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Hi Friends, Till now I wrote series of articles on my tips and tricks for accounts and my tips and tricks for taxation because of your encouragement I am here writing third article in the series on my tips and tricks on costing.

We all know that costing and FM is a very vast subject, in my opinion it is the only subject where a student can get highest marks or the lowest marks compare to other subjects. Most of my friends are panic about the Costing and fm. I already said that if you have a will and hard work you can never fail :).

So, let us directly come to the subject. We all know that proportion of Costing and FM.

COSTING – 50 Marks

Financial Management – 50 Marks

In this article we will discuss about the costing part.

S.No

PRACTICAL PROBLEMS

THEORY

1

Material

Basic Concepts

2

Labour

Material

3

Contract

Labour

4

Operating

Overheads

5

Process

 

6

Job and Batch

 

7

Joint and By-Product

 

8

Integrated and Non Integrated

 

9

Budgetary Control

 

10

Standard Costing

 

11

Marginal Costing

 

 

All the chapters in Costing are very easy and understandable. The only problem is lack of time for (both Costing & FM) revision before the exams.

So let us study properly according to the priority and importance of the chapters.

 

IMPORTANCE OF THEORY: (Schedule – A)

Friends majorly in Costing we use to give preference to the problems and we neglect theory part. No, it’s wrong. Give equal importance to theory also because, out of 50 marks 16 marks will get from the theory.

Mostly theory questions will come from the above (3rd column) said chapters.

All the chapters in Costing are very easy and understandable. The only problem is lack of time for (both Costing & FM) revision before the exams.

So let us study properly according to the priority and importance of the chapters.

 

MATERIAL AND LABOUR: (Schedule – B)

Friends this the area where we get nearly 10 – 15 marks (including theory) and we know that these are very easy chapters and score easily.

 

CONTRACT, OPERATING AND PROCESS COSTING: (Schedule – C)

This is the area where we get another 10 marks. These are small small chapters.

For the Contract Costing get knowledge about the AS – 7 (Accounting for Construction Contracts) also which will give better idea about this chapter.

Mostly 2 problems will come from above 3 chapters.

 

JOINT & BY-PRODUCTS, JOB AND BATCH AND INTEGRATED AND NON INTEGRATED COSTING: (Schedule – D)

These are the chapters where you will questions rarely. I don’t say these chapters are not at all important because we are doing CA, no one can predict from particular chapter we get particular question.

So, what I am saying is “after observing the various papers, I came to conclusion that mostly institute will not give problems from the above chapters if at all gives it will give for 5 – 6 marks”

So concentrate first on the important chapters. After all If you have a time then go for these chapters too.

 

BUDGETORY CONTROL, STANDARD AND MARGINAL COSTING: (Schedule – E)

From this area you will get COMPULSORY one question which is for minimum of 10 marks. So concentrate more on this area too.

 

Till the 20th of March we completed Accounts (Group I & II) and Taxation. So, start costing preparation from 21st onwards.

TIME TABLE is as follows:

Date

Schedule

No of days

No of marks

21st March

A

½ day

16

D

½ day

5 - 6

22nd March

B

1 day

7 – 10

23rd March

C

1 day

10

24th March

E

1 day

10 – 15

25th March

One Extra day for Your Preparation

 

If you are weak in any chapter which is very important use that extra day for that chapter or use for if you are unable to complete the revision within a time.

So by this I am concluding this topic too. Friends because of lack of time I am here sharing my tips only for costing.

My tips for the FM are coming soon. Wait till the release date;). 

As usual I required your valuable comments. Waiting for your comments.

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