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Tuesday, 19 June 2018

3 M's: Most common mistakes that accountancy students make

Misread: When an accountancy student starts his/her accountancy exam the first and foremost mistake they make is that they do not read all of the mandatory information which is essentially required to solve the question. They start panicking and Fails to determine that in which manner they should execute their exam.
Reading all of the relevant facts which are crucial is the first step to success in an accountancy exam and if this step has remained unfulfilled, Then no matter how you have executed your exams things will not work out the way you want them to.

Remember whenever you are in an accountancy exam always spend at least 10 to 15 minutes of your time to read all of the relevant facts notes and requirements of the question so that when you start to solve the requirements of the question you feel more calmed less confused and can control the palpitations.

Don't read more or read this but read right. Misinterpret:  Another mistake that is commonly observed among accountancy students is that they fail to interpret and understand the basic requirement of the question properly. They start  to apply their inaccurate concepts for the interpretation of question and start making unnecessary rough works which are not even required or needed to solve the question.

An  accountancy exam is already excessively intact with complexities that it requires a great understanding of concepts and interpretation of question. Often the examiner drafts the question in a way that he can test your knowledge and understanding of the subject rather simply requiring pointless long solutions with no knowledgeable outcome.

To a degree from the beginning of the semester try to practice your questions in a way with which you can develop strong concepts and enormous understanding of the subject. Remember make your concepts tremendous and your answer sheet extravagant.

Give me six hours to chop down a tree and I will spend the first four sharpening the axe                                              (Abhram lincoln)

Miscalculate: Nothing ends well if its commencement is mistaken.
At this point you must be wondering that if the question has not been read briefly and interpreted accurately, then how one can solve it properly. Well you are right, but it is not always the case. Mostly students read and interpret the question in  accurate manner, but fails to solve them precisely because of miscalculations.

Ordinarily student try to convince the examiner that their solution is up to the point to the requirement of the question, but what they do not know is that unrequired clarifications, unnecessary rough works and lack of practice on calculators can cause such  miscalculations that can cause big loss of marks in an accounting exam and even failure.

Common sense is calculation applied to life.                             (Henri Fredric Amiel)

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