Icwai inter- objective type questions study note

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Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2013 Dear Sir,
I will be appearing for ICWAI-Inter June'2013exams. Pls. provide study notes for objective type question.

Thanks.

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2013 Dear Sir,

Pls. help...

Regards.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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28 July 2024 Preparing for the ICWAI (now CMA) Intermediate exams, especially for objective-type questions, involves understanding key concepts and practicing with various types of questions. While specific study notes can vary, here's a guide to help you focus on objective-type questions for the ICWAI Inter exams based on common subject areas:

### **Study Notes for Objective-Type Questions:**

#### **1. **Financial Accounting:**

- **Key Topics:**
- **Accounting Principles:** Understanding of basic principles like GAAP (Generally Accepted Accounting Principles), IFRS (International Financial Reporting Standards), and accounting conventions.
- **Books of Accounts:** Knowledge of journal entries, ledger accounts, and trial balance preparation.
- **Final Accounts:** Preparation of financial statements including profit & loss accounts, balance sheets, and cash flow statements.
- **Depreciation:** Methods of depreciation such as straight-line and reducing balance methods.

- **Sample Objective Questions:**
- What is the primary purpose of a trial balance?
- How is depreciation calculated under the straight-line method?
- Define the accounting principle of conservatism.

#### **2. **Cost Accounting:**

- **Key Topics:**
- **Cost Concepts:** Understanding different types of costs such as fixed, variable, and semi-variable costs.
- **Costing Methods:** Knowledge of job costing, process costing, and activity-based costing.
- **Cost Analysis:** Ability to perform cost-volume-profit analysis and calculate break-even points.
- **Budgeting:** Preparation of various types of budgets including flexible budgets and cash budgets.

- **Sample Objective Questions:**
- What is the main difference between job costing and process costing?
- How is break-even point calculated?
- Define the term ‘marginal cost’.

#### **3. **Management Accounting:**

- **Key Topics:**
- **Financial Statements Analysis:** Ratio analysis, trend analysis, and common-size statements.
- **Budgetary Control:** Preparation and control of budgets, variance analysis.
- **Performance Evaluation:** Techniques for evaluating performance, including financial and non-financial measures.
- **Cost Control:** Methods for controlling and reducing costs.

- **Sample Objective Questions:**
- What are the key ratios used in financial statement analysis?
- How is variance analysis used in budgetary control?
- Define the concept of ‘standard costing’.

#### **4. **Direct Taxation:**

- **Key Topics:**
- **Income Tax Act:** Understanding key sections related to individual taxation, corporate taxation, and deductions.
- **Tax Computation:** Calculation of taxable income, tax liabilities, and exemptions.
- **Assessment Procedures:** Knowledge of the assessment process and appeals.

- **Sample Objective Questions:**
- What is the maximum limit of deduction under section 80C for an individual?
- How is income from capital gains calculated?
- Define ‘taxable income’ as per the Income Tax Act.

#### **5. **Indirect Taxation:**

- **Key Topics:**
- **GST (Goods and Services Tax):** Understanding GST rates, input tax credit, and GST filing procedures.
- **Customs Duty:** Knowledge of customs valuation, duty rates, and exemptions.
- **Excise Duty:** Basic concepts of central excise duty and its application.

- **Sample Objective Questions:**
- What are the major components of GST?
- How is the customs duty calculated on imported goods?
- Define the term ‘input tax credit’ under GST.

#### **Study Resources:**

- **ICWAI/CMA Study Materials:**
- Utilize official study materials provided by ICMAI, including textbooks and practice papers.

- **Reference Books:**
- Look for recommended textbooks for ICWAI Inter, such as those by M.N. Arora, S.P. Jain & K.L. Narang, and others relevant to your subjects.

- **Previous Years’ Papers:**
- Practice with previous years’ question papers and sample papers to familiarize yourself with the exam pattern and types of questions.

- **Online Resources:**
- Explore online study platforms and forums where you can find additional practice questions and notes.

- **Coaching Centers:**
- Some coaching centers provide objective-type question banks and study notes which can be useful.

### **Study Tips:**

1. **Regular Practice:** Regularly practice objective-type questions to enhance your understanding and speed.
2. **Mock Tests:** Take mock tests to simulate exam conditions and assess your readiness.
3. **Concept Clarity:** Focus on understanding the underlying concepts rather than rote memorization.

By using these study notes and resources, you should be able to prepare effectively for the objective-type questions in your ICWAI Inter exams. Good luck with your preparation!

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