Studying for Accounting made easier...

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Studying for accounting for the last 6 years of my life and come out the other side alive and well i feel i must share some tips i learnt along the way :)

When it comes to financial statements you are half-way there if you can remember the layouts to start with.

So tip 1: Take the Profit And Loss Account. Get the First letter from each row on a Profit & Loss that has almost every possible adjustment that you'll get in the exam.

S=Sales

C=Cost of Goods

O=Other Income

G=Gross Profit

E=Expenses

You get the idea, Use the template you have from class/exam paper solutions.

Once you have the letters create a story that is funny/creates a picture so that you will remember it and it will make you smile in the exam :)

Sams

Canoe

Overturned

(on)

Green

Eels

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So Sams Canoe overturned on Green Eels becomes 

Sales

Cost of Sales

Other Income

Gross Profit

Less Expenses...

Let you imagination run wild, the more obsure the easier itll be to recall.

These days I use my accountancy qualifications to leverage my income while i grow my online business. As a life time learner i started after accountancy an online digital business course. 

If you like to meet my mentors you can click on the link here.

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