Accounting
Golden Rules Mnemonic (Personal/Real/Nominal) — P-D-C, R-D-C, N-D-C: Personal a/c: Debit receiver, Credit giver; Real a/c: Debit what comes in, Credit what goes out; Nominal a/c: Debit expenses/losses, Credit incomes/gains.
Journal Entry Sequence — Remember "D-J-L-T-B": Debit first, then credit in Journal; post to Ledger; prepare Trial balance; then Balance sheet. Flow never reverses.
Trial Balance Balancing — "DEAD-CLIC": Debit side has Expenses, Assets, Drawings, Dividends. Credit side has Liabilities, Income, Capital. Quick check for classification errors.
Depreciation Methods Order — "S-W-D" for recall: Straight Line Method (SLM), Written Down Value (WDV), Double Declining. SLM = same amount yearly; WDV = percentage on reducing balance.
Bank Reconciliation Add/Deduct — Add to bank: cheques issued but not presented, direct credits. Deduct from bank: cheques deposited but not cleared, bank charges. Reverse logic for cash book adjustments.
Business Laws
Contract Essentials (Section 10) — "O-A-C-F-C-L-P": Offer, Acceptance, Consideration, Free consent, Capacity, Lawful object, Possibility of performance. All seven must exist for valid contract.
Free Consent Vitiation — "C-U-M-F-I": Coercion, Undue influence, Misrepresentation, Fraud, Influence = mistake. These five vitiating factors under Section 14 make consent NOT free.
Partnership Act Essentials — "2-S-M-P": minimum 2 persons, carried on by all or any acting for all (Section 4), Mutual agency exists, Profit-sharing intent mandatory.
Negotiable Instruments — Crossing Types — "G-S-R-A-N": General crossing (two parallel lines), Special (bank name added), Restrictive ("a/c payee"), Account payee, Not negotiable. Memorize progression from least to most restrictive.
Business Mathematics
Permutation vs Combination Quick Test — If order matters (race positions, password digits), use nPr = n!/(n-r)!. If order doesn't matter (selecting committee members), use nCr = n!/[r!(n-r)!]. Arrangement = P, Selection = C.
Simple vs Compound Interest Difference — For 2 years: CI - SI = P(r/100)². For 3 years: CI - SI = P(r/100)²(3 + r/100). These formulas save calculation time in MCQs.
Arithmetic Progression Sum Tricks — If last term 'l' given: Sn = (n/2)(a + l). If only 'a' and 'd' known: Sn = (n/2)[2a + (n-1)d]. Also: middle term of AP = (first + last)/2.
Ratio Proportion Quick Solve — In a:b:c ratios, total parts = a+b+c. Each share = (ratio number / total parts) × total value. For 3:4:5 of ₹1200: first share = (3/12)×1200.
Percentage-Fraction Conversions — Memorize: 12.5%=1/8, 16.67%=1/6, 20%=1/5, 25%=1/4, 33.33%=1/3, 66.67%=2/3, 87.5%=7/8. Instant calculation without division in exams.
Business Economics
Demand Determinants — "PIT-BY": Price of commodity, Income of consumer, Taste & preferences, Brand loyalty, complementary/substitute goods (Y factor). Five main shifters of demand curve.
Market Structure Features — "P-M-O-P" sequence: Perfect competition (many sellers, homogeneous), Monopolistic (many, differentiated), Oligopoly (few, interdependence), Pure monopoly (one seller). Remember by number reduction.
Elasticity Greater/Less Than 1 — Ed > 1: Luxury goods (perfume, AC). Ed < 1: Necessities (salt, medicine). Ed = 1: Unitary (daily vegetables). Quick classification for theory questions.