I am in the first year of chartered accountancy course and finding financial accounting very difficult. I prepare all the entries and solutions for practice sets but still feel confused during exams. Can someone please explain key concepts and tips in simple language to score better?
Don’t worry, financial accounting takes time getting used to. Focus on understanding basic journal entries for different transactions and practice lots of questions. Make summary notes of debit/credit rules and accounting concepts. Also go through past year papers to get an idea of question patterns.
The key is to develop an accounting mindset. See the transactions from an accountant’s perspective and think how they will impact the balance sheet and profit and loss account. Relate the debits and credits to increases or decreases in assets/liabilities/capital/revenues/expenses. Do as many practice questions as possible to train your mind. You can do it!
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