Accountancy is a very important subject for every student of the Class 11 commerce stream as it deals with basic accounting concepts and theories. Studying this subject efficiently will help the students to strengthen their fundamental knowledge of the subject. Through this subject, students will be able to absorb some of the very complex concepts such as Analysis of Business Transaction, How to maintain the procedure of Bank Reconciliation Statement, Trial Balance & Rectification of Errors, Depreciation, Provision, & Reserves, How to maintain computerised accounting system, etc.
11th standard is the first year in which commerce students get exposed to the field of accountancy. In this year the students learn the basics of debit and credit. Accountancy is one of the most challenging subjects that every student comes across just after they step into Class 11. The subject appears easy in the initial stages but class 12 includes tons of complex concepts and theories. Therefore, it is important to develop a strong base from Class 11 itself. Accountancy is all about the practical application of all the concepts and hence, a student can’t mix up the subject to pass the examination.
Accountancy refers to the practice of collecting information from different business firms. It helps to analyse the financial reports of the firms in order to track the financial transactions. This helps the firms to formulate better economic decisions for growth and development.
To score well on the exams, the students must have a good grip on accounting concepts and logic. Therefore, to build a strong foundation, the students require a lot of practice. The students often tend to search for shortcuts to score well in examinations. But one must know that there are no shortcuts for academic excellence. The only solution for the students can be smart work and practice.
In this article, we will discuss the various tips to prepare for accountancy students.
Tips to prepare for the subject:
- Students should do smart work in order to make the maximum benefit out of it. They should put more focus on the important topic which will save them from wasting time on unwanted topics. Moreover, challenging topics require more time therefore, students should use their time wisely.
- Students should always start with the theory section and then move forward to the problem-solving section. This will help the students in understanding the concepts better.
- Apart from the NCERT textbooks, one should always follow a reference book or study material that provides all the required information and knowledge. The best books to prepare for accountancy are
- APC Accountancy Class XI by Shelly Goel, Rajesh Goel, DK Goel
- APC New ISC Accountancy Class XI by Rajesh Goel, Shelly Goel, DK Goel
- MCQs in Accountancy Class XI by D K Goel.
The DK Goel Accountancy Class 11 Solutions is available to download here. This book provides a generous amount of questions along with adequate knowledge and information specially designed for the students.
- One should practice all types of questions. But one needs to focus more on the questions which are repeated maximum times in the previous years.
- Students should prepare a proper routine to ensure proper utilization of time. There are 15 chapters in the class 11 accountancy syllabus. Students should include each and every chapter in the routine and allocate desired time to them.
- They should also learn and understand all the complex topics very clearly. This includes formats of balance sheets, journals, etc.
- Students should go through the theories and get their concepts clear before attempting the problems. Theories guide the students to efficiently approach the complex problems.
- Students should learn all the definitions, meanings and illustrations of all the chapters with appropriate examples. Building a strong fundamental base can help the students to solve any questions of any complexity.
- After developing a strong foundation of all the concepts for every chapter, students can move on to the problem solving section. They should start with the most basic level and gradually increase their level of difficulty.
- Solving a lot of problems is the key to building in-depth knowledge of the concepts and understanding their practical application. Students can take help from reference books whenever they get stuck in any problem.
- Reference books like DK Goel provide study materials designed by expert accountants. It consists of the best questions which have the maximum probability to come in the exams. Therefore students should practice these sums in order to know the question pattern and also the marking scheme.
- Students should give more time and focus on the computer based chapters as these chapters are the most scoring ones.
- They should practice by solving previous year question papers upto 10 years. This will help the students to understand the format of the paper, topics which are important and the questions which are frequently asked.
- Mock tests are an important aspect while doing any preparation. There are various mock tests available online. These tests help the students to revise the accountancy syllabus with the experience of a real time exam scenario. It will also help them in knowing about the areas where they are lacking and also to track their progress. These tests also help to boost up one’s confidence.
- Revision is the key to success. Students should keep revising the concepts and theories in order to stay updated with all the information and avoid the lack of knowledge or faded information. It will also help in improving their approach towards any question. Also, practicing a lot of problems while doing revision will help the students to increase their speed and accuracy.
Accountancy is important to pave a successful career for commerce students. They can take up a career in CA, CP and many more. They just need efficient knowledge in accountancy. It is the most important subject for the students of commerce stream. Therefore the students should have a strong knowledge about the subject. Every accountant needs the perfect combination of skill and knowledge to bear incredible results. Therefore, the students should also work hard in order to get good results and build a stable future.