My Tips & Tricks for Accounts

Well Friends, All of we know that ACCOUNTS plays a major role in CA exams mostly in IPCC, Out of 700 marks 200 marks is from Accounts and another 100 marks is from Cost Accounts.

There is Only 2 month’s time is available for exams. In my opinion the most scoring subjects in IPCC are Accounts (Group I & Group II), Taxation and Law. If we manage to get above 60 in the above mentioned subjects then aggregate problem will not be there to you. To achieve this consistent study, hard work and knowledge about the subjects is required.

Here the following are My Tips and Tricks to crack the Accounts in a simple way.

ROLE OF ACCOUNTING STANDARDS: {CATEGORY A}

All of you know that AS plays a major role in accounts because it covers the more than half of the question paper.

More than 50% (Nearly 25 marks is directly from AS in each group and others is from Amalgamation, Cash Flow etc.,) of Questions is from Accounting Standards.

So to get high in accounts be thorough with Accounting Standards.

For IPCC not all the standards are applicable only 18 standards i.e., AS – 1,2,3,4,5,6,7,9,10,11,12,13,14,16,19,20,26 and 29 are applicable.

See the following study schedule for Accounting Standards don’t read all the standards at one stretch, just spent of 15 minutes your time in the Morning (M) when you woke up and in the Evening (E) when you going to sleep.

Start the Preparation from March 1st onwards in the following way:

Study Schedule for Accounting Standards:

AS	Date	Complete within	Study Time
1	Mar 1^st	Your aim is to Complete each standard in 15 Minutes.	M
2	Mar 1^st		E
3	Mar 2^nd		M
4	Mar 2^nd		E
5	Mar 3^rd		M
6	Mar 3^rd		E
7	Mar 4^th		M
9	Mar 4^th		E
10	Mar 5^th		M
11	Mar 5^th		E
12	Mar 6^th		M
13	Mar 6^th		E
14	Mar 7^th		M
16	Mar 7^th		E
19	Mar 8^th		M
20	Mar 8^th		E
26	Mar 9^th		M
29	Mar 9^th		E

By following this schedule just by spending 15 min time in Morning and in Evening you can complete the Accounting Standards successfully.

Follow the schedule thrice (twice in March and Once in April) before exams.

COMPANY ACCOUNTS: {CATEGORY B}

Mainly most questions from company accounts will come from Amalgamation, Internal Reconstruction, Cash Flow etc.,

Normally in both groups 40 marks will come from these chapters.

ROLE OF THEORY CHAPTERS: {CATEGORY C}

Please don’t ignore theory and the misc. topics. It will help in scoring and also clearing the exams.

I observed that nearly 10-15 marks of questions are coming from ACCOUNTS IN COMPUTERISED ENVIRONMENT (Group I) and Misc (Group) II in every attempt.

So be perfect with these types of theory chapters to gain marks simply.

PARTNERSHIP ACCOUNTS, INCOMPLETE RECORDS, NOT FOR PROFIT ORGANIZATION: {CATEGORY D}

You can gain simply 20-25 marks these simple chapters.

I am sure that at least of 20 marks will come from this category.

HIRE PURCHASE, SELF BALANCING LEDGERS, DEPARTMENTAL & BRANCH ACCOUNTS: {CATEGORY E}

In both groups 15-20 marks will come under this category.

OTHER TOPICS: {CATEGORY F & G}

Another 10-15 marks will come from Insurance, Banking and Electricity.

Balance marks will come under Misc like Bonus, Insurance, Investment, Average Due Date etc.,

Time Table for Preparation of Accounts:

March	Category	No of Days	No of Marks
1^st to 9^th	A	Daily M & E	20 – 25
1^st to 3^rd	B	3 days	16 – 20
4^th	C	1 Day	10 – 15
5^th to 7^th	D	3 days	20 – 25
8^th to 9^th	E	2 days	15 – 20
10^th	F	1 day	10 – 15
11^th	G	1 day	Balance

Like the above prepare the study schedule and time table for all the subjects and follow the time table. This would be more useful for your examinations.

By this I will conclude this topic. Friends we all know the value of even a single mark in IPCC. Please give extra effort for that single mark also. Don’t leave any question in examination hall attempt all questions. This could be possible only if you put consistent study and hard work. Then the success will be yours.

Will You Agree or Not ?

ALSO PLEASE SEE MY OTHER RELATED ARTICLE on the same category:

Tips for theory subjects