Preparation Tips All at One Place :
Group-I Accounting is all about common sense. This is one of the important subjects, because, it helps a lot in securing the required aggregate marks in the group. A few recent facts are stated below:
On a sample survey of last four IPCC exams, it was found out that, if you take 100 students who have secured exemption in Group 1, among those 100, a staggering 60-70 number of exemptions have come from the Accounting subject.
In another survey of students who failed in the May 2013 exam but got an exemption in one or more subject, there are 68% students who have got their exemption only in Accounting.
The trick is choosing a wise material. Recent toppers have stated that, ICAI’s practice manual is the best and that’s what makes the difference.
Important Chapters/Topics:
Partnership – Retirement
Single Entry
Insurance for loss of Profit
AS 6,9 and 10
1.Start with AS, there will surely 10-15 marks paper out of it. First read it from your material or book whatever you had and in last for practice please do all question of Study Material & Practice Manual issues by ICAI.
2.Than do small Chapters & topics like Managerial Remuneration, Pre & Post Incorporation, Average Due Date & Account Current and Bonus Issue ( 8-12 Marks question will be surely out of it. ) Also read out and do question from Practice Manual.
3.Now you can do Chapter like Investment Accounts, Incomplete Records, Financial Statements of NPO, Self Balancing Ledgers, Insurance Claims (This topics are easiest as well scoring topics and cover around 16-20 marks) Again just go through the Practice Manual Questions.
4.Now do Internal Reconstruction, Amalgamation & Partnership receptively. ( Covers 30-40 Marks )
5.In last do Hire Purchase as it is lengthy topic and many students find difficult to do this chapter, so if you have time than do otherwise just read out the question from Practice Manual. You can leave this question in choice also.
6.Finally do theory from Practice Manual as theory questions will be repeated in all exams, so do all theory questions from PM. And start with “Computerized Environment”.
IPCC – Group1
Accounting
- Avg. due date(4)
- Partnership(16)
- Pre-incorporation(8)
- Amalgamation/Internal Reconstruction(16)
- Hire Purchase(8)
- NPO(16)
- Cash flow(16)
- Single entry(16)
- Imp. AS(revenue recog.,contract,dep.,fixed asset)
Law :
We have conducted a survey of 160 students who have secured exemption in Law. Below are a few notes they have made:
Side-headings, Side-headings and Side-headings. 56% of the students have told the same thing. The importance of sub-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter.
70% of the students have given the credit to Ethics and Communications. Ethics and Communications have a comparatively very much smaller syllabus. Combined reading based on sub-headings have got them the success.
For Law, most of the students have credited the need of ICAI Practice Manual.
Important Chapters/Topics:
Meetings, Incorporation
Workplace Ethics, Ethics in Accounting and Finance
Communication channels and Ethics
1. Dont pay much attention on sections .If u
already learnt sections than jst revise once
2. Dont quote sections unless u r 100% sure
about that
3. it is not necessary to qoute sub sections i.e if
sec is 3(1) (iii) u can write as per the provisions
of
sec 3 of the xyz Act.
4. pay more attention on campany law
5. In exam start new ans on new sheet
6. In ethics keep in mind some key points of
every
concept becouse it is very difficult to learn each
n
every concept
7. Examiner doesnot expect case laws at IPCC
level. Remember that case laws n case studies
are
different thing. dont confuse between them..
remember case law n case studies are different
things..dont forget to do case studies
8. weight ur answers not ur answer sheets
always write answers in brief dont consider it as
bcom exam .
9. u can expect almost 70 % of paper from
practice manual
1.Start with ethics most easiest and scoring topic. You can do it from notes which i provided or your own book. Fast reading of all question in Practice Manual is enough. Minimum weightage is of 20 marks.
2.Now you can do Communication as it is also easy do theory part first and left deeds and documents part for exam days. You should do all deeds from module and left out last 2 attempt deeds. And please read all questions from Practice Manual.
3.Now move to Company law; do Meetings, MoA, AoA , Conversion of Pvt. to public Co. or vise- versa , Prospectus, Membership first than move to other topics of Companies Act. Better to do all questions from Practice Manual as many question will be repeated.
4.Now do small topics like Payment of Bonus Act, EPF & Misc. Provisions Act, Payment of Gratuity. This are easiest topics and surely of 15-18 marks. Make sure you do all Practice Manual questions.
