Accounting

VCE Accounting Units 3/4 is one of my favourite subjects. If you have an interest in Commerce, especially the business and mathematics side of things, I strongly recommend you take Accounting. Even though Accounting in university does not have VCE Accounting as a prerequisite, I strongly suggest you give this subject a go if you are interested in studying Accounting in university. It confuses me how a number of my classmates tell me they want to do Commerce in university, but they do not attempt any commerce subjects in VCE. This is a mistake in my opinion and will put them at an automatic disadvantage when they start their course.

Some people say to me that Accounting is a dead easy subject even if they do not do the subject. It is true that the material is on the easier side in comparison to other subjects. This makes it very difficult to compete against others (since easier material makes it harder to differentiate students). Even with tonnes of effort put in, a good score is not at all easy. An additional warning that the marking scheme is quite harsh for this subject. For example, in many cases you will lose marks if you abbreviate names and titles, or if you write a number in the wrong place even if you clearly know what you are doing.

Nevertheless, this subject is rewarding because it has many practical applications. The qualitative characteristics and accounting principles are derived from solid logical foundations, and sound knowledge of balance sheets, profit and loss statements, as well as various other reports and journals is invaluable in daily life no matter what field of work you partake.

Strategies

Throughout the year, I found it helpful to write down my notes on paper first and then type up a summary of key points in Word. When you are revising for a SAC or exam, you can print out your notes so you are able to highlight and write between the margins. Alternatively, you can bring your laptop into class and type the information directly into your word processor, although I recommend you try to summarise the information by cutting out irrelevant notes before printing them out.

As a follow-up on the previous tip, when revising for exams, I suggest you find the time to type up the solutions to the questions where you lost marks in practice exams; then, you can print them out and highlight terms or phrases. We are prone to making the same mistakes when under pressure, so this extra measure may be helpful when you are actually doing your exam.

Trying to memorise the long-winded definitions of assets, liabilities, owner’s equity, revenue and expenses can seem daunting. The simplest way to memorise them is to focus on one definition at a time. Read it several times, then try covering it up and recalling the definition from memory. After several recalls, you can generally remember the definition for the next two or three months.

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