Hey! What’s worrying you? Are you worked up with those accounting math problems?
I understand solving the accounting math problems can be exhausting at times. But at the same time it is very important for you to practice income statement and balance sheet problems if you wish to make a mark in the subject Accountancy, isn’t it?
Omitting accounting math problems is not possible and solving them can make us irritated. So, the best thing we could do is to find out a way that will help us to solve the problems easily.
First of all, according to my experience, it is mainly our approach to the problem that decides its solution. The more we crib with an issue, more do we face its negative consequences? So, I believe that a planned approach towards solving basic accounting math problems is the foremost essentiality.
You must be wondering whether it is possible to have an easy solution to those balance sheet practice exercises. The answer is yes! Read on to get the best formula.
It is the approach that is important
As I said earlier as well, according to me it is the approach to the problem that is of utmost importance. Accounting is not an easy subject at all. Most students are threatened by just the term, accounting math problems! But we cannot sit back thinking that it is tough, we have to come up with a solution. Here is a step by step method of approach that you can use to make your accounting worksheet practice an interesting part of your study rather than a trauma.
- Understanding the problem well
What most of us do on receiving a problem is we hurry towards solving it because we simply want to get over with it and move on to the next. This is the biggest problem because a small mistake at the beginning of a problem will ultimately bring us down to the wrong solution. So, firstly you need to understand what the problem is all about and what has been asked for in the solution.
- You should be completely updated about the terminologies
Accounting is a subject that uses a language which is technically unique. The terminologies being used should be mastered by you to be able to grasp any problem. What you can do is have a notebook where you keep a track of all the terms that are being used with their meaning according to accounting. Going through them daily and even before starting accounting math problems can be a very good option.
- Mark the important points in the problem
The accounting problems are generally lengthy and in your initial days of learning, you are bound to lose track of the essential points in them. With a lot of practice, people tend to master the art of remembering each important part that has been mentioned in the problem. But we really do not need to take the risk of forgetting. So, what we can do is use a bright coloured marker or simply a pencil to highlight or mark the essential parts of the sum which will make it easy to spot those points later while solving the problem.
These were the steps that you should be careful about while approaching any balance sheet questions for exam or for practice. Now let us talk about some other tips that can be used on a regular basis to master solving accounting math problems.
Accountancy is a subject that is somehow based on practical knowledge and finds its applications in real world to a great extent. So, you cannot think that you solved one problem and you are done. On the contrary you have to practice problems every day. Initially start by solving the problems that are there in your text books. There are several accounting problem solving questions answers books available in the market. You can practice from there are verify with the answers given. In this way you can gauge your progress yourself.
You should be updated about the concepts of accounting
In accounting, it is important to know the several concepts related to aspects like taxation, costing and accounting. These are the basics for solving any problem. Every problem is based on a situation that is related to any one or more of the mentioned aspects. So go through your text book well to make the accounting math problems simpler.
You can take guidance from tutors
Conceptual subjects like accounting require assistance from experienced tutors. A student cannot do all by himself. At some point or time, you will require guidance from tutors. Experienced tutors have years of knowledge in teaching the subject and they will surely teach you by updated methods that will help you understand the subject even well.
You can also reach out to professional accountants for advice
People working in the industry have been facing practical challenges in the field of accounting. So, if you can get in touch with any of them, you simply get a jackpot! Think about it, they will not only give you examples from the real world but at the same time can help you out by giving a clear idea about your career aspects. Getting to know about tricks to solve accounting math problems easily will be an added advantage.
Keep discussing with friends
Let’s just face it, during our learning years; we spend a lot of time with our friends. You do not need to speak to them about studies throughout but you can easily plan out a part of the day for discussing about accounting math problems. Accountancy has different aspects to it and everyone cannot master every aspect. So, discussions among friends can be helpful as you can help someone with what you knew well and someone else might help you out with something they know well.
So, guys just to remind you, there can never be a shortcut to success. But I think if you practice the points that told you, you will surely be benefitted. All the best to you all.