Best ways of maximizing your success in accountancy classes.
Understanding Accounting
What is Accounting
Accounting can be defined as a systematic process of recording the financial transaction which involves addition or subtraction of money, assets and liabilities of the business. Accounting as a process started long back, its main purpose was to keep a track on various transactions happening in the society on a day to day basis which has effects on business and trade in the long run. Accounting is a formal process and also a compulsory for registered businesses, hence it has its own set of rules and procedures. Today accounting is done as per the Double Entry System which simply means every entry should be recorded twice.
Accounting helps a businessman to improve their business operation by changing some activities which are not proving to be beneficial for the business or corporation. Some major functions and benefits of Accounting are-
1. Accounting helps investors to know the financial standing of the company, which enables them proper cost accounting(know more about cost accounting from Data mining assignment help.
2. Accounting helps in the improvement of business activities.
3. Accounting helps in providing the management, managerial accounting services( take Data mining assignment help for better understanding of it).
4. Accounting helps in ascertaining the value of your business/company.
5. Accounting helps with fulfilling your taxation responsibilities.
6. Accounting also helps in ascertaining the value of the corporation for expansion, merger and closure of business.
System of double entry book keeping has made accounting more reliable as one can easily cross check a transaction when it's recorded in the books of accounts and avoid human error. One can practice double entry bookkeeping in accounts from Data mining assignment help like www.greatassignmenthelper.com for better understanding.
We see lots of students being fearful of Accountancy subject, while they are in school they bunk their accounts classes simply because they underconfident in understanding the subject; on the other side we see students who excel in this subject and are able to understand all concepts and solve all kinds of problems of the subject.
Ways to maximize your success in accounting class are-
● Be regular to classes, this one of the most basic rules which students often tend to overlook, start being regular to the classes to be more efficient.
● Build up the core concepts with apt accuracy in them, spend most of time in understanding the concept while you are doing your accountancy studies.
● Develop the habit of quick calculation by using tricks like memorizing the equivalent of various percentages in fraction form to do the calculation easily. For eg - 50% is 1/2 in fraction terms 33.33% is equal to 1/3 in fraction terms, faster calculation increases accuracy and speed.
● Solve questions from the same chapters from more than one book, this will increase your exposure and will maximize your chances of success.
● Interact with your teachers and try to learn various methods of solving a problem in accountancy.
● Develop the habit of regular practice of accountancy based problems to keep your mind sharp and increase your retention power.
● Try teaching any concept of accountancy which you just learnt to a friend or acquaintance. This will ensure that you have learnt the entire concept properly and at same time it will revise this concept for you.
