One of the most important courses for commerce students is accounting. The good news is that Accountancy is a high-scoring subject, so you may get full points if you understand the idea of accounts. However, since accounting’s question papers are often long and require generating accounts in specified forms, the difficulty is in effectively managing your time. Even so, students may easily get full marks in the accounting subject in class 12th.
TS Grewal Solutions Class 12 Accountancy is widely regarded as the most useful study resource for students studying for their Class 12 exams. This book helps students in learning and comprehending accounting principles and fundamentals, allowing them to easily solve difficult problems.
These are some last-minute tips related to answer writing and question papers:
1. READ THE QUESTION PAPER CAREFULLY
i) Read the question paper for the first 15 minutes.
It is the ideal method to begin the answers to Accounting questions. You may get an idea of how to begin your answers by reading the question paper. Before evaluating the question, it is essential to check the marks given to each question. Write the questions about which you are most certain first.
(ii) Before you begin writing, reread and reapply the question.
Underline the most important aspects of the question and make sure you understand what the examiner expects you to submit as your answer.
2. ATTEMPT ANSWERS
i) Complete all of the questions in each section in order.
Any question with several sections should be tried in order, without skipping any. If students are unsure about the answer, they may leave a blank and try again later.
(ii) Make a note of the answer number.
The response number should be correctly highlighted or written in the boxes.
‘Answer to Question No.-1’ is a good place to start.
This will help the paper examiner to examine your answers fast and readily, allowing him to correctly grant marks.
(iii) After you’ve finished your answer, leave 2 or 3 lines blank.
After you’ve finished your answers, leave 2 or 3 lines to divide one answer from the next.
This will help the examiner in identifying the following answer, ensuring that no marks are lost.
3. PRESENTATION AND HANDWRITING
i) Use a readable handwriting style
It has been observed that students who write clearly get higher grades. Students may occasionally earn excellent grades even with common answers.
(ii) The most important factor is a presentation
Cutting/mistakes irritate examiners. It creates a negative image, and this is one of the most common areas where students lose marks. The answer sheet must be presented neatly and cleanly.
4. ROUGH WORK AND WORKING NOTES
i) Show your working notes neatly wherever they are needed. Almost all of the practical questions are graded.
(ii) On a separate sheet, do some rough work.
Rough work should be done on a separate page, not on the right side of the answer sheet with the solution or the margin.
5. TIME SAVING & STEPWISE MARKING
i) Marking in steps
Even if the answer is incorrect, write the answers correctly and step by step for each calculation. The CBSE follows a step-by-step process for assigning grades. If the amount is not equal, do not attempt to duplicate the Balance Sheet solution with incorrect numbers.
(ii) Make the most of your time
If you don’t know the answer to a question, go on to the next one rather than waste time. Unanswered questions may be answered in the conclusion.
6. REQUIREMENTS FOR FORMATS AND ACCOUNTING
i) When formatting, use a pencil.
Always use a pencil while creating a ledger, balance sheet, or any other statement. Avoid writing with a pen since you can always fix it afterwards.
(ii) Don’t forget to capitalize Dr. and Cr.
Cr. and Dr. are required in accounting, particularly for debit and credit sums. Remember to include the date, the Indian rupee symbol, the particulars, and the amount, among other things.
7. BALANCE SHEET
i) Accounts Payable
The new balance sheet format has certain implications for the Common Size Income Statement, Comparative Balance Sheet, and Common Size Balance Sheet. Students should be cautious and follow the new structure while writing.
(ii) What if the numbers on your Balance Sheet don’t add up?
All you have to do is calculate the difference between two sides and match that number to the amount in the question, and you’ll have two options.
Possibilities
Possibility no.1: Any Amount is equal to the difference
Whether any amount matches the difference, check to verify if you’ve correctly given both the impact of a transaction. If you don’t display that impact, your balance sheet will reflect it.
Possibility no. 2: No amount fits the difference.
If you can’t locate such an amount, multiply it by two or half to get a comparable number from which the difference arises.
Because the balance sheet’s second impact occurs in the balance sheet itself, every balance sheet figure should be reported in a single side effect in the appropriate account or statement.
Easy tips for Last-Minute revision
Focus subjects: The following topics in accounting are important and should be extensively practised. Accounting for Share Capital and Debentures, Accounting for Partnership Firms, Accounting for Non-Profit Organizations, and Accounting for Partnership Firms are all topics covered in Accounting for Partnership Firms.
Formats: When creating formats for journals, ledgers, and balance sheets, care should be taken. Instead of creating the accounts separately, students should publish all of the entries in their respective accounts at the same time while establishing ledger accounts.
Calculation: Work through a variety of issues using sample exam papers and last year’s sample. This will assist you in mastering calculations. The calculation is essential in this topic since it is numerical.
Conclusion
Accountancy, Business Studies, and Economics are required courses in commerce. It sounds wonderful, but it is difficult for a student to get good marks in the Commerce stream for two reasons: first, unlike science and arts, the topic is new to the student, and second, the subject contains many complicated theories and formulae. To do well in the Commerce stream, a student must become familiarized with complicated terminology, formulae, and business ideas. Above are some last-minute tips for quick revision before your Accountancy exams.