How to prepare and score Good marks in Accountancy Paper?

  1. Prepare a good timetable
  • You should study for a minimum of 3 hours a day.
  • Do not sit for continuous long hours while studying. It is advised to take short breaks in between to relax.
  • Your aim should be to cover up the boring and difficult chapters first and then complete the easier and interesting ones.
  • Try not to compromise with your sleep. It is advised to sleep for a minimum of 8 hours daily to keep your body refreshed. A sound and healthy body will help you increase your concentration power.
  1. Have a good reference material (CBSE Study material/ CBSE Study notes) – To have the best quality reference material with maximum accuracy, you should go for CBSE Study material/ CBSE Study notes available online. You can also try Toppers notes which is also available on the internet. These study materials and toppers notes will help strength your knowledge and enhance the beauty of your answers.

 

  1. Solve All The CBSE Previous Year Question Papers – To check how well you have prepared for your exam, you should solve all the CBSE Previous year question papers. After solving, you should analyse your answers which will help you identify the areas you lack in and need to give extra attention to. Accordingly you can plan your preparation strategy.

 

  1. Go through online test series class 11th – These class 11th practice test series are available online for students like you who wish to practice well for exams. You should go through these online test series class 11th for Accountancy to get an insight of the kinds of questions that are frequently asked in exams. Class 11th practice test series are prepared by experts in accountancy, after a thorough examination of CBSE’s syllabus and exam pattern. These will surely help you strengthen your foundation and enhance the beauty of your answers.

 

  1. Know your exam pattern and the syllabus well – Knowing the paper pattern and syllabus well will help you strategize your preparation.

                                   Financial Accounting – I

Theoretical Framework

Introduction to Accounting

  1. Accounting: the objectives, advantages, and limitations of accounting, the types of accounting information; users of accounting information and their needs.
  2. The Basic terms of accounting: business transaction, account, capital, drawings, liability (Non – current and current); the asset (Non-current; tangible and intangible assets and current assets), the receipts (capital and revenue), the expenditure (capital, revenue and deferred), the expenses, the income, the profits, the gains and losses, the purchases, the purchases returns, sales, sales returns, stock, the trade receivables (debtors and bills receivable), the trade payables (creditors and bills payable), goods, cost, vouchers, discount – trade, and cash.

Theory Base of Accounting

  1. Fundamental accounting assumptions: going concerned, consistency and accrual.
  2. Principles of Accounting: accounting entities, money measurements, accounting periods, full disclosure, materiality, prudence, the cost concepts, the matching concepts and the dual aspect.
  3. Accounting Standards and IFRS (International Financial Reporting Standards): concept and objectives
  4. The double-entry system of accounting.
  5. Bases of accounting – cash basis and accrual basis.

 

Accounting Process

Recording of Transactions

  1. The Accounting equations: the analysis of transactions using the accounting equations.
  2. The Rules of debit and credit: for assets, liabilities, capital, revenue, and expenses
  3. The Origin of transactions- source documents (invoice, cash memo, pay-in-slip, and cheque), preparation of vouchers – cash (debit and credit) and noncash (transfer).
  4. Books of original entry: format and recording – Journal.
  5. Cash Book: Simple Cash Book, Cash Book with Discount Column and Cash Book with Bank and Discount Columns, Petty Cash Book.
  6. Other books: purchases book, sales book, purchases return book, sales return book and Journal proper.

The Preparation of Bank Reconciliation Statement, Ledger and the Trial Balance.

  1. Bank reconciliation statement- calculating bank balance at accounting date: need and preparation. Corrected cash book balance.
  2. Ledger – format, posting from a journal, cash book and other special-purpose books, balancing of accounts.
  3. Trial balance: objectives and preparation

Depreciation, Provisions, and Reserves

  1. Depreciation: concept need and factors affecting depreciation; methods of computation of depreciation: straight-line method, written down value method (excluding change in method)
  2. Accounting treatment of depreciation: by charging to an asset account, by creating provision for depreciation/ accumulated depreciation account, treatment of disposal of an asset.
  3. Provisions and reserves: concept, objectives and difference between provisions and reserves; types of reserves- revenue reserve, capital reserve, general reserve and specific reserves.

Accounting for Bills of Exchange

  1. Bills of exchange and promissory note: definition, features, parties, specimen and distinction.
  2. Some Important terms: the term of the bill, due date, days of grace, dates of maturity, discounting of the bill, endorsement of the bill, the bill sent for collection, dishonor of bill, the noting of the bills, retirements, and renewal of bills.
  3. Accounting treatment of bill transactions.

Rectification of Errors

  1. Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance.
  2. Detection and rectification of errors; preparation of suspense account.

Financial Accounting – II

Financial Statements of Sole Proprietorship

  1. Financial Statements: objective and importance.
  2. Trading and profit and loss account: gross profit, operating profit, and net profit.
  3. Balance Sheet: need, grouping, marshaling of assets and liabilities.
  4. Adjustments in preparation of financial statements: with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, manager’s commission, abnormal loss, the goods taken for personal use and goods distributed as free samples.
  5. Preparing the Trading and Profit and Loss Account and the Balance Sheet of a sole proprietorship.
  6. Incomplete records: use and limitations.
  7. Ascertainment of profit/loss by the statement of affairs method.

Financial Statements of Not-for-Profit Organizations

  1. Not-for-profit organizations: concept.
  2. Receipts and Payment account: features.
  3. Income and Expenditure account: preparation of Income and Expenditure Account and the Balance Sheet from the given Receipts and Payments account

Computers in Accounting

  1. Accounting Information System {AIS}: Introduction to computers (Elements, Capabilities, Limitations of Computer system),
  2. Introduction to operating software, utility software and application software. Introduction to Accounting Information System as a part of MIS
  3. Automation of Accounting Process. Meaning
  4. Stages in automation
  • Accounting process in a computerized environment; comparison between manual accounting process and Computerized accounting process.
  • Kinds of accounting software and their sourcing: ready made software; customized software and tailor-made software
  • The Creation of Account groups and hierarchy
  • Generating reports -Trial balance, Profit and Loss Account, and Balance Sheet.