Common mistakes that students make and tips on attempting the Accountancy exams:
- Be well-versed with the basics of accounting such as — a) Rules of debit and credit i.e; both modern and traditional approach. b) Journal entries, ledger posting and debit and credit balances. c) Meaning of terms like fixed assets, current assets, liquid assets, current liabilities, fictitious assets, capital and revenue receipts/payments, reserves/accumulated profits and losses, debt, equity, capital employed, cost of goods sold, working capital, operating and non operating expenses and incomes, cash equivalents, operating, investing, financing activities, major headings of balance sheet, etc.
- As a part of your preparations, do the following: a) Latest CBSE sample papers (available on CBSE’s website) b) Previous years’ CBSE question papers for 2008 & 2009. c) Pre-board question papers of at least five other reputed schools. These papers must be done in examination conditions within a time limit of three hours. Students should get them evaluated and analyse their mistakes. Weak topics and concepts must be revised thoroughly.
- Learn and draw formats of various accounts and statements with proper headings. Use scale to improve your presentation.
- Give narrations with journal entries, show your work notes clearly with appropriate statements, do your calculations in a separate rough column or on the last one or two pages of the answer-sheet.
- Always do a numerical question from a fresh page, try to complete an account/ statement on a single page.
- Make good use of the reading time to ascertain the level of difficulty of various questions and to decide the sequence in which the paper is to be attempted. The time must also be utilised to analyse and break up a question in small parts for easy understanding. Answer/solution of short questions should be thought of during this time.
- Always wear a watch to keep track of time so as to finish the paper well in time and do a quick revision before the exam ends.
