How to get a 50 in Accounting

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Avatar for Jadel Jadel Study Advice

In 2019, we saw a new study design which introduced new terms and new topics to reflect the ongoing changes in the accounting world. As a result, select questions and answers from VCAA exams and trial papers which pre-dates 2018 might not be correct under the new study design. 


 


Classwork:

Being organised is key to accounting. You should have the allocated textbook, a workbood and a binder folder for each topic. 

Ensure that you are staying on top of your work as to understand future topics in accounting, you must have sufficient knowledge of previous topics. I'd recommend handwriting your notes due to the fact that inevitably you will be hand-writing your exam at the end of the year. Keeping a vocabulary list is essential and I often hung the new phrases and words all over my room to help me study. After each topic, summarise it. Lastly, I found it very useful to keep a question bank where I would write down all the questions I did not receive full marke on. 


SACs

  • Practical questions 
  • Theory Based questions
  • Analysis Based questions

You may be faced with a handwritten SAC which would comprise of all the above mentioned questions. This will be in a similar format to the exam. However, you may also be faced with an ICT SAC which is a practical SAC done on excel or google sheets. Ensure you are familiar with all the different formulas to save time when in SACs.


To read Jared's full guide, click here! 


How to study for the exam

Organise a study plan. In this plan you should write out in detail what topic you will revise for each day. 

I recommend starting the practice exams closed book and times so you can see what areas you need more work on. Ensure you mark each paper and reflect on your mistakes. 

When doing practice exams from the old study design, if you are unsure about a question, ask your teacher or other classmates to ensure you are staying on task. 

The different modes of studying I conducted were as follows:

  • Making a rhyme
  • Playing games
  • Doing quizzes

How to handle the exam

The ratio of theory/analysis/practical questions tends to be 20:20:60, however it can vary depending on the year. 

You should aim to on average do 1 mark every 1.2 minutes. In the reading time, you should ensure you are reading the questions carefully and watching for any tricks within the questions.

Ensure that for theory questions you are writing enough to receive full marks. Therefore if a question is worth 4 marks, you should bring up 4 points. Using the identify, define and link format is very important in your explanation.

When faced with analysis questions, read all the background information, identify the information given, what is left out and what is compared to the benchmark.

Practical questions will be seen as a 8-14 mark question. There will be easier parts to this question and some parts that require more effort so ensure you pace yourself so you don't run out of time.

When answering an ethical question, discuss social, economic and environmental positive and negatuve implications.

Lastly, proofread all your work to ensure it all makes sense.


To read Jared's full guide, click here!

 


Final tips

  • Use your teacher
  • Read the study design and examiners' reports
  • Have fun

We hope you have found this study guide helpful! If you have any questions or concerns, feel free to contact us!

Jared & the Studyclix Team


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