Secret Study Techniques To Help You Ace IGCSE Accounting 2023: Introducing The F.Y.P Rule!

Igcse accounting key tips

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igcse accounting key tips

What is the F.Y.P Rule?

tiktok for you page

I’m sure many reading this blog at the moment are aware with the acronym FYP, which stands for your local TikTok page, aka. “For You Page,” which is filled to the brim with eye-catching content and videos the app believes you’ll love the most. However, when applied to IGCSE Accounting, this acronym stands for:

1. Format + Formulas

Please pay attention to the format required when answering any question on an assignment or exam!

Throughout the whole syllabus, you are required to draw tables that follow certain formats.

Here’s an example of a Trial Balance, which we will learn more about in Topic 3. Don’t worry, the table is only here to help you understand what a “format” is.

Debit
($)		Credit
($)
Cash300
Bank Overdraft1000
Capital21993
Drawings450
Land18000
Inventory7520
Loan from BC Company2500
Equipment1500
Sales10000
Purchases7560
Sales return560
Purchases return1092
Expenses1360
Trade receivables / Debtors16000
Trade payables / Creditors1245
——
45390
——		——
45390
——
Trial Balance at 31 December 2023

In addition, there are various formulas to remember too when calculating figures such as sales revenue, profit/loss or different types of cost, and these are very vital to know of. Take note of the formulas you learn per topic throughout the syllabus!

For example, the standard formula in IGCSE Accounting is:

Assets = Capital + Liabilities

Capital can also be referred to as Owner’s Equity. So the previous formula can also be written as:

Assets = Owner’s Equity + Liabilities

[Additional Tip!]

It is also important to analyze which element each accounting record or entry belongs to. Is it an “Asset“, “Liability” or “Capital“?

And if so, is it a “Current” or “Non-current” asset/liability?

Understand that Asset belongs to the Debit side whereas Liabilities and Capital belongs to the Credit side. Most of the time, when drawing tables, the left side is Debit and the right side is Credit.

Account Title

DEBIT

CREDIT

Don’t worry the following blogs will guide you through all these one by one. That is if you read every one of course 😀

2. Youtube

Even after you have listened your teacher’s lecture and there are still things you don’t understand, hit YouTube. Look into videos that have similarities to how or what your teacher taught you in class. This is a good alternative to asking your teacher. Of course, the latter is also important.

Ensure that you avoid distracting yourself with other videos online that are unrelated to Accounting or are topics outside what you are learning.

3. Practice

Have you ever heard the saying “practice makes perfect“? Yes. It’s true.

If there are still topics you lack understanding of, try answering one or two questions related to it. Even more if you feel encouraged to do so. You can try redoing the exercises your teacher gives you in class or look up past paper style questions online. This is simply to familiarize yourself with them and learn what the topic’s sort of questions require of you.

Attached below is a website I find to be very useful when finding past papers to practice with 👇:

https://papers.gceguide.com/Cambridge%20IGCSE

Here’s another website that will aid you with any doubts in IGCSE Accounting! What’s even better is that you can compare your answers to see if you got any right!

https://www.igcseaccounts.com/categorised-past-papers.html

This will come in handy when preparing for any school examinations or IGCSE examinations in the future. There is no point remembering definitions, formulas and formats if you don’t practice it on paper!

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