MAY/NOVEMBER 2011 PCC
Self Preparing Students for May/Nov 2011 Examinations)
| DHIRAJ A.
Ok then, after
finals, I think its the time to work for PCC students as well. After all, its
the mid stage or rather one of the most important stages of CA studies. So its
very important to pay special attention at this stage. Similar to finals, here
too students are always confused regarding time allocation to the studies.
Generally, it has
been now the practice of students to go with one group only in the exams,
because its been the psychology of students that as syllabus is very huge and
they cannot do it in one sitting. But friends, its not so, because if you fear
at this PCC/IPCC level itself, that to because of the syllabus content, trust me
FINALS has lot of things to scare you than.
distraction for PCC students has been articleship alongwith coaching or
without coaching. A normal student or rather an average student fails to
understand for dealing studies alongwith the articleship. Because till CPT
level, none of the students have experienced any of such things that at one hand
they are getting practical training in their office, which is similar to a job
only and on the other hand they need to deal with their studies, which is tough
Some Points to be
kept in mind for every PCC student before we move on further :
PCC is a
backbone of CA.
performed in CPT/PE-I is immaterial for PCC, and FINALS is not yet come.
So whatever you
can do is in PCC only.
every topic & every aspect of subject can be understood at this stage only.
Because FINALS wont allow you to understand, but only to implement what
have you learnt at this stage
So, its a
request to all you freshers that please dont ignore any topic or rather
leave it simply, because at the end, it is going to help you only.
Generally, I believe, 4-5 months time is
sufficient for any
as well to prepare for PCC exams,
Please refer my article on
PREPARING FOR CA
FINAL SELF STUDY
to get the best way of allocating these 4-5 months collectively or alongwith the
Anyways, lets switch over to individual
subjects and see how they are to be dealt. Hereby, Ill be considering as 4
months of studies and 1 month for revision. So that means in all
5 months of study
And I personally feel, 4 months are more than enough, and especially all the
time allocations mentioned below are really sufficient for every subject.
Remember one thing that now you are in PCC, so you cannot expect to study slow
and getting everything easily. At this level, a fresher finds it difficult at
the end to deal with preparations, better is you put on your hard work from the
very beginning. So start with your studies as soon as you get your study leave
from the office. Dont waste any time.
First Group (2
months, i.e approx. 60 Days)
Auditing & Assurance
Law, Ethics & Communication -
Second Group (2
months, i.e approx. 60 Days)
1. Try to finish both these subjects within -
2. Cost Accounting & Financial Management
4. Information Technology & Strategic
And if at all, anyone feels that he/she should
take two subjects a day and dont want to go with above strategy of finishing
off one subject first and considering other later. Then in that case, go by
HOUR-SYSTEM. For e.g., in group I, audit and law takes in all 30 days. So u can
finish off these both subjects in just one month on hourly basis, i.e divide
your every day in 3 parts on hourly basis and allot one part to audit and 2
parts to law.
Like if you
studying 6 hours a day, then study audit for two hours and law for remaining
four hours, and accordingly finish both the subjects within one month.
Anyways, let us
concentrate on group wise preparations.
As such, result of this group is always
than the second group (similar to FINALS). And reason is very obvious, ACCOUNTS
is meant to be scoring subject, and AUDIT-LAW, though are theoretical, case
studies in each subject becomes scoring.
Each subject is
supposed to be done thoroughly, as basics of PCC level are helpful at FINALS.
So, I suggest all
of you to concentrate more on this group as :
This group has greater chances of
It is comparatively
than the other group.
ADVANCED ACCOUNTING (ACCOUTNS)
Read the latest edition of
if one is going for
Nov 11 attempt,
then practice can be done from
B.M. Agrawal too.
Read Suggested answers from Nov 2002
[Alternatively one can read ICAI Compilation for Advanced Accounting (May,
1996 November, 2006)]
Read the latest edition of Taxmann (D.S.
for Accounting standards (June 2010 Edition for Nov 2010 attempt).
be useful for Advanced Auditing Paper also.
Do all problems
given in ICAI Material (Some problems will be covered in Padhuka).
questions in the Examination:
One question each
from 3 chapters, namely -
In total on an average
Not for Profit Institutions (Theory is also Important)
of Insurance/Banking/Electricity Companies
Accounts & Self Balancing of Ledgers
Important Accounting Standards
(These ASs are also important for Auditing Paper. Generally problems from
ASs in thick letters will be given in Accountancy paper).
AUDITING & ASSURANCE (AUDIT)
Read the latest edition of
[Imp Note :
compulsorily past examinations questions given in that book.]
Read Suggested Answers from Nov. 2002
[Alternatively one can read ICAI Compilation of suggested Answers for
Advanced Auditing (May, 2000 November, 2006)]
One can safely
ignore the following chapters-
Audit Sampling &
Risk, Audit Evidence, Types of Audit & Company Audit of Share Capital.