5.In last do Contract Act and Negotiable Act. In Contract Act do Bailment 1st than all other topics. And negotiable act is too lenghty than you can do all question of practice manual only because it is of 5 marks only.
Law,ethics & communication
- Bonus(8)
- Gratuity(8)
- Chapters of Indian Contract Act,combined (10)
- Share Capital, General Meeting
- t/f transmission of shares, Membership
- Share allotment, prospectus n MOA
- ethics(full and dont leave anything)
- communication (deeds are very important.) and
communication theory and rest of the chapters
Costing And Financial Management :
IMPORTANT TOPICS FOR Costing & FM : NOV 2013
Important topics for Costing & FM :
FM :-
Theory – Wealth Maximization v/s. profit maximization, Role of CFO, Limitation of Ratios, Functions of Treasury Department, Lock box System, Ageing Schedule, Commercial Paper, ADR & GDR, Seed Capital Assistance, Bridge Finance, Factors into consideration while determine working capital.
Practical Question – Financial Leverage, Preparation of Balance Sheet with help of different ratios, Time Value, FFS, Working Capital, WACC, IRR, NPV, Cash Budget, Factoring.
Costing :-
Practical Question – Marginal Costing – P/V Ratio & Key factor, Standard Costing – Material & Labour Variances, Contract Costing, Process & Equivalent production mixed question, Integrated Accounts, Direct Material – Re-order, Maximum & Mimimum level of stock, Halsey & Rowan Scheme.
Theory – Conversion & Sunk Cost, Cost Centre, Controllable & Uncontrollable Costs, Service Cost, Explicit & Implict cost, Treatment of Spoilage & Defectives, Bin card & Store Ledger, Pre- requisites & Advantage of Integrated Accounts, Cost plus Contract.
Analysis of Past :
Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.
This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.
So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.
Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper. Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.
Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.
Important Chapters/Topics:
Costing:
Material Cost
Contract Costing
Marginal Costing
Financial Management:
Cost of Capital
Cash Flow Statement
Management of Working Capital
1. Pay due attention on theory ..some students
doesnt do that it contains weightage of 20- 28 marks in
the
paper
2. If u have problem in doing the whole theory
portion just do past examination question or from
scaner or from practice manual (all r equal )
3. pay equal attention on CA n FM dont go in
exams on the base of any 1 of them
4. If u dont know any answer n dont have any
single idea about its better to leave that
for eg :- if in exams GDR (global depository
reciepts) comes n u write deposits that reciept in whole
world it
will make a bad impression of u on checker
5. make proper working notes it plays a vital
role in step marking
watever calculation u do name them as
working note .
6. dont pay unnecesary tym in solving
particular question
agar ek que mai fass gye to vo le dubega
aapkon
7. if u r using any formula in ur solution then
first write it
n then put numbers or figures in it . this shows
ur knowledge
about formulaes
8. Always do RTP’s
hope this will work out for u.
Part A: Cost Accounting
1.Without a doubt you should do Standard & Marginal Costing in starting. Not even a single theory question asked from this two topics so just concentrate on practical questions. Try to make your own notes or summary of all formula as this chapters based on formula only. Around 16-20 marks covered by this two topics.
2.Now you should do Contract, Process , Equivalent, Budgetary & Operating Costing. This topics again cover 16-20 marks. Theory will come from Budgetary & Operating only. Better to go through Practice Manual also as sometimes not exact but of same pattern question comes in exam.
3.Now you should do small topics like Material, Labour & Overhead . Mainly question comes from Direct Material like EOQ, Re-order level etc. Don’t waste much time on Labour & Overhead as they are lengthy as well as not questions not frequently asked from this topics.
4.Now do this 3 topics from Practice Manual only because question get repeated in this topics: Non Integrated, Integrated Account & Reconciliation of Cost & Financial Accounts.
5.Generally 16 marks theory questions asked in exam.
Part B : Financial Management:
1.You should start with Capital Budgeting and than Cost of Capital this both chapters covers 16-20 marks easily, mainly practical question comes from this chapters so don’t waste time on reading theory. If anyone not interested in doing material which he/she have than just do all question from practice manual of this topic.
2.Now you should do leverage , Ratios & Working Capital Management. This topic are easiest as well scoring topics. This covers again around 20 marks minimum and both practical & theory questions asked from it. Do this topics properly from your books which u have than do question from Practice Manual and mainly theory questions comes from Practice manual only.
