How To Score High Marks In Class 12 Accountancy Exam

0
192
Accountancy Exam 1637665562
accountant, accounting, adviser @ Pixabay

Accountancy is one of the primary subjects in the commerce stream. It is a subject of choice for future accountants and business owners. It provides an in-depth knowledge of handling accounts for businesses and firms thus training students for career-specific purposes. 

It is a dream of many commerce students to attaint that perfect hundred score in Accountancy. But many are discouraged along their journey as they start diverting from their goal and come up with wrong strategies. But any student can score excellent marks in accounts with targeted and guided hard work and dedication.

Here’s a targeted and optimized list of tricks to follow to score the maximum possible marks in accountancy board exams:

1. Learn the 12 Basic Principles of Accounting By Heart

The twelve widely accepted principles of accounting are genuinely the most core concepts of accounting. Pupils must pay grave attention to it to ensure maximum retention.

Accounting principles are a set of rules pertaining to which accountants must do their job. These principles are ought to be followed when preparing a financial statement for a publicly-traded organization. The common usage by accountants worldwide updates and modify these principles. Issued by Financial Accounting Standards Board and the International Accounting Standards Board, accounting standards are completely built on these principles.

The auditing must be done pertaining to these basic principles. The purpose of accounting principles is to ensure uniformity in documentation throughout the organization. 

Some common accounting principles are listed below:

i. Accrual Principle

The accrual principle suggests that all transactions should be included when they actually happen rather than depending on when the cash flow is occurring.

If any company doesn’t abide by the accrual principle, it could lead to artificial acceleration or delay in terms of vendor payment.

ii. Conservatism Principle

The conservatism principle states that all liabilities and expenses are to be tracked immediately, but assets and revenues should be noted only with certainty.

Applying this principle reports lower reported profits for the company thus arranging its accounts more conservatively. It isn’t wise to use this concept too far.

iii. Consistency principle

This principle urges that the company follows one sort of principle for accounting uniformly until there’s a considerably better one in the market.

Not applying this makes the accounts of the company whimsical.

iv. Cost Principle

This principle suggests that the company should document all investments, assets, and liabilities, at the amount they were purchased, except for short-term investments like stocks.

v. Full disclosure principle

The principle demands that the accountant must include all needed information in the company’s financial documents.

vi. Economic Entity Principle

The principle separates the business’ transactions from that of the personal transaction of the owner.

vii. Going Concern Principle

The principle is that while accounting one has the idea that the business shall go on for the foreseeable future.

viii. Matching Principle

Under this, all expenses are to be recorded related to their revenues.

ix. Monetary Unit Principle

It urges that all transactions recorded must be the ones that can be expressed with a currency.

x. Reliability Principle

This principle only allows transactions that can be proven to be recorded.

xi. Revenue Recognition Principle

Under this principle, revenue is to be only recognized when the organization has completed the earning procedure.

xii. Time Period Principle

All businesses must present their accounting data within a set and uniform time frame.

2. Know about the difference between cost, managerial and financial accounting

It is important to know the differences between the three basic types of accounting.

As accounts students, it is expected off of them to know the primary differences between the three.

3. Books To Refer to

Accountancy students must refer to very particular books. D.K. Goel and T.S. Aggarwal are the hot favourites. You should also solve the books thoroughly. DK Goel Class 12 Accountancy Solutions is something you can check out.

4. Organised Execution Of Your Accounts

Make sure your accounts are organized. If they aren’t, they can cause huge amounts of confusion leading to copious mistakes on your behalf.

Make sure they are neat and precise.

5. Sequence the Tables depending on the question

Make sure to sequence the table depending on the question. Sequencing the table as per the question gives you a great edge over the others. This helps you form a well-formatted presentation, which is absolutely necessary for attaining good marks. 

6. Read The Questions Thoroughly

Reading the questions thoroughly is very important. Often pupils will misread and misinterpret the questions. Often students mistake the questions for what they aren’t. Often students attempt a question and only halfway through they realize it is not what they thought it was. The questions must be read with rapt attention and students are ought to be very careful with it.

7. Practise Previous Year’s Question

Not just accountancy, for all subjects and every exam, practising previous year’s questions is very important. It allows for a hefty amount of practice. It also helps the student to recognize the pattern of questions asked in the paper. It helps the students to get a comprehensive understanding of the questionnaire and its format in general.

Practising previous year’s questions would also increase the overall efficiency of the students and pave the way towards a perfect attempt towards scoring a good mark on the boards. The previous year’s papers are one of the most integral parts of the preparation. No student can afford to miss it.

8. Repeated Practise

For scoring ample marks in accountancy, repeated and diligent practice of different types of questions is very much necessary. This is very important because this not only develops a pupil’s understanding of the subject but also increases efficiency.

9. Minimize Nervousness

Being nervous about your accountancy exam is natural. It is a tough feat to keep calm. Don’t let your nerves win over you. Being nervous just adds more to the problem. To counteract nervousness, a mild bit of meditation might help. If you aren’t able to answer any question, don’t worry and fret over it, attempt the others.

These are some proven techniques to score well in the accountancy exam. With diligent practice, all students can score well in their accounts exam. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here