SELF PREPARATION TIPS FOR IPCC NOVEMBER 2013 Many of the students are facing problem in Preparing for Exams for the reason that they did not attend the coaching classes or they have attended only some of the coaching classes. Keeping this in view I have decided to provide them some guidance in Preparing for their Exams out of my experience in Preparation. DISCLAIMER This article is merely written considering my own experience and my friend’s suggestions and Faculty guidance given to me at the time of my exams. So it is just guidance or sharing of info and this does not intend to mislead anyone of the CA Student community. Any damages resulting from the actions taken by you after reading this article are not borne by the author or persons who helped the author. LET’S GET STARTED First of all I suggest you to get an overall idea (No of Chapters and time required for each subject) of the Subjects when you are starting a particular subject and average marks and areas covered from different chapters in previous years. We are also giving an average time to be spent on each chapter which can be changed according to your time plan considering various constraints. For average marks asked from different chapters refer our article “Blue Print of the IPCC Exams” One More thing which requires attention is whether you are planning to write One or Both groups. We can’t suggest anything in this regard as this is purely based on your capabilities. It is better if you write Both at a time unless you think it is impossible for you to pass One Group if you prepare for both i.e you don’t have confidence. Another thing is I keep listening from many of friends about the Number of hours of Study, In this regard my opinion is it is your capability which decides the number of hours as some feel very stressed and forget everything if they sit for number of hours (like me)and some are opposite to this. But it is suggested that a minimum study of 8 Hours is required per day with small breaks in between (this helps a lot) for any extreme intelligent person too. This article mainly concentrates on the areas which need to be prepared without fail for passing the exam if you have more time after being perfect with the areas you can concentrate on in depth knowledge in other areas. Note : Basic Knowledge of Every Chapter(Purpose of the topic) is to be obtained. PAPER I ACCOUNTING Accounting is the core subject of the whole course of study. To prepare for IPCC Paper I Accounting you should have above avg or average knowledge in CPT Accounts as without this you can’t understand what is being done in a problem being solved which in turn makes you inable to solve the problems in exam as they are new altogether with the same concepts as in the Material. To start with preparation tips Accounting Paper I can be divided into three sections 1. Accounting Standards 2. Financial Statements of Companies (Company Accounts) 3. Other Areas Section I Accounting standards constitute the major portion of Accounting Paper I and carries a weightage of 15-20 Marks Start your preparation with accounting standards and give at least two readings for each accounting Standard and immediately apply the concepts studied. Immediately after preparing for AS’s start with chapters related to Accounting Standards they are Amalgamation & Internal Reconstruction , Acc for Investments , Cash Flow Statement. With this 40% of the Portion is covered Section II Now come on to Company Accounts this section consists of chapters Financial statements of Companies , Profit prior to Incorporation , Acc for Bonus Issue. Basic Knowledge on entries to be passed and preparation of financial statements in different situations is compulsory This covers 30% of the Portion Section III Now take on small chapters like ADD, ACC , SBL , Insurance Claim etc., after the small chapters are completed take on Partnership Accounts which is already studied in CPT. This section is very easy compared to others listed above and also covers 30% of the Syllabus. PAPER II BUSINESS LAW ETHICS AND COMMUNICATION IPCC Paper II can be divided into four sections Major Business Laws Ethics Communications Other Business Laws Section I Start your Preparation with the laws Bonus Act and Gratuity Act and after that move on to Company Law A minimum of three revisions is required for the laws listed above as chances of forgetting is more in these laws It is suggested to discuss with your friends for remembering the laws. This section covers 50% of the Syllabus and requires more concentration. Section II & III This part consists of limited syllabus and it is also a scoring area as the questions are asked on as is basis A minimum of two readings is required in this part This part covers 40% of the Syllabus Section IV This Part is Contract Act already studied in CPT and The Negotiable instrument Act 1881 Give a revision for Contract Act and get a basic knowledge in the NI Act 1881 This section covers 15% of the total syllabus. PAPER III COST ACCOUNTING AND FINANCIAL MANAGEMENT Firstly many students feel that costing in this paper is the toughest subject this is only because of lack of good faculty for the classes attended. As these tips are for Self Preparation It is better to Start with Financial Management as Costing is little bit logical compared to FM Financial Management is scoring area if you have not attended any classes for both the subjects in this paper. FINANCIAL MANAGEMENT In this subject the study strategy should be to understand the purpose of the topic as this is the only key to succeed in this subject. The Topics can be studied in the following order 1. Time Value of Money 2. Cost of Capital 