Saturday, 4 Dec 2021
Education

What are the Important Questions for the Class 12 Accountancy?

Students in commerce have the subject accountancy and it is one of the most important subjects for them. You need to be very attentive while learning and be thorough. There are two books for class 12 accountancy and you have to prepare from both. To score well you have to learn and practice all the important questions. This article will provide you with all the important chapters and their important questions, you can learn these important questions and prepare for the examinations. The accountancy subject is divided into two parts, part A and part B. Following are some of the important chapters, topics, and questions that students need to know and learn. Part A.

Chapter 1

Accounting for partnership: this chapter is the first chapter and is one of the most important chapters of the subject. There are 6 topics that you need to cover in this chapter and solve the important exercise questions from it. The important topics are as follow:

  • Partnership and partnership deeds
  • Computation of appropriation items and change items.
  • Maintaining the capital account of partner, fixed capital, and fluctuating capital.
  • Valuation and treatment of goodwill.
  • Profit and loss appropriation account.

Chapter 2

Reconstitution of a partnership firm: this chapter is important and there is only one topic and exercise that you have to learn, practice the NCERT important questions for this chapter.

  • Change in profits sharing ratio.

Chapter 3

Reconstitution of a partnership firm – admission of a partner: this chapter has 4 exercises and topics. Solve the exercise questions and study the important topics from this chapter. Some of the important topics in this chapters are as follows:

  • Profit-sharing and sacrificing ratio
  • Treatment of goodwill
  • Revaluation of assets and re-assessments of liabilities
  • Adjustments of capitals.

Solve all the questions from each topic and be thorough with them. This chapter is very important and students must prepare properly.

Chapter 4

Reconstitution of a partnership firm – retirement/death of a partner: this is the 4th chapter and it is an important one. There are 5 topics in this chapter and you have to be thorough with all of them. Practice all the exercise questions and go through them properly as they are part of the important questions. Some of the important topics in this chapters are as follows:

  • New profit sharing and gaining ratios.
  • Treatment of goodwill and revaluation of assets and reassessment of liabilities.
  • Settlement of amount due to a retiring partner
  • Death of a partner.
  • Adjustment of capital.

Practice all the topics and be through with them all. Solve numerical questions related to the topics. The questions will be lengthy but with daily practice, you can easily overcome that problem.

Chapter 5

Dissolution of partnership: in this chapter you have to learn the important topics such as modes of dissolution, how to settle accounts in case of dissolutions, accounting treatment of dissolution of a firm, etc. all these topics are important and you need to be thorough with them. You also have to learn how to prepare balance sheets. Practice all the exercise questions.

Chapter 6

Accounting for share capital:  this chapter only has 2 exercises and the important topic of this chapter is – accounting treatment of issue shares. Practice all the questions related to this topic and be thorough with it.

Chapter 7

Issues and redemption of debentures: this chapter has two main important topics: they are issues of debentures and various cases from the point of view of redemptions and redemption of debentures. Practice all the questions and learn the concepts properly.

Part B of the accountancy subject comprises 4 chapters and all of them are equally important. The important chapters and their topics are as follows:

Chapter 1

Financial statements of a company: this is the first chapter of part B and questions will be coming from this chapter. You will learn about the balance sheets, liabilities, and equities of a business. Also, learn how to find the financial statement of a company. Know what are the types of financial statements. Practice all the exercise questions.

Chapter 2

Financial statements analysis: this chapter is also important and students need to practice the numerical questions related to this chapter. 2 topics are important in this chapter – financial statement analysis, and tools of financial statement analysis. Learn about the tools of financial statement analysis and be through with it. learn the 5 methods of financial statement analysis, growth of a business, etc.

Chapter 3

Accounting ratios: this chapter is very important and you must learn and practice as many questions as possible from this chapter. There is only one topic that is important and you must learn it properly. Classification of accounting ratios is an important topic that every student must learn and practice. Solve the exercise questions.

Chapter 4

Cash flow statement: this is the last chapter and it is important. You must learn it properly and solve questions related to it. you have to learn about the inflows and outflows, you also have to learn about the financial position of a business. Learn the cash flow formula and the types of cash flow. Solve the numerical questions related to this topic.

Important questions and their learning use

While studying, practice the examples and exercise questions from each chapter, this will be enough for the examination if you are thorough enough. In accountancy numerical questions are very important and you must practice them as much as possible. Try to solve test papers and different types of numerical questions to get an idea of the question paper pattern. The greater number of questions you will solve the more ideas you will get about the subject. Practice the concepts and important topics properly. Learning the concepts well will help you to properly implement the formulas, check the answers and go through the examples for a better understanding of the questions and topics.

Conclusion

The important topics and questions that you need to learn are provided in this article. You can score well in the exam by following the important chapters, topics, and solving important questions. Practice numerical questions as much as possible.