CBSE Class 12 Accountancy Preparation Tips
What is Accountancy?
Accountancy is the art of communicating financial information about a business entity to users such as shareholders and managers. It is a numerical based subject and you need to have good command over ledgers, debiting and crediting balance sheets and even journal entities.
With respect to Senior Secondary Stage, an ever changing economic scenario and business environment in a state elementary business education along with accountancy as the language of business and as a source of financial information has carved out a place for itself.
Accountancy is divided into 2 parts. 60 marks are for the theory paper and 40 marks are for the practical examination and viva voce. Some important topics taught at the HSC level are as follows:
- Accounting for not for profit organizations.
- Accounting for Partnership Firms
- Accounting for Partnership Firms
- Accounting for Share Capital and Debenture
Important topics for theory (for the theory exam)
- Accounting for Share Capital and Debenture – 25 marks
- Accounting for Partnership Firms – 20 marks
- Accounting for not for profit organizations – 10 marks
- Accounting for Partnership Firms – 5 marks
You can choose one topic from Part B and Part C for the practical work and viva voce.
- Part B (Financial Statement Analysis) deals with Analysis of Financial Statements and Cash Flow Statements.
- Part C (Computerized Accounting) deals with Computerized Accounting System, Accounting using Database Management System (DBMS) and Accounting Applications of Electronic Spread sheet.
Tips for Preparation
- Know the basics, like, ledger posting and debit and credit balances.
- Make flashcards to remember the definitions of the new terms you come across, like assets, debts, liabilities, profit and loss. Read these flashcards on your way to school, before dinner or even between lectures.
- Never leave work for later. Accounting is a cumulative subject. This means that it builds on the previous concepts learnt. You can not start from chapter 6, without working through chapters one to five, the more you keep delaying it, the work will keep piling up. Whenever you don’t feel like solving the numerical part, read the summary given at the end of the chapters or go through the flash cards.
- After you finish your syllabus, revise as many times as possible.
- Once you are through with your syllabus, move to paper solving, so as to accustom yourself to the test taking environment. Solve the sample papers given by CBSE and, also, from books like Oswal sample papers.
How to score well
- Before you start the exam, utilize the first 15 minutes to scan the paper. Read the question paper thoroughly before jumping to write the answers.
- Among the questions with internal choices, select the ones that you plan to attempt, and frame skeletons of the answers you are going to write for these questions.
- Follow a pattern. For example, in case you start with long answer questions, complete that section and only then move to short or very short answer section.
- Highlight the important points and write your answer in points to enhance visibility.
Recommended NCERT books
NCERT books are the best source for a CBSE exam. Accountancy 1 costs Rs 70 and part 2 costs Rs 85.
TMH Accountancy for class 12 by V.K Goel, priced at RS 225, the book aims to provide a detailed coverage of the subject. A simple and systematic explanation of the concepts is supported by a lot of practical and numerical problems. The book boasts of solved illustrations, practice exercises with hints, chapter-end summary and even objective questions.
CBSE Sample papers: You can download the papers from the official website. The sample papers provided by the CBSE are as close to the real exam as it gets.
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