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Learning Success Centre

Subject-Specific Tips

Faculty of Business

Accounting
Finance

Tips for your Accounting Class

Learn the material sequentially.

The material within a given course is often chronological (i.e., the material covered in the beginning of the course is necessary to do the problems later in the course). Hence, if you do not understand the chapters at the beginning of the course, you need to go back and study those chapters before you can move on to the later ones.

Practice makes perfect.

Make sure you do all the assigned problems. The professor has assigned them for a reason. Just reading the chapter is not enough; practicing the problems helps you apply what you have read.

Visualize the accounting cycle.

Analyze transactions --> Journalize the transactions --> Post to the general ledger --> Prepare trial balance --> Journalize and post adjusting entries --> Prepare adjusted trial balance --> Prepare necessary financial statements --> Journalize and post closing entries --> Prepare post closing trial balance.

Form study groups.

Studying with other students is an excellent way for you to learn course content, acquire effective study strategies, and motivate yourself to get the work done. However it is important to stand by your objective when studying in groups.

Develop a sense of curiosity.

There are many principles and rules in accounting. It is important to understand why these rules are present.

Keep up with your work.

Do not fall behind on your work. As mentioned in the first point, accounting material is very sequential, so it is extremely important to do the work as it comes, week by week so it does not pile up.

Click here for more Accounting strategies!

Tips for Solving Finance 300 / 401 Cases

Analyze the Case

Read though the case quickly including all the charts and tables to get an idea of the possible concepts the case deals with.
Read the case through a second time more slowly, and this time underline/highlight all the terms/concepts that you are not familiar with or that need refreshing.
Go through the chapters in the textbook or in your class notes to find these terms/concepts and make sure you read over them so that you have a thorough understanding of them.
By understanding all the different parts of the case and the information that has been provided, you should have a general idea of the main concept that is dealt with in the case. Moreover, you should have also picked up some tips and hints along this process to have an idea on how to approach the problem.

Plan

Start jotting down all the information that is provided.
Make necessary timelines and other diagrams as needed.
Write down the necessary formulas that you would need to use or that are related to the concept that the case deals with.

Start Solving the Problem

Attempt to solve the case step-by-step, one part at a time.
Share your answers with other group members as questions are usually interconnected and progressive.
Seek guidance or ask questions from TAs, professors, and tutors from the Business Resource Centre.