How to Prepare for Accountancy Exam Class 12 2020

STUDY TIPS FOR PREPARING ACCOUNTANCY EXAM

BOOKS

• The study should be planned as per the syllabus prescribed by the CBSE from NCERT  Books.
• Board exams are based on the prescribed syllabus provided by CBSE.
• Reference books available in the market can be used for extra practice.
• Some of the most used reference books for Class 12 Accountancy are T.S.Grewal, D.K.Goel, P.C.Tulsian and V. Wason.
• Students must refer to BYJU'S Commerce materials to achieve 100% marks target.

DEFINITIONS & MEANINGS

• Definitions should be properly understood along with their meaning.
• Students must understand the logic and reasoning behind the concept.
• Memorize the definitions after understanding the concept and logic them so that it can be written down in the best possible way.

 FEATURES, ADVANTAGES AND DISADVANTAGES

• Students must focus on the Features, advantages and disadvantages of various concept topics as these questions are asked frequently in the Board exams.
• Written practice must be done. Only understanding and memorizing will not help in developing a strong hold on the subject.

 FORMULAS

• Students should try and remember all the important formulas  in Accountancy.
• Students should develop a good understanding of the way a formula works as simply mugging up those formulas will result in incomplete learning.
• The best way to remember formulas is to prepare a chapter wise formula sheet and revise them regularly.

Important Topics in Accountancy

• What is a Balance Sheet?
• Partnership Deed
• What is Goodwill?
• Treatment of Goodwill
• What Is Partnership

 CALCULATION

• Take utmost care while making calculations so that silly mistakes can be avoided.
• Practising calculations in sample papers will help you in the exam by saving you time in performing calculations faster.

WORKING NOTES

• Prepare neat and clean working notes which will form the basis for the amounts calculated and to be put in Journals as well in accounts.
• Working notes  carry marks in the exams, so make sure to prepare proper working notes.

 FORMATS

• Students should pay attention  while making formats for journals, Ledgers and Balance sheets.
• Proper formats for the accounting items must be drawn.
• Practice drawing formats as it will help students in completing a solution faster and help finish the paper in time.

RECORDING OF ENTRIES AND POSTING

While preparing ledger accounts always post all the entries in their respective accounts simultaneously rather than preparing the accounts individually.

If you follow this process, then there is minimal chance of missing any item in any account.

 NOTES

• Make your own notes chapter wise.
• Mark those concepts with RED  colour which you find difficult to understand.
• While solving questions, you may get stuck at some typical point. Always note those typical points for later revision. It will help you later on in the exam.

REVISION

• Proper revision  is the key to success in any exam.
• Bring together all your notes, practise registers and formula sheets prepared by you which you made throughout the year.
• Make a revision plan. Allocate the time available between all the chapters and start solving those questions which you found difficult to solve while practising.
• Also, revise those concepts which you found hard to understand and marked earlier.

PRACTICE FROM PAST YEARS' PAPERS

• Start solving past years' examination papers keeping the time in mind.
• For getting exam practice set the clock as per as exam time and try to solve as much as possible within the time.
• This will help in better time management during the examination.
• Always remember to make proper formats, working notes, narrations and correct calculations.
• Practising this way will make you more confident to face the real exam.

SOLVE SAMPLE PAPERS

• Sample papers are of great help to understand your level of practice.
• There are a lot of sample papers available in the market from different publishers.
• Do not forget to solve BYJU'S Accountancy Sample Papers for Class 12th.

This article was all about the topic of Study Tips for preparing for Accountancy exam, which serves as a guide for Commerce students in their exam preparation. For more such interesting articles and guides, stay tuned to BYJU'S.

How to Prepare for Accountancy Exam Class 12 2020

Source: https://byjus.com/commerce/study-tips-for-preparing-accountancy-exam/

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