3.Than do Cash Flow Statement & Fund Flow Statement, as we studied this topics earlier so do it fast and don’t waste much time both theory and practical questions may be asked. Marks covered around 8 but sometimes 16 marks big question also asked so prepared for it.
4.Now do theory properly as this paper contain good questions of theory & overall theory asked in the question paper is minimum of 30-32 marks out of which 16-20 mark’s theary is from Financial Management. Important topics for theory are Basic Chapter, Ratios (Importance & Limitation), Types of Financing, Management of Debtors etc. (Make sure once you read all theory question in Practice Manual.)
COSTING & FINANCIAL MANAGEMAENT
- Contract Costing, Material
- Reconciliation
- Standard, Marginal
- Labour, Overhead, Process Costing
- Capital budgeting, leaverage
- Working Capital, Receivable Management
- Cost of Capital, Ratios
Taxation :
Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.
There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.
Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady..
Important Chapters/Topics:
Residential status, Clubbing, House Property
ST: Valuation, POT, Returns
VAT: Calculation and procedures
For the overall preparation, GIST is very essential, You will know the value of Gist only on the day of exam, when you are left with only hours and syllabus to be covered is huge. If you are too lazy to note down important points, its preferred to record them in your mobile. On the day of exam, just play all the points you recorded and your revision will be completed in a hour.
1.Without any doubt and hesitation start VAT & Service Tax. VAT is easiest topic just read it properly and do practical questions also. After reading from book in last just go through the Practice Manual. In service tax do properly as there are lots of amendments and please do buy new Practice Manual of Tax from ICAI Branch and do all questions properly from it I am sure there will be many questions straight away from Practice Manual (recently issued on ICAI website as well). Marks covered by this two topics are around 50 marks.
2.In Income tax start with Business & Profession because as early as you finish this chapter you will feel relaxed. Now do Salary, House Property, Capital Gain.. Do questions of Capital Gain & Other sources from Practice Manual. This topic cover around 30 marks out of 50 marks portion of Income-tax.
3.Now do small & easy topics like Deductions, TDS, Procedure of filing returns etc. there will we 8-12 marks questions from this topics.
4.Now do Set-off & Carry forward & other small topics, theory questions may be asked from this topics so read it properly.
Important topics for Taxation :
Service Tax :-
1. Section 66D ( Negative list ) - May be they simply ask names of services in negative list.
2. Point of Taxation
3. Payment of Serive Tax
4. Interest on delayed payment of Service Tax
5. Due date for payment of service tax
6. Late fees for delayed Return.
7. Documents to be furnished with fiirst Return.
8. Valuation of Services ( Practical Question )
VAT :-
1. Methods of VAT
2. Merits & Demerits of VAT
3. Purchase eligible or not eligible for Input Tax Credit
4. TIN & Invoice
5. Composition Scheme
6. Cross Verification in VAT
7. Return of VAT
** One practical question will be asked for sure of 5 marks.
Income Tax :-
1. Capital Gain & Gift - Around 10 Marks.
2. PGBP - May be big question asked out of it.
3. Now do compuation related question , when you do this questions provisons related to salary, house property & other services. After doing this questions you are not required to read provisions sperately.
4. Now do TDS, deductions & provisions related to Return of Income - Marks covered 10-12.
5. Now do Set-off & carry forward more chances that theory question of 4-6 marks may be asked out of it.
*** Do topics in this serial friends if u do all this topic i am sure u get 50 plus marks.
INCOME TAX
- Salary (RFA,HRA,gratuity,pension,leav
car facility n few more perquisites,all allowances are
imp. student should not be ignored these topics)
- Business profession (these sections are the most
imp. ones viz sec 32, 40A2, 40A3, 43B and topics like
deduction in case of scientific research, writing off of
preliminary exp., question related with book profits n
cash payments in excess of 20,000 n payments that
can be made and claimed till ROI filing date ie the
above sections mentioned)…dont leave this chapter.
- Capital gains (exemption related sections, forfeiture
sec 51, conversion of capital into stock and sec 47)
- ROI, TDS, deductions (80C, 80D, 80DD, 80U, 80G)
- Clubbing, other sources
Service tax n VAT (fully) dont leave anything these are
scoring topics.
Advanced Accounting :
1.Start with AS, there will surely 8-12 marks paper out of it. First read it from your material or book whatever you had and in last for practice please do all question of Study Material & Practice Manual issues by ICAI.
2.Do chapter Electricity, Banking & Insurance. Marks covered by this chapter 16-24 marks. Just do all Questions & Examples of Module & Practice Manual no question will be asked outside that.
