Completing Accounting Homework Tips

Understand the homework

It may seem to be a cliché, yet one of the greatest time-consumers is plunging into homework without thoroughly reading the instructions. Many students waste time since they:

• Mistake similar tasks (e.g., preparing a trial balance and income statement)
• Lack of proper instructions.
• Make a mere question too complicated.

Revise the Basics

Accounting is constructed on foundations. When you have a case of procrastination in homework, then you are likely to be in need of a refresher. One hour later, spending 10 minutes fixing the rules of the double-entry bookkeeping or the distinction between assets and liabilities can save you one hour.

Arrange Your Study Resources

You lose time whenever you alternate your textbook, notes, and internet materials. Prior to commencing, the following should be acquired:

• Textbook and lecture notes
• Calculator or Excel sheet
• Table references (such as depreciation methods or formulae of ratios)
• Past solved examples

Students who prepare a dedicated workspace tend to complete 20-30% of the time that scamperers do mid-way.

Take Problems Apart in Little Steps

It is daunting to attempt to resolve a whole issue simultaneously. Rather, take it in bits:

• Record the journal entries.
• Post to ledger accounts
• Prepare the trial balance.
• Adjust entries (if required)
• Produce financial reports.

Taking one step at a time saves time on re-checking and eliminates mistakes.

Manage Your Time Wisely

Productivity can be broken by time management. Then do not do the homework perpetually, but employ this systematic ways:

• Pomodoro Technique: 25 minutes of doing homework, followed by 5 minutes of getting a break.
• Time blocking: Allocate time for each section of the homework.
• Prioritization: Go through the most difficult question when your mind is fresh.

Read all questions beforehand

It is so easy to skip instructions when you are in a hurry; however, details matter. For example, preparing the income statement with accrual accounting is quite different from preparing it with the cash basis.

Failure to pay attention entails repeating whole parts. Allow 2 minutes at the beginning of each question to understand it well.

Do One Problem at a Time

Multitasking slows you down. Changing gears on various problems is confusing and can cause one to make errors. Concentrate on solving a single problem thoroughly before proceeding to the next one.

Being neat and organized

Neat work applies to teachers as well as saves time. Your numbers should be in line and your steps organized. When you do that, you will notice the mistakes quickly. And not to mention that most professors will give partial credit on well-presented homework, notwithstanding the fact that the submitted answer is incorrect.

Planning Your Homework

Stress in the last minute results in errors and burnout. Rather, plan your accounting homework as you would any other class or meeting. Schedule a certain time in your weekly planner. Coherence will help you achieve results in less time without losing sleep.

Pro Tips to Avoid Mistakes and Save Time

Accounting Workbook Tools and Resources