Students who opt for commerce stream get introduced to a new subject in Class 11th- Accountancy. Accountancy is neither too tough nor too easy for any student. Accountancy is considered to be the toughest subject among the rest of the subjects in the commerce stream. Therefore, in order to score high, one must be aware of the different tips and tricks to score a good mark in accountancy.
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BOOKS
Study from the NCERT Books Class 11 Accountancy books as per the syllabus prescribed by the CBSE. The book is easily available online, as well as on the market. Further practice can be done from different reference books available in the market. Some renowned reference books for class 12th Accountancy are D.K.Goel and T.S.Grewal.
Definitions are needed to be understood properly along with the proper meaning. We need to understand the logic and reasoning behind it. Memorizing the definitions after understanding them is necessary. We can write them in the exam properly.
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FEATURES, ADVANTAGES AND DISADVANTAGES
Students should always focus on the Features, advantages and disadvantages of various topics as these questions are asked frequently in the exams.
Students should start preparing by writing them and not just by understanding and memorizing.
- FORMULAS
A lot of formulas are required in accountancy.
Students should never mix up those formulas and should understand how that formula is derived and what purpose it is made for. Until and unless we have a proper understanding of the formulas, we will not be able to solve questions properly.
We need to understand the formulas, prepare a chapter wise formula sheet and revise them regularly.
- CALCULATION
Calculations should be done very carefully to avoid mistakes.
It helps us in the exam and will save us from losing marks.
- WORKING NOTES
Neat and tidy looking working notes are the basis for the amounts calculated and to be put in Journals as well in accounts.
Working notes also carry marks in the exams.
- FORMATS
Students should pay attention while making formats for Balance sheets, Ledgers and journals.
They should draw proper formats and focus on writing narrations. A lot of students take too much time in making formats because they seldom practice drawing proper formats while they practice. Thus drawing formats will help students to finish their papers on time.
- RECORDING OF ENTRIES AND POSTING
While making ledger accounts, students should post all the entries in their respective accounts rather than preparing the accounts individually.
- NOTES
Students should make their own notes chapter wise.
Marking difficult concepts with RED colour will help to understand. While solving problems students might get stuck at some point. The typical points should be noted for later revision.
- REVISION
Revision is the key to success. It is the most essential habit while preparing for any exam. Students should prepare a revision plan. Distribute the time available between all the chapters and start solving questions that they find difficult to solve while practising. Also, revise those concepts which are hard to understand and marked earlier are recommended to put into practice.
- PRACTICE FROM PAST YEARS’ PAPERS
Solving past years’ question papers while keeping setting up a time goal is very beneficial. Setting our clock and checking the time while solving these papers can help us to get exam type practice at home. This will help us to manage our time during the examination. This will also help us complete our exam in the allotted time and the paper will not look lengthy. We should be careful while making formats, working notes, Narrations and correct calculations. We will gain a lot of confidence with this as we will be able to practice according to the pattern of questions, typology and methodology of how examiners set the question papers and what type of questions we will face.
- SOLVE SOME SAMPLE PAPERS
Sample papers are of great help to judge our practice.
A lot of sample papers are available in the market from different publishers.
To qualify the Accountancy Class 11 exam with flying colors, below are 15 quick tips:
- One must read the question properly, at least twice, before answering.
- Underlining the important points of the question will be useful in solving the question.
- We should try to solve financial statement analysis at the end of all the questions because it contains a lot of calculations.
- In case of questions related to shares, if applied shares are given to the shareholder, then after finding allotted shares, the candidates can simply cut down the applied shares from the question paper such that they can consider only allotted shares while solving the questions.
- During the preparation of a cash book in shares, we should try to pass all the entries of the bank in rough so that there is no confusion.
- For the profit and loss appropriation account, the profit should always be before any appropriation. The students should be careful about the balances of the capital of partners. It should complete the entire 12 months duration otherwise month consideration will be there for any appropriation.
- If candidates are unable to write the answer to a question, they should move on to other questions and return to the former later.
- If any redemption of debentures exists, the candidates should always try to find out which method of redemption is given in the question.
- A student should always keep some time for revision while adjusting time.
- One should not leave out any question.
- Answering those questions first which is known well is recommended.
- Attempt ‘HOTS’ questions at the end. Reading summaries given at the end of each chapter to get a comprehensive idea about the given chapter is important.
- HOTS can be picked from summaries.
- Taking reference from the latest CBSE sample question papers, along with previous year board question papers is suggested.
- Always refer to ‘TOPPERS’ answer sheets available on the CBSE website.
Conclusion
To prepare for XI Commerce one should use a combination of best recommended books, and a lot of free notes, charts, and materials.