To prepare for an accounting exam, you need to take plenty of notes. Getting ready for accounting exams does not start the week prior to the exam. You will perform better if you have been writing notes all through the course.
Ensure you also take note of key terms and know their definitions. Accounting, like math, involves problem-solving skills, thus you'll need to understand and apply underlying concepts. Make sure you work through example problems; this is one of the most effective ways you can prepare for an accounting exam.
Since financial concepts are developed from a single basis, you need to be familiar with previous course material. Ensure you understand your strengths and weaknesses. To work on your weaknesses, get clarifications and help from your teacher or a fellow student familiar with the concept.
Utilize extra resources outside the curriculum. There are abundant materials available to improve your accounting knowledge, for example AccountingCoach.com, which offers modules covering all necessary accounting concepts. You also need to familiarize yourself with the exam format. By looking at previous tests, especially from the same class, you can acquire an idea of the exam format.
Finally, you should not prepare alone. Get a study buddy and help each other out. The day prior to the exam, make sure you get enough sleep.