Accounting Equations is one of the most important topics in Accountancy. Pretty much the whole concept of accountancy is based on this chapter. Accounting equations are the equations that tell us about the relationship existing between the assets, liabilities, and equities of a business. It forms a base for understanding what a balanced sheet is and how to get it balanced. Overall, Accounting equations are important to focus and so make sure you are thorough with its concepts as the next year is for boards and you don’t want to not perform well at it.
For class 11, the 6th chapter is accounting equations, and as discussed before it forms one of the most important topics of all time. If you are looking for ways on how you can make this topic your biggest strength then here are a few suggestions. Also, try to first develop your interest in this subject as well as in the topic. Lack of interest is the biggest cause of not being able to comprehend things and inability to retain them too. The next thing to do is make sure that you spare enough time for this subject as learning Accountancy definitely demands time and effort.
Here are a few things that can help you to become better at accounting equations:
1) Excellent Understanding of Financial statements
Understanding Financial statements is the foremost important step. Balance sheets, income statements, cash flow statements etc are to be analyzed in Accounts and it is indeed a fact that accurate analysis starts with careful observation and excellent understanding that one may have. It may be a good idea to first spend a few days only analysing and comprehending the financial statements. This will also need you to go through the theory of the subject as well as study the basics. The right knowledge and sufficient practise will ensure that you are able to crack all questions of Accountancy easily.
2) Good solution book for Accountancy
Solutions books are really important if you wish to ace the topic of Accounting Equation. To become good at accounting a good self-study session is required where you can make yourself understand the concepts and practise them too. At such times having good solution books can be a big help. DK Goel Solutions Class 11 Chapter 6 Accounting Equations is one good that you can have to score the best. Whether it is conceptual clarity, doubt clarification or practice session you can be benefitted in all ways from this book. It is also important to go thoroughly through the solutions in order to understand how questions are solved.
3) Customise the study timetable
Formulating a study plan is extremely important if you want to ace this topic. You can write all the sub-topics that are there to learn in the Accounting Equation, the learning outcomes, time you will be dedicated to each subtopic etc. This way it will be easier for you to understand what you need to do. Also, a timetable can help you to become punctual and regular with your studies. For accountancy, it is better to fix reminders on your phones according to the set timetable so it is easier for your to work on it.
4) Practice mixed bag of questions
The other thing that you want to concentrate on is practising. Remember, to always learn, revise and practise a mixed bag of questions. This way you will be able to cover many different types of questions in the least time possible. Revising a mixed bag of questions also helps one to know where exactly you need to work hard and what are the subtopics In Accounting Equations you are doing well at. Also, all the important questions and topics should be prioritised and practised more frequently. You can also make a worksheet for doing this work as it can also help you to practice various types of questions easily.
5) Don’t delay clarifying doubts
The other important thing to do is not skip or delay asking your doubts. Since the accounting equation is a huge topic make sure that you give ample time to get clearance on the doubts. Pending doubts can give you stress and anxiety. Be sorted with all the doubts you may have. Also having no counts will help you to not only increase your concentration power but also to get more interest in the subject. Overall, doubt clarification is important work to do so make sure you do it on time.
6) Fix your accounting equations time
This trick can also help you to do well on this topic. You should fix an hour in the day when you will be only practising accounting equations. This is important to be in the habit of always solving the question of this topic. As discussed before the topic holds high importance and dedicating an hour every day can only help you to do it better. Also once you start revising a topic every day you will not need to prepare much for it when the exams are around the corner. So make sure you work a bit every day and score high during the exams.
7) Try to watch tutorials
If you ever feel you are stuck on a particular question then you must watch the tutorials as this will help you to retain things better. Tutorials are only one of the convenient ways in today’s time that can help with your studies anytime and anywhere. Once you have watched the tutorial, step by step you can try to redo them in your practice notebook. This is a stress-free way to revise and will also make reading and learning fun. This trick is really helpful for Accountancy as it is a practical based subject for which tutorials are the best method of explanation.
Summary
All these tips and tricks are really helpful if you are looking for ways to ace Accounting Equation. Make sure that you also give other topics the attention and time needed. With special attention and focus on all the topics, surely you will be able to ace the subject and perform your best in exam season.