The Best Ways to Study

Here are a number of different ways to study for the exams. You're sure to find some methods below that will suit your way of studying and help you pass.

Good study methods

First find out what sort of questions to expect in the exam

• You may find information about this in the course material and/or on the course page.
• If you're not sure about the type of questions to expect in the exams (e.g. essays, paragraphs, short answers, or multiple choice), call your lecturer/tutor on 0508 650 200 and ask.

Once you know what sort of questions to expect, try to predict possible questions

• Read through all the course/learning materials and mark possible questions.
• Read the information on the course page - are there any pointers there?
• Read all emails and posts from the lecturer/tutor - are there any hints or tips there?
• Work through old exam papers to see what sort of questions were asked in the past. But - remember to check if the course has been revised or the format of the exam has changed before relying too much on old exams papers.
• Make a list of all the possible questions that you have identified.

Work out model answers to your questions

• Start with brainstorming (perhaps use a mindmap for this).
• Sort out/order your ideas.
• Decide on an outline and write it down.
• Then fill in the gaps.

Practise writing your answers

• As most of us don’t spend a huge amount of time writing any more, sitting down and writing non-stop for a few hours (as you have to during an exam), can be very tiring.
• To prepare, simulate exam conditions and practise writing as fast as you can.
• Time yourself. Are you writing fast enough to finish the exam in the allotted time?
• Remember, not all pens are equal. Try out a number of different pens and spend some time writing fast with them. You’ll find some pens are far more comfortable to hold than others. Once you've found one or two types of pen that are right for you, buy a few so you don’t run out at a crucial time. If you find your hand gets very tired and sore, try swapping pens – this might help.

Summarise, using key words

Summarising reduces the amount of material you have to remember while helping you to learn

• Once you've studied a section, reduce the main ideas to key words that can be memorised.
• Start by deciding on the main (most important) idea in each paragraph.
• Tip: ask yourself: 'What is this paragraph/section about?'
• Rewrite the main idea in your own words; then reduce it so you're left with a short sentence.
• Then write a few key words (the supporting details) under each main idea.
• You can also use this technique to help you remember your model answers,

Distillation and re-creation

First 'distil' the material by reducing it to manageable chunks

• Identify the key words.
• Underline or highlight them.

Then re-create the information by

• Re-telling it in a different way (paraphrasing it) and/or
• Summarising it, using your own words.

How to paraphrase and summarise

Reciting aloud

Read key sections aloud – listen to yourself

• Read each section three or four times and listen carefully. Pay attention to what you're saying.
• Hide the page from view.
• Recite the main points from memory.
• Check to see if your recall was accurate.
• Repeat these steps until you can recall the information easily and accurately.
• Try recording what you say and play it back, perhaps in the car while you’re driving to work.

Test yourself

The key here is using your own words

• If you think you know something, but can't put it into you own words, you probably don't know it well enough.
• Being able to explain something in your own words is the only way to be sure that you really understand it and know it well. It's also one of the best ways of preventing exam stress.
• Set a ‘model’ exam and try it under ‘exam’ conditions; practise writing to a time limit and use your own words to answer the questions.   

Post-its

Use Post-its to help you review/remember important facts or key words

• Stick the Post-its up in places where you won’t miss them: next to the bathroom mirror, on the fridge door, next to the coffee mugs, etc.
• Each time you see a Post-it, briefly review the information.
• Move the Post-its around so you don’t become so used to seeing them that you no longer notice them.
• Use different coloured Post-its and coloured pens, symbols, etc. - this helps you to remember.  

Flashcards

Studying with flashcards is a form of active learning.

Using flashcards to revise forces you to think about the material and do something with it rather than just reading it. And this definitely helps you remember what you are studying. 

How to use flashcards for studying

• As you're working through your learning material or reviewing your notes, identify and note any questions you could be asked. 
• Tip: You could try imagining you're teaching the course: what questions would you ask in the exam?
• Note any terms, concepts or formulas, etc., that you need to learn.
• Write each question, term, concept and/or formula on a separate flashcard.
• Write the answer or explanation on the other side of the card.
• Use your own words whenever possible.
• Shuffle the index cards so you can't figure out any answers based on their location in the deck.
• Look at the card on the top of the deck: Try to answer the question or explain the term.
• If you know it, great! Put the card at the bottom of the deck.
• If you don't know the answer, look at it, and put the card a few down in the deck (so it'll soon come up again).
• Keep working through the deck of cards until you know all the answers.

Use your 'spare time'

• Carry your cards with you everywhere you go so that you can take advantage of any spare time you may have - test yourself while you're waiting in a queue, on the bus or train, getting dressed in the morning, or any odd moment you can think of.
• You’ll be amazed at how much ‘extra’ study time you have and how much more you remember!

