As the class 11 Term -1 exams approach, commerce students are concerned about their performance. It is their first time reading these topics. Especially in accounting, where there are numerous concepts, tables, formats, and so on. It becomes difficult for them to achieve good grades.
Because most schools now operate online, students lack teacher guidance for exams. As a result, their problem worsens.
So, to solve their problem, we will discuss some tips for getting good grades in Accountancy.
So, without any delay, let’s jump on the article.
Select good Books
You probably don’t know which books to refer to for Accountancy because you’re new to the subject.
For extra practice, you can seek help from refreshers like T.S.Grewal, D.K.Goel, P.C.Tulsian, and V. Wason, etc to study accountancy in class 11.
Study Definitions and meanings
Accountancy has several concepts, and each concept has a different definition and meaning. And these definitions, like their meaning, must be appropriately understood.
Students must comprehend the concept’s logic and reasoning.
Memorize the definitions after you have grasped the concept and logic so that they can be written down as clearly as possible.
Create formula sheets
Even though you are in 11th grade now, you must be concerned about multiple formulas in accounting. Furthermore, students must memorize all of the significant accounting formulas.
As a result, students should develop a thorough understanding of formula usage from now on, simply memorizing those formulas will not get you good grades.
The best way to remember formulas is to create a chapter-by-chapter formula sheet and review it regularly.
Practice features, advantages and disadvantages questions
Every year, multiple questions about features, benefits, and drawbacks appear in the accountancy class 11th examination. Students must focus on them while learning a chapter, as it carries higher weightage in exams.
Also, the best method to excel them is by writing. Write all features, advantages, and disadvantages of the complete syllabus at least one time. Only understanding and memorizing will not help in developing a stronghold on the subject.
Prepare your own notes
You must be having difficulty understanding and revising accounting concepts. Making your notes is the best way to learn and understand each accounting concept. Though your teachers will provide you with their notes, or you can obtain them from several websites. However, nothing beats your notes.
So, study one chapter thoroughly and make neat and clean notes that will serve as the foundation for revising, understanding, and learning concepts.
These notes will assist you in quickly and efficiently revising all of the concepts before the exam.
Learn formats of balance sheets
Accountancy is full of the balance sheet, and because you studied commerce, balance sheets will play a significant role in your future career.
However, creating balance sheets is not an easy task, and students must exercise caution when creating formats for them. Specific marks are assigned on the configuration of the balance sheet in the exam.
As a result, you should practice drawing formats regularly because it will assist students in completing a solution faster and finishing the paper on time.
Work on calculative problems
Accountancy, like math in previous classes, necessitates calculations. In the same way, we make mistakes in our computation. As a result, when resolving problems, use extreme caution and avoid errors at all costs.
This practice will help you perform better in the exam and prevent you from losing marks due to minor mistakes.
Recording of entries
Instead of preparing the accounts separately, always post all the entries in their respective accounts simultaneously when creating ledger accounts.
If you do this, there is no way you will miss anything in any account.
Proper revision is essential for success in exams. Now, make time in your schedule for revision and gather all of your notes, practice registers, and formula sheets while revising.
Create a revision strategy. Allocate the time available between each chapter and begin answering the questions you found difficult to answer while practicing.
Also, go over the concepts that you struggled with and marked earlier.
Now, these are some of the most important tips to remember for your Accountancy exam. As it is your first year studying this subject, you should be cautious.
Let’s see some of the quick tips which will be beneficial for your term 1 exams.
- Before responding, read the question at least twice.
- Highlight the key points of the question that will be useful in answering it.
- Try to complete the financial statement analysis at the end of all questions, as it requires a lot of calculation.
- To avoid confusion when preparing a cash book in shares, try to pass all bank entries in rough.
- When preparing the profit and loss appropriation account, the profit should always come first. Furthermore, the candidates should be aware of the capital balances of their partners; it should complete the entire 12 months, otherwise, month consideration will be available for any appropriation.
- If candidates are not able to answer a question, they should move on to the next question and return to the previous one later.
- In the case of debenture redemption, candidates should always try to determine which method of redemption is specified in the question.
- In the case of questions about shares, if the shareholders’ applied shares are given, the candidates can cut the applied shares from the question paper after finding the allotted shares, so that they can consider only the allotted shares while answering the questions.
At last, The article is completed and we believe that you get a perfect strategy. However, if you follow all the quick tips and detailed tips, you will excel not only in your term -1 exam but also in your term-2 exams. All you have to do is honestly follow each piece of advice seriously.