Keys to Success - Test Study

Keys to Success - Test Study - Hints for Studying for ACCT...

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Unformatted text preview: Hints for Studying for ACCT 5100/7100 Exams (modified from Prof. Linda Bamber’s handout) 1) Read the chapter in your textbook, working through the numerical illustrations in detail. You should understand all relevant material in the textbook now that we have covered the topics in our class discussion. It is more fim to study what you already know, but your time is better spent digging in to figure out what you don’t know. 2) Review your notes or flashcards for the chapter. 3) Carefiilly study your class notes. 4) Don’t memorize. Think! Apply the chapter concepts to your own past (or imagined future) work experience. Think about questions such as the following. What were direct materials, indirect materials, direct labor, etc., in the organization for which you worked? (These concepts apply to restaurants, etc., not just manufacturers.) How could the company have used CVP? What would be the variable and fixed costs? How could the organization use job costing to cost products, services, customers? How could the organization refine its cost system? What kinds of activities might it have? What costs would be in the indirect cost pool for each activity? What would be reasonable cost driver for the activity’s indirect cost pool? If you can apply the cost accounting concepts to a specific situation, then you are more likely to be able to apply the concepts to new situations in an exam. 5) Develop a framework for approaching the types of questions and problems covered in the chapter (see your class notes for the framework we used for class problems). 6) Think about which assigned problems you had trouble with at the time we covered the chapter. Redo these, applying the framework you developed in step 5, without looking at the solutions. 7) Try some new problems. The hardest part of most problems and cases is figuring out how to set them up, so at least try setting them up, even if you don’t work through all the details. You can practice this skill by trying a few new problems, such as those in the study guide. Alternatively, you can try new textbook problems. Check figures for all textbook problems appear at the end of this handout packet. Also, you can check your solutions against the solutions manual in my office. 8) Write down any questions you have, to ask in office hours. Here are some other hints for maximizing your success on the exams: 1) Studying with classmates is most effective if you get together after everyone has studied on their own. Research has shown that studying in a group is effective only if it occurs in addition to (and not instead of) studying individually. 2) Get enough sleep and remember to eat right and exercise. At the margin, it is not wise to sacrifice sleep in order to study. It is more important that you be able to think clearly, for an extended period of time. To do this, you need to be reasonably rested. 3) The exam will be thorough and challenging, but fair. There is nothing on the exam that you should not know how to do. If you have studied diligently and kept up, there should be no surprises. If you run into something that you don’t know how to do, stay calm and move on. There will be plenty of other questions that you will know how to answer. You can return to any troublesome questions after you have finished the questions that are easier for you. 4) You have worked hard to learn the material. Think of the exam as an opportunity to show yourself (as well as your instructor) all the progress you have made in the last few weeks. 5) When you are working as a professional, your firm will charge clients for your time, at around $100 an hour. That’s right. $100 an hour! Clients who pay high rates expect value for their money. You will work intensely during those hours you bill to your clients. The exam will give you an opportunity to practice this important skill. (And this is one of the key reasons that the School of Accounting’s Advisory Board has strongly encouraged the faculty to continue holding substantial examinations.) Finally, here are some areas where participants in prior year classes have needed improvement, as revealed by the first exam: 1) The most common area where participants needed improvement is in thinking more deeply about the conceptual questions. 2) It is also important to write precisely. For example, remember to state a “$” for dollar amounts, and “DLH” for numbers that are direct labor hours! 3) Read the questions carefully. Make sure to answer the question asked. 4) Professional accountants must be detail-oriented. Calculations must be accurate. (The School of Accounting Advisory Board actually suggested faculty stop giving partial credit, as "in the real world there is no partial credit.") I am sympathetic to their view, although their suggestion is (in my opinion) a little too extreme to impose for all problems. However, the Advisory Board's View should make clear the high standards to which you‘ll be held as a professional. ...
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This note was uploaded on 05/26/2011 for the course ACCT 5100 taught by Professor Bamber during the Spring '08 term at UGA.

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Keys to Success - Test Study - Hints for Studying for ACCT...

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