Study with a friend

Teaming up with a friend, fellow student or study group (face-to-face or online) has many advantages

• Try bouncing ideas off one another.
• Help one another with difficult concepts.
• Motivate one another.
• Study buddies can also quiz one another – each one draws up a list of questions to ask their study buddy.
• Try ‘teaching’ one another – teaching is a great way to learn. It’s also a good way make sure that you can explain something in your own words.
• If you don’t have a study buddy, try ‘teaching’ a family member or a friend, or perhaps ‘man’s best friend’ (or even the family cat).The very act of talking about the work will clarify your thinking/knowledge and will reveal any gaps or weaknesses that require your attention.

Other useful techniques

Mind mapping

SQ3R - a strategy to help you concentrate, understand and remember what you read

Active learning

Keep a learning journal

A Basic Financial Analysis Of A Business

Illustration Of A Basic Financial Analysis Of A Business.

As seen from the table above, Adam Wesley is very liquid, enjoying a high liquidity ratio of 16. This is augers well for the future.

The Gross Profit margin on sales is also attractive. A 35% profit margin on sales signals that Adam Wesley should recoup his investment and then some.

The Current Ratio may be a bit too high, suggesting that some of the cash or bank can be invested rather than resting in the bank or remaining as cash in hand. Cash or bank is best held in such amounts as will be needed to fund the daily working of the business and no more. On a positive note, it is better to have this ratio too high, as all Adam Wesley needs to do to regularize this, is to invest some of the extra liquidity. If the converse is the case, the business may have to take a loan or risk running into overdraft.

Not with standing the positive return on investment at the end of the day, the investor must, however, look at the rate of return they desire on their investment because ultimately it makes little sense to operate a business to achieve a rate of return which is lower than could have been obtained had the money been invested in a money market instrument, for instance.

Accounting Softwares

As technology improves, software vendors have been able to offer increasingly advanced software at lower prices.

Different Types of Accounting Software Packages

There are different types of Accounting Software Packages that are designed to cater the different needs of different businesses. Below are some of the popular and general types of accounting software.

Accounting Software for Personal Use

This kind of private software is meant for home use. The applications here are adequate and simple and are meant to meet with all the basic accounting requirements such as, budget planner, accounting spreadsheets, diagrams, bookkeeping, etc.

Accounting Software for Small Business

These accounting softwares fulfill the accounting needs of small businesses, such as, creating invoices, financial reporting, merging accounts and payrolls.

Accounting Software for Big Business

These expensive software allow have a large number of applications which can be that can be accessed from anywhere. These softwares can be very complex and extremely functional.

List of Accounting Softwares

There are a wide range of accounting software for different needs. Below is a list of softwares used.

• Vision Point
• QuickBooks Pro
• Peachtree Complete Accounting
• MYOB
• Account Edge
• Dac Easy
• CYMA Accounting for Windows
• Netsuite Small Business
• Cougar Mountain
• Accpac from Sage
• Syspro 6.1

Advantages of using computers in accounting

(1)  Faster and efficient in processing of information.

(2)  Automatic generation of accounting documents like invoices, cheques and statement of account;

(3)  With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it becomes relatively cheaper;

(4)   More timely information can be produced;

(5)   Many types of useful reports can be generated for management to make decisions

(6)   Increased accuracy of information

(7)   Improved reporting and analysis

(8)   Greater flexibility of use of information

(9)   Internal control system of increased productivity

(10) Easy back up and restoration of records

Disadvantages of using computers in accounting

(1)  Power failure, computer viruses and hackers are the inherent problems of using computerized systems;

(2) Some accounting system may not be properly set up to meet the requirement of the business due to badly programmed or inappropriate software or hardware or personnel problems can caused more havoc.

(3) There is the constant threat of computer fraud or computer damage due to virus.  It means that appropriate types of monitoring and control and security features need to be constantly in place.

Classification of Account.

All accounts may be grouped in two broad categories or classifications. These are personal and impersonal.

Personal Accounts: These are the accounts that have the names of debtors (customers) or creditors (suppliers). They are therefore personal to this extent.
Impersonal Accounts: These non-personal accounts may be divided into Real Accounts and Nominal Accounts.

• Real Accounts - These accounts are tangible in nature and represent accounts that records possession such as machinery, furniture, premises and stock.
• Nominal Accounts – These accounts are intangible in nature and represent accounts that in which expenses, revenues and capital are recorded.

Bank Reconciliation

What is Bank Reconciliation?

          A company's general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company's checking account when it processes the company's checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account.

        When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a "bank rec." The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records.