3.Now do topics like Buy Back, Underwriting, ESOP. Marks covered is 8-12. Most easiest topics.
4.Now do Branch Accounts & Departmental Accounting. There will be surely question out of this topic may be ranging from 10-16 marks. So prepare well and 1st do Branch & than Department. Question comes on alternative basis mostly time. Refer Practice Manual for this topics.
5.Now do Partnership Accounting 16 marks question surely out of that. So prepare well.
6.Now do Internal Reconstruction & Amalgamation. Marks covered 16 minimum. I am saying to do this topic in end as we already studied this in Group 1 Accounts and there are some points which are same so will be confident in this topic.
7.In last to Redemption of Debenture as I heard many students not like this topic at all. Even not much weightage for this chapter you can left out in choice also.
Advanced Accounting
- Partnership(16)
- Amalgamation or Internal Reconstruction(16)
- Branch A/c, Liquidation, Banking, Insurance…all may
come of 8 marks each
- Underwriting, Departmental (5 each)
- Imp. AS (borrowing cost, government grant, EPS,
Lease)
- Debenture chapter(16)
Auditing :
1.Start with Company Audit I & II, as there are many topics which are common in law & audit. So its easy to start with this chapters. Marks covered 24-32. This include CARO also.
2.Now do special Audit my suggestion is that please do this topic from ICAI module as if you write in thta language you will get goods marks. And do practice manual also for this topic. Questions get repeated. Marks covered 8-12.
3.Now do chapters like Basic Concepts of Auditing, Nature of Auditing & Preparation of Audit. This are easy chapters and generally straight forward questions asked from this chapters Marks covered 20-24.
4.Now do SA’s. Friend practically saying its not possible to remember inner content of all SA’s so my suggestion is that remember Title of all SA’s and read them like novels and do past examination questions from Practice Manual. Marks covered around 16.
5.Now do Internal Control chapter do it properly as 8 marks question surely out of this chapter.
6.In last do Vouching & Verification topic. Marks covered 12-16. Friends u can’t remember all points to do proper concentration on some topics which are important according to you and read out all remaining points. Some important topics are – Audit of Cash Transactions, Payment of Dividend, Audit of Purchase, Reason for lower Gross profit etc.
7.Remember friends many times questions asked from Accounting standards also so don’t get shocked with it. May be around 8 marks question comes out of AS.
Auditing
- Vouching, Verification
- Company audit 1 and 2
- Special Audit
- EDP, govt. audit, Caro
-200, 300, 500 Series SA’s are important
IT & SM :
Part A: Information Technology [50 marks]:
1.Start with Data Storage, Retrieval & DBMS this chapter is easy in comparison to other chapters and have good weight-age also. So do this first.
2.Now do flowchart and Decision table marks covered 8-10. Do all illustrations from module and questions of Practice Manual because question will be out of that.
3.Now do Internet and Other Technology, many topics also easy under this chapter and scoring also. So do it properly.
4.Now do Software and Computer Network & Network Security chapter this chapters are heavy i.e. have lots of topic. So try to cover as much as you can.
5.Now do Chapter 1 most probable 2 marks definitions will be out of this chapter. So do all previous exam questions of this questions.
1. revise only those topics which u had studied
earlier dont start anything new .
2. u can leave the questions which are included in
LAST YEAR question paper.
3. give more attention on DBMS n INTERNET
(exept FB) it will fetch u some more marks .
4. try to answer only those questions jinke answers
apko pta ho thode bahut dont try too fool the
checker by writing anything .
5. make daigram in support of ur ans if possible
agar nhi bhi banaoge to its ok .
6. dont go for any summary notes now jha se pahle kiya tha vhi se karo.
7. write short n breif answers n try to write
technical words as wrtten in ur text books .as i said in past give weight to ur answers not answer sheet .
Part B: Strategic Management [50 marks]:
1.Friends in this subject you should do Practice Manual first as if once you do it around 70% course will be covered. I am saying practice manual because it is easy to read topics in question format rather than paragraphs. And generally questions get repeated in SM may be in different way but asked earlier exam questions.
2.Now start reading chapters from module in reverse order means start from Chapter 7. Language of module is easy so you can read from it.
3.Do all chapter end questions from module because true & false many times comes out of it. So better to go through that.
