Enhancing Your Accounting Studies Through Diverse Resources

When I was a business undergraduate at Providence College, I struggled in two courses: Money and Banking, and Economics. No matter how hard I worked with the textbooks assigned in class, some of the key concepts just didn’t click. Then, one day, I found myself in a discount store called Building 19. It was a quirky place known for selling liquidated and out-of-date merchandise at very low prices. The store’s motto was: “Good Stuff Cheap”. As I browsed the random selection of books, I stumbled upon a couple of recently out-of-print textbooks: one on Money and Banking and the other on Economics. The price? Just $1 each.

I bought the books, hoping they might offer a fresh perspective on the material I had been struggling. To my surprise, these inexpensive, alternative textbooks turned out to be a game changer. The different authors explained certain economic concepts in a way that made them much easier to understand. That experience taught me a valuable lesson — sometimes, seeing a concept explained from a different angle can provide that crucial “aha moment” and lead to a breakthrough in understanding.

This personal story makes this important point: if you're studying accounting, you can greatly benefit from proactively hustling to expand your resources beyond your assigned textbook. Exploring different perspectives can help you master the material more effectively.

Explore Other Resources

One strategy is to consider purchasing a second or third used textbook. Since different authors approach subjects differently, these additional textbooks can give you fresh explanations and alternative methods of thinking about complex topics. However, make sure the supplemental materials you’re using are recent enough to cover any developments in accounting, tax, or auditing practices. Seek out bargain books or utilize libraries, as new accounting textbooks are expensive.

In addition to textbooks, there are other publications like "dummy guides" or online portals such as AccountingCoach.com, which can be invaluable. AccountingCoach, was founded by Harold Averkamp, a former professor. The portal provides free and affordable resources, including lessons, quizzes, and downloads that break down complex accounting topics into digestible parts. Whether you’re stuck on accounting fundamentals or more advanced concepts, this platform can offer you another perspective to aid your learning.

What about leveraging videos? YouTube can be a valuable resource for students struggling with difficult accounting concepts. It offers a wide range of video tutorials and lessons. Many accounting professors create content that explains topics like financial statements, depreciation, or tax rules in a visual and often simplified manner. Very often, students would tell me that a particular concept or calculation wasn’t clear and so I would prepare a video and post it the next day.

Take Advantage of Publisher Resources “Bundled” with Your Textbook

Another resource that many students overlook is the supplemental materials provided by textbook publishers. Publishers spend thousands of dollars creating these resources that are “bundled” with the book but need to be made available by professors. These resources are often free to the student and include items like PowerPoint slides, study guides, tutorials, and practice questions, all developed by subject matter experts (SMEs) who are often different from the main textbook authors.

The SMEs who author these materials are seasoned professionals or educators who create content to complement the core material. Their explanations of foundational concepts could be just what you need for that “aha moment” Many of these supplements offer slightly different takes on the core material and can provide the additional clarity.

Don’t hesitate to ask your professor what else is available, beyond the textbook, to help you more deeply understand the principles and concepts. Often times, your textbook publisher will list the resources in the front matter of the book.

Study Guides and Quick Reference Tools

In addition to publisher resources, consider study guides like those from BarCharts Publishing. These quick-reference tools summarize essential concepts and can be invaluable for review and exam preparation. They help simplify the material and allow you to reinforce your understanding quickly. As I have mentioned in another blog article: Creating Study Guides to Boost Your Grades on Accounting Exams, you should also get into the habit of creating customized study guides.

Purchased study guides and reference tools shouldn’t replace your own prepared study guides, but their content can possibly explain certain complex content in a simple and straightforward way.

AI Assistance

You can use AI tools, like ChatGPT, to enhance your understanding of complex accounting topics. AI can simplify difficult accounting principles by providing clear explanations and step-by-step examples, making complex topics more digestible. It can also generate practice questions and quizzes tailored to the specific topics students are studying, offering interactive learning and opportunities for self-testing.

However, AI is not infallible and can sometimes provide incorrect or incomplete information. Students should always cross-reference AI-generated explanations with reliable sources, such as textbooks or trusted educational platforms, to ensure accuracy. That habit, making a deep dive back into your text, will also help reinforce your studies. If you have already played with a resource like ChatGPT, you know that effective use of AI requires knowing how to ask the right questions. Crafting clear, specific prompts—sometimes referred to as "prompt engineering"—can take practice but is crucial for getting accurate and relevant responses. While AI is a powerful tool for learning, it should be used as a supplement to, not a replacement for other helpful and traditional resources. .

The Value of Diverse Perspectives

Using multiple resources allows you to approach accounting topics from different angles, deepening your understanding. Different authors, subject matter experts, and even a diversified portfolio of types of learning materials (e.g., textbooks, study guides, online resources) offer varied approaches to the same concepts. Sometimes, all it takes is seeing a tricky subject explained from a fresh perspective for everything to fall into place.

Diversifying your study tools can be an effective strategy for mastering accounting. Whether it’s picking up a second textbook, using an online platform like AccountingCoach, exploring publisher-provided materials, or using a purchased study guide, each resource you consult enriches your learning experience. Ultimately, by approaching the material from various angles, you’ll develop a stronger, more well-rounded grasp of accounting concepts and perform better in your studies.

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Author: Michael P. Griffin, CPA, author of MBA Fundamentals Accounting and Finance, was an Associate Teaching Professor of Accounting and Finance at the Charlton College of Business, University of Massachusetts Dartmouth.