       Because most companies write hundreds of checks each month and make many deposits, reconciling the amounts on the company's books with the amounts on the bank statement can be time consuming. The process is complicated because some items appear in the company's Cash account in one month, but appear on the bank statement in a different month. For example, checks written near the end of August are deducted immediately on the company's books, but those checks will likely clear the bank account in early September. Sometimes the bank decreases the company's bank account without informing the company of the amount. For example, a bank service charge might be deducted on the bank statement on August 31, but the company will not learn of the amount until the company receives the bank statement in early September. From these two examples, you can understand why there will likely be a difference in the balance on the bank statement vs. the balance in the Cash account on the company's books. It is also possible (perhaps likely) that neither balance is the true balance. Both balances may need adjustment in order to report the true amount of cash.

        After you adjust the balance per bank to be the true balance and after you adjust the balance per books to also be the same true balance, you have reconciled the bank statement. Most accountants would simply say that you have done the bank reconciliation or the bank rec.

        In addition to the following explanation of the bank reconciliation, we have developed a visual tutorial, business forms, and exam questions to help you reinforce your understanding. They are part of AccountingCoach PRO.

The Accounting Cycle

The Accounting Cycle is a sequence of procedures used to record, classify and summarize and processing accounting information to generate financial statements, on a regular basis. 

The accounting cycle during each period starts from recording individual transactions in the books of accounting and ends at the preparation of financial statements and closing processes.

Steps in the Accounting Cycle

-Capture and Record business activities.
Identify and analyze transactions that need to be recorded, journalize (record) the transactions in the proper journal.

-Classify transactions into appropriate Accounts.
Post from the journals to the General Ledger and Subsidiary Ledgers.

-Prepare an unadjusted Trial Balance
Enter Trial Balance Information from General Ledger

-Make adjusting entries at the end of the period
Review accounts and other information to determine if any Adjusting Entries are necessary

-Prepare an Adjusted Trial Balance.
This is a Trial Balance after adjusting entries have been made.

-Prepare final accounts
Summarize and Report the balances of Ledger Accounts in financial statements.

-Journalize and post closingentries
Record our closing Entries in our General Journal Post our entries from our General Journal to our General Ledger.

-Prepare a Closing Trial Balance

Academic qualification not the only reason of a successful life.

          Academic excellent guaranteed a successful life,do you agree with that statement? Based on my opinion, I disagree with this statement. I have a number of reasons why I disagree academic excellent guaranteed a successful life.          
           First, why I disagree academic excellent guaranteed a successful life because not everyone has a good education will get a good job and will make their lives a success. For example, many people today can live happily with only  SPM but held on to those who hold bachelor's certificates. most of them are qualified to the extent SPM ahead of other than those who have a bachelor's certificates.       
            Secondly, to get success in life, not necessarily with higher education, we must also have skills intechnical fields. In addition, the present technical skills are very important to get a good job. For example, many of those who only have technical skills, to achieve a successful life.         
            Lastly, apart from the experience in the working environment is also important for successful life. For example, if we spend much time we are inplaces of higher learning, we do not get a lot of experience and hard work to get a good job to ensurea good life in the future.
           In conclusion, academic excellent do not guaranteed a successful life without effort . Success in life requires patience without a sense of despair. Not academic excellent guaranteed a successful life   , but hard work without a sense of despair is very important.

Malaysian Institute Of Accounting . (MIA)

What about MIA???

MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 32068 members.

MIA's responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

Its regulatory role is carried out through the following approaches:-

• Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned
• Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in today’s markets
• Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply with in maintaining the integrity of the profession
• Having in place a robust disciplinary system for those who fail to comply with these standards and By-laws.

Since its establishment more than 40 years ago, MIA has also been an active partner in nation-building as it actively contributes views and ideas for the well-being of the nation and its economy. In addition, MIA monitors international and local accounting trends and developments, and consults regularly with the government and regulatory bodies.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as:-

• Asean Federation of Accountants (AFA)
• International Federation of Accountants (IFAC)

MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

The use of the word ‘accountant’

In Malaysia, the word ‘accountant’ is protected as provided for under the provisions of the Act which states that no one can hold himself out or practise as an accountant unless he is registered as a member of MIA.

Malaysian Accounting Standard Board

Let's look through MASB.

The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting  Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.The MASB, together with the Financial Reporting Foundation (FRF), make up the new framework for financial reporting in Malaysia. This new framework comprises an independent standard-setting structure with representationfrom all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession.The functions and powers of  the  MASB as provided under the Act are to:- issue new accounting standards as approved accounting standards and to review, revise or adopt existing accounting standards as approved accounting standards

INVENTORY ANALYSIS

Perpetual system.

