i’m a final year commerce graduate preparing for CA foundation. i find the basic accounting concepts like book keeping, depreciation, provisions etc very confusing. can anyone explain these basics in simple terms and some tips on preparing well for the exam?
The key is to practice plenty of questions. Repetition is the key to master accounting basics. Start with the double entry system – debits and credits. Make plenty of journals and ledger accounts for transactions. Keep practicing till you gain confidence. All the best!
It can be overwhelming at first but take it one step at a time. Focus on understanding the basic T-accounts and how transactions affect them using debits and credits. Draw the accounts for every practice question you do, that will help cement the concepts in your mind. All the best for your exams!
Don’t stress too much, it just takes practice. Start with getting the journal entries right, then prepare the ledger accounts and finally the trial balance. Revise the basic accounting equation – Assets = Liabilities + Capital thorough and you will see all the concepts are actually quite straightforward. Best of luck!
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