Sir Can You Share To Us Kung Paano Nyo Naconquer Far.docx

Sir can you share to us kung paano nyo naconquer/namaster ang financial accounting to the point na kahit anong klaseng drills ang iharap eh easy breezy na lang? Dinudugo po talaga ako dito ng sobrasobra ahaha specially when it comes to items of noncurrent assets hanggang equity. Pwede pong malaman study habit nyo during your undergrad years?

Naiinspire lang po talaga ako dun sa mga students na halos iperfect ang mga classroom drills sa Financial Accounting ng sunod-sunod,sumasali sa mga Interschool Quizbowls at pag kuha ng mga classcards at the end of the semester halos flat one na. Pero ako, kahit sobrang bangag na kapupuyat para maubos lahat ng drills naglalaro lang sa 2.00-2.30 ang grade. Ano po ba talaga sikreto sa ganitong objective? Sir Larry Tan's answer: What you hear, you forget. What you see, you remember. What you do you understand. -Confucius When we venture into self-learning it is important that we take down notes (what you see, you remember). Do not rely on your memory, for the palest ink is far better than the sharpest of memory. Napansin ko lang you didn't mention PFRS sa mga materials na ginagamit mo, yun yata ang requirement to settle differences sa mga turo ng mga authors.

Here are my tips in learning Financial Accounting:

Step 1. Prepare a concept map (diagram) of what you learn in this subject. Basically you start with "Recognition Criteria." This is simply the definition of an item to be recognized as such, with the proper definition, you can easily answer "include/exclude" type of questions na kailangan lalo na sa Auditing Problem. Next, understand the "measurement criteria." The general rules & the exceptions or special cases. If you don't know what amount to assign to the transaction, di mo na masasagot ang problems sa P1. Next, understand "Valuation," what amount should be reflected in the balance sheet, & how to adjust historical cost to B/S values. Lastly, know the financial statement presentation & disclosure requirements. These are the basic contents of Theory of Accounts & Financial Accounting. Make sure that in one glance, you understand your concept map, better to use pencil & do this on a sketch pad.

Step 2. Answer theory questions - for each question answered, analyze why the other choices are wrong & know how to make those choices correct. Also for the correct answer, trace the statement to the PFRS or to your book, highlight the statement that appeared in the multiple choice questions. This way, by looking at the pattern of questions, you will have an idea of what is asked & how it is asked.

Step 3. Answer problem questions starting with "include/exclude" type of problems. Questions asked are usually about account balance. For every excluded item, make sure you know the proper treatment. Your mastery of this type of questions will help you even in solving Auditing Problems.

Step 4. Master the T-accounts, know which accounts are affected by a transaction, know how the accounts are related.

Step 5. For each question answered put an "E" (Easy), "M" (Moderate), "D" (Difficult) on the side so that it will be easy for you to review.

Step 6. Summarize the additional learnings you got from solving problems in your notes.

Do not short-circuit the learning process by memorizing answers. As much as possible, explain what you know to others, if your explanation is "understandable" to others, chances are, you understood it well. Remember, what you cannot explain well, you don't understand well.

About sir Larry: Mr. Hilario Tan placed 3rd in the 1986 CPA Licensure exam. He graduated Magna Cum Laude from Chiang Kai Shek college with a degree in accountancy. He was also the former Dean of College of Business Accounting of Chiang Kai Shek College and a former CPAR Reviewer. Mr. Tan has over 25 years experience working in the areas of compliance and corporate governance, finance and accounting, capital management and setting up management reporting systems.