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A Major Corrective Step

Specially written for CAclubindia users.


Much have been written for how to appear in the examination.  Still students have not taken benefits from such advices. Why?

There are different types of problems being faced by the students.  These problems vary from student to student.  These problems are not properly discussed and hence not corrected in time.


Many times students don’t agree that this is a problem relevant to them. For example; English Medium students who pursue CA course don’t accept that their presentation in English is poor ! (This is a misconception discussed later – students who come from other mediums i.e. from regional languages medium; also think the same that this is not a problem for English Medium Students). Concept may be cleared easily but; it is very hard to correct the misconception.


A person may think that since he has invested in shares of BLUE CHIP COMPANIES hence investment is safe but; after a year he realizes that he is a loser.  Why this happens - this question has been asked by a Chartered Accountant  to me last year !

Here he forgets that there are several factors to be considered - not at the time of investment only but all the time till the investment is retained.  So only investment is not required but “due care” is also required “regularly” to  stop losses and/or to book profits when these are possible.

Still the question remains open where to invest ? If you remain invested in FDs of a bank it is safe but after some years if you compare your value of investment with investment in Share Market you will realize that your performance of investment is far away from one’s investment who took certain calculated risk in Share Market.


There are many other factors due to which students fail. By correcting mistakes; time can be saved. If you pass  six months  later; it means you lose at least 3 lacs rupees ! Can you say how?



If result is not at par; try to find out your mistakes (not others e.g. the Institute’s). 

You feel that you attempted properly but; the answer may not be at par with the Institute’s Standards. 

Ask yourself; whether you were 100% confident to get success ?  If yes, but result is negative; then surely you are badly affected (kept intentionally blank-see below) – specially in terms of confidence and decision-making.


See the expressions of one of the CA Final Student:

Thanks very much sir.. 4 your guidance.... but sir I can't absorb my marks given by ICAI. its totally not acceptable.... i m not able 2 frame my strategy... m totally blank... i m not able 2 decide whter 2 go for only 1 grp or both... or leave it.


If situations are like this;  you have to take guide from one Coach to “avoid further attempts.” 

Further; if you think that you did your best; then why you thought only for passing ! You should imagine for Rank !  How it can happen that you did your best but could not pass whereas others got Rank ! It means  you have very strong misconception about CA profession !

You cannot claim that since you are an average student; hence you can think only for passing. See the following example which you follow in your life.

Practically each one is excellent because each one likes excellency. Whenever there is a party; you try your best to look the best – regarding your face expressions (false smiling ?), gesture and dress. Here you choose a very fashionable dress launched recently. Even you don’t bear a single spot on your dress ! If you find it; you take it off immediately because it is not suitable for the party ! See my article Test your Taste in a CA party at following link –



When you like excellency; then why you accept only 50% as your target ?  Why not for Rank ?

Why you do not accept amendments as “new fashion” of your profession launched recently ?

When you have chosen one of the best profession as your career then what is expected from you?

Excellency or Average Performance----(tick one which you think right)


Types of Mistakes:


At the time of Preparation 

1. Conceptual –

When subject is new and without knowing the importance of the subject the student tries to complete it.

2. Misconceptions-

Without knowing the provisions; student learns well about the subject and thinks that syllabus is now complete.

Some students tend to think that in previous attempts they have scored exemptions in two subjects so they will surely pass this time. On random checking of more than 150 such results; I found that such students also fail in their next attempt. (Can you imagine?)


3. Analytical


Knowing better about the subject matter but not in a position to analyze why such provisions are there.


Example 1: (from CAclubindia)


Query: (asked by a CA Final Student)


Where an asset has reached its residual value of 5% under SLM and the company is still using that asset and keeping this asset at residual value of 5% in their Fixed Asset register but it claims depreciation under WDV for tax purpose.


Whether the difference in taxable income and accounting income on account of depreciation charged in IT Act and no depreciation charged in Co Act will be timing difference or permanent difference?




This is a very good conceptual question. As per AS-22, tax shall be accounted on accrual basis; not on liability to pay basis.


Deferred Tax (Asset or Liability) is measured on the basis of timing difference.


In the present circumstances given in the query-


1. Difference of residual value (which is 5% of asset cost ) is never to be written off in the books.

2. Depreciation is allowable on residual value also in Income Tax Act.


As the depreciation will never be charged in the books now onwards ; hence the difference is of permanent nature.

