Note Making – CA Foundation BCR Notes

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Note Making – BCR Notes CA Foundation

Note making is one of the essential skills which students require. They have to make notes while listening to class lectures, after reading text books and while preparing for their examinations.

Meaning of Note Making:
Note making means the process of summarizing and paraphrasing information from some source. It may be a lecture, a book, an event or a meeting. Quite often note making and note-taking are used as synonyms. However, there is a subtle difference between the two terms.

Note making is an active and focused activity. When you write notes in your own words and organize the note in your own way, you better understand the new material. The material makes some sense to you. You also learn how to differentiate between important points and detail.

On the other hand, note taking is a passive process. You take down whatever you hear or read without changing the words and their layout. You simply rewrite the information without highlighting the main points. You are not selective.

In other words, note taking is the first stage whereas note making is the second stage. Making notes of a lecture is more difficult than not making from written material. In case of a lecture, the note maker does not have control over the speaker’s speed. Therefore, the lecturer’s speaking and note taking go on in real timing. But while preparing notes from written material, the note maker can read and reread. He can work in virtual timing.

Significance of Note Making:

• Note making helps in writing in a more planned and organised manner
• It facilitates learning and remembering the key/important points
• It ensures a better understanding of the topic
• It saves time while revising before the examination/lecture/presentation
• We are faced with overload of information. Information available is vast while the time is scarce.
• Note making helps to scan through the information and reduce it to the size which is convenient and easier to understand
• Note making is useful for future reference
• In case you use the original material obtained through the internet; You can be liable for plagiarism. You must follow copyright guidelines to avoid the liability. You can rephrase the material in your own words through note making

Strategies For Effective Note Making:

• Read the text to identify the main idea or to get an overview. Read again to identify the important points or title
• Write a short heading on the basis of the main idea
• Frame sub-headings on the basis of subordinate/associated ideas
• Be brief and concise by avoiding examples and unimportant details
• Write in logical sequence by dividing and sub-dividing the important information is a systematic way
• Space and number the sub-headings suitably
• Do not add you own Interpretation and leave to ambiguity
• Use simple abbreviations for lengthy and repeated words
• Ensure that the author’s intended meaning does not change.

Styles of Note Making:
There are two main styles of note making linear and non-linear:
1. Linear Note Making : This is the simplest and the most common style of making notes. In this style, notes are written down the page, are line after the other. There is a heading for the main idea and sub-headings for associated ideas. Keywords, indentation, abbreviations, italic bullets are used in linear note-making Roman number also (I, II, III, IV, V and 20 ….) are used for sub-points. The format used in linear note making is given in the next section.

2. Non-Linear Note Making : In this style, tables, flowcharts, tree diagrams and maps are used to present information in a grammatical form. A large amount of information can be presented on a single page another advance tinge of non-linear note making a that the connection between the key concepts can be shown clearly.
(a) Table : Tables are used to make comparisons. Differences and similarities between two concepts-alternatives can be presented in a very simple and effective manner. An example of a table is given below:

Comparison Between Linear And Non-Linear Note Making:

Basis of comparison	Linear Note Making	Non-Linear Note Making
1.  Clarity	Inter relationship between ideas is clear – Law clarity	Inter relationship between ideas is quite clear – High clarity
2. Appeal	Visually not very appealing	Visually very appealing
3. Structure	Highly structured	Not highly structured
4. Format	Fixed format	No fixed format
5. Flexibility	Information cannot be easily added rates on	Information can be easily added rates on

(b) Flowchart: A flow chart is often used to depict a process or a change over time. In a flow chart, steps of the process are shown in boxes. Arrows are used to connect boxes to depict sequence of events. An example of flow chart is given below:

(c) Tree Diagram : A tree diagram is often used to show classification. When turned upside down, it resembles a tree. An example of tree diagram is given below:

(d) Mind Map : In a mind map information is presented in a verbal manner. The main concept is given in the certain other related concepts are schemas branches each branches resembles a sub-heading under linear style images, words, symbols and their vimal aids are used in a mind map. The pattern is open ended. Therefore, additional information and new connections can be easily incorporated in a mind map.

