Problem Solving Survival Guide to accompany Intermediate Accounting, Volume 1: Chapters 1 - 14, 15th Edition

HOW TO STUDY ACCOUNTING

The successful study of accounting requires a different approach than most other subjects. In addition to reading a chapter, applying the material through the completion of exercises or problems is necessary to develop a true and lasting understanding of the concepts introduced in the text chapter. The study of accounting principles is a combination of theory and practice; theory describes what to do and why, and practice is the application of guidelines to actual situations. We use illustrations (practice) to demonstrate how theory works and we use theory to explain why something is done in practice. Therefore, it is impossible to separate the two in the study of accounting.

Learning accounting is a cumulative process. It is difficult to master Chapter 4 until you are thoroughly familiar with Chapters 1-3, and so on. Therefore, it is imperative that you keep up with class assignments. And because accounting is a technical subject, you must pay particular attention to terminology.

Accounting is the language of business. It is an exciting subject that provides a challenge for most business majors. Your ultimate success in life may well depend on your ability to grasp financial data. The effort you expend now will provide rewards for years to come.

We encourage you to follow the four steps for study outlined below to give yourself the best possible chance for a successful learning experience and to make the most efficient use of your time. These steps provide ...