google.com, pub-9501031967421588, DIRECT, f08c47fec0942fa0 Exam Tips: Be clear with concepts and formulas to score well, says Accountancy teacher ~ Bharath Bulletin

Sunday, March 1, 2020

Exam Tips: Be clear with concepts and formulas to score well, says Accountancy teacher

Accountancy is one of the main subjects for the commerce stream students and it becomes a scoring one if a student is clear with the concept and formulas. Accountancy is a numerical based subject, deals with financial information about a business entity and students need to have command over journal entries, ledgers, debiting, crediting and balance sheets.

Guiding how students can score well in the examination with last-minute tips, Accountancy teacher Ritu Mungee shared the following tips:

New Examination Pattern and Changes

* For Accounting for Partnership, marks have been reduced from 35 to 30.

* In the topic, Accounting for Companies, marks have been increased from 15 to 20.

* From this year, objective type questions (20 questions of 1 mark each) have been added. Objective type questions include fill in the blanks, true or false, match the columns and multiple-choice questions.

* In the treatment of the proposed dividend in cash flow statement, there has been a change. Its treatment will be as per Accounting Standard-4 (revised).

* In the topic, Accounting for Partnership, now it has been added that goodwill can be raised and written off. 

* In the topic, Accounting for Companies, discount or loss on issue of debentures has to be written off in the year of issue.

Expected questions from NPO (Not for Profit)

One question for 3 marks out of the following three topics. (Internal choice will be available).

1. Calculation of subscription and depiction in financial statements of NPO.

2. Calculation of material consumed during the year and its depiction.

3. Calculation of expenses to be debited in income and expenditure account.

One theory question also can be asked for example difference between Receipts and Payment Account and Cash Account or difference between Income and Expenditure Account and Receipt and Payment Account.

1. Preparation of Income and Expenditure Account and Balance Sheet for NPO: One question for 6 marks.

2. Subscription calculation, expenses calculation and basic terms of NPO and theory: One question for 1 mark.

Expected questions from Accounting for Partnership firms

One question for 8 marks from the following two topics can be asked: Admission of a partner and Dissolution of a partnership firm.

One question for 6 marks from the following topics:

1. Profit and Loss Appropriation Account.

2. Adjustment entry.

3. Journal entries at the time of retirement or death of a partner.

4. Journal entries for goodwill treatment.

5. Calculation of interest of drawing and calculation of goodwill.

6. Partner’s executor’s Account.

Two questions for 4 marks can be asked from this topic

8 to 10 questions can be asked for one mark each from any of the topics mentioned above.

Expected questions from Accounting for companies

 One question for 3 or 4 marks can be asked can from the following topics: 

* Issue of debenture and redemption of debenture (journal entries)

* Journal entries for the issue of debentures as collateral securities.

* Journal entries related to the debenture interest.

* Calculation of authorised, issued, subscribed and paid-up capital and their depiction in the balance sheet of a company.

* Journal entries related to the creation of DRR and DRI.

One question can be asked for 4 marks from the same topic

One question for 8 marks from Journal entries for reissue and forfeiture of share at pro-rata allotment

2 to 3 questions can be asked for 1 mark each from Rules for creation of DRR and DRI, Private placement of shares, rules of minimum subscription and basic conceptual topics.  

Expected questions from Analysis of financial statements

One question for 4 marks from Comparative income statement and Common size balance sheet

Two questions for 1 mark each from Head and subhead of the items of the balance sheet as per companies act,2013, and theory questions like importance and limitations of financial statement analysis.

Expected questions from Cash flow statement

One question for 6 marks from Preparation of cash flow statement

Two questions for 1 mark each from Operating, Investing and financing activities

Expected questions from Ratio Analysis

One question for 4 marks and two questions for 1 mark each from the following ratios can be asked. For example – the ratio will increase or decrease if creditors are paid.

* Current Ratio

* Liquid Ratio

* Debt Equity Ratio

* Inventory turnover Ratio

* Return on Investment

* Trade Receivable Turnover Ratio

* Total assets to debt Ratio

* Proprietary Ratio

* Operating Ratio

Essential tips for Accountancy exam

1) You should take around 2 minutes for 1 mark question and multiply according to the marks a question offers.

2) Be very careful about the formats with proper headings. Journal entries should be with narrations.

3) To get the command in calculations students should avoid using calculators. Rigorous practice of numerical questions will assure the correctness of calculations.

4) Utilise the reading time of the question paper to plan the sequence of solving questions. 

5) Try to solve 8 marks and 6 marks questions first to avoid last moment haste, as these questions require more time. 

6) Objective type questions always should be attempted sequentially. Students should write the whole answer with the correct option number or alphabet.

10 ) As CBSE has changed the pattern of question paper students should prepare the theory portion also by a thorough reading of chapters.

11 ) Avoid overwriting and cutting the answers. Rough work always should be done separately on the last page.

12 ) To avoid wastage of time read the question carefully and present the answer to the point. 

13 ) Attempt all the parts of the questions at one place and in the correct order. For example revaluation Account, Partners’ Capital Account and Balance Sheet should be done in this order and at one place.

14 ) Students should be very careful about adding zeros to the calculated amount, to avoid unnecessary reduction of marks.

Also Read: Exam Tips: Strategic preparation & neat diagrams will see you through Biology



source https://www.freepressjournal.in/indore/exam-tips-be-clear-with-concepts-and-formulas-to-score-well-says-accountancy-teacher
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