Are there any Accountancy Olympiads in India?
Are there any Accountancy Olympiads in India?
Accounts Olympiads are conducted to test the Accounting knowledge and skills of the students in accounts, business, and finance. These examinations also create an interest in the students about the subject. One can pursue several career options like bookkeeping, tax planning, auditing, financial analysis, chief financial officer, etc.
The Bloom Accountancy Olympiad (BAcO) is an exam held in the subject for classes 11th and 12th in English medium only. Accountancy is an interesting subject. It enables someone to help analyze the finances of a business or an organization and make crucial decisions about its future. The BAcO consists of an hour-long paper consisting of 50 questions (40 questions of 1
mark each and 10 higher difficulty level questions).
If you are an aspirant for Bloom Accountancy Olympiad and wish to make a career in the field,we have some valuable tips for you.
1. Read the textbook to understand the concept
Make sure you do not skip any part of the chapter. It is just like Maths; wherein one concept builds over the other.
2. Understand the Definitions
Definitions should be properly understood along with their meaning. Without knowing the proper definition of crucial terms and understanding them in depth, one cannot proceed to excel in the subject. For example knowing and understanding terms like Accounting, Balance Sheet, Cash Flow, Capital, etc., one cannot proceed to understand the subject.
3. Try to memorize Formulas
It is important to know the formulae in Accountancy. Try to develop a good understanding of the way a formula works rather than just mugging up the lines.
4. Avoid silly mistakes
Take utmost care while making calculations so that silly mistakes can be avoided. The smallest mistakes can lead to big blunders making you lose marks and your rank.
5. Ask questions like ‘why’ and ‘how’
Cramming information doesn’t help anyone. While reading, ask questions like ‘why’ and ‘how’ to your teacher, tutor or yourself. This way you will spark your thinking abilities and
try to find out answers.
6. Practice previous years’ papers
Practising previous years’ papers helps to know the paper pattern and level of difficulty of the exam. Solving these papers also helps us know the scope of the syllabus, to understand the topics that will be covered in the Accounting Olympiad, and the questions commonly asked.
7. Review your performance regularly
Studying without testing yourself is like an effort going in vain. We must give tests regularly to test our knowledge. Giving tests also increases our confidence and prepares us for the final day examination.
Hard work with smartness, dedication, and honey preparation is the motto to clear any examination with flying colours. Thus, by following these tips you can easily improve your performance in the Olympiad Exams and excel in the field.
