Hi guys, I am K.Srujann Kumar Reddy a chartered accountant by profession and teacher by passion.
We used to hear this dialogue from child hood "Operation success but patient died" may be it in some films or comedy jokes etc., one weird thing is, this is similar to CA students
Now a big HOW? Is what appears in your mind, let me further explain " similar to a doctor each and every student works very hard for the exam even then to their surprise your patient on which you were working ( CA exams) dies"
When this happens most of the students are like:
- This is unfair?, I worked very hard for ISCA even though my score is only 39 or less
- This ICAI doesn't pass me Rey!!
- I don't understand what's wrong with ICAI, this was my best written paper among all the subjects
- I guess I can't do CA
- Some students goes to a great dilemma, they ask themselves and outsiders "Can I become CA?", "what should I do", "Do you think I can clear CA" so on. (sobriety is always a very long list)
- Will revalidation help me in increasing marks?
- I don't understand how to pass this group 1 or group 2 ( please help)
- Should I write only one group
All these are more or less the recent forum questions asked by many students, for the sake of all of them I am writing this article and this is purely my experience which helped me pass the exam.
First of all as a teacher I have good association with students and let me tell you 5 secrets which helps you to pass CA exams
- Overall knowledge of subjects,
- Subject linkage,
- Consistent smart work ,
- Discipline &
- Better presentation of your paper.
No you might be thinking that "what's new you are telling buddy?" everyone says the same way, there is one new thing and one new secret which I want to share with you , which is "Believe in yourself & the materials you read"
This secret will help you not only for your CA exams but for your entire life, Ok coming back I will tell you some of the useful techniques in each of the 6 secrets which I told you before:
"What you are up to now is may be an assumption, but what you want to be must always be a sensation",
This quote which I believe and I have written this when I failed,
Now revealing the secrets, here we go:
1. Overall knowledge of subjects:
Have you ever thought why 8 (final), 7(ipcc) & 4 (CPT) subjects are present, because institute believes that these subjects are fine to judge a person's Integrity, expertise, determination, knowledge & professionalism
Institute tries to bring out professionals but not just Chartered accountants, there is huge difference between both, "you should be learnt as well as educated"
So try to get an overall knowledge of all the subjects
If you are solving a consolidation problem remember the fact that the companies has to prepare the consolidated financial statements as per section 129 of companies act, and indicate the same as well which gives examiner an opinion about the students answers
Remember your papers are examined by professionals, so write the answers to that extent which will be possible by having an overall knowledge of subjects
2. Subject linkage:
This is quite important, whenever you write an answer link to the other topics as well, marks will be given to your steps as well
If you cover that linkage with a section in an act or a case law it helps you a lot to gather the examiners happiness.
In an audit paper:
Ques: M/s xyz limited having a turnover of 2500 crores ( INR) and the average net profits for the past 3 years is 1000 crores, and they have expended Rs.17 crores for the FY 2015-16, now being an auditor of the company? What would be your opinion of reporting?
Xyz limited is a public company and as per the provisions of sec.135 of companies act, 2013:
- Net worth of Rs.500 crores or more (OR) (use rupee symbol don't write Rs.)
- Turnover of Rs.1000 crores or more (OR)
- Net profit of Rs.5 crore or more
During any financial year has to constitute CSR committee and expend at least 2% of average net profits of past three years
However, 2% of average net profits is Rs.20 crores but company has expended a less amount of Rs.17 crores.
Further as per the provisions of section 135, if such eligible company has not spent an amount as prescribed then the same has to be reported as part of director's responsibility statement U/s 134
Further as an auditor we can qualify the report as follows:
"As per the information and explanations together with our audit examination except underspending of CSR to the extent of ₹.3 crores the financial statements are showing a true and fair view"
Note: amounts are disclosed as per the requirements of sec.143,
This is a complete answer, write this way
If you feel this amount is very less and being an auditor you can also present as a part of other matter paragraph also,
3. Consistent smart work:
I study 26 hours a day says a coaching center student, yes you heard write 26 hours a day?!!
Someone says I studied 22 hours a day, which I can't do.
I studied 15 hours a day, this was the time I used to study, this number of hours concept depends on each and every student , someone will be productive in less number of hours where as some students requires more time than that.
