How to revise for IPCC the day before exams
Exams are around the corner and many of the students might be burning their midnight oils. The majority of the students appearing for the CA IPCC exams prepare throughout the year day and night for the exams to bring out positive result, but when it comes to the last day of revision there is a sense of panic amongst students because they don't know what to do and from where to do, how much to revise and what to revise because time gap between two exams is just day and list of chapter is too long and time for revising the subject is very high.
However, during this 1 day period gap what students should do? Here is article giving you a small idea about the revision plan day before exam as it is really important. As on d-day everything should go right.
Let's begin with paper 1 Accounts
Start preparing for accounts and law from 5 days before exams simultaneously so that you don't have to panic during the study leave for law. Accounts: Study all AS from D.S RAWAT and do handful of pm questions which are important, and which you might have marked while solving pm just do that. And refer class notes if you have for some more questions as practice its well and good. Law While doing it simultaneously with accounts you must finish either the small acts (poga, poba and miscellaneous provisions act) OR ethics communication.
Then on the day of accounts exam start with contract act, finish it and rest. Next day start with the remaining portion of the two either ethics and communication or with small acts and finish it till evening and after that start with CO's act. Costing this is the lengthiest paper of all in terms of revision as you have to prepare for both costing and financial management. Start with theory on the law papers day. Finish the theory of both costing and FM, if you can't, don't panic complete one chapter like standard costing or marginal costing and theory of costing OR if you like FM then start with FM theory complete it and one chapter from FM like capital budgeting
My advice do theory of both first complete it on the day of law exams and rest as you must know theory in this paper comes for 32 marks and you have frat chance of scoring in it as the questions are from books only you must refer the pm for theory and sums both (costing). For financial management pm is best for theory. Sums you can practice from anywhere either from classes book or publication books.
Start with indirect tax. Complete 2 to 3 chapter on the day on costing paper and rest. Next day start with small chapters. In -Direct tax like set off, residential status, deductions, clubbing (optional). And complete the major chapters like PGBP and salary and capital gains along with remaining IDT portion. Now on exam day you can do clubbing of income and other chapters like house property and income from other sources. Study the whole portion from pm as it is very much necessary in both direct tax and indirect tax.
First complete all the accounting standards applicable to the portion and after that do all the format chapters on the day of tax paper and rest. After that start with partnership, debentures as majority of the paper are covered by these chapter and after that start doing other chapters. Study from practice manual, only do important questions which you might have marked during earlier revision.
For accounting standards refer D.S.RAWAT Audit. On the day after advance account exams start doing SA and complete company audit one and company audit two and then rest refer SURBHI BANSALS BOOK for other chapters IT and Strategic Management.
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Study chapter 5,1 of IT and chapter 6 and 7 in SM on the day of audit paper. Next day, start with chapter 4 and 3 respectively. And after completing them do chapter 2 of it.
And after that you can start with the remaining chapters of SM. Time management is required during revision of these subject as you might tend to lose focus as this is your last exam and you might be mentally tired and due to which you might fail to score good marks. Stay focused while preparing for these subjects as it might happen that you fail to revise all the chapters of all the subjects
Your SUBCONSCIOUS mind will play its role by reminding you of what you have listened.
IT: Study from pm only as questions will be repeated as it is not the core subject of the curriculum
SM: refer module
Writer Hardik Palan is a final CA student