Students from the Faculty of Commerce and Accountancy received the first prize from the Thailand Accounting Challenge 2023.

Tuesdy 7 February 2023

     Team of students from the Faculty of Commerce and Accountancy, Thammasat University, consisting of Kirakorn Klomrit, 4th year student majoring in Accounting, Nutruja Wainipitpongse, 4th year student majoring in Accounting, and Boonya-orn Chanthamanee, 4th year student majoring in Accounting, won the first prize among 125 teams from 66 institutions across the country in the 9th national accounting quiz competition of the year 2023, or "Thailand Accounting Challenge 2023", and received a trophy from the President of the Federation of Accounting Professions, a plaque, and a scholarship of 50,000 Thai baht organized by the Federation of Accounting Professions in the Royal Patronage at Emeritus Professor Kesree Narongdej Seminar Training Center, 6th Floor, Federation of Accounting Professions Building, Sukhumvit 21 Road (Asoke), Bangkok.

     Kirakorn Klomrit revealed that the team knew about this competition from the public relations channel in MS Teams of the Department of Accounting, Faculty of Commerce and Accountancy, Thammasat University, and announcement from the lecturers as well. Thailand Accounting Challenge or TAC is a competition organized by the Federation of Accounting Professions. It is about answering questions or quiz related to the accounting profession. The nature of the competition is exam-like with multiple choice questions and time limits for completing each question in which the contents of the competition consisted of 6 topics: financial accounting, cost accounting and managerial accounting, auditing, taxation, accounting information systems, ethics and laws related to the accounting profession which compete as a team of 3 people and help each other think about each question. The competition is divided into 3 rounds, with rounds 1 and 2 being qualifying rounds to select the number of teams to about 30 teams out of more than one hundred teams go to the finals in Round 3.

     Natruja Wainipitpongse said that for the preparation, the lecturers would arrange sessions to review knowledge, or that is, provide tutoring for all students who participate in the competition. There were many lecturers who come to tutor during the out-of-class time including creating a group for students to ask questions at any time. In addition to the tutoring prepared by the lecturers, each student had to read the textbooks of the subjects they had studied since they were in the first year to review their own knowledge and download documents such as professional standards or manuals explaining various standards from the Federation of Accounting Professions website to read and understand thoroughly as well because the content learned in the classroom alone may not be enough. By taking time off from studying and working in each subject to study and read books. In addition to reading books, there will be practice exercises, both questions that have been done in the classroom and old exams that have been used in previous years' competitions and when the day of the competition was approaching, the lecturer would arrange a simulated test like the actual competition day to see whether we are ready or not to join the competition, or is there anything that needs to be improved or further reviewed.

     Boonya-orn Chanthamanee added that the main obstacle encountered by the team prior to the competition was boredom as when we read books for a long time, we could be bored and did not wish to continue reading. Another hurdle was the time constraint as we only had a few months to prepare while having to study and work for various subjects as well, which also makes it even more difficult to organize the time for reading for the competition.

     As for the obstacles the team encountered during the competition, there were time constraints and some problems that were quite long or even took up a whole page, but only given a few minutes to think, causing confusion. Also, there were times we skipped important information.

     “The reason behind winning the first prize is thought to be due to the well-taught knowledge from the lecturer which has been accumulated since the first year, making us understand the idea and content of accounting since started studying the subjects. This includes trying to constantly review the content and find more knowledge outside the textbook, such as the website of the Federation of Accounting Professions to the good support from many lecturers and cooperation between the good team members, allowing each other to think, share, and help filling in certain content that some may not know about or neglect as team competition, every member will have to work together to think and that an individual member cannot remember all the contents to oneself for the competition.

     After receiving the award, I am very glad that our effort in reading books has made this achievement possible and I am as well proud to be able to build a reputation for team advisors including other professors as well as the Faculty of Commerce and Accountancy and Thammasat University as well.”Kirakorn concluded.

     In addition, students from the Faculty of Commerce and Accountancy, Thammasat University consists of Puntila Lertchakorn, Panpanat Sereesuwankit and Adirut Trakanmaneerat received an Honorable Mention award and a scholarship of 10,000 Thai baht.