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The overall processing, measurement, and communication about economic entities’ financial information are called accounting. This systematic process comprises detecting, recording, measuring, authenticating, classifying, and interpreting financial information.
Accounting is one of the most intense college majors you can ever come across. Yet every student needs some basic accounting knowledge. That’s why you’ll find a computer science or engineering student still sitting CPA exams. Yet these students take very rigorous courses in many different subjects. And even those who take accounting as the main course, have other many other units that demand their attention. But whether it is the core coursework or a supplementary, passing accounting takes much studying and preparation.
If you are studying accounting, then it means that you’ll have to deal with numbers all day long. It is fair to say that studying this course is not a walk in the park. And why is that? Well, there are complex equations, difficult math questions, liabilities, and so many things that can make your head spin.
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Tips While Studying For an Online Accounting Exam, Quiz, Tests
These tips have been provided by homework doer. One of our accounting exam helpers online. You can click on the link directly and contact the expert for help with online accounting class, exam, or even a quiz.
Sometimes when you’re studying for an accounting exam, you have to force yourself to study. You really don’t want to do it but you know that if you don’t, then your grade will be bad, which means fewer job opportunities. That’s why scheduling and structuring the time to give yourself a few hours or even just 20 minutes of studying helps keep up your spirits (and your grades!).
Here are some tips on how I did this:
1) Schedule the time:
Schedule an hour or two each day in advance of the test for reviewing materials and completing practice tests. This forces me to look at my calendar weekly (or daily), plan ahead and make sure I’m keeping myself accountable. It also makes sure that there is time set aside for studying.
2) Do a 5-10 minute brain warm up:
I am not great at retaining information when I first learn it. So, here’s what I do to prep myself before starting the actual studying: Make 5 lists of words that fall under the same category (e.g.: fruits; sports teams), 10 minutes of writing down definitions or my own thoughts on each list and then drawing pictures/diagrams to associate with each word (this definitely helps me remember later!). Then, use whatever practice tests you have available to review info you’re not sure about or don’t remember very well. If you really struggle with math as much as I did, make sure you get some practice problems done.
3) Be a little lenient in how long you study:
I usually start out with 20-25 minutes of studying at the beginning of each designated block. Sometimes during that time I end up getting distracted or not concentrating and have to take a break for 10 minutes. And that’s okay! As long as you’re getting just as much studying in as you did the day before, then it’s progress. If you don’t make any progress than maybe ask yourself if there’s anything else on your schedule that might be distracting.
4) Structure around sleep (but only if it works for you!): One thing I’m really excited about is finding out what my 8 hour sleep schedule is now versus my 6 hour schedule (grad school is a killer). If I can find the hours in my day to make sure I’m getting sleep, that’s great! But if not, than that means the time I have left over after sleeping should be devoted to studying.
5) Reward yourself for progress, not just finishing:
I wanted to mention this because it’s something I found really helpful when working on writing papers last semester. It definitely doesn’t apply directly to studying for tests but maybe you’ll find a way you can use it: Sometimes we get so caught up in trying to finish a project (in our minds), that we forget all about what we’ve already accomplished and how far along we are. That’s why giving yourself little rewards for making progress helps keep your spirits up and keep you motivated.
6) Make a list of goals before starting your studying session: I find that when I make a specific list of questions I want to be able to answer by the end of my studying session/day, it makes me focus more on what I’m doing and why I’m doing it. That’s because if I don’t have a goal in mind, than there’s nothing really motivating me to stick with it (e.g.: “Okay…do practice problems until 5:00pm….no got distracted….oh well”) but when you have a specific goal, then everything else is filler. Also – just like how setting time aside for studying helps keep you accountable and responsible – having set goals gives you something to work towards and aim for.
7) Don’t force yourself to add more studying: I am bad at this, but it’s something I’m trying very hard not to do. Just because you have the time doesn’t mean you should be using that time for studying – unless your goal is getting as many A’s as possible! If you’ve set aside a few hours on a particular day and after your 20 minute warm up session or the beginning of your 1st hour of actual study time, you find yourself feeling really overwhelmed or stressed out, then take a break from studying and go do something fun/relaxing. Or schedule an extra hour next day to make up for it. But don’t force yourself into anything that makes you feel like your quality of life is being compromised.
8) Have realistic expectations: I get so excited about the idea of studying that sometimes I think that if I do everything on my list, than it will be enough to get an A in the course. So what happens? I spend 2-3 hours doing nothing on my first day and then rush around during the last week trying to read over notes and cram all at once – when actually if I had just started out slower, not tried to do as much, and taken time off here and there throughout the semester for fun or other activities, then not only would it have been easier but I might have gained a lot more knowledge from it. That’s why knowing yourself and having realistic expectations is important. It also helps to have kind of a loose schedule, that way if you need to get in some extra studying one day, then you can do something else the next day. And it’s better than being so committed to your schedule that after finding out there’s a major snowstorm coming up (or another unexpected event), you’re panicking because all of your preparation for the exam is done and now you’ve got nothing left to study.