Information Technology
- Internet
- Networking
- DBMS
- Flowcharts
(almost carry 40 marks weight age)
Strategic Management
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Accounting :
Group-I Accounting is all about common sense. This is one of the important subjects, because, it helps a lot in securing the required aggregate marks in the group. A few recent facts are stated below:
On a sample survey of last four IPCC exams, it was found out that, if you take 100 students who have secured exemption in Group 1, among those 100, a staggering 60-70 number of exemptions have come from the Accounting subject.
In another survey of students who failed in the May 2013 exam but got an exemption in one or more subject, there are 68% students who have got their exemption only in Accounting.
The trick is choosing a wise material. Recent toppers have stated that, ICAI’s practice manual is the best and that’s what makes the difference.
Important Chapters/Topics:
Partnership – Retirement
Single Entry
Insurance for loss of Profit
AS 6,9 and 10
1.Start with AS, there will surely 10-15 marks paper out of it. First read it from your material or book whatever you had and in last for practice please do all question of Study Material & Practice Manual issues by ICAI.
2.Than do small Chapters & topics like Managerial Remuneration, Pre & Post Incorporation, Average Due Date & Account Current and Bonus Issue ( 8-12 Marks question will be surely out of it. ) Also read out and do question from Practice Manual.
3.Now you can do Chapter like Investment Accounts, Incomplete Records, Financial Statements of NPO, Self Balancing Ledgers, Insurance Claims (This topics are easiest as well scoring topics and cover around 16-20 marks) Again just go through the Practice Manual Questions.
4.Now do Internal Reconstruction, Amalgamation & Partnership receptively. ( Covers 30-40 Marks )
5.In last do Hire Purchase as it is lengthy topic and many students find difficult to do this chapter, so if you have time than do otherwise just read out the question from Practice Manual. You can leave this question in choice also.
6.Finally do theory from Practice Manual as theory questions will be repeated in all exams, so do all theory questions from PM. And start with “Computerized Environment”.
IPCC – Group1
Accounting
- Avg. due date(4)
- Partnership(16)
- Pre-incorporation(8)
- Amalgamation/Internal Reconstruction(16)
- Hire Purchase(8)
- NPO(16)
- Cash flow(16)
- Single entry(16)
- Imp. AS(revenue recog.,contract,dep.,fixed asset)
Law :
We have conducted a survey of 160 students who have secured exemption in Law. Below are a few notes they have made:
Side-headings, Side-headings and Side-headings. 56% of the students have told the same thing. The importance of sub-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter.
70% of the students have given the credit to Ethics and Communications. Ethics and Communications have a comparatively very much smaller syllabus. Combined reading based on sub-headings have got them the success.
For Law, most of the students have credited the need of ICAI Practice Manual.
Important Chapters/Topics:
Meetings, Incorporation
Workplace Ethics, Ethics in Accounting and Finance
Communication channels and Ethics
1. Dont pay much attention on sections .If u
already learnt sections than jst revise once
2. Dont quote sections unless u r 100% sure
about that
3. it is not necessary to qoute sub sections i.e if
sec is 3(1) (iii) u can write as per the provisions
of
sec 3 of the xyz Act.
4. pay more attention on campany law
5. In exam start new ans on new sheet
6. In ethics keep in mind some key points of
every
concept becouse it is very difficult to learn each
n
every concept
7. Examiner doesnot expect case laws at IPCC
level. Remember that case laws n case studies
are
different thing. dont confuse between them..
remember case law n case studies are different
things..dont forget to do case studies
8. weight ur answers not ur answer sheets
always write answers in brief dont consider it as
bcom exam .
9. u can expect almost 70 % of paper from
practice manual
1.Start with ethics most easiest and scoring topic. You can do it from notes which i provided or your own book. Fast reading of all question in Practice Manual is enough. Minimum weightage is of 20 marks.
2.Now you can do Communication as it is also easy do theory part first and left deeds and documents part for exam days. You should do all deeds from module and left out last 2 attempt deeds. And please read all questions from Practice Manual.
3.Now move to Company law; do Meetings, MoA, AoA , Conversion of Pvt. to public Co. or vise- versa , Prospectus, Membership first than move to other topics of Companies Act. Better to do all questions from Practice Manual as many question will be repeated.
4.Now do small topics like Payment of Bonus Act, EPF & Misc. Provisions Act, Payment of Gratuity. This are easiest topics and surely of 15-18 marks. Make sure you do all Practice Manual questions.
