Question

what were the most important or useful concepts you learned in Accounting? What can you see applying professionally? What questions do you still have as you prepare for the final exam? What strategies are you using to study for the exam?

Answer 1

what were the most important or useful concepts you learned in Accounting?

Concept of Conservatism: According to this principle Business entity has to manage against all liability which may hit as obligation in future due to past event or actions. It means provisiong against the loss in proactive manner rather than acting on the happening of event.

What can you see applying professionally? Although all priniple are applieed professionaly, but conservatism principle is easy and understandable and extracted from nature livelihood while manageing our lives, same thig is done with the business entity as a whole. preparinf for losses or expenses and ignoring the accrual benefits.  

IN order to prepre for test one has to be very cautious about objective and rather on going with hit and trial method. it is not simply just to clear the exams but also to prepare for future able to understand the market strategy and accordingly manage the cash flows.

Secondly while preparing for any objective

Make time table, No. of days you have let and Syllabus to be covered and accoridngly dividde the subject and syllabus on no. of days in such a manner that you able to revse the whole syllabus of all subject s before test. It help you to remian active and motivated for the objective.

While preparing Focus on concepts rather than mugging / craming the answers and question, if concepts are strong same can be implied in any situation.