Companies Audit Appointment, Duties etc
(Minimum 5 Marks)
Audit Report (Especially AAS-28, Sec.
227(1A), Sec. 227 (2) & (3) and
Statement on the Companies (Auditors
Report) Order, 2003 given in ICAI Material) [Minimum 5 Marks]
Special Audits [Minimum 5 Marks]
Income/Expenditure & Assets/Liabilities [Minimum 10 Marks]
considering all case studies and the auditing standards, the range of marks
allocation in exam for the same is 20-50 marks. So, dont ignore them.
Professional Ethics Chapter as amended by The Chartered Accountants
(Amendment) Act, 2006
Accountants (Procedure of Investigations of Professional and other
Misconduct and Conduct of Cases) Rules, 2007
Corporate Laws, Ethics & Communication (LAW)
Laws [60 Marks]
in Group 1
Read the latest edition of
This book is ultimate book.
compulsorily all the CA examination Questions given at the end of each
chapter in that book.
One can also go for
but I dont think so desired output will be obtained here.
from any of the following important topics is asked for
5 Marks :
Incorporation, Promoters, Pre-incorporation, etc
MOA & AOA
Shares Issue & Allotment
The INDIAN CONTRACT ACT, 1872
The NEGOTIABLE INSTRUMENT ACT, 1881
From all the below 3 chapters, each
can be asked :
The Payment of Bonus Act, 1965
The Employees Provident Fund & Misc. Provisions Act, 1952
The Payment of Gratuity Act, 1972
- Maximum 10
(Amendment) Act, 2007
Contracts (Regulation) (Amendment) Act, 2007
B. Ethics [20
Corporate Social Responsibility
Corporate Communication Aspects - Various letters, deeds [5-15 Marks]
Essential Of communication [5 Marks]
Group Dynamics, Corporate Culture [5Marks]
This group is
little odd (as per my view), as I hate ISCA and IDT too I find boring. So this
group really needs more attention of students and cannot be neglected or taken
for granted like group 1. I cant suggest much in over here, as Im myself
preparing it for MAY
Cost Accounting & Financial Management (Cost
[Maximum Demanded] or
Ravi M. Kishore
(I personally prefer)
Do all problems
given in ICAI Material.
Compulsory 3 questions, each from 3
chapters namely, Marginal costing, Standard costing and Budgetary Control.
Answers from Nov 2002 [Alternatively one can read ICAI Compilation for Cost
Management (May 1996 to May 2006)]
compulsorily theory questions given in the past examinations (on an average
possible, try to get notes from some local coaching centre for theory of
F.M. Its asked for 10-15 marks, and no book provides it to the optimum.
Costing is easy subject, it needs
laborious work on the practice, so
solve as many
sums as you can.
But dont waste your time on it.
Information Technology & Strategic Management
in Group 2.
material along with ICAI Compilation for IT/SM (May 1996 to November 2006)
This is the best combination. No need to
read anything else
compulsorily all questions given in the Compilation so that you will pass in
Moreover, if anyone wants still some
is the best book ever made for this subject. Every concept is cleared in
Networks & Networks Systems
Flow chart [for
practice purpose, dont go with Padhuka, it demotivates. Refer ICAI
suggested answers for the same, its the only best option.]
Misc. topics :
Number systems (very important)
SM is damn easy
subject, one can easily score 40/50 in this subject.
studies can be referred from PADHUKA.
important topics from exam point of view are :
Strategic Management Process
(only relevant for the attempt)
of Taxmann (Vinod k. Singhania) [I strongly prefer] or Bharat Law House (Girish
No need to read suggested answers. Instead
do past examination questions given at the end of book referred above.
Have a habit of
making notes for every chapter, section wise. That will help you in last
Salary or PGBP,
are always able to fetch 15-20 Marks in exam, either individually or
is another important chapter for exams. [10-20 Marks]
Clubbing of income
Carry Forward & Set of Losses
Permissible Deductions [Very Important 10 Marks]
VAT / SERVICE
For May 2011
exam, all amendments made up to 31.10.2010 are relevant. Amendments made
between 1.05.2010 and 31.10.2010 would be published in RTPs for May 2011
For Nov 2011
exam, all amendments made up to 30.04.2011 are relevant. Amendments made
between 1.05.2010 and 30.4.2011 would be published in RTPs for Nov 2011
One can read
Select cases in Direct and Indirect Taxes (2009)
for case laws in 2009.
The views, suggestions, tips, etc
expressed above are purely mine. These are not the perfect suggestions, rather
very subjective from person to person.
please, before following the above suggestions, take advice of your teachers,
seniors or your boss as well. Because, for me these procedures were helpful, so
before following any of them, do concern any expert.