Besides the important points given in the first part of this website (WHICH YOU CAN OPEN BY CLICKING HERE ), certain tips mainly concerning the accounting paper are:
1.Use of proper formats
Certain statutes prescribe specific formats for presentation of the accounts. You should take care of the same at the time of solving the questions in the exam. Accounts presented in the prescribed manner will help you in scoring due marks.
2.Adequate Working Notes
In accounts, your solution is generally divided in two parts viz- main solution and working notes. Working notes form part of your solution and carries marks. Therefore, it is advised that calculations made on your calculator should also be written in your answer sheet as working note, wherever required, neatly and precisely. Also your working note should be cross referenced with the figure used in the main solution so thatexaminer can easily understand that how you have arrived at the particular figure.
3.Answer the questions with due emphasis on the provisions of Accounting Standards
Support your answers/conclusions with proper reasoning. Answers for questions based on accounting standards should be supported with provisions of that accounting standard rather than a mere common sense or guess work. It is not required to quote paragraph number of Accounting standard but you are expected to quote accounting standard number along with the name of the standard. However, if you state, paragraph number of accounting standard, then it will add value to the solution and will also help create a good impression in the mind of the examiner. You should quote number of accounting standard or name only when you are sure. It is better not to quote than to misquote the accounting standard number.
4.State the assumption clearly
In case a question leaves room for making an assumption and there is a possibility of more than one assumption, it is important to clearly state the assumption you have taken and solve the question accordingly. For example, in case of valuation of goodwill, if question does not clearly state as whether to take closing capital employed or average capital employed and there is scope of calculating both, then clearly mention your assumption in the answer-sheet.
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