Study Plan for Account Paper
First Paper of PPOB is over and now second paper of accounts is scheduled this Sunday. Accounts is one subject which has terrified many students as most of the students are from non commerce background.
For the PPOB paper we had advised students to focus on the various social schemes and paper did contain questions from those schemes. The paper of PPOB was easier than the previous year papers as questions were mostly straight forward and not tricky.
We expect the paper of accounts to be on the same line and expect that simple straight questions will be asked.
There has been change in the pattern of exam from this time onwards. Many tough subjects like Partnership accounts, nonprofit organization , leasing hire purchase etc have been removed and one full module of theory in the form of Module D Has been added.
How to Prepare.
Module A- Bonds , Annuities and Foreign exchange are important topics from this Module.Students are very scared of this module. However it is an easy module. Students should learn the formula of calculation of annuities and know basic concepts of face value, yield, coupon rate in bond.
Students might find foreign exchange difficult and they should not devote much time to it during this last minute study .
Module B– This is the most important module of Account. It contains the basic of accounting. Students should familiarize themselves with rules of debit and credit. For accounting standards they must just go through them once and not very thoroughly know them. Knowing which accounts to debit and credit is must and students can not escape this basic chapter.
BRS and Bills of exchange are important topics. Questions from BRS are bound to come and students can expects 4-5 marks from BRS.
In Bills of exchange students should know theory also and know various concepts of drawer, drawee, due date, accommodation bill, noting, dishonor of bill. If students find doing journal entries of Bill of exchange tough they should not try to learn them at the last moment and thus focus more on theory from bill of exchange.
Module C– Another important module. However this module has become easier from this time onwards and more theoretical questions will come from this module. Students should know under which sections balance sheet, P/L etc are prepared. Which are the items which are reflected in trading account, P/L account and Balance sheet. Remember you will not be asked to prepare a balance sheet or PL however you should know which item will appear where and what effect it may have on balance sheet or PL. Treatment of some special items like closing stock, depreciation etc must be kept in mind.
While preparing balance sheet and PL of bank, what are the schedules, which items come under which schedule all must be thoroughly gone through.
Questions from this module will be asked from issue of shares. Again the chapter of issue of share contains lots of theory which is important and thus even if students are weak in journal entries of issue of shares they must thoroughly prepare the theory from this paper.
Module D- Easiest amongst all the 4 modules. Students must go through this module and can easily expect 15 marks question from this module. The content of this module is pretty similar to what you will study in Principle and Legal. Students should know what are the rules for opening various types of accounts, what are the documents which need to be taken in opening the accounts, KYC policy etc.
The biggest thing which will help you in this exam is shedding of fear that accounts is tough. Do not unnecessarily trouble yourself with fear of numerical. Know the basic concept of debit and credit and prepare the theory well.
We wish you all the best for your exam. For any assistance/query feel free to contact us on 07600273309.
Team Yuva Upanishad