Accountancy is the most interesting and scoring subject for Commerce stream students. The subject in itself is also a challenging one as the syllabus is vast and concepts require deep understanding. Therefore it becomes very important for every Commerce stream student to get their ideas cleared and have a good concept about the basics of accounting and financial procedures in Class 11 itself. It is only on a strong foundation that a tall building can be built. You might face problems in Class 12 if your foundation is not strong since accountancy becomes harder in Class 12 with its complex principles. Your unclear concepts might land you in a hassle situation right before the Class 12 CBSE Board examination. To understand the basic logic of accountancy you need to be thorough with your practice, regularly revise the topics, and most importantly have a good concentration power.
The subject deals with a total of fifteen chapters in Class 11 among which Trial Balance and Rectification of Error, Depreciation, Business Transactions, and maintaining of Bank Reconciliation Statement are slightly difficult ones. To score well students have to put in hard work and maintain consistency. If you are thinking of preparing for Chartered Accountant, Accountancy, it becomes a very significant subject as it helps to know the standard set by the Institute of Chartered Accountant Of India(ICAI). So your preparation has to start from Class 11 itself.
Why is accountancy important?
- It will pave the way to a bright career and give you an ultimate healthy financial future
- It is one of the most demanded requirements in today’s world as every business needs an accounting system for evaluating their performance, managing their financial records and taxes.
- It will not only lead you to become an accountant but also will give you an opportunity in other finance-related fields
- Accountancy helps in future projections and gives a blueprint of how to create a profitable future from past assets.
Accountancy can only be understood by clearing every concept and regular practice
Here are some useful tips that can make your studying accountancy easier in Class 11
- Understand all the definitions well and memorize them. Stress more on the keywords of the definition that will help you better in framing your answer. Always try to locate examples for the definitions. Examples will make your definition more relevant and easier to understand.
- Accountancy is a time-consuming subject. Invest your time in first understanding the theoretical topics and then switch to practicals. Once your base will be clear it will become easy for you to solve practical problems quickly.
- Maintain a timetable. Students need to schedule a timetable and arrange their routine according to their set priorities. Allot maximal time on important topics and areas where you lack confidence. A timetable will keep you updated about the parts of your syllabus left to be covered.
- Do not try to mug up every point, generate in-depth knowledge about concepts, and try to frame them in your own words. Always try to first understand the logic behind the concept and state it in your own words that will make your learning easier.
- Abide by the syllabus. The CBSE board has very well mentioned the use of NCERT for your preparation hence refer to it. Questions asked in your final examination will come only from the prescribed syllabus thus it becomes very important to go through each topic, its subtopics and practical based questions very thoroughly.
- Apart from NCERT, you can also refer to renowned books like DK Goel Solutions Class 11 Accountancy Chapter 11 which is highly beneficial for students. The book will give you an easy understanding of every topic which is illustrated with proper examples for you to understand the concepts in a better way. The book has been reviewed by experts belonging to the commerce field thereby making it one of the most premium books.
- Accountancy deals with a lot of lengthy calculations. Inculcate a practice right from the very beginning of solving the calculations manually rather than using a calculator. Regular practice of calculations will ensure better efficiency with accuracy.
- Maintain a practise of writing down self-made notes or underlining the important words, definitions, and topics in your book itself. Right before the examination, you might not have enough time to go through every topic in detail. Highlighting the important topics or jotting down the keywords in a rough copy will give you a summary of the entire concept. Thereby saving your time.
- For working out calculations you have to be familiar with all the formulas. Instead of mugging them all try to understand its purpose and derivation. You can also prepare a chart listing all the important formulas and go through them daily. This process will make your learning and understanding of formulas faster.
- When preparing a Ledger account, always fill the entries in the respective account consecutively rather than filling them individually. This process will ensure that you have not missed any entry in any account.
- Be well acquainted with the format for preparing Balance sheets and Journals. Practice writing narratives that are not very long or else you might face problems in completing the paper on time.
- Revision is the only way you will excel in a difficult subject like Accountancy. Timely revision after completion of every topic will keep you in constant touch throughout the chapter till your examination date leaving you relaxed and confident about your preparation.
- Lastly, do not forget to take references from previous year sample papers. Always try to pick up questions from the paper after completion of a particular topic and solve them. You will get an idea about the nature of the question framed from different topics and chapters of Accountancy. Do not make the mistake of going through them at the last moment just before the final examination date.
Keeping in mind these simple tips and following them will surely make a difference in studying Accountancy in Class 11. Do not only go for hard work but combine smart work with it. Everything seems easy once you start taking interest in it. Challenge yourself. You can do it!!