Well, Don’t worry. Here are some tips and tricks which you can follow to get a stronghold over Accountancy. As we all know, Accountancy is the backbone of the Commerce Stream. Accountancy in Class 11 is quite easy as well as very scoring when compared to Class 12. The only thing you need to do is study Accountancy with proper interest and devote a good amount of time towards it. It’s only when you know swimming you can dive deep into the ocean same goes for Accountancy only if you are crystal clear with the basic concepts of Accounting in Class 11 itself you be able to easily get hold of the in-depth and tough theories and calculations present in Class 12 as well as if you want to continue with this subject for your future.
Where can Accountancy be used?
Every business, organizations, multinational corporations across the globe evolve around different applications of Accountancy. Accounting is the primary word on which the world’s financial mechanism runs. Every company and industry requires proper accounting to determine its financial results. Every organization runs with profit being the main reason behind and Accountancy Is the basis on which their profit is determined. Accountancy imparts the knowledge of basic accounting principles, preparing and deciphering the company’s financial statements, and measuring the profitability of the company. Accountancy gives details of the performance of the company’s business operations providing them with the right insight on expanding their current operations in business. Companies use Accountancy for creating their financial budget and providing detailed analysis of their expenditures. It also helps in determining the cost of various resources. So the application of Accountancy does not end here every profession requires its application in some way or the other.
A career in Accountancy will exist until commerce and trade will live in the world. There is a wide range of bright career opportunities in Accountancy such as you can pursue a Bachelors and then a Masters degree in Commerce and choose to become an accountant in any well known reputed organization. You can also go for professional courses such as Chartered Accountant, Cost Accountant, and Company secretary.
Let’s gain some information about Accountancy of Class 11
The CBSE Board follows the NCERT book for Accountancy in Class 11. The entire syllabus covers 15 chapters in total which has been further divided into two parts:
Financial Accountancy Part 1
In this part, you will learn the basics of accounting concepts, accounting terms, accounting principles, definitions, and the entire process involved in accounting that will include Bank Reconciliation Statements, Journals and Ledger Entries, Depreciation, Rectification of errors, Accounting for bills of exchange, and preparation of Trial Balance sheet. The chapters included in Financial Accounting Part I are as follows
- Introduction to Accounting
- Theory Base of Accounting
- Recording of Transactions – I
- Recording of Transactions – II
- Bank Reconciliation Statement
- Trial Balance
- Rectification of Errors
- Provisions and Reserves
- Bill of Exchange
Financial Accountancy Part II
Under this part you will learn about the recording of Financial Statements, Completing incomplete Accounts, and Accounting on Computers. Here are the chapters included in the NCERT Accountancy textbook for part II
- Financial Statements – I
- Financial Statements – II
- Accounts from Incomplete Records
- Applications of Computers in Accounting
- Computerized Accounting System
How To Study Accountancy
Learning Accountancy starts only if you are ready to put in hard work and desire to study it. If your heart and mind aren’t in it, studying this subject can be pure tedium for you. Once you’re ready to devote it all, your learning accountancy will become efficient.
- Start thorough reading of your study material. The NCERT Accountancy textbooks are a great resource for studying accounting and the CBSE board itself has recommended their use. Start by simply reading the text first and then followed by scanning your textbook for main points. Almost everything that is included in your Accountancy book is important so do not miss out on anything. Apart from the NCERT textbook, you can also refer to some well-known reference books or the materials available on the internet that will guide you in a better way.
- Accountancy doesn’t require you to memorize information or topics as subjects like history, geography does. It does however require you to understand the logic behind what is written in the text. Try to discover the reason behind concepts. It’s only when you clearly get the reason you will know where to apply the principles and how to make those concepts work. Try to think of examples from your surroundings. Applying equations and concepts to real-life situations can bring an additional sense of connection and better understanding to your learning.
- After you have finished studying a topic from your textbook, try to note it down in your own words. Try explaining the new concept you learned to your friends. Writing down concepts in your own words and explaining them to someone will prove to be more effective than reading the text over and over again. Solve the problems included in your Accountancy textbook. The problems present in each chapter are framed specifically to help you find out how they are applied to different principles or concepts being covered under that particular section. Work on each problem yourself and then go for checking your answer. You can refer to solutions present in DK Goel books like Commerce DK Goel Solutions Class 11 Accountancy Ch 11. The book has detailed stepwise solutions for every problem present in your Accountancy textbook along with some extra problems for you to practice and solve.
- The most effective way to learn accountancy is by reviewing what you have learned not just once but multiple times. When you revisit previous chapters which are already completed and rework the problems you faced tough times with, will prove to be very helpful for you. Take breaks and then sit for revision as when your mood will be fresh you will be able to focus more on a proper revision of chapters or text.
- Learn some basic formulas of calculations like those of Balance Sheet Equations, Current Ratio, Net Income, Cost of Goods Sold, Gross profit, Break-even point in order to solve the problems at ease. Once you understand the formulas, prepare them on a sheet of paper and revise them regularly. This trick will prove helpful while noting down entries.
Hope you find these above-listed tips helpful while learning Accountancy in Class 11. Stay focused and gear up well for your next year’s Boards preparations.