Format For Note Making:
A typical format used for note making in the linear style is as follows:
Heading:
1. Sub-heading:

• Sub-point
• Sub-point
• Sub-point
• Sub-sub-point
• Sub-sub-point

2. Sub-Heading

• Sub-point
• Sub-point
• Sub-sub-point
• Sub-sub-point
• Sub-point

3. Sub-heading

• Sub-sub-point
• Sub-sub-point
• Sub-sub-point
• Sub-point
• sub-point

Key :

Abbreviations Used

Symbols Used:
I. Heading (Title):
The topic is mentioned in the heading A suitable heading highlight the subject on which notes have been made. The heading depends on the main idea or there of the passage. The heading should be short, direct and to the point. Examples : Demonetization, GST, careers in Accountancy, Corporate Governance.

II. Sub-Heading:
A sub-heading indicates a sub-section of the main topic. A sub-section is divided into sub-points and sub-sub-points. For example, if corporate Governance is the heading, sub-headings may be as follows:

1. Transparency-sub-heading:

• Disclosure-sub-points
• Reporting

2. Accountability – Sub-heading:

• Board of directors
• Audit committee-sub-sub-points
• Remuneration committee sub-sub-points
• Independent Directors
• Chief Executive

Sub-heading, sub-points and sub-sub-points should be brief. A text or essay may be divided into the following sub-headings:

• Facts, advantages and disadvantages
• Facts, causes, benefits and suggestions (in case of position text)
• Facts, causes, consequences and solutions (in case of negative text)

III. Indentation:
Indentation means proper alignment and spacing of different parts of a note. Under linear note making sub-points are placed below the sub-heading similarly, sub-sub-points are placed below the sub-points. Such shifting from the margin enables the reader to see the main idea and its various parts at a glance. It provides a visual form to the note.

Indentation has become easier due to the use of computers and other such gadgets. MS-word, MS- Excel and other user-friendly Software take care to indentation. However, it becomes difficult to under-stand the content if too many indents or pointers are used.

Indentation offers the following benefits:

• It creates a well defined structure
• It makes the content easily readable and understandable
• It makes the content more objective

IV. Abbreviations/Acronyms/Symbols: The use of abbreviations acronyms and symbols makes the notes easier to read. These help to serve space and time. Abbreviation is the shortened form of a word. For example into is the shortened form of abbreviation.

An acronym represents a group of words. It consists of the first letter of each word in a name. For example, the acronym ICAI stands for ‘institute of chartered accountants of India’.
Common Abbreviations:

Abbreviation	Full form
Background bsns	Background business
Consist	Consisting
Corp	Corporation
Ckg	Checking
Decrg	Decreasing
Dept	Department
Govt	Government
Gl	Gail
Interl	International
Max	Maximum
Min	Minimum
Pop	Popular
Stat	Statistics
Maths	Mathematics
Sch	School

Some Examples of Acronyms:

Acronym
AIMA	All India Management Association
ACA	Associated Chartered Accountant
BOB	Bank of Baroda
B.Com	Bachelor in Commerce
CCI	Competition Commission of India
CEO	Chief Executive Officer
CFO	Chief Financial Officer
CIO	Chief Information Officer
COD	Cash on Delivery
COO	Chief Operating Officer
CC	Copy to
CPA	Certified Public Accountant
DOB	Date of Birth
E&O-E	Errors and Omission Exempted
FIFO	First-in, First-out
HR	Human Resources
MOU	Memorandum of Understanding
MOA	Memorandum of Association
LLP	Limited Liability Partnership
OPC	One Person Company
PR	Public Relation
ROI	Return on Investment
SUV	Sports Utility Vehicle
USP	Unique Selling Proposition

Examples of Symbols:

Guidelines For Using Abbreviations, Acronyms and Symbols:

• Use standard acronyms in making your notes. The abbreviations used should be listed at the end of the note as Key for reference.
• In case self made abbreviations are used follow a meaningful pattern.
• A complete sentence should not be used with abbreviations and acronyms.
• Do not abbreviate the heading.
• Use abbreviations in a judicious and controlled manner.

