Suggestions for Group II IPCC. & PCC.

Paper 1 & 5 : Accounting & Advanced Accounting.

·        In Accounts Hanif Mukherjee And Padhuka both are best.

·        Try to understand the problems with solutions given in the book and than go for exercises.

·        For Accounting standards go for Bharat as it is precise and inclusive of all solutions from past exams of PE-II,IPCC and PCC based on accounting standards.

·        AS are very important as it is asked both in Accounts as well as in auditing.

·         Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.

·        In accounts please go for theory of each chapters first as It would help more than direct practical part.

·      Do not leave anything in option. Because options have been removed and all the questions are compulsory.

Suggestions for Group II IPCC. & PCC.

Paper – 6   : Auditing & Assurance

·        Use study material only as far as possible.

·        But if you find anything difficult or if you are not getting the language properly than Padhuka is best

·         Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.

·        As far as SA i.e AAS are concerned please prepare from  D.S. Rawat

·        But do not spent too much time behind SAs as if you can complete study material fully, you will automatically have completed most of the important SAs.

•  So systematic study is required in Audit as I given suggestions in Law  (https://www.caclubindia.com/forum/important-suggestions-for-pcc-and-ipcc-students-for-law-eth-86515.asp).

      i.e Do not try to mug up. Even in Auditing also ICAI requires practical

     applicability of theoretical knowledge. As it is tendency of the institute.

·        Try to apply practical knowledge as if you were conducting audit of that particular entity in Vouching, verification, Inter control Practical questions and specially special audits.

·        Do not leave anything in option. Because options have been removed and all the questions are compulsory.

·        Generally short notes are from First 4 chapters.

·        And also one more thing in True or False questions try to be as precise as possible in your answer and give reference to sections if possible. But if you know the provsions you can get 1 to 1.5 marks easily.

Important Suggestions for PCC and IPCC Students for Exams & Preparation.

Law, Ethics and Communication.

Syllabus of Paper – 3 Business and Corporate Laws:

The given below table describes weightage of marks including options

Books to be Referred.

1. Study module
2. Compilation
3. N.D. Kapoor
4. G.K. Kapoor
5. RTP of upcoming exam.
6. Personal notes of cases and sections

General Guidelines for Law

Business Law

·       Start with easy Acts like Bonus or EPF. It will enhance your confidence.

·       Go through module first. Don’t try to mug it up just understand  the main

      content of the topic.

·       Note down the important points and cases in a separate book.

·       Further try to complete special contracts first  like  quasi contracts,

      bailment and pledge, indemnity and gurantee etc.. it is because most of

      the questions in last exams are asked from this part only.

      (The Indian Contract Act, 1872)

·       Don’t waste too much time behind remembering cases and sections.

      Its because institute wants knowledge from you about provisions regarding particular Act

      Not sections.

      If you write right section but your answer is wrong than you will not get

      enough marks you m ight get just half or one mark.

      But if you know the provisions and your answer is right and even if don’t write the

      section or case    you will get 3 to 4 marks.

      I tried that thing and got succeeded in it.

      Institute generally asks practical questions from

      this     chapter and also almost in every chapter in last exam.

      So if you know the theory very well but if u can’t apply in practical questions you will

      get only passing marks.

       So compilation will be great source in understanding what institute wants from us

·       Please don’t leave all the cases and sections if you have power and time to memorize

      sections and cases than please go for it.

      I am not saying that they are not important. But main thing is provisions.

·       Just try to memorize important sections like minor-Sec.11 in

       Mohiri Bibi vs Dharam das ghose.. of contract Act, 1872.

·       Never try to leave in option anything completely. Just read it 2 or 3 times

 for reference if any part is asked from such less important parts like general contracts in contracts. Its important because in case an easy question is asked from this part you can answer it easily rather than leaving it.

·       Prepare a separate note for each chapter in which you should write the important topics, sections and cases and amendment if any (e.g. negotiable instruments act. In 2002) in brief which you can revise speedily at exam time. It is because you will not be able to revise all the lengthy 8 acts in two days on exam.

·       I think you all have seen 3 idiots. It sends an awesome message which says that don’t be exam oriented be excellence oriented. Institute normally wants us to be aware of general and working knowledge of different acts not expertise so please don’t think about mugging each and everything

·       For EPF act please write each and every answer at least 2 to 3 times in a rough book from compilation and module. It is so because it contains very rigid language and difficult to remember.