5.In last do Contract Act and Negotiable Act. In Contract Act do Bailment 1st than all other topics. And negotiable act is too lenghty than you can do all question of practice manual only because it is of 5 marks only.
Law,ethics & communication
- Bonus(8)
- Gratuity(8)
- Chapters of Indian Contract Act,combined (10)
- Share Capital, General Meeting
- t/f transmission of shares, Membership
- Share allotment, prospectus n MOA
- ethics(full and dont leave anything)
- communication (deeds are very important.) and
communication theory and rest of the chapters
Costing And Financial Management :
IMPORTANT TOPICS FOR Costing & FM : NOV 2013
Important topics for Costing & FM :
FM :-
Theory – Wealth Maximization v/s. profit maximization, Role of CFO, Limitation of Ratios, Functions of Treasury Department, Lock box System, Ageing Schedule, Commercial Paper, ADR & GDR, Seed Capital Assistance, Bridge Finance, Factors into consideration while determine working capital.
Practical Question – Financial Leverage, Preparation of Balance Sheet with help of different ratios, Time Value, FFS, Working Capital, WACC, IRR, NPV, Cash Budget, Factoring.
Costing :-
Practical Question – Marginal Costing – P/V Ratio & Key factor, Standard Costing – Material & Labour Variances, Contract Costing, Process & Equivalent production mixed question, Integrated Accounts, Direct Material – Re-order, Maximum & Mimimum level of stock, Halsey & Rowan Scheme.
Theory – Conversion & Sunk Cost, Cost Centre, Controllable & Uncontrollable Costs, Service Cost, Explicit & Implict cost, Treatment of Spoilage & Defectives, Bin card & Store Ledger, Pre- requisites & Advantage of Integrated Accounts, Cost plus Contract.
Analysis of Past :
Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.
This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.
So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.
Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper. Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.
Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.
Important Chapters/Topics:
Costing:
Material Cost
Contract Costing
Marginal Costing
Financial Management:
Cost of Capital
Cash Flow Statement
Management of Working Capital
1. Pay due attention on theory ..some students
doesnt do that it contains weightage of 20- 28 marks in
the
paper
2. If u have problem in doing the whole theory
portion just do past examination question or from
scaner or from practice manual (all r equal )
3. pay equal attention on CA n FM dont go in
exams on the base of any 1 of them
4. If u dont know any answer n dont have any
single idea about its better to leave that
for eg :- if in exams GDR (global depository
reciepts) comes n u write deposits that reciept in whole
world it
will make a bad impression of u on checker
5. make proper working notes it plays a vital
role in step marking
watever calculation u do name them as
working note .
6. dont pay unnecesary tym in solving
particular question
agar ek que mai fass gye to vo le dubega
aapkon
7. if u r using any formula in ur solution then
first write it
n then put numbers or figures in it . this shows
ur knowledge
about formulaes
8. Always do RTP’s
hope this will work out for u.
Part A: Cost Accounting
1.Without a doubt you should do Standard & Marginal Costing in starting. Not even a single theory question asked from this two topics so just concentrate on practical questions. Try to make your own notes or summary of all formula as this chapters based on formula only. Around 16-20 marks covered by this two topics.
2.Now you should do Contract, Process , Equivalent, Budgetary & Operating Costing. This topics again cover 16-20 marks. Theory will come from Budgetary & Operating only. Better to go through Practice Manual also as sometimes not exact but of same pattern question comes in exam.
3.Now you should do small topics like Material, Labour & Overhead . Mainly question comes from Direct Material like EOQ, Re-order level etc. Don’t waste much time on Labour & Overhead as they are lengthy as well as not questions not frequently asked from this topics.
4.Now do this 3 topics from Practice Manual only because question get repeated in this topics: Non Integrated, Integrated Account & Reconciliation of Cost & Financial Accounts.
5.Generally 16 marks theory questions asked in exam.
Part B : Financial Management:
1.You should start with Capital Budgeting and than Cost of Capital this both chapters covers 16-20 marks easily, mainly practical question comes from this chapters so don’t waste time on reading theory. If anyone not interested in doing material which he/she have than just do all question from practice manual of this topic.
2.Now you should do leverage , Ratios & Working Capital Management. This topic are easiest as well scoring topics. This covers again around 20 marks minimum and both practical & theory questions asked from it. Do this topics properly from your books which u have than do question from Practice Manual and mainly theory questions comes from Practice manual only.
