Accountancy is a major subject in class 12th commerce stream. For students interested in studying finance in higher education accountancy is an important subject. It is also termed as the language of business by many. Accountancy acquaints students with financial knowledge and introduces them to the world of business. It is a subject solely based on calculations and logical reasoning. Accountancy lays emphasis on basic accounting principles and analytical skills.
In this modern technological world, computers are a necessity. All the official and unofficial work is done and saved on computers. Even in the accounting field, all the data is stored in computers, therefore it is important for students to practice accountancy on computers. In class 11 they are taught the basic fundamentals of accountancy which are later taught in detail and in class 12 students are given an option to study computerized accounting system.
Preparing accountancy for exams could be a challenging task because of its lengthy calculations. Accountancy is a subject in which concepts studied in school are directly applied in accounting because of which no topic is unskippable. In order to excel in Accountancy class 12 exam students are required to have a clear and deep understanding of each and every topic.
Why preparing for class 12 accountancy important?
1. Preparing for class 12 accountancy can improve your class 12 CBSE Board percentage as accountancy is a major subject of commerce stream.
2. Increases your chance of getting a good university or college for higher studies. Studying at a deemed university can provide you a good education and good job opportunities.
3. Builds a strong foundation of financial knowledge. The most important thing in the financial world is accounting. For students aiming to become CA accounting is an important subject.
4. Improves your calculation skills. Accountancy is all about calculations. Practicing a lot of questions improves students’ speed and accuracy in doing calculations effectively.
5. Gets you one step closer to cracking CPT (Common Proficiency Test) which is an entry level examination for taking admission in Chartered Accountancy Couse.
When to start class 12 accountancy preparation?
Accountancy is very similar to mathematics in terms of methods, procedures, rules and heavy calculations. Just like mathematics accountancy also requires constant practice and conceptual understanding. Even using calculators is not helpful in accounting because silly mistakes can still be made using a calculator. For solving accountancy questions good solving skills and great presence of mind is required. Therefore, like mathematics accountancy should be studied from the very beginning without skipping any topic. Study accountancy on a regular basis and practice questions daily to get a good grip on concepts.
Tips for preparing class 12 accountancy –
1. Studying from good books – The most important step is to attain authentic knowledge from good books. NCERT books are best for CBSE exam preparation and provide point-to-point explanations for any topic. For acquiring a deeper knowledge of important topics students can refer to reference books like DK Goel, TS Grewal. PC Tulsian and V Wason.
2. Study theory properly – In accountancy, theory is as much important as calculation. Learning all the important definitions, explanations and examples can improve your grades in accountancy. The theory should be studied properly before doing calculations because it lays the foundation for all the concepts. It is important to get a good understanding of the logic and reasoning behind any concept. Students should not only just mug up the formulas instead should try to understand the derivation. They should note down the formulas in a notebook chapter wise for easy revisions.
3. Practicing questions on a regular basis – The most important part of accountancy is the regular practice of questions. Students should avoid doing silly mistakes while doing calculations to avoid deduction in marks. NCERT offers a wide variety of questions to practice. Practicing from NCERT can enhance a student’s knowledge. To check the method for answering questions you can take help from solutions. Class 12 accountancy NCERT solutions are available in PDF format on the internet. Students mostly refer to reference books like DK Goel for practicing more variety of questions. DK Goel Solutions Class 12 Accountancy PDF is also available on the internet for free. Students can take help from the solutions and can clear their doubts easily.
4. Practice accounting on computers – In this new generation of technology and computers, all the accounting work is done digitally on computers and not in paper files. To get a better understanding of concepts students should practice accounting on a spreadsheet or DBMS or on software like tally. Practicing on computers will tell them the difference between working on paper and working on computers.
5. Practice plenty of sample papers – Sample papers give an idea of the paper pattern and the difficulty level of questions. Sample papers can tell us the format of questions that will be asked in the main examination. Ensure to scan the paper thoroughly before beginning and try to finish it before time for a final review. Practicing sample papers also boosts confidence. Students should also practice previous year accountancy papers. Many questions are repeated through the years, students should note them and should prepare them first.
6. Focus on important and scoring topics while preparing – Practice making balance sheets as much as possible because there is a high chance of making silly mistakes while making balance sheets. Always start with theoretical topics because they are called scoring areas as there is less chance of making mistakes in theory topics. Always be aware of the amount to be dealt with. Many students copy wrong digits from the question paper which leads to wrong calculations.
To sum up –
Accountancy is the science of commerce. It is termed as the science of commerce because of its standard rules and logical implications that must be followed. To do good in the class 12 accountancy exam students should do regular revisions and follow a proper study plan. By following the above mentioned strategies students can score very well in class 12 accountancy exam.