After Eating Dinner, Letâs Read Shakespeare: Mnemonics for Accountant Courses
Career Path : Accounting
Are you currently enrolled in accountant courses? Chances are that if you have made it this far in your schooling that you have had occasion to employ mnemonics. What are mnemonics? These are memory aids. They can be a phrase that helps you remember an acronym, or a visual image. Every discipline has its own mnemonics. Here are some that may help you as you pursue your accounting diploma.
1)Â âAfter Eating Dinner, Letâs Read Shakespeareâ
Some teachers in accounting diploma programs use this handy mnemonic to help students remember to list A, E and D on one side, and L, R, S on another.
Â 2) âOne Is Firstâ
Some teachers of bookkeeping courses use this old chestnut to help students remember the order of sections in the Statement of Cashflows.
3) âOld Is Funâ
Some teachers of bookkeeping courses prefer this alternative to help students remember the order of sections in the cashflow statement.
Some savvy students pursuing an accounting diploma use this handy acronym to help remember all the aspects of corporate governance: Honesty, Accountability, Independence, Responsibility, Decision taking, Reputation, Integrity, Fairness, Transparency.
This is an acronym that some students of accountant courses or bookkeeping courses use to remember the many different ways in which a stakeholder can be described:
-Â Â Â Â Â Â primary versus secondary
-Â Â Â Â Â Â internal versus external
-Â Â Â Â Â Â narrow versus wide
-Â Â Â Â Â Â known versus unknown
-Â Â Â Â Â Â legitimate versus illegitimate
-Â Â Â Â Â Â active versus passive
-Â Â Â Â Â Â voluntary versus involuntary
-Â Â Â Â Â Â recognized versus not
Some students in accounting diploma programs prefer to simplify, by using a pared down mnemonic to describe stakeholders.
-Â Â Â Â Â Â internal
-Â Â Â Â Â Â connected
-Â Â Â Â Â Â external
Have you encountered the concept of internal auditors in your accounting diploma courses? If so, you may have called upon the following acronym to remember the exact nature of their role:
-Â Â Â Â Â Â Analyze
-Â Â Â Â Â Â Identify
-Â Â Â Â Â Â Report
-Â Â Â Â Â Â Design
-Â Â Â Â Â Â Recommend
-Â Â Â Â Â Â Implement
-Â Â Â Â Â Â Evaluate
7) âArguments are loud and obnoxiousâ
Some veterans of bookkeeping courses owe their success to such memory devices as this:
Assets = Liabilities + Ownerâs Equity Â» A = L+O Â» Arguments are loud and obnoxious
This acronym can help students master the concepts of quality control, which are:
-Â Â Â Â Â Â Human resources (HR)
-Â Â Â Â Â Â Engagement
-Â Â Â Â Â Â Leadership
-Â Â Â Â Â Â Performance
-Â Â Â Â Â Â Monitoring
-Â Â Â Â Â Â Ethics
Although there are many existing mnemonics out there, many students of accounting courses prefer to create their own. What are some of your favourite mnemonics?
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