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In this particular episode, you will learn

  • Accounting study tips not only to help you learn more, but understand why you are learning it

John, CPA, from Accounting Play here to share some tips on how to win at your accounting class. Here is my top 10 List:

Listen to this on the Accounting Play Podcast

  1. Remember and write down why you are learning Accounting
  • Without a reason as to WHY you are doing this, you are missing the primary motivation. Study according to your goals. “I need to pass” versus “I want to be a CPA” requires completely different strategies!
  • Care about your learning and write down what you are going to take away from the class forever

 

  1. Take it back to the basics
  • Lots of homework can be practically impossible and time consuming. Focus are mastering a few basic problem sets to get the foundation.

 

  1. It takes time
  • Dedicate a significant amount of time and track it. Your classmate who says they barely studied and got an A is probably exaggerating.

 

  1. Study according to your learning needs. Most people retain in the following order: Doing, watching, hearing and in last place – reading!
  • Get right into problems
  • Don’t waste too much time glazing over the text

 

  1. Get an accountability partner, aka, a study budy
  • Great excuse to make new friends and stay motivated
  • Accountants work close with each other, so you better start now
  • Teaching your partner is a double benefit

 

  1. Drill and memorize the basics
  • Some things require memorization, like, “debit cash up”
  • Get a little note in your pocket so when you are out and about you can review it and just commit a few things to memory

 

  1. Apply your learning to relevant interests
  • it Kinda an offshoot of remember the “why” you are studying this
  • If you like big business, for example read about it in the news and try and apply your concepts
  • When studying for the CPA exam I used the free annual reports from Berkshire Hathaway, read it “100” times (probably 15 times, in the snow) until I understood it and applied advanced concepts to

 

  1. Repeat problem sets, questions, practice exams
  • Taking accounting tests and tests in general requires repeat practice… really that simple
  • Don’t memorize answers, cover things up, and drill, drill, drill
  • Getting good scores on tests can be achieved through this drill, drill, drill, process

 

  1. Treat yourself
  • Study where you enjoy it the most. For me, studying at my favorite café hyped up on cappuccinos and pressed paninis every day… for almost a year… was what it took for me to stay consistent, enjoy the process, and study for long-term knowledge

 

  1. Consistency
  • Study consistently, giving your mind time to absorb material and make the new connections
  • Know your own retention and motivation – do what you know has worked in the past

 

  1. Bonus tip – the shameless plug
  • Get the Accounting Play – Debits & Credits game to drill your debits and credits
  • Free cheat sheet for studying on the go and open book exams
  • Free Learn Debits & Credits eBook with printable worksheets and an epic problem to memorize
  • Free Podcast with accounting lessons on the go