Review notes after each class to be sure you don’t have any questions about the lesson. Look back at any practice problems in the book. Don’t hesitate to ask for clarification. For example, if you are having trouble with debt-to-equity ratio, ask your professor for help.
Create flashcards that define terms AND what circumstances you would use them or see them in. Answer any discussion questions in your text book and come prepared to ask questions in your class. It can also be helpful to talk problems out with a classmate or tutor to be sure you understand why it gets solved a certain way. The CPA exam in particular will have many simulations or case studies that will ask you to sort through terms to get to your answer. [1] X Research source
Review old homework assignments. Rework problems you may have missed or may not have fully understood at the time. Work through problems with a partner, discussing the methods you used to solve it to help each other understand more deeply how the process works. Familiarize yourself with key terms and what they mean. Be aware of terms like retained losses and accumulated deficits that can easily be confused.
Make sure you understand all the parties involved, the length of time, the situation being described as well as contract or payment terms. Make a list of related facts or amounts. Some questions will contain information that is not needed and simply there to throw you off.
Try some practice questions from a source outside of your textbook. If you encounter any problems you can’t work, this might help highlight areas where you may need additional practice or help from another student or your professor.
Take notes on the chapter before you go into class. Don’t be afraid to ask questions. That’s what your professor is there for! Take time to review notes after class. Revisit anything you are still having trouble with by rereading sections in your textbook or going over notes from the day’s lesson.
Keep track of your time. Multiple choice questions should only take you a couple of minutes to solve. If you are taking the CPA exam, task based questions can take anywhere from one to two hours. Try to mimic the testing environment. If the test will be on a computer, try taking your practice test online. If you’ll have to write everything long hand, try and find a test out of your text book or print one out from a website. The American Institute of CPA’s has an online sample tests.
Go to a library or find a quiet room in your own home. For those that don’t mind a bit of white noise, a quiet coffee shop or diner might do the trick. Find a place that is comfortable and free of too many distractions. You’ll have a lot of materials so be sure you have a large work area. Some libraries have quiet study rooms with large tables that can be reserved for a few hours at a time.
Have all your class notes with you and organized by topic or chapter. Mark the relevant chapters in your textbook with Post-it notes so you can easily flip to the information you need when you need it. Have some extra pens and pencils handy. Have any old homework assignments or exams with you. You may want to refer back to problems you missed and try to rework them. Gather any practice tests you might want to use. Study guides (like those published by Schaum’s) are available in several areas of accounting, and can be used to augment your textbook and class notes.
Coffee is fine but avoid having too much. Be sure to eat a good breakfast. Foods like oatmeal, almonds, and fruit can provide you with a lot of energy. Have a bottle of water handy to stay hydrated. Take a break every hour or so to clear move around and clear your mind.
Find a group of four to six other hard working students Make clear goals and objectives before each session to help you stay on task. Make sure everyone is participating either in discussions or by helping to work out problems.
