Hello everyone.
Good morning.
Accounts is totally practical exam. But still contain theory and theory questions repeat everytime. So I really request to all of you to please complete the compiler and read the paper's theory till year 2000.
First we have to focus on those areas which fetch more marks:
In accounts there are 10 main chapters:
1. Accounting Standard.
2. Cash Flow statement. Focus on both methods. Because normally ICAI asks specific method answer which create problems.
3. Amalgamation and reconstruction: It's good to learn this in accounts format rather than Journal entries. It's my experience.
4. NPO.
5. Incomplete records.
6. Insurance claim: In this mostly loss of profit policy is asked for 4 marks question.
7. Partnership: Including the sale and conversion.
8. Redemption of debentures.
9. Banking company: Easy and complicated chapter which fetch 8 marks.
10. Branch.
Law: I had referred paduka. You can follow whatever book, you learn from. There are 16 chapters.
i.Your main focus should be on ethics and communication.
ii. And in communication main focus on deeds and notice.
iii. M.law even though cover 10 marks but still have a large syllabus.
Chapters list:
1. Contract Of Indemnity/guarantee.
2. Bailment & Pledge.
3. Agency.
4. Consideration.....Do the above in same order during revision. These no are allocated on basis of their importance.
5. Negotiable: minimum 8 marks.
6. Bonus: minimum 5 marks.
7. Gratuity: minimum 5 marks.
8. EPF & Insurance scheme.
9. Memorandum of association.
10. Meetings (all).
11. Prospectus and share transfer.
12. Corporate governance and CSR.
13. Ethics in marketing and consumer protection.
14. Business ethics (definition asked in deep way).
15. Essential of communication.
16. Interpersonal communication skills.
17. Deeds and meeting.
i. Power of attorney.
ii. Indemnity Bond.
iii.Partnership dissolution deed.
iv. Minutes.
v. Board's meeting notice.
vi. AGM meeting notice.
Costing: I had referred P.C.Tulsian which had last years papers. So was an advantage to me.
i. Contract costing: Main focus on 2 years. But still depends on examiner's wish also, so a simple question can also come.
ii. Process: question is mainly based on FIFO method mostly, but yes average is not tough if you understood FIFO method.
iii. Standard Costing & Marginal costing & Budgeting.
iv. Examiner used to mix any 2 chapters from the above 3.
v. Overheads: I hate this chapter. But yes question comes in examination almost everytime ....4 no ka hi kyu na de.. examiner love this chapter.
1.For preparing practical subjects make a separate register always which contain only formulas not your practice.
2.You still have time for may exams. So practice these chapters atleast.
3. And note down every mistake, even your silly mistake in your formula book, even though you made the same while making a bird's eye view.
4. Trust me this works a lot.
5. But make sure that whenever you wrote your mistakes, give supporting example also. So you don't have to open your book to understand your mistake.
6. Mark 1 big question which contain everything of your chapter. Read only that question on exam day. It saves time a lot.
7. Finally don't try to ruin my efforts by just over viewing my mail. Rest is your call....
Regards
Renu
CAclubindia
