Commerce & Accountancy Preparation Strategy for UPSC CSE

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Commerce & Accountancy Preparation Strategy for UPSC CSE

Commerce is another optional subject for UPSC Civil Services Examination. Commerce is a technical subject and there are only a few candidates who opt commerce & accountancy as their optional subject. The syllabus of this subject is more static which makes the preparation easier for all the candidates. Commerce is good scoring subject but you will need a prior knowledge to opt this subject. Your background in this subject will help you a lot to score high.

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What is Commerce & Accountancy?

Commerce is an organized system for the exchange of goods between the members of the industrial world. Commerce is that part of the business which is concerned with the exchange of goods and services and includes all those activities which directly or indirectly facilitate that exchange. Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods, services or something of value, between businesses or entities.

Accountancy is the practice of recording, classifying and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization. Accountancy is the practice of managing and maintaining business finances. Although accountancy practices are widely used for individual financial management, the strict definition of it refers to businesses and other organizations, such as governments and charities.

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Benefits of Commerce & Accountancy

The syllabus of commerce & accountancy is static in nature.
If you will prepare properly, you can easily score high in this subject.
You have less competition, as there are only sufficient no. of candidates who opt commerce & accountants as their optional subject for mains exam.
The coverage of this subject is very comprehensive.
It is the biggest advantage for all those who have experience in this subject. Any candidates having prior knowledge of this subject can help a lot.
This paper includes more numerical rather than theory questions. It includes numerical around 150 marks which can help you to fetch good marks.

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Syllabus of Accountancy

Paper 1:

Financial Accounting
Cost Accounting
Taxation
Auditing
Financial Management
Financial Markets
Financial Institutions

Paper 2:

Organization Theory
Organization Behavior
Evolution of Organization
Organization Functions
Organizational Structures
Organizational Culture
Human Resource Management
Training & Development Process
Salary & Wage Administration
Industrial Relations
Nature of IR
Scope of IR

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Important Topics for Paper 1

The first important topic for this paper is the financial accounting. Your focus should be on various accounting standards.
Make proper notes of the presentation of the numerical. This paper includes a lot of numerical. So focus on the presentation of numerals.
Another important topic for numerical is cost accounting.
The next topic is taxation. In taxation, the questions will come till graduation level. The theory is important with respect to this topic.
The toughest portion of paper 1 is financial management. The questions on this topic are a little bit tough as compared to other topics. Your focus should be on models, concepts & terms while doing preparation.
The important topics for financial markets & institutions are steps taken by RBI, IRDA, SEBI etc.

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Important Topics for Paper 2

Paper 1 was numerically based while paper 2 is more theory based. You can easily manage to clear this exam with good writing skills.
This paper consists of questions which are straightforward & direct.
You can score good marks if you have good preparation for objective type questions.
The important topics for this theory exam are organization theory, organization behavior, human resource management & industrial relations.

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Answer Writing Strategy

The first thing is you should join test series for your practice. This will help you to know the exam better.
When you were writing long answers you should start your answer with the small introduction or some quotes from the commerce point of view.
Then your answer should follow the general explanation of the topic by giving some exact definition.
As this paper is more numerical based, so you should try to sort out the answer in short. Explain a topic in short and try to link that topic to other relevant topics.
You should end your answer with a positive thinking or positive points. You can give suggestions for the improvement of any problem. You can also give the example at the end of your answer.
Do not write your answers only in paragraphs. Include points as well as paragraphs in your answer.
You should give example or facts & figures wherever possible.
When you were writing a short answer, your introduction should be short and the explanation of topic should be short with relevant words & information.

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References/ Books for Commerce & Accountancy

Paper 1:

Accounting:

Corporate Accounting – Naseem Ahmed
Accounting Standards – D.S. Rawat

Cost Accounting:

Cost Accounting Theory and Problems – Maheshwari & Mittal

Auditing:

Student’s Guide to Auditing – Aruna Jha

Taxation:

Income Tax by Girish Ahuja or V.K. Singhania

Financial Management:

Financial Management – RP Rastogi

Financial Markets & Institutions:

Indian Financial System – Bharati V Pathak

Paper 2:

Organisation Theory and Behaviour:

Organisation Theory and Behaviour – B.P. Singh & T.N. Chabra, SP Robbins
Organisation Behaviour – L.M. Prasad

Human Resource Management:

Human Resource Management – C.B. Gupta

Industrial Relations:

Industrial Relations – T.N Chabra and R.K Suri

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Commerce & Accountancy Strategy

Firstly go through the syllabus of commerce & accountancy deeply and identify the most scoring or fruitful areas.

Then go through the previous year papers in order to acquaint yourself with the unfamiliar areas.

You should work on the basic concepts of commerce & accountancy to easily clear the exam & score well.

While you were preparing, make short notes including diagrams or flowcharts. These notes will help you in your revision.

While making notes try to integrate or combine the information from multiple sources as commerce & accountancy if very vast subject.

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Commerce & Accountancy Preparation Strategy for UPSC CSE