Accounting (CA IPCC - Old Course)
CA IPCC Accounts (Old Course) - Paper Analysis by CA Nitin Goel
Being the first exam, Accounts has a relevance of its own. The nervousness of the first examination is always the highest. Also, performance in the first examination generally sets the tone for the rest of the group.
CA IPCC Accounts (Old Course) - Now if you are looking for the CA Inter Accounts Paper Analysis for new course, same is separately available. This is a relevant only for the Old Course Students. At first, paper seemed to be easy but going through the details one could say that it covered a lot questions on the basic concepts. So it could not have been taken lightly, but it was easier in comparison to the last attempt exam. After going through the same few things which we observed were:
1. No questions were asked from some of the frequently asked chapters like single entry etc
2. Some Questions were from topics like Bonus shares, Self & Sectional Balancing etc, which are rarely asked in exam, so the exam was on unexpected lines.
3. Students were supposed to maintain good speed throughout without compromising on the working notes part.
4. No major new points were asked in the paper. All the questions were covered in the classes thoroughly.
Going question by question, following can be analyzed about the exam:
Q1 - Compulsory for 20 marks covering 4 subparts of 5 Marks each. It was entirely from AS as per the general trend:
a) From AS 2 on the valuation of inventory.
b) From AS 3 and related to the basic classification of transactions amongst different activities.
c) From AS 10 and point of emphasis was computation of depreciation.
d) From AS 13 and tested concepts of reclassification of investments.
The next 6 questions were of 16 marks each, out of which any 5 were to be attempted.
Q2 - No Sub Parts - was from Company Accounts and dealt with preparation of Final Accounts covering some basic adjustments.
Q3 - Had 2 sub-parts
a) From Profit Prior to Incorporation - covering allocation of items, very basic and straight forward.
b) From Self & Sectional Balancing requiring preparation of Total Debtors and Creditors Account
Q4 - No Sub Parts - From NPO in which Income & Expenditure A/c and Balance sheet was to be prepared. The question was lengthy and certain Conceptual points were covered like treatment of the entrance fees etc. Similar questions were done in class also, so should not have surprised the students.
Q5 - Had 2 sub parts
a) From Hire Purchase and related to the concept of Partial Repossession.
b) From Investment Accounts wherein Account was to be made for Investment in Debentures ( Fixed Income Bearing Securities)
Q6 - No Sub Parts – From Partnership Accounts and related to Applicability of Sec 37.
Q7 - It had an internal choice as well wherein out of 5 sub parts, any 4 were to be attempted.
a) From Bonus shares, only Basic Entries were to be passed
b) A theoretical question from Accounting in Computerized Environment.
c) From Insurance Claims covering the concept of Loss of Stock Policy
d) From Average Due Date requiring computation in case of Bilateral transactions.
e) Another theoretical question from Basics of Accounting Standards.
All in all as I stated earlier, we can say that this examination tested one’s concepts and was on unexpected lines. Such an examination can be conquered with planned preparation and marking new points in the very first revision itself and going through them at every stage of study.
To the students who appeared for the examination, I would only advice to let go however the examination went for them - good or bad and concentrate on the upcoming exams. It was just one exam out of the 4 or 7 you have to appear for. CA doesn’t test you only on your preparation, but tests your mental stability and strength to keep your calm in the time of extreme excitement or extreme disappointment. On that note - Best of Luck for the results and may you fair well!!
Click here to download CA IPCC Accounting Question Paper Old Course May 2019
Stay tuned to check the analysis of the other subjects