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 Topics”
1. Partnership-Retirement
2. Single Entry
3. Insurance for Loss of Profit
4. AS-6,9&10
Strategy for preparing
“A/c”
Simple Order To Follow :
1. Accounting Standards,
2. Environmental accounting (compulsory question),
3. CFS,
4. Amalgamations,
5. Single Entry,
6. Profit prior to incorporation,
7. NPO accounting,
8. Special cases accounting,
9. Partnership,
10. ADD, AC & SBL`s.
11. Point 1 to Point 6 would cover almost 65 marks of the paper at group – 1.
Warning:
Do not Follow more than one book for conceptual learning. Everything would be a mess at the end. You may take up problems from other books if time permits, but solve as per your basic guiding book.
“Amendments In A/c-May2014”
Exclusion of Hire Purchase Trading A/c, Stock and Debtors Method from IPCC Syllabus:
In Accounting paper, ICAI has made it clear that, these topics are no longer relevant and
they are in wrong motion. By this, it is quite clear that ICAI has decided to exclude these topics with immediate effect and so will not be applicable for the upcoming November 2013 exams.
they are in wrong motion. By this, it is quite clear that ICAI has decided to exclude these topics with immediate effect and so will not be applicable for the upcoming November 2013 exams.
A. Pronouncements
Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus. (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of ‘Accounting’ Study Material revised in November, 2012.).
B. Announcement relevant for May 2014 examination
Criteria for Classification of Entities and Applicability of Accounting Standards
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012.
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A/c Practice Manual & RTP in Single Click
Accounts Theory Notes
Amalgamation Notes
A/c Exam Pattern – May 2011 to Nov 2013
Internal Reconstruction
How to Calculate PC & Journal Entries
Investment Accounts
Incomplete Records
Insurance Claims
Non-Profit Organisation Notes
Partnership Notes
Company Accounts Notes
Accounting Standards Notes
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