Studying Accountancy for Class 12:
Preparing accountancy for class 12 can be one of the most challenging tasks to successfully accomplish. This is so because accountancy for class 12 is directly associated with the practical application of the knowledge. It is important for students to not only have a solid foundation but to also learn the intricate technicalities of the subject.
Accountancy or accounting basically refers to the processing of financial data of entities (individual, HUFs, companies, partnership firms, etc.) in order to arrive at a defined end result that helps in formulating future economic decisions. This job of verifying financial reports is usually done by a professional accountant who is often known as a CA (Chartered Accountant).
Why should you prepare for accountancy for class 12?
Majority of class 12 students would answer this question by saying that it is important to get a good score in the subject. Which is perfectly true. But by focusing on the broader perspective, you will realize the following.
Preparing for accountancy for class 12 will:
- Increase your chances of getting admissions in a good institute that widens your exposure and knowledge
- Keep your foundation strong
- Widen your skills set and competency
- Increase your confidence
- Train you to be able to comprehend advanced accounting concepts with ease
- Provide you with opportunities that can make you a versatile accountant in the future
- Prepare you for any accountancy exams to be encountered in the following years
- Help you get a job in some of the best financial consultant organizations due to the rising demand for accountants
- Help you get one step closer to writing the CPT (Common Proficiency Test)
- Help you get one step closer to becoming a professional CA
From when should you start preparing?
Accountancy is that commerce subject which is very similar to mathematics. It has many fixed rules, standard procedures, heavy calculations, and several adjustments. One could make mistakes even while using a calculator. Hence, developing an aware state of mind for a duration of 3 hours is very important.
Accountancy requires preparations on a regular, if not daily basis, for the first couple of months into the academic year. When the board exams are 9 to 10 months away, it is essential for you to begin extensive preparation on an everyday basis.
How should you prepare for accountancy in class 12?
Accountancy has both, theoretical topics as well as practice-based topics in every chapter. There are 6 exact steps to be followed while preparing for accountancy in class 12.
Step 1: Study the theory – definitions, meanings, conceptual explanations, applications and examples of the concepts must be studied in order to lay strong foundations for the chapter before moving ahead to complex adjustments.
Step 2: Solve accounting problems – after having gained the base knowledge for the chapter, you can go ahead with working on simple-moderate accounting problems. These accounting problems will have terms and concepts that have been explained in the theoretical elaborations of the chapter.
Step 3: Practice computerized accounting – by practicing accounting on a spreadsheet or a DBMS or even on a software like Tally can make a big difference in retaining what you studied and can lead to better understanding on treating certain accounting adjustments.
Step 4: Work on questions at the end of every chapter – by the end of the third step, you must be moderately thorough with a chapter and its concepts. Now is the best time to work on the questions, problems, and adjuments that is available at the end of every chapter of the textbook. This will not only make you completely thorough but will also demonstrate a different kind of question that can be asked in the exam.
Step 5: Analyze past year’s papers – past year’s papers on accountancy for class 12 is available on 2 major sources, the internet and books by many authors. Sometimes, the last few pages of your accountancy textbook could also have many year’s papers. By analyzing these papers, you can get a clear-cut idea and outline of:
- Question paper format
- Emphasized topics
- Allocation of marks
- Frequently asked questions
- Answer expectation
Step 6: Solve sample papers – many students think that analyzing the past year’s papers are sufficient in managing a good score. But sample papers are equally important when provided by the right source. These sample papers will give you information and updates on:
- Any changes in the question paper format
- Any predicted questions
- Changes in answer expectations
- Changes in answer pattern
After following these steps, you will realize that you are not only prepared with the right answers, but also prepared for any changes or surprises that may befall you in the examination hall. You would have learned to manage time, stabilize your confidence, work effectively and stay aware.
Tips for preparing for accountancy
Following certain tips for accountancy can ensure that you work smart, avoid mistakes, avoid experimentations, saves time an can help you get the desired outcome. Some of the tips are as mentioned below.
- Always begin by studying the theory of concepts in order to have a clear understanding
- Practice sufficient accounting problems right from the day it has been taught at class
- Be conscious and aware of the amounts to be dealt with in the question
- While solving sample and past years papers, ensure to spend 15 minutes in scanning the paper.
- Always attempt to solve as many sample papers as possible
- Be thorough with the basic accounting rules of the debit and credit
- Prepare flashcards containing the meanings of various terms
- While analyzing past year’s papers, be sure to note down frequently repeated questions
- For revision, solve the previous year’s papers like a test in itself
- If you come across any concept that you were not able to recollect and attempt while solving papers, do remember to get back to the topic and study it again
- Always prepare a study plan for each topic and stick to it (as mentioned below)
|
Topic |
Day | Begin | End |
| Cash flow statement | Tuesday | 5:00 pm | 7:00 pm |
| Trial balance | Thursday | 6:00 pm | 8:30 pm |
- Train yourself to stay calm and collected. This can become a habit and will directly help you during the exam.
- There may be some concepts that you find challenging to study or recollect. Do not procrastinate. Instead, you can distribute the topic for a period of many days and study it thoroughly by the end of the week.
Focus areas while preparing for accountancy
While preparing for the exam, there are certain areas to be focused on by every accountancy student of class 12. This will result in an effective and systematic preparation.
- Practice strategizing long answers in your mind. Once this ability is strongly developed, it can help you for the exam as well.
- Note down and remember the question paper format, how many questions are you expected to attempt, and the allocation of total marks for each chapter.
- Practice accountancy concepts and problems on papers in a tidy manner for future references during revision
- Train yourself to trust your answers while solving papers.
Accountancy is an art as well as a science of commercial activities. It is considered as a science because it has certain standard rules and procedures that must be abided to and is considered as an art because an accountant needs the skill, the knack and the grasping of techniques in an accurate manner in order to yield precise outcomes.
Read about computerized accounting in this article!
