to absorb everything at once. Your brain will revolt and shut down. That’s when you put the work away for that session and look at it again another time, later that day, or the next day. When you do, your brain will be very familiar with the material and instead of trying to process what it already learned, it will be ready to tackle the next concept. Try this technique and see if it works for you, I’m sure you will see a difference!
Read the Homework Questions FIRST!
Before you read the chapter, read the assignment questions. Sound crazy? Maybe, but this is how (and why) that technique works.
When you read a question or are faced with a problem that you have to find the solution to (like your accounting assignments) your brain naturally looks for an answer. So if you read the chapters and do the practice questions from the text while keeping in mind the accounting topics, problems or questions for the assignment, your brain is going to read the material while looking for the answer. As you begin studying the material and absorbing the new concepts, you may suddenly notice the answer pop out at you when your brain makes the connection between what you saw in your homework and what you are reading in your text.
The trick to successfully using this tip is to not agonize over the discussion board posts or homework assignments the first time you see them. Just read the questions to become familiar with them. Don’t force yourself to come up with an answer right then, unless of course one pops into your head, which may happen! In that case run with it! Notice the accounting terminology in the assignments, what the question is asking, what you will have to do. Then when you read the chapter, you will naturally start to put two and two together and the homework answer or discussion post will start to come together.
Patience!
Learning accounting is not like learning your other courses. Learning accounting takes a lot more time. It is not unheard of to spend what seems like longer than usual to study the material, read the chapter, work the practice problems and complete the homework and quizzes each week. During this time, you may grow impatient with yourself and feel like you are not grasping the concepts. When that happens, you need to be patient with yourself and step away to revisit the work later on.
Don’t Memorize, Recognize!
As you progress through your accounting education, maybe even starting with your first accounting class, you will begin to notice that memorization of things will not help. With accounting, there are only a few things that “must” be memorized:
- The accounting equation.
- What side (debit or credits) an account is increased or decreased.
- The format of the Financial Statements. Specifically, the layout and what accounts are presented on each financial statement.
- Broad concepts such as how to identify an asset, liability and equity.
Aside from those four major items, everything else can be recognized. What that means is instead of memorizing specific accounts that go on the balance sheet, recognize that assets, liabilities and equity always go on the balance sheet and income and expenses always go on the income statement. Recognize the characteristics of an asset, liability or equity. That way you can look at any account and identify it as asset, liability, equity, etc.
Use the tools available to you!
If your instructor uses an accounting educational program such as MyAccountingLab, Connect Accounting, or WileyPlus, chances are there are numerous study tools within the program (if the instructor has turned them on). For example, in MyAccountingLab, there is a study plan that will give you practice problems to work. Sometimes in each individual question there is a link to “Ask The Professor” or “Question Help”. Take advantage of those learning aides!
Contact Success In Accounting
Contact Success in Accounting for One-On-One Help! Dr. Christine Errico can help you overcome your struggles in learning accounting. You can work with Dr. Errico one on one, or with a few of your classmates in a private tutoring session focused on what you want to learn. Dr. Errico will help you understand accounting so you can have the tools and knowledge necessary to be Successful in Accounting!