Unlike traditional avenues of learning, mind mapping allows an individual to remember a construct based on its connection to others. In a topic, the key concepts work like the branches of a tree. Through this, trainee accountants can draw an association between an idea and its various aspects. Not only does this allow for better and reinforced accountancy learning, but it helps an individual genuinely understand what is being studied and so retain it for a longer period of time. Moreover, it saves time by removing the need for jotting down extensive details on paper and everything that comes with it because trainee accountants are generally short on time, SKANS Ecampus.
For trainee accountants, mind mapping can prove to have indispensable benefits. Considering how accountants need to remember a plethora of concepts and fundamentals at all times, such techniques enable them to assign meaning to certain words and then retrace back to the original concept.
In order to expand all aspects of a topic, you must first establish a starting point. Think about the most basic word related to the topic, that comes to mind, take a piece of paper, and write it in the middle of the page. For instance, you need to explain how financial statements such as the profit/loss statement may be used by an investor. Your foundation word could be ‘income statement.’ From there, you will extend branches into other pertinent knowledge points.
Naturally, the next step is to draw branches. Now, this isn’t limited to any fixed number. You can have as many branches as you deem necessary but be careful not to overdo it. The whole point of this exercise is to make accountancy concepts easy, Essential Study Notes – SKANS ECampus which means you shouldn’t complicate things to the point where their purpose is negated.
As a trainee accountant trying to figure out how income statements can be of benefit to investors, at least one of your branches will be taking into account the concerned stakeholders’ perspective. This brings to light another technique embedded within mind mapping techniques that allows for a thoughtful exchange of opinion. Thus, giving way to the notion of genuinely thinking out of the box, especially when you’re answering a question for someone else, which in this case is the investor.
It is not uncommon to find that the branches made will contain further information. Don’t be afraid to highlight those. Your map needs to be clear, and unless you know how everything is connected, you won’t retain it effectively.
For instance, one of the benefits of having access to an income statement for an investor can be the availability of a firm’s interest expenses. The latter is imperative in determining whether a company is actually worth the investment.
More often than not, you will find that two extensions are actually very closely related. It happens when two or multiple branches lead to a similar or identical elaboration. Experienced accountants are aware that this condition exists in real life, and since mind mapping is a mental projection of real-life concepts, its only natural for there to be a convergence of concepts.
Imagine two tiers 1 branch in relevance to how income statements are used by investors. One is ‘yearly increase in operating income,’ and the other is ‘yearly decrease in operating expenses.’ Both of these point toward the level of efficiency of operations management in a firm; hence, Accountants’ Role in Post-Pandemic Recovery – SKANS ECampus it can be deduced that these two branches are connect.
Trainee accountants have a lot on their plate, and the greatest part of their career is putting concepts into practice. Therefore, they must develop a clear understanding of what they learn to apply it to actual situations. In this case, mind maps serve as a type of mental stimulation, and a revision of accountancy concepts becomes a natural outcome.
Once your mind maping techniques is fully established, go over it, check for discrepancies or additions and then, adjust accordingly. Such a repetition will solidify the process in your mind and reduce the chances of inaccuracies in the future recall. This practice if developed early on, proves to not only be helpful in exam preparation but aids ineffectiveness at work too.