V. Summarizing The Note:
A summary is a condensed version of a long essay. The purpose of a summary is to give a basic idea of the original text. It is not a redraft of the text. A summary should be one fourth of the original text. But it must contain all the main points of the note. Express the matter in your own words, without using abbreviations. Use short and concise sentences and avoid repetition of the same words.

Examples of Note Making:
Read the following passages and make suitable notes.
I. An effective marketing strategy has three points. One part involves. Knowing who your target audiences. You truly know your audience when you can make decisions for them. But just knowing your audience is not enough to formulate a good strategy your offering another significant part. It must be one which your target audience cannot ignore.

If you know your audience were enough noting can stop you from designing and investible offer. You have completed half the process by knowing your target audience and designing an investable offer. The third and most important part is the approach. Ensure that your offering makes the desired impact in the customer’s mind. A approach has two parts-marketing and sales. Marketing generates interest in your customer’s mind. Sales convert the interest into revenue. Marketing is covert while sales is nest.

Answer Marketing Strategy
1. Know your target audience

• Identify
• Understand

2. Design an irresistible offer

3. Approach the target audience

• Marketing
• Sales

II. Stress is a body reaction to any demands or changes in its internal and external environment. Whenever there is change in the external environment such as temperature, pollutants, humidity and working conditions, it leads to stress. In these days of competition when a person makes up his mind to surpass what has been achieved by others, leading to an imbalance between demands and resources, it causes psycho-social stress. It is a part and parcel of everyday life. Stress has a different meaning, depending on the stage of life you are in.

The loss of a toy or a reprimand from the parents might create a stress shock in a child. An adolescent who fails an examination may feel as if everything has been lost and life has no further meaning. In an adult the loss of his or her companion, job or professional failure may appear as if there is nothing more to be achieved. Such signs appear in the attitude and behaviour of the individual as muscle tension in various parts of the body, palpitation and high blood pressure, indigestion and hyperacidity. Ultimately the result is self destructive behaviour such as eating and drinking too much, smoking excessively, relying on tranquilisers.

There are other signs of stress such as trembling, shaking nervous blinking, dryness of throat and mouth and difficulty in swallowing. The professional under stress behaves as if he is a perfectionist. It leads to depression, lethargy and weakness. Periodic mood shifts also indicate the stress status of the students, executives and professionals.

Answer Stress:
1. Change in environment

• Temperature
• Pollution
• Humidity

2. Competition

• Imbalance between demand and supply

3. Impact of stress

• High blood pressure
• Indigestion
• Hyperacidity
• Depression

4. Signs of stress

• Trembling
• Dry mouth

Note Making Notes Exercise Questions

Read the following passages and make suitable notes:
1. Knowledge can be of different kinds-tacit knowledge and explicit knowledge. Tacit knowledge is highly invisible and confined in the mind of a person. It is hard to formulate and, therefore, difficult to communicate to others. Tacit knowledge is essentially personal in nature. It is difficult to explain with the help of language. Individual skills, intuition, intelligence and knowledge constitute tacit knowledge. On the other hand, explicit knowledge is visible information available in the form of literature, reports, etc.

It can be embedded in objects, rules, systems, etc. It can be communicated through language and other forms of communication. As it is difficult to articulate tacit knowledge owned by an individual, organisations have to find ways to get it shared by others in the organisation. Explicit knowledge can be expressed in words and numbers and easily .shared but tacit knowledge is hard to formalise and communicate. Thus, organisational knowledge is available at both physical level and intellectual level. Personal knowledge and organisational knowledge need to be merged seamlessly to ensure success in organisations. This happens only when knowledge is driven through a learning organisation.

