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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
- Financial Accounting
- Cost Accounting
- Financial Management
- Financial Markets
- Financial Institutions
- 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
- Corporate Accounting – Naseem Ahmed
- Accounting Standards – D.S. Rawat
- Cost Accounting Theory and Problems – Maheshwari & Mittal
- Student’s Guide to Auditing – Aruna Jha
- Income Tax by Girish Ahuja or V.K. Singhania
- Financial Management – RP Rastogi
Financial Markets & Institutions:
- Indian Financial System – Bharati V Pathak
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 – 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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Other Recent UPSC Toppers Success Story
- Ira Singhal – UPSC Topper 2014, AIR 1
- TINA DABI AIR 1 UPSC Topper 2015: YOUNGEST IAS TOPPER
- Nandini KR- UPSC Topper 2016 AIR 1
- Arushi Sharma – Rank 292, UPSC 2016
- Success Story of Jasmeet Singh Sandhu: 2015 UPSC TOPPER (AIR 3)
- Artika Shukla: UPSC Topper 2015, AIR 4
- Saumya Pandey: UPSC 2016 Topper, AIR 4
- TEJASVI RANA AIR 12, UPSC 2016
- SUMAN SOURAV: AIR 9, UPSC 2016
- SHWETA CHAUHAN: UPSC IAS AIR 8
- ANAND VARDHAN- UPSC IAS TOPPER AIR-7
- ANMOL SHER SINGH BEDI: 2016 UPSC IAS TOPPER
- Athul Janardhanan: UPSC Topper 2016 AIR 13
- Ashish Tiwari: UPSC 2015 Topper, AIR 6
- Siddharth Jain: UPSC AIR 13 2015
- Nidhi Gupta: UPSC IAS Topper 2014 AIR 3
- IAS Topper Renu Raj AIR 2, 2014
- Anupam Shukla: UPSC IAS topper 2015, AIR 10
- Gopalakrishna Ronanki UPSC IAS Topper 2016: A Primary School Teacher to an IAS Officer
- Charusree T 2014 UPSC Topper AIR 6
- Kirthi Chekuri UPSC 2015 Topper AIR 14
- Kothamasu Dinesh Kumar: 2016 UPSC IAS topper
- Suharsha Bhagat CSE Rank 5
- Utsav Kaushal: AIR 14 CSE 2016
- Lok Bandhu: UPSC 2014 Topper AIR 7
- Namami Bansal: 2016 UPSC Topper AIR 17
- Vandana Rao: UPSC 2014 topper AIR 4
- Sahil Gupta: 2016 UPSC AIR 19
- Nishant Jain: AIR 13 CSE 2014
- Chandra Mohan Garg: Rank-25 UPSC CSE 2015
- Manish Gurwani: 2016 UPSC Topper AIR 18
- Shivam Pratap Singh: UPSC 2016, AIR 52
- Sweta Agarwal: UPSC 2016 Topper AIR 19
- Ganga Singh: UPSC 2016 Topper AIR 33
If you have any doubt or need guidance you can comment below, our team will try to answer it.