AS students should be able to recognise the importance of thinking skills particularly during their period of learning accounting in ASs. Many recent contemporary studies have articulated the necessity for students to develop their judgment skills through their learning. This is becoming even more important with the latest introduction of IFRS principle-based standards. Regardless of the societal demand for such skills, it was found in the present study that students’ recognition towards the importance of thinking skills was very poor. Table 3 displays the ranked lists of factors affecting both success and failure among AS students. Almost all items in the top 10 of ranking were found to be dichotomous. For example, the item “Continuous effort” in the success list had contra relationship with “Lack of effort” in the failure list. Similar relationship was observed in Reviewing/Preparing classes (Lack of reviewing/preparing classes), Self-motivation (Lack of self-motivation), Set a goal (lack of a goal), Time management (Lack of time management) and Self managing (Lack of self-managing). These are considered as the absolute factors that students perceived important to succeed and not to fail at the ASs. Among these items, “Self-motivation”, “Set a goal”, “Time management” and “Self-managing” were the items declared by student themselves and then classified as the Self-control factor. Frequent references of these Selfcontrol factors by AS students indicate that achievement of their success is believed to be highly dependent on their attitude on how best to control themselves. Some previous psychological development research including that of Boler (1999) and Goleman (1995) similarly argued that self-directed learning factors such as self-awareness, selfresponsibility and empathy are thought to be important determinants of generic intelligence so necessarily required to maximize intellectual potential. In the accounting literature, Gracia and Jenkins (2002) investigated qualitatively the factors leading students to the academic failures and found that students who failed tended to place the locus of control for their learning with others, while successful students seem more likely to place the locus of control with them and adopt a more active approach to their learning. These prior studies support our finding regarding the positive effect of Self-control factors as indicated by the AS students in Japan. Table 3: Perceived Factors that affect Student Success and Failure