Since it does not come into timing difference hence it is out of purview of Deferred Tax provisions. Hence no effect is to be given in the books of account for deferred tax.


Example 2: (from CAclubindia)




Can anyone tell under 80C deduction is not given for parents life insurance premium but under 80D it is given on what basis the dept decides  (Query asked by a “qualified” CA).

No one can tell what is the basis of this bias. (Super Answer by a “qualified” Student !)



This is a conceptual question.


We should analytically think what is the intention of the legislature behind the law. Then it becomes interesting for us to know more about the subject and it also helps us understanding practical use of the subject.


1. 80C deduction is given for savings and education. In India only 7% persons enjoy retirement life.  To encourage saving this deduction is allowed.  Since during continuance of the earning; family is fully dependant on the Earning Member hence payment towards LIC is also is very important to safeguard the economic needs of the family in case any mishappening is there of the earning member.  Studies of children is also required as we think that this is the dire need of the society. In India; most of the people are not covered with the full insurance. Many even do not know how much insurance is needed for them according to their own living standards.  To make them aware about saving, security and education; the investment and expenditures towards is allowed u/s 80C. Since old parents are dependant upon earning member; hence no deduction is allowed towards 80C for LIC Premium.  (It is deemed that they have already invested  their savings during their earning time and has taken benefits u/s 80C then).


Regarding mediclaim; it is moral and social duty of the the Earning Member to take care of health for his whole family hence this deduction is allowed who pays premium towards this. 


(Try to analyze with the above examples why two types of mistakes are there- one is conceptual and second- due to misconception and third inability to apply the concept despite knowing all about the subject matter – there is much more scope to add your own views on the above queries).


4. Unplanned – Preparation without “actual learning.”


(I am not satisfied about above explanation – add/modify as per your own concept).


5. Lack of Practice – Understanding the “practical question” from book; but  not solving the same by his own; specially in examination conditions.


6. Loss of Memory – Due to lack of practice, revisions  and self-confidence. This is felt at the time of preparation despite full reading about the subject.


7. Stress –(most important)


When syllabus is large but availability of time is less.


When no positive results are there despite appearing many times.


Many students will not agree that this is their mistake….they read and know about “stress management” but unable to find out solution for themselves ! – An another misconception !


8. Unawareness about Source of Development –


Without updating the knowledge many students resort to old books (old look?).


Many use notes of certain class; the “class” of which is not at par due to lot of recent developments.  


At the time of Examination  

1. Fear

2. Try to attempt too fast

3. Unplanned

4. Lack of Speed

5. Loss of Memory

6. Unscheduled

7. Stress in last minutes

8. Haphazard behavior


All the above problems are “genuinely coordinated” with each other. Students have read about the subject “Management” so I think they can well say about how these are coordinated with each other.



(Although strange to think  simple solutions for the toughest examination)


1. Improve your “vision” about Business World – why there are so many developments but; firstly be informed about the developments !


To know about development is – Reading

To know why such developments are there – Changed circumstances

To know about changed circumstances – See the factors

To know about the factors – Detailed analysis !


Students should not think that the above is not applicable to all  the subject matter covered in the syllabus.  Each and every activity has some relevance. Try to develop your mindset why we read so many subjects.


See the example: 


Imagine that you are an auditor of one PSU. Imagine yourself as a big man ! (Sochane me kya jata hai ?)


· If you don’t know accounting standards properly and its application; would you be able to say books are maintained by following generally accepted accounting principles …….


· If you don’t know what are the required statutory books according to the Companies Act; would you be able to say books have been maintained as required by the law …….


· If you don’t know the provisions of Income-Tax Act; would you be able to say that provision for Deferred Tax has been made properly in the books of account……


· If you don’t know about Labour Laws; would you be able to say that company is timely regular in depositing its provident funds …….


· If you don’t get confirmation from the debtors; would you be able to say that really these are good one…..(also analyze why there are provisions for less than 6 months and more than 6 months).


· If you find proper bills but no satisfactory explanations towards these; would you be able to say that these are true and ………


2. Read full “published balance sheets” of some Corporate Houses. Read from page first to the last page.


Imagine as if you are a major shareholder of these companies. Try to analyze whether the remunerations paid to the management and the auditors are justified.  Make the valuation of shares being quoted right now on the stock exchange. Since the price would not be quoted as you value; discuss the matter in groups and with your peers.