Corporate Law

·       Please go through compilation first (including PE-II’s compilation)

·       Then from G.K. Kapoor just go through for 1 or 2 times regarding different small terms and definitions like share, stock, share warrant, allonge, etc.

·       Don’t spent too much time in Company law from module as it is lengthy and you also don’t have time to complete it. It is because Institute now asks mostly practical problems from each and every act. They hardly ask theory and also if they ask we can attempt it easily or we can took it in option. But please this does not mean that you should feel relax about company law. You have to do it but in a systematic manner as I did.

·       From module do meetings and proceedings, dividends, borrowings, minutes & returns. It is because that part is much easier and also important from exam perspective.

Note:

1.     Students of PCC and IPCC should not that above points are applicable to only those points which are in their syllabus.

2.     Don’t follow points which are not applicable to you which is not in your syllabus.

3.     Try to understand the basic method of working with Law subject.

Costing & Financial Management

IMPORTANT: PLEASE DO NOT LEAVE ANY CHAPTER IN OPTION AS INSTITUTE HAS MADE ALL THE QUESTIONS COMPULSORY FROM NOVEMBER 2009 FOR ALL EXAMS

Books To Be referred:

1. Study Material

2. Padhuka

3. Personal Notes which are to be prepared for each chapter which will help a lot during exam days.

4. Coaching notes.

Guidelines for preparing Cost FM paper.

1. First Try to complete Financial Management par first in paper as well as in Preparation

2. Try to complete paper only about 80 to 90 marks. It is because many times it may happen that in hurry of completing the paper some questions are answered incompletely or incorrectly which will cost whole question’s marks. So be perfect in all the answers you give.And also even 70 marks will also be enough to clear this subject. I wrote only of 65 to 70 marks and got 51.

3. so don’t be confused in marks attempted and result.

4. In financial management part you will find some easy questions like leverage, cash budget, fund flow statement etc. which you can answer in less time than in other difficult questions of costing and FM. So try to complete these questions first.

5. In costing tey to answer easy questions like EOQ, cost sheet, material, labour overhead etc. and save time for hard questions like Pocess, contract etc.

6. In FM try to do Capital budgeting after completing the easy part as mentioned in point 4 above.

7. As far as reference books are concerned you should go for Padhuka which is best for Theory as well as Practical questions for Costing as well as for FM also.

8. Go through module i.e Study Material issued by the institute as because many times Questions are asked copy from Study Material also. Further you should not be confused between understanding the question i.e you should interpret the question correctly

e.g If que. is asked for giving a result or opinion say in cash of Capital Budgeting whether to purchase or not in a given circumstance a particular asset IN THIS CASE ANSWER IS INCOMPLETE WITHOUT YOUR OPINON AND YOU WILL NOT GET FULL MARKS AND EVEN YOU CAN BE GIVEN NO MARKS IF THERE IS STRICT CHECKING.  Same applies to all the questions where exact demand of the question should be identified by the student. Then only you can give correct answer.

Disclaimer

It is to be noted that above mentioned are only suggestions from my own experience. It does not mean to follow them compulsoryily. Follow only if you find it useful.

Taxation

Books to be referred :

1. Study Material

2. Taxmann

3. Supplementary Study material applicable for the upcoming exam at the time one month before exams

Important Sugggestions for Taxation IPCC & PCC Students

       First try to understand the basic criteria of basic definitions and methodologies of different terms used in Tax Levy.

       First understand the applicability of different provisions between all of the 5 heads of Income.

       Try to understand the provisions and figures i.e. %, dates, penalties etc

   Don’t afraid of the whole income tax book Of about 1000 pages and about 300 sections. SYSTEMATIC STUDY WILL MAKE THIS SUBJECT EASIER THAN EVER

       Prepare a chart for all the 5 heads of income . Write the section in big font and write the title of the provisions of that sections  next to the section.

       Prepare  Income Tax  in 5 parts

1.      Basic Definitions, Residential status and Exemptions u/s 10.

2.      Five Heads of  Income.

3.      Clubbing of Income, Set off & Carry forward, Deductions.

4.      Different ITR forms their filing within stipulated time, Income Tax authorities, TDS, ADVANCE TAX, ITAT.

5.      Computations of Total income including clubbing & Tax computation.

       Go through compilations to see the pattern & types of questions asked in previous exams.

       Regularly visit ICAI’s website i.e www.icai.org for regular updates at least once a week.

       Taxmann is Best book for tax.

       So only 3 books i.e. Taxman, Module & compilation.

Remember don’t leave anything in option as the options have been removed from Nov. 2009 in all CA exams.

