Are you in the 11th standard and confused about how to study accounting? If so, you’re in the right place. If you want to become a Chartered Accountant (CA) or a Certified Management Accountant (CMA), studying accountancy in Class 11 is the first step you need to take.
In this article, we’ll be going through all you need to prepare for Class 11 Accountancy. First, we’ll understand what accountancy is and also look through a few tips that will help you in your preparation. In the end, the reasons to use DK Goel Solutions for studying accountancy will be explained. Without further ado, let’s get started.
What is accounting?
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Accountancy includes summing up, evaluating as well as reporting financial transactions relevant to a business. Reporting and documenting a business’s financial transactions, financial performance, and cash flows is the main objective of accounting. It helps you understand which parts of a business are making money and whether a company is making a profit. Simply put, it is the language of business.
A few suggestions to prepare for Class 11 Accountancy
Learn from good textbooks
Studying becomes easier with the right materials. Textbooks are great learning resources for studying accounting. One of the most trusted books to prepare for Class 11 Accountancy is the DK Goel Accountancy textbook. DK Goel has written many accountancy books that are a great help to students. These books also have numerous examples that explain the concepts in a very interesting way. With the help of this textbook, students will be able to get a good grip of the fundamental concepts in accountancy.
In addition to this, students can also use DK Goel Solutions for Class 11 Accountancy in conjunction with the textbook. The solutions include detailed explanations of questions and plenty of practice for students. These solutions are available for every chapter and students can simply download them for free from the internet. This is very useful for students as they can use it during their practice sessions as well as for revision. Students can try to solve problems by themselves and then check their answers from the solution.
Go in sequence
Most textbooks need to be followed in order. This means you need to get through the content that is at the start to understand the matter that follows. Many times, students skip the first few chapters and start wherever they like. Instead, students should begin from the first chapter and make their way to the end.
What you learn in chapter 2 adds to the concepts you learned in chapter 1. For example, in the DK Goel Accountancy book, the first chapter is “Meaning and Objectives of Accountancy”. In this chapter, students will learn what accountancy is all about and also its objectives. Students need to understand chapter 1 and have a good understanding of what accountancy is before they move on to the next chapter where they’ll learn about basic accountancy terms. So if you don’t completely understand the chapters at the beginning, go back and get through them before proceeding on to the other chapters.
Practice regularly
After a study session, students should solve problems related to what they have just learned. You can start with the solved examples and then move on to the exercise problems in the DK Goel textbook. This will help students be prepared for different kinds of questions. If you have trouble or have doubts regarding how to solve a particular question, you can always refer to DK Goel solutions. Go through the explanation provided and then give the question a try again.
You can’t become good at accounting if you start studying a day before the exams. So, make practicing accounting a habit from the start. This will help you in revision as well in preparing for examinations. At the end of each week, you can review all the concepts you have studied. This will help you retain what you’ve learned as well as refresh what you have studied. You can also make sure that you understand all that you have covered during the week. If you have any doubts regarding a particular concept or have forgotten information, go back and learn it again.
Know the ‘why’
Accountancy does not require you to memorize as much as other subjects do. It has its own set of rules. It isn’t enough just to know how to solve a particular problem, one also needs to know why certain things are done a certain way. One needs to understand the logic behind how an accounting problem is solved. Once you understand ‘why’ you will get a deeper understanding of accounting and will be able to solve a variety of questions. This way even when you encounter an unfamiliar question, you will be able to solve it.
Reasons to use DK Goel Solutions for Accountancy:
- The textbook solutions are available for free and are organized in a very systematic way. One can simply download the chapter-wise solutions from the internet and use them.
- DK Goel solutions can be used in daily practice sessions. Students can try to solve the problems and if they find it difficult, they can go through the solutions. It also includes multiple-choice questions, short answers, and long answers. This will help students to solve different kinds of questions.
- The solutions provide step-by-step explanations for all the questions and this will help students get a good grasp of accountancy. It is also written in a very simplified and accessible manner.
- These solutions are a great resource for revision before examinations. Students can go through the solutions to refresh all that they have studied.
- The solutions are designed as per CBSE guidelines and there are chances of these questions coming in examinations.
In Class 11, students from the commerce stream get their first entry into the world of accounting. Students can use the DK Goel textbook and the solutions to help them in their journey and to get a better understanding of the fundamental concepts of accounting.
Welcome to the wonderful world of accounting!