Accountancy is a subject which deals with the recordation, classification, and analysis of the financial transactions of a business. It mainly emphasizes keeping a check on the financial statements and managing them. An organization’s financial status can be looked at and understood by studying the reports managed by the accountant. Accountancy is often regarded as one of the hard-to-comprehend subjects and the lengthy syllabus makes it no better.
Accountancy is a practical subject with a lot of problem-solving questions that require effective time management alongside the theory questions. Both are equally important and should be taken with equal seriousness. While a small number of students might have studied the subject in classes 9 and 10, it might be the first time for a considerable amount of students. Here are some tips that could help students prepare for the accountancy exams and score well in them.
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- Find a good resource material
Having good informative resource material is extremely significant and comes in handy when you need to refer to something authentic and not confusing. A recommended resource book would be DK Goel Solutions Class 11 Accountancy, Download PDF, which is available these days. The book has been written systematically in a comprehensive manner to help students understand the basic concepts of the subject.
- Fix a time for studying the subject daily
Accountancy requires a lot of effort and practice. Fix a time block of 2 hours each day to study accountancy, practice questions, and understand whatever was taught in class. Daily practice will give you an edge in the subject and you will know your strengths and weaknesses so you can improve upon them. Try to refrain from using the calculator for calculations, instead, do them manually so you can increase your efficiency. Don’t feel pressured to get them right in the first go, good results take time.
- Do not cram!
Accountancy is a subject that cannot and should not be crammed. Try to understand the concept. Even if your working speed is slow, take your time and understand the concepts instead of cramming up stuff from the book. Pay extra attention to long and difficult concepts like BRS, depreciation and practice them as much as you can. Learning the formats for journals and ledgers correctly might save you from the deduction of marks.
- Keep your concepts clear
Having your foundational knowledge in the subject clear will help you in the long run. Develop a good command over topics like journals and ledger. Gain an understanding of the concepts that you find hard to understand, you can use reference books as well as trusted online resources. Keeping your concepts clear will be beneficial in class 12 as well as in higher education.
- Ask questions!
Asking questions is the best way to progress in learning any subject. Do not feel shy to ask questions, asking questions and raising doubts signify your growth in the subject. Read your text carefully and underline the parts you don’t understand. Make sure you ask them your teacher or look them up online. Do not feel embarrassed if you ask the wrong questions, every question is valid and important to build your knowledge in accountancy.
- Solve questions
Practice as many questions as you can. Initially, begin with the chapter end questions. Mark the questions that you felt were difficult and keep going back to them every once in a while. You should be able to get the previous years’ question papers from your school library, start solving them to get a clear idea of the types of questions that can be asked in the exams. You can gather an ample amount of sample papers online and use question banks to find good questions. Solving questions will help you decide how much time you need to give to each kind of question so you don’t waste your time which could have been invested somewhere else.
- Teach others
Studies have shown that teaching others is the best way to learn, it does not have to be tuition or any paid professional level teaching at all. Teach your peers, clear their doubts and learn the things that you do not have a proper comprehension of. Teaching also allows you to learn and hear what kinds of questions other students might have, this proves to be a wonderful way of expanding your knowledge on a subject regardless of your level of proficiency in the subject.
- Study smart
‘Study smart’, students hear that a lot but not many students can study smart and effectively. Studying smart means focusing on topics that carry more weightage in both examinations and higher education. There are so many chapters and time-demanding concepts in accountancy that it becomes difficult to focus on areas that are essential from the exam point of view. Therefore, making notes of points or concepts you struggle with and paying more attention to them during the preparation of exams might be extremely helpful when you have a short amount of time in hand.
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- Practice makes perfect.
Practice a lot. Allot time in the day, and practice daily. Practicing will help you figure out the time each question requires, improve your problem-solving skills, make you faster at coming up with answers, and organize your thoughts. Practice different sets of questions from previous years’ question papers, sample papers, question banks, and reference materials. Practice correct formats for all the accounts, which will ensure maximum marks.
- Make topic wise notes
Lastly, take down detailed working notes for each chapter which you can refer to later which would clear up the basics. Make sure that the notes are well written and made so you can understand them easily. Pay attention to calculations, recordings, and posting of entries in the ledger, definitions, advantages, disadvantages, features of accountancy concepts, as well as the formulas. The notes made by you should include all this information in an informative and systematic manner.
Also, get insights from your teachers and seniors about accountancy and the right way to ace it. Gathering support and resources from the seniors and teachers along with self-assessments and practice can prove to be truly useful in scoring a 100 in accountancy.