3.Than do Cash Flow Statement & Fund Flow Statement, as we studied this topics earlier so do it fast and don’t waste much time both theory and practical questions may be asked. Marks covered around 8 but sometimes 16 marks big question also asked so prepared for it.
4.Now do theory properly as this paper contain good questions of theory & overall theory asked in the question paper is minimum of 30-32 marks out of which 16-20 mark’s theary is from Financial Management. Important topics for theory are Basic Chapter, Ratios (Importance & Limitation), Types of Financing, Management of Debtors etc. (Make sure once you read all theory question in Practice Manual.)
COSTING & FINANCIAL MANAGEMAENT
- Contract Costing, Material
- Reconciliation
- Standard, Marginal
- Labour, Overhead, Process Costing
- Capital budgeting, leaverage
- Working Capital, Receivable Management
- Cost of Capital, Ratios
Taxation :
Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.
Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady..
Important Chapters/Topics:
Residential status, Clubbing, House Property
ST: Valuation, POT, Returns
VAT: Calculation and procedures
For the overall preparation, GIST is very essential, You will know the value of Gist only on the day of exam, when you are left with only hours and syllabus to be covered is huge. If you are too lazy to note down important points, its preferred to record them in your mobile. On the day of exam, just play all the points you recorded and your revision will be completed in a hour.
1.Without any doubt and hesitation start VAT & Service Tax. VAT is easiest topic just read it properly and do practical questions also. After reading from book in last just go through the Practice Manual. In service tax do properly as there are lots of amendments and please do buy new Practice Manual of Tax from ICAI Branch and do all questions properly from it I am sure there will be many questions straight away from Practice Manual (recently issued on ICAI website as well). Marks covered by this two topics are around 50 marks.
2.In Income tax start with Business & Profession because as early as you finish this chapter you will feel relaxed. Now do Salary, House Property, Capital Gain.. Do questions of Capital Gain & Other sources from Practice Manual. This topic cover around 30 marks out of 50 marks portion of Income-tax.
3.Now do small & easy topics like Deductions, TDS, Procedure of filing returns etc. there will we 8-12 marks questions from this topics.
4.Now do Set-off & Carry forward & other small topics, theory questions may be asked from this topics so read it properly.
Important topics for Taxation :
Service Tax :-
1. Section 66D ( Negative list ) - May be they simply ask names of services in negative list.
2. Point of Taxation
3. Payment of Serive Tax
4. Interest on delayed payment of Service Tax
5. Due date for payment of service tax
6. Late fees for delayed Return.
7. Documents to be furnished with fiirst Return.
8. Valuation of Services ( Practical Question )
VAT :-
1. Methods of VAT
2. Merits & Demerits of VAT
3. Purchase eligible or not eligible for Input Tax Credit
4. TIN & Invoice
5. Composition Scheme
6. Cross Verification in VAT
7. Return of VAT
** One practical question will be asked for sure of 5 marks.
Income Tax :-
1. Capital Gain & Gift - Around 10 Marks.
2. PGBP - May be big question asked out of it.
3. Now do compuation related question , when you do this questions provisons related to salary, house property & other services. After doing this questions you are not required to read provisions sperately.
4. Now do TDS, deductions & provisions related to Return of Income - Marks covered 10-12.
5. Now do Set-off & carry forward more chances that theory question of 4-6 marks may be asked out of it.
*** Do topics in this serial friends if u do all this topic i am sure u get 50 plus marks.
INCOME TAX
- Salary (RFA,HRA,gratuity,pension,leav
car facility n few more perquisites,all allowances are
imp. student should not be ignored these topics)
- Business profession (these sections are the most
imp. ones viz sec 32, 40A2, 40A3, 43B and topics like
deduction in case of scientific research, writing off of
preliminary exp., question related with book profits n
cash payments in excess of 20,000 n payments that
can be made and claimed till ROI filing date ie the
above sections mentioned)…dont leave this chapter.
- Capital gains (exemption related sections, forfeiture
sec 51, conversion of capital into stock and sec 47)
- ROI, TDS, deductions (80C, 80D, 80DD, 80U, 80G)
- Clubbing, other sources
Service tax n VAT (fully) dont leave anything these are
scoring topics.
Advanced Accounting :
1.Start with AS, there will surely 8-12 marks paper out of it. First read it from your material or book whatever you had and in last for practice please do all question of Study Material & Practice Manual issues by ICAI.
2.Do chapter Electricity, Banking & Insurance. Marks covered by this chapter 16-24 marks. Just do all Questions & Examples of Module & Practice Manual no question will be asked outside that.
