How to Succeed in Accounting Studies

Part 1

Attending Classes

Preliminary Work

Active Listening

Taking Notes

Reviewing Course Notes

The learning curve does not move smoothly upwards: it has its up and downs.

© Deslauriers Sylvie, Accounting Success The Guide to Case Resolution, 2010, page 212 .

Part 1

Attending Classes

From the outset, I would like to mention that it appears to me essential to attend all classes scheduled as part of your training program. In your learning path, Attending Classes is undeniably useful. Your professors are there in order to explain, structure, summarize and demonstrate the concepts. Of course, one must find the means of best using the information provided to you. Do not lose sight of the goal of seeking to understand as quickly as possible the subject-matter of the program.

COMMENT

Some students voluntarily choose not to attend some teaching sessions. Among other reasons, they consider that they can do the work by themselves, thereby thinking that they will save time.

According to my experience, I can tell you that that is rarely a good strategy. On the one hand, a student may postpone what he or she could do as the study session is progressing. However, the subject-matter that has not yet been studied slows down the speed with which one can learn the topics that follow. On the other hand, the individual work required in order to replace a course generally exceeds the duration of the course itself. If one conducts a cost/benefit analysis, one quickly realizes that it is not a good idea.

Finally, one should not count on the fact that all the highlights of a course will be properly relayed to us by any of our colleagues.

Preliminary Work

I suggest that you take the time to plan the courses you will be attending. Knowing in advance the contents of the next course in one’s training program is a useful investment. There is, in my opinion, a modicum of work that needs to be performed before showing up for class; this work clearly positions your learning.

This is what I suggest.

Refer to the course outline. First of all, it appears to me important to visualize the progression of the courses in their entirety. Identifying the unifying thread in the sequencing of the topics allows one to place each of them—as well as their sub-topics—in perspective and in relation to each other. For instance, the various items making up Assets are usually taught in the following order of appearance on the balance sheet: Cash, Accounts receivable, Inventory, Property, Plant and Equipment, etc. Similarly, you will learn how to calculate the production cost of a single product before learning how to allocate joint costs between several products.

Show the guiding thread of the subjects under study.

One must also regularly take note of the items covered by each of the individual teaching sessions. This allows you to plan your preliminary reading and promotes the taking of useful notes in class.

Conducting a preliminary reading. One must acknowledge that any student preparing for the next course is faced with new topics that he or she is not yet proficient in. When one shows up for class to take a two-hour course on the accounting of property, plant and equipment, for instance, absorbing the concepts becomes more and more difficult as the course progresses. In an ideal world, it is preferable to read all the material suggested in the course outline before attending class. In practice, it is not always that obvious. However, one should not show up for class empty-handed, on the one hand, so as to ensure that your learning will be the most efficient possible and, on the other hand, to ensure that it will be the most interesting possible.

Placing a topic in an overall perspective promotes an understanding of its specifics.

COMMENT

At the beginning of your accounting studies, I suggest you create a folder or a file containing basic information. This involves grouping in the material in the same location, which can be used for more than one course, or even the entire program.

Here are examples of what such a permanent personal file can contain:

– a complete set of model financial statements;

– a list of useful Web links (e.g. www.ifrs.org );

– basic formulas (e.g. ratios) and discount tables;

– a glossary;

– diagrams and tables that summarize the essentials of the subject at a glance;

– various summaries of the subjects studied.

Prior to showing up for class, I suggest that, at very least, you perform a preliminary reading of the topics on the agenda in order not to be completely lost after some 15 minutes. For instance, before attending a class on fixed assets, one must have acquired knowledge as to their nature (definition), be able to identify that which forms part of the acquisition cost, know that this cost must be amortized and that there are various methods of doing so. You will quickly observe that these are the first concepts set out in the Table of Contents of any financial accounting volume. It does not appear to me to be necessary to know all the Hows and Whys in the most intricate detail. However, by understanding what amortization is, for instance, you will more easily and quickly grasp the operation of the various methods explained by the professor.

Active Listening

Attending classes is a dynamic activity that requires constant mental involvement. It requires more than simply sitting down and waiting for the professor to transfer his or her knowledge to us. Active listening requires training and concentration in order to establish, as soon as possible, the basic premises for an understanding of the subject-matter. The goal is simple: understanding and learning the greatest amount of knowledge in a given time period.

Here are a few items to consider in order to promote your in-class learning.

Adopt a constructive attitude. Being positive and willing to learn are the keys to success. After all, you are there since you deliberately chose to be there. When you come to class, consider the new subject-matter that will be taught in that class as an opportunity rather than something you are compelled to do. Have the reflex to use the teaching that is provided to you optimally. In other words, denigration and criticism are a waste of time. Instead, show a constructive attitude.

Remain focused. Since each course relates to new concepts, one must find ways to not lose sight of the unifying thread of what is being taught. Unfortunately, it happens too often that being distracted, if only for a few minutes, will impede the understanding of what follows. Attending a course without really understanding what is being debated is a no no.

COMMENT

The pace of the course is too slow for you? You’re finding it difficult to keep your focus?

↓

Find something to do!

You can consult, read or annotate the reference volume, draw small diagrams summarizing the subject-matter in the margin,

complete your notes taken during the course, or even answer the review questions appearing at the back of the volume.

↓

Remain active and concentrated!

P.S.: I am only referring here to the activities relating to your training!

Visualize the progression of the teaching. It appears to me to be important to examine the manner in which the subject-matter is presented in order to better absorb it. In other words, one must elicit the structure relied on. For instance, understanding the nature of fixed, semi-variable and variable costs is crucial to an adequate determination of the break-even point or of the contribution margin.

It is very useful to identify prerequisites from one topic to the next.

Being actively involved in the conduct of a course promotes learning.

Resolving unsettled issues. If it is a critical item in the understanding of the subject-matter, one must not hesitate to ask the professor questions. Understanding what being discussed is essential to tapping the full