Using Flashcards for Accounting: How to Master Financial Concepts

Hey there, accounting college students! Are you struggling to keep up with all the financial jargon and concepts? Don't worry, we've got your back! Flashcards are a fun and easy way to help you master accounting terms and pass your exams. In this blog post, we'll show you how to use flashcards and give you some helpful resources to improve your accounting skills. Let's dive in!

Here is a sample list of 320 accounting flashcards to get you started. Modify them to your liking.

Using flashcards for studying accounting

Flashcards are a simple yet effective tool that can help you master financial concepts and ace your exams. Here are some tips on how to use flashcards to improve your accounting skills:

1. Make your own flashcards

Creating your own flashcards is a great way to engage with the material and ensure that you are focusing on the concepts that you find most challenging. Write out the term or concept on one side of the card and the definition or explanation on the other. For example, you could write "Accounts Receivable" on one side and "Money owed to a company by its customers for goods or services sold on credit" on the other.

2. Use color coding

Color coding your flashcards can help you to group related concepts together and make them easier to remember. For example, you could use blue cards for assets, red cards for liabilities, and green cards for equity.

3. Test yourself regularly

To make sure that you are retaining the information, test yourself regularly using your flashcards. You could use them as a quick warm-up exercise before studying, or as a way to recap what you have learned at the end of a study session.

4. Mix up your cards

Don't always go through your flashcards in the same order. Mix them up to keep your brain engaged and prevent you from relying on memorizing the order of the cards instead of the material itself.

More Resources

In addition to using flashcards, here are some other resources that can help you to master financial concepts:

1. Books

There are many great accounting textbooks that can help you to understand the concepts and terms in more depth. Some popular options include "Financial Accounting" by Walter T. Harrison Jr., "Principles of Accounting" by Belverd E. Needles Jr., and "Financial Accounting Fundamentals" by John J. Wild.

2. Online courses

There are many online courses available that can help you to learn accounting concepts and terms. Some popular options include:

- Udemy: Udemy offers a wide range of online accounting courses, including courses on financial accounting, managerial accounting, and tax accounting. You can search for courses based on your skill level and interests.

- Coursera: Coursera offers online accounting courses from top universities, including courses on financial accounting, managerial accounting, and auditing. You can take courses for free, or pay a fee to receive a certificate of completion.

- edX: edX offers online accounting courses from top universities, including courses on financial accounting, managerial accounting, and corporate finance. You can take courses for free, or pay a fee to receive a certificate of completion.

- LinkedIn Learning: LinkedIn Learning offers a variety of accounting courses, including courses on financial accounting, bookkeeping, and tax preparation. You can access courses with a LinkedIn Premium membership or by purchasing individual courses.

3. Accounting forums

Joining an accounting forum can be a great way to connect with other students and professionals in the field. You can ask questions, get advice, and share study tips. Here are some to join:

- AICPA Engage Community: This forum is hosted by the American Institute of Certified Public Accountants (AICPA) and is a great resource for accounting students and professionals. You can join discussion groups on various accounting topics, ask questions, and connect with other members.

- AccountingWeb: AccountingWeb is an online community that provides accounting news, articles, and resources. They also have a forum where you can ask questions and get advice from other members.

- Reddit Accounting: This subreddit is a community for accounting students and professionals to share news, ask questions, and discuss accounting topics.

- Proformative: Proformative is an online community for finance and accounting professionals. They have discussion forums, webinars, and other resources to help you improve your skills and connect with others in the field.

Using flashcards is a simple yet effective way to master financial concepts and terms. By creating your own flashcards, using color coding, testing yourself regularly, mixing up your cards, and using online resources, you can improve your accounting skills and ace your exams. Happy studying!