One of the greatest joys of solving problems in Accounting is getting your financial statements balanced. Oh yeah! I have done it! I have cracked it! But the reverse is also true when you are unable to tally the balance sheet and have spent a good amount of time on it. For all my dear students who are looking in for ways to solve such academic problems in Accounting, here is what in store for you-
Let us first see what are the problem areas that make the work so conducive?
- Cash flows are often an area of great concern. Based upon the debtors and record-keeping the entries need to be posted in the journal accordingly.
- Reconciliations are another aspect where it is used to compare records to bank accounts. Finding differences and putting them in order becomes the essence of every accountancy student. So here you become, Nate, the detective, where fraud detection becomes the key role of your bank reconciliation statements.
- One of the crucial jobs of an accountant is to do the adjustments in order to get the financial statements right. The work to balance accounts involves several aspects from looking at the problem and then resolving it. It takes enough amount of patience to do so.
- Taxation is another topic…you may think…taxation and Accounting…really! But yes when you are in the final stage of income and expense statement, you will have to put across the right amount of tax for that particular year.
Well, I can go on and on to this. The moral of the story is we should be able to solve the academic problems in accounting easily.
The ways to solve academic problems in Accountancy
Get your principles right
The entire subject of Accounting lies in its principles. You must get it right in order to perform well in solving the problems related to it. The ideal method is to understand the principles in practical aspect. Theoretical knowledge is a must but not until you have put forth in practical problems.
So principles related to Economic entity or monetary unit assumptions, cost principle, full disclosure principle and so on must be well-versed in order to get everything right. Similarly, start solving problems that are related to going concern principle or matching principle, this will give you an idea as what kind of problems can you expect and how.
Use logical thinking and technical expertise
There is no better judge than you. You will have to use your logical thinking and technical expertise to judge the situation and act accordingly. It may require brainstorming sessions in order to generate the ideas to put forth the problems related to Accounting.
Unlike other subjects Accounting does not require memorizing, it needs you to understand how and where to apply the principles. Once you are through with the topic, practice problems as many as you can. Run a thorough self-learning concept in you. Jot down your weak points related to that subject. You will be able to work on those at a later stage. One of the best ways that I recommend my students to do is to explain the concept or the problem to somebody. In this way you will be able to discover varied other ways to handle the problem on Accounting.
Always read the text
Every problem has its solution in the textbook itself. If you haven’t read the textbook, it is time to do so. Trust me when I say this, your professor gives you problems related to your topics only. The way it is given may be different, this explains why students find it extremely difficult to solve. But having said this, once you are through with your chapter, there is no way that you can be duped.
Seek an expert’s help
This day internet is a massive help. You have a lot to do when you are in the hands of an expert. Online tutors from reputed academic portals are helpful. They guide you in every way so that you can excel in solving the problems. So how does one go about it? It is simple, go to the search engine, and ask for “Accounting problem solving help” you will find the reputed online sites listed on that search engine. Go to the website and register yourself. You will find your solution in no time. The tutors on such platforms hail from reputed institutes. The kind of expertise they deliver is unmatched.
Join students’ forum
As stated earlier, internet has made a huge difference in the life of a student. You can be a part of the students’ forum and ask for your problems in Accounting in no time. So the deal is, at such platforms you can ask for as many questions as you want and you get solutions as per your board. Across the globe there are millions of students who are on the same page and are looking for answers. Such methods should help you dwell well in your career towards accountancy.
Practice as many problems as you can
It is recommended to solve as many problems as you can. Take the current topic and start solving as many as you can. Ask the school or college librarian for the past years’ question papers. Ask seniors for the same. This will give you an idea how to go about solving the papers.
There is more to accountancy than just account codes, balance sheet reconciliations, bank wires, receiving, correcting journals, equipment management and much more. The best way is to follow a method that is best suitable for you. Keep looking to this page for more updates on Accounting.
Michelle Johnson, a name known to deliver top quality lectures on Accountancy and loves to impart knowledge to students in an innovative way. Blogger par excellence, her genre of expertise lies in Accounting, Finance, Marketing, and Management. Students love to attend lectures and have excelled well by getting flying colors in their curriculum.