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Principle of Accounting (POA) is more than just an introduction to the world of accounting. It teaches students skills that go beyond their classroom walls, and it is important that they have a reliable POA tutor to guide them through it all.
Importance of POA Tuition
POA is a subject that is not considered to be mainstream but rather, niche. More than just a subject, it also teaches your child life skills and how finances are calculated in the adult world.
Students taking on POA will come to realise how important accounting skills are in achieving financial stability and get a headstart on how to better manage expenses and investments. When a student proves to excel in POA, they can turn their liking for the subject into actual interest in pursuing a degree in Accounting.
Apart from just bringing about a good education route and high-paying job opportunities, students taking on POA will walk away with a skill that they can utilise for life. This niche subject can open up doors for students and it is important that they make full use of it while they can.
Through POA tuition, students will better understand why and how the subject can benefit them in the long run. With the extra set of helping hands from a qualified tutor, parents can also put their worried hearts at rest as the tutors will strive to bring out the best in each student.
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Common problems faced by students when studying POA
Difficulty Balancing the Balance Sheet
Balance sheets are financial statements that track the progress of a business entity which is broken down into three parts – assets, liabilities and equity. On each balance sheet, students will need to equalise their total amount of liabilities and equity. If unbalanced, the question is not solved and marks are given away.
Most times, students are unable to balance the figures as they tend to omit transactions such as petty cash and inventory when they are not supposed to or classify the transactions in the wrong categories. Other times, students tend to record the transactions incorrectly in the haste of catching up with time or even worse, forgetting to record inventory changes.
Problems in Perfecting the Trial Balance
A trial balance is an accounting report that contains all the general ledger account balances in two different columns otherwise known as debit and credit. By conducting a trial balance, students are able to find out if their calculated debit and credit are equal.
Troubles with perfecting the trial balance come in when students realise their final totals do not equal and need to go back and adjust their previous entries. The question now is, how? To do so, students need to refer back to their general ledger to spot the error. A good place to start is by looking at the inventory entries and accounts receivable.
Mastering the Different Depreciation Methods
Depreciation simply means a deduction in a business income tax and is an accounting method used to assign the cost of a tangible/physical asset over its life expectancy. By depreciating assets, students learn how businesses can maintain their long-term spending goals. Through depreciation, students also learn how to report taxes more accurately each year.
Depreciation methods come in many forms but the common three formulas taught in schools are the straight-line, reducing and revaluation methods. Each method should be applied only when relevant. When not careful, students might mix-up the methods and perform inaccurate calculations that lead them to the wrong answer.
What to look for in a POA Tutor
Quick to Correct Mistakes Spotted
When taught in big classroom settings, students are expected to identify the errors made themselves with little to no opportunity for consultations. Having an attentive and detail-oriented POA tutor by a student’s side is necessary to stop careless mistakes from happening again.
Once a mistake is made while solving a POA question, the next steps done up will continuously bring forward the previous error made. This is why being eagle-eyed is one of the most sought-after skills to land a distinction in the subject. POA tutors who are quick to point out mistakes and explain how to avoid them is the answer to stop losing out on marks during exams.
Ability to Provide Personalised Materials to Students
As POA is quite reliant on a student’s ability to memorise definitions, concepts, methods and terminologies, it is important that the POA tutor can provide materials that ease a student’s studying process. POA classes are not scheduled for every day in school and students are not receiving enough materials to practice with. As such, POA tuition will help to provide student with more opportunities to practice.
Proven Ability and Experience in Teaching POA
Depending on your child’s level of education, it is important that a POA tutor has the matching amount of syllabus experience to be able to teach a student well. When unfamiliar with the latest syllabus or examination format, the POA tutor cannot impart the information or knowledge required.
Working alongside an experienced tutor in their POA tuition class will make a difference in a student’s attitude towards the subject too.
Benefits of POA Tuition
The art of teaching POA is mostly dependent on a tutor’s ability in explaining concepts, formulas and terminologies to students in a non-confusing manner. As the subject is a student’s first introduction to the world and career of accounting, it is best if the POA tuition teachers can make use of diagrams or acronyms to make learning a breeze.
When creativity is implemented into the teaching plans, students can benefit from more accurate interpretations of the concepts taught. With POA tuition, students are able to identify the methods to apply on differing questions more accurately and will develop a clearer show of workings when solving problems.
Balance sheet related questions take up a huge portion of the percentages in an exam and just a slight mistake can throw the numbers off. Just knowing every POA concept taught in school is not enough to ace the subject. Students will need to have a keen eye for detail to arrive at the correct figure successfully.
Alongside an attentive tutor, POA tuition helps student realise the pattern that goes into preparing a balance sheet. When they are not able to spot their mistake, the tutor can coax them into being more vigilant and even share tips on how to prevent such silly mistakes from happening again. Furthermore, having a POA tutor’s sole dedication fixed on your child contributes to helping them master the technique of preparing balance sheets.
Terms used in accounting are very unfamiliar and may come off as scary or confusing when first introduced to students. While students are not expected to understand them all upon first explanation, it is ideal that they pick up the definitions and methods that come alongside it fast, If not, students are at risk of not being able to pick up even the basics of POA.
With POA tuition, students get to benefit from simple notes and definitions to understand the various terminologies better. For example, students who were not able to differentiate assets from liabilities will be taught tips and tricks on how to do so. As POA home tutors have the flexibility, they can afford taking time to explain abstract concepts that only make sense with repeated explanations.
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Distinction Tutors can help
POA tutors are more than just another educator figure in your child’s life. Dedicated, passionate and understanding, they are well aware of the struggles commonly faced by students taking POA and can get on a student’s eye-level to help them overcome their troubles.
Help your child shine bright in POA by getting in touch with our POA tutors here today!