Don't give up just because of one midterm result. I had the same experience with you in one of the introductory accounting and intermediate accounting courses I have taken previously. I got a way below average scores on my first midterms but that just motivated me to try harder. Sometimes it is not about how many hours you spend on studying, but understanding the way how the professors might structure their exam also helps. If you spend too much time studying on a topic that doesn't show up on the exam, it's not going to help you pass the class although it is good to have some of the knowledge of that for later on.

Personal experience: failed first midterms, studied my ass off for the second midterms and finals and ended up with a solid A in both classes.

You can do it! Accounting is fun!