The key to learning accounting problems is practice! The following tips serve this purpose (M.B. Harms, CAL).
- Pick out previously assigned problems that are representative of each kind of problem covered in class. Obtain the correct answers to these problems from the instructor, a tutor, an upper level accounting major, another student doing well in the class, or on reserve at the library. Now work on going over these problems repeatedly, until they can be done without looking at the book or the answers for help.
- Find a room with a blackboard and practice the problems on the board, explaining the process of solving the problems as you work. Pretend you are teaching the class! Although you may feel awkward doing this at first, it really improves understanding and retention and it makes study time more enjoyable. Try working with other students on this task.
- Be sure to always double-check the problems for accuracy and completeness.
- Time management is very important in accounting courses. Be sure to keep up with the work, completing assignments as soon after they are assigned as possible. Set aside time each night to practice the problems.
- If certain problems require that information be entered into specific forms or ledgers, be sure to practice the problems using those forms. Learn what the columns and rows in the forms represent. Learn where specific types of information are to be entered on the form. Learn what types of information are given and what must be calculated. Becoming very familiar with forms is particularly important in income tax accounting courses.