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22 November 2021 | Source: Oswaal Books Editorial Board | Join the Discussion

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Accounts, or Accountancy involves lot of things and not just making balance sheets. It’s about taking, understanding, analysing, managing the account of everything that we do in the world of business.


Honestly, you can’t learn everything in the field of Accountancy as the time is less right now, but still, you can mug up few tips to get yourself back in the field.


These tips have been curated by the editorial board of Oswaal Books and have been highly recommended for its value.  


That being said, let’s get started.



1. The “Accounting For Partnership Firms” Unit – is too vast for anyone to understand or even just to go through. The best for advice at this moment for this unit is to cover the concept of “Change in Profit Sharing Ratio”.


This is the most important one and its significance goes beyond the academic studies or even when you do CA.


It not that easy so, try to cover it as soon as possible coz it’s highly scoring too.



2. In the unit of “Accounting for Companies” – almost everything is important and few questions from everything mostly arrives into the question paper. So, at this moment you can go for the easy ones. Accounting for share capital is quite easy. Go for issue and allotment of equity and preferences shares. Also, cover the easy concepts such as issue at par and at premium.



3. In the same unit, “Accounting for Companies” - Accounting treatment of forfeiture and re-issue of shares – this concept is equally easy and scoring. It will develop the understanding of accounting treatment of forfeiture and re-issue of forfeited shares.


Go for this particular concept as it’s quite interesting as well.



4. Analysis of Financial Statements – In this unit there about 5-6 concepts and are too vast to cover in such a short period. The most important and scoring though is “Activity Ratio”. In this, the activity turnover ratio, trade receivables turnover ratio and trade payables turnover ratio are considered to be must to come.


By covering this concept you’ll develop the skills of computation and inventory and it’s highly important for the longer run.  



5. In the “Analysis of Financial Statements” – “Profitability Ratios” is a concept which is must to come in the question paper. The net-profit ratio, return of investment is something you need to understand to learn all the other concepts as well.  So go for this one quickly.



Wrapping it Up!


These are the five tips and it’s up to you if you find them interesting and helpful. They are curated with educationists with years of experience and we considered this as our duty to share these tips with you.



All the Best!


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