9) Don’t put off starting: Actually this goes with number 1) but I wanted to mention it separately: It takes a lot longer (and a lot more work!) to go over stuff at the last moment – especially if it’s been a couple weeks since your last official ‘study session.’ I can’t tell you how many times I’ve been making flashcards, listening to lectures, and trying to review material the day before an exam or paper due date. This is not only inefficient but it’s stressful because your brain isn’t working at its full potential and everything seems like a struggle. So even if you feel like your way behind on what you should be learning (or reviewing), try to just start out slowly by getting your notes together or making a list of questions that need answering. You’ll feel much less stressed and overwhelmed if you know that when you sit down to study – whether it’s for 5 minutes or a few hours – then there will be something concrete that needs doing.
10) Study with friends or in groups: I’m not really sure what it is about studying with friends (or at least someone else) but it makes the time go by faster, you can talk to each other and relate/try to understand the material better, there’s less of a chance that you’ll be distracted or procrastinate, etc. Also – if you’re stuck on something while studying alone…it’s easier to say “dang I don’t get this” than when you’re sitting around 5+ your friends who are all waiting for your answer 😛 But seriously – just being able to bounce ideas off others can really help out. It was even helpful when we had class discussions because sometimes hearing someone else state their opinion or argument was enough for me to think of a counterpoint. Just be careful not to spend too much time socializing or goofing off though!
11) Study with your textbook, notes, and flashcards on hand: Even if you’ve been studying super hard and know most of the material for a particular chapter/subject – it’s always good to have some kind of reference at hand while reading through the notes. It can help spark extra questions to ask during review sessions or make connections between things that are related but haven’t been explained together yet.
12) Reward yourself: After finishing an exam or paper (or even making significant progress on one), schedule something fun like hanging out with friends, watching a movie, going shopping…whatever sounds nice. If you incorporate some ‘fun’ into your studying, then it won’t seem like such a burden.
Also – once exams are over and you’ve got some time to relax before the next big assignment…just try to not stress too much! It’s all about balance 🙂
I hope these tips help out everyone! I was trying to list just 12 major points so they’re not too overwhelming but obviously there’s a lot more that goes into studying for an exam/paper.
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What is the accounting exam all about
Most accounting exams will test your knowledge and understanding of the fundamentals of financial accounting. “Our sample accounting exam consists of 140 questions, each worth 1 point. There is a penalty of 1/3 points for unanswered multiple-choice questions.
How to study for the exam for a college accounting class
Most exams are all about the basics. You cannot study for this type of exam without knowing the fundamentals of accounting, so get on top of that before you start studying.
The best way to study for this exam is to read a financial accounting handbook or textbook and do the accompanying problems until you can’t stand it anymore.
At that point, take some time off and come back to those textbooks later. Try not to refer to your notes too much during the actual test because it will be hard to slow yourself down from thinking quickly enough to answer those questions.
If you are struggling with understanding what ‘adjusted trial balance’ means don’t worry about it right now – keep referring back until you feel comfortable with anything you need help with and then
The sample test questions on this site are designed to give you a general idea of the topics that might appear on the exam. Keep in mind that these questions and answers are samples, not actual test questions. The real test is likely to contain additional material as well as new topics and items not included here.
Tips for taking your accounting exam
- Choose your answer before checking the answer key because some questions have no obvious choice and some choices are clearly wrong; In this case you should guess if you don’t know any better;
- Be sure to mark your answers as you go;
- If you run out of time, guess on the remaining questions.
Sample accounting test question and answer key:
- Question 1: Which statement about intangible assets is FALSE?
- Question 2: What are sales discounts accounted for as a reduction in revenue or an increase in expense?
- Question 3: A company’s statement of cash flows reports $17 million more net income than reported on its income statement. It also reports $15 million more net operating loss than reported on its balance sheet. This company has a(n) explicit tax benefit.
- Question 4a: Prenatal (or pre-natal) expenses are expenses incurred by parents prior to the birth of a child (e.g., pregnancy test $10, doctor’s visit $40).
- Question 4b: Retroactive benefits are an example of which type of business consideration?
- Question 4c: Seasonality is best defined as?
- Question 5: Which statement about revenue recognition is FALSE? (Hint, you can find this out by reading and understanding the three steps of Revenue Recognition)
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