3.Now do topics like Buy Back, Underwriting, ESOP. Marks covered is 8-12. Most easiest topics.
4.Now do Branch Accounts & Departmental Accounting. There will be surely question out of this topic may be ranging from 10-16 marks. So prepare well and 1st do Branch & than Department. Question comes on alternative basis mostly time. Refer Practice Manual for this topics.
5.Now do Partnership Accounting 16 marks question surely out of that. So prepare well.
6.Now do Internal Reconstruction & Amalgamation. Marks covered 16 minimum. I am saying to do this topic in end as we already studied this in Group 1 Accounts and there are some points which are same so will be confident in this topic.
7.In last to Redemption of Debenture as I heard many students not like this topic at all. Even not much weightage for this chapter you can left out in choice also.
Advanced Accounting
- Partnership(16)
- Amalgamation or Internal Reconstruction(16)
- Branch A/c, Liquidation, Banking, Insurance…all may
come of 8 marks each
- Underwriting, Departmental (5 each)
- Imp. AS (borrowing cost, government grant, EPS,
Lease)
- Debenture chapter(16)
Auditing :
1.Start with Company Audit I & II, as there are many topics which are common in law & audit. So its easy to start with this chapters. Marks covered 24-32. This include CARO also.
2.Now do special Audit my suggestion is that please do this topic from ICAI module as if you write in thta language you will get goods marks. And do practice manual also for this topic. Questions get repeated. Marks covered 8-12.
3.Now do chapters like Basic Concepts of Auditing, Nature of Auditing & Preparation of Audit. This are easy chapters and generally straight forward questions asked from this chapters Marks covered 20-24.
4.Now do SA’s. Friend practically saying its not possible to remember inner content of all SA’s so my suggestion is that remember Title of all SA’s and read them like novels and do past examination questions from Practice Manual. Marks covered around 16.
5.Now do Internal Control chapter do it properly as 8 marks question surely out of this chapter.
6.In last do Vouching & Verification topic. Marks covered 12-16. Friends u can’t remember all points to do proper concentration on some topics which are important according to you and read out all remaining points. Some important topics are – Audit of Cash Transactions, Payment of Dividend, Audit of Purchase, Reason for lower Gross profit etc.
7.Remember friends many times questions asked from Accounting standards also so don’t get shocked with it. May be around 8 marks question comes out of AS.
Auditing
- Vouching, Verification
- Company audit 1 and 2
- Special Audit
- EDP, govt. audit, Caro
-200, 300, 500 Series SA’s are important
IT & SM :
Part A: Information Technology [50 marks]:
1.Start with Data Storage, Retrieval & DBMS this chapter is easy in comparison to other chapters and have good weight-age also. So do this first.
2.Now do flowchart and Decision table marks covered 8-10. Do all illustrations from module and questions of Practice Manual because question will be out of that.
3.Now do Internet and Other Technology, many topics also easy under this chapter and scoring also. So do it properly.
4.Now do Software and Computer Network & Network Security chapter this chapters are heavy i.e. have lots of topic. So try to cover as much as you can.
5.Now do Chapter 1 most probable 2 marks definitions will be out of this chapter. So do all previous exam questions of this questions.
1. revise only those topics which u had studied
earlier dont start anything new .
2. u can leave the questions which are included in
LAST YEAR question paper.
3. give more attention on DBMS n INTERNET
(exept FB) it will fetch u some more marks .
4. try to answer only those questions jinke answers
apko pta ho thode bahut dont try too fool the
checker by writing anything .
5. make daigram in support of ur ans if possible
agar nhi bhi banaoge to its ok .
6. dont go for any summary notes now jha se pahle kiya tha vhi se karo.
7. write short n breif answers n try to write
technical words as wrtten in ur text books .as i said in past give weight to ur answers not answer sheet .
Part B: Strategic Management [50 marks]:
1.Friends in this subject you should do Practice Manual first as if once you do it around 70% course will be covered. I am saying practice manual because it is easy to read topics in question format rather than paragraphs. And generally questions get repeated in SM may be in different way but asked earlier exam questions.
2.Now start reading chapters from module in reverse order means start from Chapter 7. Language of module is easy so you can read from it.
3.Do all chapter end questions from module because true & false many times comes out of it. So better to go through that.
Information Technology
- Internet
- Networking
- DBMS
- Flowcharts
(almost carry 40 marks weight age)
Strategic Management
Full
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