Dt. Inventory
     Cr. Cash / AP

Dt. AR/ Cash
     Cr. Sales
Dt. COGS
     Cr. Inventory

Dt. AP
      Cr. Inventory

Dt. Sales
      Cr. AR
Dt. Inventory.
      Cr. COGS

Dt. AP
      Cr.cash
           Inventory

Dt. Cash
      Discount allowed
       Cr. AR

Periodic system

Dt. Purchases
      Cr. Cash / AP

Dt. AR/ Cash
     Cr. Sales

Dt. AP
      Cr. Purchases

Dt. Sales.
      Cr. AR

Dt. AP
      Cr.Cash
           Account received

Dt. Cash
      Discount allowed
       Cr. AR

Inventory

• Inventory is the name given to goods held for resale, work-in-progress and raw materials.
• There are several different ways to value inventory:

FIFO (first in, first out)
LIFO (last in, first out)
AVCO (average cost)

REPORTING AND ANALYZING MERCHANDISING OPERATIONS

MERCHANDISING BUSINESS:

Hypermarket/Wholesale– Carrefour, Giant, Tesco
Bicycle Shop: Buy from wholesaler & sell bicycle to customers
Bookshop: Buy books from publisher & sell books to customers

     

Service vs. Merchandising

• Service business  

1. Provide services to customer
2. Sells skill, knowledge, time & etc. 

• Merchandising business

1. Buys & sells products 
2. Wholesaler & Retailer 
3. NOT INVOLVED IN MANUFACTURING

Merchandiser

Merchandising companies are different from service organizations because they sell inventory. Merchandising companies can sell inventory in the wholesale market or to consumers in the retail market.

Special meaning of ‘sales’ and ‘purchases’.

1. Both ‘sales’ and ‘purchases’ have a special meaning in accounting.
2. Purchases means the purchase of those goods which the business buys with the sole intention of selling.
3. Sales means the sale of those goods in which the business normally deals and which were bought with the prime intention of resale.

Purchase invoices

1. Purchase invoices are sent to the buyers of any goods that have been bought on credit.
2. Any sales invoice issued by a business is a purchase invoice when received by the buying business.
3. The buyer enters the purchase invoice into a purchase day book before recording the details using double entry bookkeeping.

Purchase day book

Posting credit purchases

From the purchases day book:

1. The credit purchases are posted individually to the credit of each supplier’s account in the purchases ledger.
2. The total of the credit purchases is posted to the debit of the purchases account in the general ledger.

Inventory

Normally, goods and services are sold above cost price, the difference being profit. As 

you know, when goods and services are sold for less than their cost, the difference is a loss.

>An increase in inventory can be due to one of two causes:

1. The purchase of additional goods.
2. The return in to the business of goods previously sold.

To distinguish the two aspects of the increase of inventory, two accounts are opened:

1. A purchases account, in which purchases of goods are entered.
2. A return inwards account, in which goods being returned into the business are entered.

>A decrease in inventory can be due to one of two causes:

1. The sale of goods.
2. Goods previously bought by the business now being returned to the supplier.

To distinguish the two aspects of the decrease of inventory, two accounts are opened:

1.  sales account, in which sales of goods are entered.
2. A return outwards account, in which goods being returned out to a supplier are entered.

Value Added Activities

What is Value Added Activities?


Value added is an activity is considered value-added when some customer is willing to pay more for the additional output.

Those are examples of value-added components of a product:

    

Value-Added is the difference between the cost of inputs and the value or price of outputs

One equation for value: 

Value = Function/cost

• Value Analysis 

Value analysis is the examination of the function of parts and materials in an effort to reduce cost and/ or improve product performance.

The primary objective of value analysis is assess how to increase the value of an item or service at the lowest cost without sacrificing quality.

Some ways to increase value at low cost without sacrifice:

1. increase the functionality or use of a product or service while holding costs constant 
2. reduce cost while not reducing functionality
3. increase functionality more than cost. 

How to make account subject interesting to be learn.

First of all, accounting subject will be fun if the students already admire the subject but we can make it more fun. 

• In my opinian, it will be fun if the lecturer make the students as the axample for the theory like make them to play the role of supplier , businessman or  investor. It will be fun and students will be easy to understand.
• Besides, we can also make a quiz or play a game that related with the theory. It will make students remember those answers.
•  Next, the interesting power point with full of pictures will make students pay more attention. Besides, it will be more fun if the students can be a teacher at the class with make a presentation. 
• Lecturer's experiences be an accounting also are interesting to be told. It make students more energetic to study and to be an accounting.
•  Last but not least, lecturer can also show a video that related with the subject . It will make students not to be bored and sleepy.