One of my friend used to read only 8 hrs. A day and cleared in first attempt, depends you can't judge number of hours it's up to you
But productive hours is very important, choose a time daily for each subject, and use that time exclusively for that subject and monitor your progress at a regular frequency may be a week to know how the things are moving
What is this basically? It is simple "Doing what you have to do"-
- Sleep when you sleep
- Read when you read
- Eat when you eat
Which means do when it is to be done, if your insider says to solve a problem until then you should not sleep, you might end up solving the problem whole night but next day's preparation gets spoiled, instead just give a break for some time or sleep and do it I am sure you will solve it in less time
Do a bit body exercise like just body twists is also fine,
"Exercise is always the best medicine in the world" - it gives a lot of mental relief, whenever you feel stressed do a bit jog and let the body sweat.
I used to dance in my room with songs once you sweat you will feel relieved of your stress
5. Better presentation of paper:
There is no BEST presentation, one can present in much more better manner than others, so I call it as better presentation rather than best, many authors have written ( here I am a bit consolidating and writing some more new)
- Always use bullets, don't write in para graphs, this is not an story writing competition
- Quote the relevant sections if you remember , if not just write as per the provisions of income tax act or other as it is relevant
- If you know some case law which is quite relevant then quote it, if you don't know but know the court name like ( high court/supreme court) then write as " as per supreme court case law"
- Write to the point this is not a page filling competition
- don't trouble the troubler ( examiner) if you trouble him he will trouble you a lot, he just laughs like a villain in our films and says " you want to become CA is it, ok Come Again(CA)"
- Don't ever repeat the same point in a different language to increase size of your answer
- Underline the important things only and only with pencil don't use glitters, you are writing something professional
- Write conclusion to answer only if you know it exactly, if not just write the relevant provisions and say on the basis of above provisions action has to be taken
- If you know sections for one answer and don't know for the second one don't worry it is ok, write sections for the answer which you know and don't write for which you don't know
- Write the case laws in center of page and box it with a pencil , this makes examiner to easily evaluate your paper, rather to find the treasure( case law) in a map ( your answer)
- Don't create case laws , of-course your mind is genius but examiner is also genius, he will never give marks in assuming " there could be a case like this"
- In theory please don't assume, if any answer has two dimensions write two dimensions of answers
- In top of your question papers for "Financial reporting or accounts" they will tell you, please take assumptions wherever necessary, and give your assumptions in the notes to accounts, as accounting assumptions which affects the stake holder has to be separately disclosed as per AS-1
- Give Rupee ( ₹ ) symbols, it is basic expected from CA's
- Please mention to the top right (no's in 000's etc.), try to solve only this way don't have big figures
- Read the question paper and just keep a small invincible for others and visible for you dot so that you can check whether you are covering all the adjustments or not
- In problematic subjects you can quote sections wherever relevant , in case of consolidation quote a section and accounting standard applicable, I guess it's not a mistake
- Don't directly jump to the answer, do step wise, steps has marks, last minutes write the basic input and it is also a step and may give 1 mark with which you may pass and aggregate may also come.
- In tax please be clear on giving notes, for HRA ( note 1 ) in notes do the calculation and main face should only be computation
- Don't start answers ever and ever with "YES" or "NO", they are asking you to write answer not your comments
- As said underline important terms of section " examiner says wow you made my correction simpler take this extra mark", yes we have to do this for getting good marks
- I advise give borders two sides ( one side will be given by ICAI book sheet itself) draw one more this helps when your paper is bundled and if some right side is cut, then examiner cant evaluate
- Don't spend more and more time on a single problem or a single answer, remember you have to write the whole paper, proportionately plan time
- As everyone says start the easiest question, and if you start a question make sure all the parts like ( a,b,c) are at a single place or else examiner has to do an extra work of searching instead of correction
- Make a habit of writing the question number in the start itself, some students write at the end, don't do it
- First do all the rounding of OMR etc. works in the start, last minute sometimes you forget, I forgot during my exams, you don't do it.
- Apply for revalidation but don't rely on revalidation , prepare simultaneously for exams
6. Believe in yourself & materials you have:
Always believe in yourself, you are the creator of your destiny or destruction, so guys trust me, you know what you can do, say to insider that yes I will become a chartered accountant, that will power you have to get
Finally every author is enough knowledgeable and care before you select a material and stick to it don't just change them on your friends opinions, every book is very much fine.
Write both if you are confident, remember if you delay your course implied cost is Rs.6 lacs minimum for 6 +2 months of result (so 8 months' salary you are going to lose)
So guys just believe in god, parents blessings as well, they are huge support, I wish you a very happy reading for your exams, hope it is useful for you guys, I see myself in each and every student , as I know what are all the reasons you cry and smile. Thanks everyone.
I am working on my next article hope will send it soon, "OOPS, I have foreign salary"
The author can also be reached at firstname.lastname@example.org