In this guide we introduce some tips for success to help you master the Accounting exam.
1) Explain it to someone else
2) DEAD (debits, expenses, assets, drawings) CLIC (credits, liabilities, income, capital) will never fail
Anything that ends up in the financial statements has had to have applied to it – in the exam, and in real life. Even for the most complicated questions, try to go back to the fundamentals of double entry, whether the question is asking what the scenario has already done, what they should have done, or how to correct it. This will always work so if you can break down the harder questions and make sure you have matching debit and credit entries, you stand a good chance of getting to the correct answer.
3) Answer every question
Remember to answer every question – there is no negative marking in the exam. At each of the shorter questions, ensure you check if the question is asking for one or more answers to be selected. For the scenario-based question, remember to type something into every box, even if you think the answer is 0 (there may be marks awarded for this).
4) Follow the exam guidance on inputting answers to the scenario-based question
5) Take breaks
6) Know the details of your exam booking
If you have booked to take your exam at an exam centre, make sure you know where your exam is, how you will get there and what time you need to be there by before your exam. This will eliminate unnecessary stress on the day. You could also consider practising the route beforehand so you can feel calm on exam day.
If you’re taking an exam via remote invigilation, all the information you need is within the exam booking confirmation email. Before the exam day, run a system check to ensure that your internet bandwidth is sufficient, you have a working webcam and your device has audio and volume control. On the day of your exam, log in 30 minutes before your exam time to complete the required administrative processes.
For students studying with a tuition provider, they may provide you with your exam details.