Knowledge management involves both tactical and strategic processes. The day-to-day use of knowledge to meet customer expectations or opportunities in the market place can be called the tactical process. The more long-range process of matching organisational knowledge assets to strategic requirements can be called the strategic process. The tactical process involves the get, use, learn and contribute phases of knowledge management. The assess, build and sustain phases constitute the strategic process of knowledge management.

2. A learning organization is an organisation that can create, acquire and transfer knowledge and also modify the behaviour of its members to reflect new knowledge and insight. It is not necessary that an organization engages in a lot of training. It is the way in which organizations respond to changes in their environment and learn lessons from the experience that qualifies them for the title ‘learning organisation’. It is not what the organisation does but how it does it. A learning organisation has knowledge as its edifice and builds its core capabilities through advancing knowledge. Members in a learning organisation are building a shared vision of the organisation and its purpose, structure, practices and climate. They are also developing a shared vision of the future, of what is important to the organisation and its members.

The learning organisation believes that competitive advantage derives from continued learning, both individual and collective. The challenges of the information age demand that not only businesses but also educational institutions and governments, transform themselves radically through continuous learning. Anybody who wants to be part of a learning organization must be willing to go through a personal change.

Learning may be defined as a purposeful activity aimed at acquisition and development of knowl-edge and skills and their application. Learning organisations that build upon knowledge focus on a shared vision and building appropriate processes that make knowledge and learning work with one another. In the knowledge economy, the learning organi-sation alone will survive. Its competence to learn, create, codify and use knowledge faster than its rivals and quicker than the environmental changes will provide it a sustainable competitive advantage. In the 21st century, an organisation must be built of, around, for and by people. The people must continuously enhance their knowledge and skills. They must be creative and innovative. The globalmarket will reward learning handsomely and will punish lack of learning.

3. A crisis is a turning point and a time of danger. In this turbulent era, turning points and dangerous moments arise quite frequently. An organisational crisis may be defined as an event that threatens the viability of the organisation. A crisis is an unexpected problem that can lead to disaster if not resolved quickly and appropriately. Crisis means something that will extract a major financial or medical cost from a company. It may wreck its reputation or may even cause the company to go out of existence as happened in the case of Enron. It may be sabotage, a terrorist attack, executive kidnappings, industrial disasters and the like.

Normal crisis or accidents happen due to complex technologies. Many things can go wrong with their design, operation or maintenance. Major catastrophies like Bhopal Gas Tragedy are literally built into technologies. In a normal crisis there is a breakdown of a complex system. However, Enron, Anderson like crises are due to intentional breakup of systems. In other words, breakdowns are normal accidents and breakups are abnormal accidents. There are seven types of crisiseconomic, physical, personal, criminal, informational, reputation and natural disasters. As companies are made up of human beings, crisis will continue to occur.

Each crisis is different and needs to be handled in its own way. Managers waste a lot of time denying that something went wrong. Man-made factors (human errors and cussedness) are more common causes of crisis. In an ideal world there should be no crisis. All problems could be foreseen and steps taken to deal with them. But in real life, Murphy’s Law holds good. According to this law, “If anything can go wrong it will.”

A company cannot prevent a crisis but it can experience fewer crisis, recover faster and gain a competitive advantage if it is crisis prepared. At best 10 to 15 per cent of companies are crisis prepared. The rest are merely reactive. Generally, companies do not accept a crisis unless there is pressure from outside. There are three biggest blocks to crisis prevention strategies fear, anxiety and denial. People do not like thinking about planes crashing into tall buildings before 9/11? A good company integrates crisis management with total quality management and environmental management because there is a lot of overlap between these programmes.

For example, when Cadbury was hit by the worms-in-the-chocolate controversy in 2003, the company addressed the problem directly where the infestation might have come from and invested substantially in new packaging. A company has to control the crisis and not be overwhelmed by it. There are three parts to crisis management. What the company does before a crisis, which is proactive; how it acts when the crisis actually happens, which is reactive; and then, what it learns at the end of the crisis.