3. Capital Budgeting 4. Working Capital 5. Ratio Analysis 6. Theory Notes: Prepare your own Short notes for each chapter this helps you a lot. Refer to the FM Theory Notes Provided by Us to quickly study the concepts. More and more practice is required in each topic this makes u remember the concepts. COST ACCOUNTING To be frank Cost Accounting is little bit difficult as this is more based on logic than simple application. In Cost accounting Start your Preparation with Material , Labour and Overheads as these are major costs after these chapters go on to Standard Costing ,Marginal Costing and Budegtary Control Refer to the Theory Notes Provided by Us to get a simple understanding. Do the other Topics at the last based on your judgement. PAPER IV TAXATION This Paper can be prepared easily as it is all about applying the provisions read and it is simple but the thing here is you should remember provisions for this doing problems based on the provisions read is necessary So more practice is required in this paper. To start with preparation Start with Service Tax give it atleast two readings , Now start solving problems if you are able to solve them correctly without referring the provisions its ok but if not read the provisions once again. Do not leave even a single Problem model which was asked in previous years Now take on VAT atleast three readings as VAT is more of theory than the problems , Now try to answer the questions in Practice Manual. Depending on the Correctness of the questions answered decide it yourself whether more readings are required. With this you have completed your Preparation for 50% of the syllabus Now take on income Tax Start with basic provisions – Tax Rates , Residential Status provisions (Section 6), Taxability of income derived by various assesses with diff Residential status (Section 9) Now read incomes which does not form part of total income Dividend Income Income from HUF , Firm Income of Judges , other gov officials Payment to Political parties and MP , MLA Exemptions regarding Capital Gains Now Take on Income from house property as it is very easy compared to other heads , In this remember the computation procedure and concentrate on the individual items listed in the Computation Procedure i.e Gross Annual value , Interest on Borrowed Capital Provisions etc., Now Take on Capital Gains , In this also the main thing is remember the computation procedure and concentrate on the individual provisions , Exemptions are easily forgotten so concentrate more on them they are tricky too. Now take on PGBP and just go on with the method of computation of business income from P&L account considering other provisions Now take on Income from salary At last take on Income from other sources Now come on to final provisions give them two readings Chapter VIA Deductions upto 80 E and 80U (u can leave 80IA so on..) Clubbing and Setoff Provisions Advance Tax and TDS Due dates and Penalties Computation of Income Tax PAPER V ADVANCED ACCOUNTING This paper is the most easy in the second group and a scoring one Practice is essential thing for success in this paper This paper can be divided into four parts Accounting Standards(40%) Company Accounts(25%) Format Accounts(25%) Partnership Accounts(10%) Part I Accounting standards carries 20-25 Marks at least two readings are necessary and solve the questions from previous years Question Papers Now take on Amalgamation and Internal Reconstruction Part II This part is scoring area and you are required to be thorough with the entries to be passed in different situations The chapters in this part are Underwriting of Shares Redemption of Debentures (Similar to AS-13 in Grp I) Buy Back of Shares Liquidation of Companies Part III This part is little bit difficult to study but you need to study. In this part you can prepare for the concepts which are already asked in previous exams that is enough to score 20% out of 30% questions asked in the exam Part IV Now Take on Partnership accounts this is advanced issues in Partnership Accounts and should be discussed with friends who have attended coaching classes in extreme case. Try to understand the concepts and apply them in the problems asked. PAPER VI AUDITING Auditing paper is easy one but reading number of times possible enables you to score better other subjects are also related in Auditing like Accounts and Law so be sure to refer them when u come across the related provisions. Auditing Preparation can be done as follows Start your Preparation with First Three Chapters and read SA’s along with these chapters this part is very crucial in this subject Now take on Company Audit I and II Now Start Special Audits Now do Vouching and Verification Now read Internal Control System PAPER VII IT and SM This paper is felt difficult by many of the students and it is not so and the only reason is lack of interest to study the subject especially IT Believe me if you show interest it will be very easy for you to score better in this paper It is advised to prepare from Class Notes or any other short or Point wise notes as you can remember well try to prepare from presentations i.e visually interesting way. INFORMATION TECHNOLOGY Coming to the Chapters and order of Preparation for Information Technology Now Move on to Internet and Networks Now take on DBMS Now prepare for Flow Charts Now Read Software Concentrate on Short Questions in every chapter STRATEGIC MANAGEMENT Give 2-3 readings and understand the concepts better to prepare from class notes and reference books don’t leave Previous Questions in this subject
Posted on: Fri, 02 Aug 2013 13:18:53 +0000
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