3. Use of Mnemonic Techniques


Most powerful mnemonic techniques are “imaginary situations” and “link system.”


If you develop these techniques then you will enjoy reading.


Suppose you plan to travel at Kashmir.(Kashmir ka naam sun kar maja aya?)


Since you know that it is a good place for tourists; hence immediately you imagine how you will enjoy there.


Similarly, you can memorize your subjects. When you start reading Financial Management; imagine yourself as a Finance Manager of an MNC. Certain crores of rupees are required to be raised from the Banks. Since the project report will be prepared on so many assumptions which should be in line with the ratios accepted by the Banks hence you have to consider all these ratios while preparing project report. Now tell me the way of students about Ratios – Sirf Ratta Marne Ka!


Link system memory is very useful in procedural matters. Here again assume yourself as a person deputed to complete the formalities. Assume as if you go to the Income-Tax Department to file an appeal.


Techniques to remember Case Laws:


The common mistake committed by the students is that they just learn the name of the case law.


All the case laws need not be remembered.


Focus on the following types of case laws:


1. Supreme Court Cases


2. Land Mark Case Laws (Specially decided recently)


3. Controversial Case Laws (decided differently by the high courts and tribunals)


4. In controversial case laws; your own analytical skills according to the law should be given.


Where there are several cases on a particular issue; just mention in the answer "Many times courts of law have held".


If you remember that the case law has been recently decided; just mention "Recently the courts of law has held." 


If you remember only the High Court Name or the Year of Decision; it may be added in the phrase supra e.g. "Recently Allahabad High Court has held" or "In 2007 it has been held by one of the High Court".  


It is more important to know the "in-depth application of the law." 


Where interpretation of law is dealt with in a particular case law; then it is important to learn.


To make your analytical skills strong; it is better to read the whole contents of some selected (on the basis of abovementioned criteria) case laws.


In examination; your "analytical skills" on the basis of "concept of law" is tested.


If you just quote the case law without any analysis thereof; it will not  make good effect on the examiner.




Now to remember a case law –


Put the "name of the appellant or the assessee" at all the places when he is quoted like "appellant or assessee" in the case law.  Since almost 8-10 times you will read it in this form; instant revision would be possible and greater chances of keeping it in your memory. 


At the time of reading; assume a situation where you are representing your client in Tribunal or High Court wearing Black Coat with Tie. Several persons sitting eager to listen your pleadings. 


If situations are more typical in the case law; assume as you pleaded your case and the decision was not in your favour. Now analyze where you committed mistake in presenting your case.


Before going to sleep; revise the materials covered by you today. It will take half an hour only. 


In a day, try to remember only 10 case laws by selecting criteria mentioned above.


4.   Revise the whole syllabus at least for 5 times to avoid 5 attempts.


(The Most Important Factor)


Read my article “Second Shot Success in CA” regarding basic mistakes committed by the students at the following link-  /articles/second-shot-success-in-ca-4172.asp


For revision following techniques may be used for better memory, to gain self confidence, to increase speed and above all to avoid stress.


1. After reading a paragraph; close your eyes and find out what you remember – if nothing could be retained – read the paragraph again.


2. If you can find out some key words (generally a paragraph don’t have more than 2-3 keys words) – mark these.


3. Again focus what are these two-three keys words


4. Repeat the procedure for another paragraph in same way.


5. Take a break for half a  minute, close your eyes – at that time either to think about the subject matter or take complete rest (it will increase your efficiency).


6. After completion of a topic; revise immediately the whole topic.


7. Plan your reading in such a way that you finish your fresh studies one hour before you go to sleep.


8. Revise the whole material within one hour with the help of keys words what you read in a day.

9. On Sundays; not to take new chapter. Revise what you read in previous six days.


10. In examination days; you can use the Index part of the Book to cover the whole syllabus if you wish.  




Sixer on Last Ball ! (not at all have any relevance with Six Months)


Students say that despite performing well; the Institute failed them.

Compare your performance where you stand:

All staff members say to the Boss while he enters in the office: Good Morning, Sir.

Boss remains in hurry all the time; he says: "Mourning" !

Vidhya Balan says : Good Morning.

Create the Impression, not to Impress only, for joy only. In  the  life …(keep it on )

**Presented By – CA Surendra Kumar Rakhecha**

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(Practising CA at Surat)
Category Students   Report

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