Good marks in IGCSE Accounts. IB Elite Tutor has a very strong team of highly experienced IGCSE Online Tuition readily available to help you. Here are some suggestions by them on how to get good marks in IGCSE Accounts.
Tips & Tricks to Get Good Marks in IGCSE Accounts?
To score good marks in the IGCSE Accounts, you must have a firm grip over all the concepts. And also, keep practicing balance sheets, income statements, and how the system works. Apart from this, acquire a systematic approach and manage your time wisely. Then you get an A* in the IGCSE Accounts. Let’s find out ways that help you to get an A* in the IGCSE Accounts.
Strategies that help you to get Good Marks in IGCSE Accounts
Mastering the syllabus: You have to familiarize yourself with the IGCSE Accounts syllabus and make a checklist to cover them one by one.
- Recording and sources of data: double entry system of bookkeeping, ledger accounts, business documents, books of prime entry, etc.
- Interpretation and analysis: Main accounting ratios, inter-form comparison, interested parties, limitations of accounting statements, etc.
- Accounting policies and principles: Accounting principles, accounting records, international accounting, accounting statements, etc.
- Verification of accounting records: Trial balances, correction of errors, control accounts, bank reconciliation statements, etc.
- The fundamentals of accounting: The purpose of accounting, bookkeeping, the role of accounting, business profit, accounting equations, etc.
- Accounting procedures: Capital expenditure, revenue expenditure, receipts, accounting for depreciation, disposal of non-current assets, irrecoverable debts, provision for doubtful debts, inventory valuation, etc.
- Preparation of financial statements: Sole traders, year-end adjustments, partnerships, different types of businesses, incomplete records, limited companies, manufacturing businesses, clubs, societies, etc.
Make thorough notes and Understand the exam format :
Start note-making of what your IGCSE Accounts Tutors teach about difficult or high-marking chapters, and don’t forget to highlight the main points. Apart from this, also write a few examples of each category. So, you can understand well. Practice different techniques to write income statements and balance sheets effectively. The more you indulge yourself in the deep analysis of each concept, the more you get knowledge about them. It is essential to examine the examination criteria and study according to them. All students have to give 2 papers (Paper 1 & paper 2).
- Paper 1 contains MCQs of 35 marks and has a time limit of 1 hour & 15 minutes.
- Paper 2 contains structured questions of 100 marks and has a time limit of 1 hour & 45 minutes.
Practice past years’ papers
- Do lots of them and practice them regularly. It is a guide that helps you to understand the exam format. So, collect at least the last 10 years’ past papers.
- Practice them and point out your weak areas. Most students lose marks because they do not understand them properly.
- It is only 25 command terms provided by IGCSE. So, learn their meanings. And pay attention to each command term.
- What do you wish you could achieve? Just focus on your targets. So, before going to prepare anything, understand the marking criteria.
- It helps you write answers up to the mark and get the total marks in each question. Sometimes, you need someone who can tell you what your examiner wants.
- So, if you look into the examiners’ report, you correct yourself. And understand the examiners’ mindset. So, give time to read and analyze a few examiners’ reports.
How to write Paper 2 structured written paper?
You have to focus on each aspect of paper 2. As it contains 100 marks which means your accurate result depends on it. On the other hand, it consists of 5 questions with 20 marks each. So, focus on the subject content and the syllabus. Pay heed to:
- Accuracy in your calculations
- Complete a cash book
- Finish an incomplete statement of accounts
- Fabricate account-based information
- Make journal entries
- Describe all accounting tasks adequately.
- Prepare a balance sheet properly.
- Suspense accounts
- Showcase your knowledge and understanding of all accounting principles, procedures, and purposes.
- Financial data analyzation
- Evaluate outcomes
- Amount of detail that you are given
- The responses you provide
Understand the aim of IGCSE Accounts Assessments
All the students must:
- Showcase the knowledge and understanding of terms, procedures, facts, techniques, etc.
- Illustrate the understanding of knowledge with the help of literacy, interpretation, numeracy, and presentation. They also apply their knowledge and understanding of various accounting problems or issues.
- Choose data that is relevant and identify the needs of the business.
- Present, order, and analyze information in accounting form appropriately.
- Evaluate and interpret accounting information.
- Give reasonable conclusions and recommendations.
Learners have to focus on
All the students must build a strong foundation of these skills to get an A* in the IGCSE accounts:
- Recording: How to record data effectively and with reasonable accuracy?
- Presenting: Transform your data into an appealing presentation. So, it attracts your examiner.
- Reporting: Try to make a neat and clean report that contains a proper analysis of each income statement.
- Interpreting: Properly interpret your data using effective strategies.
Above all, skills are essential to score well in the IGCSE Accounts examination. So, get skilled in them. And try to enhance them promptly.
Other essential tips and suggestions
- Put consistency
- Compare everything properly
- Keep concerned about what you engrave.
- Learn definitions
- Put your effort into doing best
- Apply techniques to improve your grades
- First, understand problems correctly, then give solutions
- Create relevancy
- Focus on accounting ratios (profitability ratios, liquidity ratios, working capital ratios, and quick ratios.
- Understand international terminologies
- Pay attention to gross margin, profit margin, ROCE, inventory turnover rate, trade receivables turnover, and trade payables turnover.
Now, let’s start preparing. And while preparing, don’t forget to enjoy your journey. Most importantly appreciate your efforts. The more you feel valued, the more you improve yourself. And also, try to cope with all the difficulties on your own. If you need help, don’t forget to approach our IGCSE Accounts tutors. Our IGCSE Accounts Tuition guides you on how to tackle the IGCSE accounts curriculum. And proffer ways to get an A* in it. So, don’t hesitate to take others’ help. It doesn’t matter if it is your friend, teacher, tutor, or family member. Good Luck!