Author: Andrew Leong, BCom – Accounting Co-op 2017
Year course was taken: 2013W
Final mark obtained in course: A
Hi! Continuing my instalment in the accounting tips and tricks, I bring to you the “Managerial Accounting” edition. COMM 294 is definitely a very different course compared to COMM 293, as it is complex, and there are no more journal entries and debits / credits! Below are some study techniques that I found helpful going through the course:
1. Time management and organization: Before you begin your exam, briefly review and allocate the time accordingly; start with the easier questions and then work your way through the harder questions. If you get stuck on a question, move on and come back to it. Be time conservative as all of the information provided in the question may not be relevant. For instance, you don’t have to prepare an entire segmented income statement if the question doesn’t ask for it; timing is crucial for this course, which leads me to my next point.
2. Answering the exam questions: Seriously. Don’t leave anything blank. Show your work for part marks (even if it’s a formula). Small differences in your calculated amounts won’t matter too much but certain formulas and notes are relevant in completing the question.
Next, read and reread to understand what you’re supposed to answer for the question. It may be helpful to bring a highlighter to identify important figures. After you’ve completed your answer, do make sure your answer is in the correct units: if the break-even calculation is required in dollars, providing it in units is not advisable.
For certain as well, there will be a question on your exam that will ask for a qualitative answer. Be specific when it comes down to these questions. Simply writing “HR issues” is not a good answer. Explain your reasoning / understanding for these questions to develop your answer, as any little bit helps.
3. Study groups and tutorials: As the exam was more case based, I enjoyed studying with friends in a study group over tackling the problems individually. This way, we could practice our approach on how we would tackle the actual exam problems. I often found that I missed a relevant point in completing a case, to which my friend cleared up. This interactive learning environment really promoted a deeper understanding of the material. As well, TA’s and prof’s office hours are really helpful if you have specific questions about topics!
Hopefully, you’ll find these tips helpful for succeeding in managerial accounting. Again, as I mentioned in my previous blog post, there is no substitute to hard work, determination, and constant practice to obtain a full understanding of the material. Good luck with the course!