If you are a beginner in accounting, you will most likely want to take the test early on in your career, even before you have been hired, so that you know what you are going to face in order to pass. However, if you already have work experience under your belt, take a refresher course.
The exam will contain many common questions, which you will need to master before passing it. Here are a few of the more commonly asked questions:
First, there is a basic question in every examination, and that is ‘What is an expense?’ It is very important to understand this one – because you don’t want to leave any wiggle room in your answer, and this question will not be easy. In general, when you are looking for ways to make up a good answer, ask yourself this question first – do you really understand what you are looking at?
Second, you need to decide whether or not you are going to write a report based on your answers. While you can certainly write an answer based on your findings, you will want to keep track of the items that were not factored in, like the tax return, and how much of your expenses were made up with deductions. If you are unable to determine if you are going to write an answer based on this question, try taking an economics exam instead and then going back and reviewing what you have written.
Third, and finally, there is the final question that is most frequently asked. This one is a little trickier, but can be done! If you have enough time and patience, try to sit down at least two weeks ahead of time and figure out the numbers that you need to answer and write down each item on paper.
When you have all of these items ready and figured out, the exam is going to be a lot easier on you. Even if it is the last one you take, make sure to be thorough in your preparation!
There is no way that you can forget everything that is on the exam, and there is nothing wrong with taking the exam several times. Take all of the time you need to properly prepare for it. It is a test that you are going to be required to take more than once, so get all of the answers right!
When you take the final question and know what you have answered, think about the answers you might have had, but didn’t really think about. Are you sure that the answer that was given fits into the data that was presented to you? Maybe you need to find an answer on a different topic – like a tax return or a profit and loss account – and make that your starting point.
There is no way that you are going to remember every answer, but there is a way that you can learn from your mistakes. So try to find the answer that you need, and then apply that to other situations.
You don’t have to go into the accounting exam trying to memorize the answer – it is just not realistic – but you can use the information that you find from real life to avoid getting it wrong! Don’t try to memorize all of it at one time. Try to do it one at a time, and figure out how to apply it.
By the time you are finished with the final question, you will know a lot of different things. But you will still be able to write an answer based on all of them. You will also have a better understanding of the concepts and will have a solid idea of how to use the concepts that you learned. It can help you tremendously to pass this exam.