CIE IGCSE 0452 Accounting

A subject that's loathed by many and adored by those who take the time to learn it - indeed, the journey to learning accounting is turbulent and unfamiliar to most, but with the right mindset, it's incredibly rewarding and fascinating! Here are the tips you need to kickstart your accounting journey or to push the boulder stunting your progress! ~Elina

1. Solidify your fundamentals: the basics are key!

I'd say this is the biggest tip I can  give anyone who's either just starting out or well along in their journey with IGCSE accounting. If your basics are weak, such as how to construct ledgers, journals, what classifies as debit/credit, etc., you will continue to struggle with everything else in accounting; only once your basics are strong enough can you build upon them and do more practice. I suggest thoroughly reading through your textbooks or resources to fully grasp the concepts before attempting questions as practice is pointless when the root of the problem is your understanding.

2.  Study smart!

Make a list of your weaknesses and gray areas and prioritise those above all. This applies to just about any subject and is relatively elementary but knowing where to focus your energy makes revision much easier! Personally, the theory behind accounting, certain formulae and ledgers were difficult for me understand and remember, so I made sure to look through textbooks, resources as well as mark schemes for relevant questions to facilitate my learning.

3. Construct a formula sheet or handbook!

I cannot recommend this enough! Having a simple, summarised booklet at your disposal makes revision much simpler and helps imprint the highlights of each chapter into your mind as accounting requires you to be familiar with so many formats, ledgers, financial statements and more. For ratios and analysis, make sure you include and memorise the formulae as well as taking note of any exceptions or deductions for special cases that you encounter while doing practice papers. Make sure these align with your syllabus and textbook!

4. Practice, practice, practice

The more, the better. Do as many past year papers as possible, but do keep in mind that the syllabus has evolved in the past several years. Make sure you understand your mistakes and keep a record of all the questions that you find difficult or occur frequently. If your teachers or people around you are not enough to resolve your doubts, reach out to the people in the IGCSE community for help, we've all been there before! And please don't guess your way through the multiple choice questions, trust me, they become much more comprehensible with practice!

5. Seize every learning opportunity!

Don't simply accept things - question them! Oftentimes, we end up memorising things as ‘rules’ in accounting when we see them appear very often (for example, an item often being on the debit side of a ledger), however, please be very cautious and inquisitive! Accounting is built upon rules and systems, yes, but all of these rules are based on specific conditions! To truly understand the nature of an item and its position in a ledger or financial statement, for example, you must consider the nature of the item as well as the nature of the ledger itself and other conditions, such as the date for which the ledger is being issued. Generally, try to learn why a certain item belongs where it does - don't worry, it doesn't come naturally to most! Practice will help tremendously!

6. Read Mark Schemes! 

There's so much to be learned and understood through reading the expected answers of the questions you struggle with. Broadly speaking, they give you an idea of what examiners expect in your response as well as highlight important, mark-determining points that must be included in your answer. Beyond that, mark schemes allow you to study independently and, in my experience, gain a wide range of knowledge that you wouldn't find elsewhere. They teach you how to analyse questions and answer accordingly as well, despite not listing every possible answer.

7. Check, check and check again! 

Like in mathematics, most of the marks given are for your method and working so every mark counts! Going through your paper a few times helps you eradicate errors and prevent losing marks needlessly (remember to include the correct dates as well haha)! Doing this during practice is helpful as it trains you to set time aside so you’re aptly prepared for the actual paper - it’s a great habit to foster! 

IGCSE Accounting is an acquired taste and may not seem interesting to many, but as someone who found it incomprehensible at the start, I can confidently say that it does eventually 'click' with sufficient effort and the right tools! When that happens, it's challenging aspects become incredibly enjoyable - there's nothing more satisfying than a balanced ledger!