        For Service tax & Vat you should go for Taxmann and Study material & also any amendments to both service tax as well as VAT.

Suggestions for Group II IPCC. & PCC.

Paper –  7 : Information Technology & Strategic Management

·        First try to go for study material only in preparing.

·        And Padhuka is best for distinguish and objective type of questions.

·        Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.

·        Flow chart and decision tables are very easy. Try to complete them in exams as well as in preparation also.

·        As far as Strategic Management is concerned I do not know exactly the syllabus and peper style. I would say  go for study material. It is ecause I am a pe-II student and I had Information Technology 100 marks paper.

·        Do not leave anything in option. Because options have been removed and all the questions are compulsory.

CA Nagendra
CA

THANKS TO MR.NAGENDRA GIVING WONDERFULL NOTES...

SFM/MAFA_Notes (Written By: CA. Nagendra)

CA.ViVeK M ACA

TOP EXPERT OF CCI FILES, THANKS ..

Guide for PCC and I P C C exam preparation

Dear PCC and IPCC students,

I am hereby giving you some feed back for your better result for your November exam. I hope these guidance will be useful for you in many respect.

Try to work hard and smart for the 2 and half month.

The reference books given here are in addition to the ICAI modules.

Better try to write point wise rather than essay time

Accounts paper

Reference Book recommended:-

1)      MP Vijay Kumar

2)      Padhuka

3)      Tusian

Approach to studies

  For scoring more than 60 Plus mark, you must have a sound knowledge of entry formation part.

Solve the exercise thereafter only.

Refer scanners and suggested answers.

Advance accounts

Reference book recommended:-

1)      MP Vijay kumar

2)      Rawat

Approach to studies

Business Law and corporate law

Reference book recommended:-

1)      Munish bandari

 Approach to studies

 You can simply leave EPF Act or Contract Act or Negotiable instrument Act since you may be having options. It is just recommended in nature only.

Uses inter linked technique for exam. There are some questions which may hit many of the sections at a time.

If you don’t know a particular section number, better to leave the same. Quoting of wrong section number may cause vanishing of full mark.

Revise it periodically.

 Costing and Financial Management

Reference book recommended:-

1)      Padhuka

Approach to studies

  Try to solve the Solutions part from Padhuka

Never ever look the solutions. Try to solve the problems own your own. This is for self study candidate.

Never confirmed alone to coaching materials if you had undergone for coaching. But never look the solution.

 Do the problems from suggested answers and scanners.

Use time management strategy for the exam. Costing and FM is normally lengthy in nature.

Income Tax papers

Reference Book Recommended

1)      T N Manoharan

2)      Padhuka

3)      Singania

Approach to studies

Auditing and Assurance

Reference Book Recommended

1)      Padhuka

2)      Surabhi Bansal

Approach to studies

Through knowledge  of Accounting standard , SA, CARO  etc is important ( Good volume of the questions are from this area.

Good knowledge with Company Audit one, Two, special audit etc is warranted.

Just read the basic concepts and internal control

 Information technology

Reference book

1)      Dinesh Madan

Approach to studies

CA.ViVeK M ACA
Manager Accounts
 

Dear Students and members

CA exam both final and I P C C results was declared . Congratulation for those who had cleared their exams and best of luck for those who fail the exam. I am giving some rescue plan for those who had failed their exam.

I am glad to invite all of your attention towards scoring  good mark in Audit paper. Today exam pattern were Purely practical , real time made and will test the knowledge of all the CA students.

1.    Important areas ( Be master)

More than 60 % of exam questions were based on the following areas. No compromise with these areas. Be through and excellent.

2.    Presentation part in exam.

Now a day exam questions are practical, real time made and twisting also. A silly mistake will be penalized greatly. This may cause failure in this paper.

Most of the paper has applications in more than one dimension. Say “Going concern” . You have to see where all this words hit and write according to the exam requirement.

Ø AS-1”Disclosure of Accounting Policies” explains the 3 fundamental assumptions of accounting which includes going concern. (AS-1”Disclosure of Accounting Policies” explains the 3 fundamental assumptions of accounting which includes going concern).

Ø Section 227(4A) CARO 2003 states that if the going concern of the enterprise has been affected the auditor has to report on the same.

Ø AS-4”Contingencies and events occurring after the balance sheet date (events occurring after the balance sheet date may indicate that the enterprise ceases to be a going concern)

Ø  As per SA Going Concern “states that an auditor needs to consider whether the enterprise has appropriately used the going concern assumption in the preparation in the balance sheet.

                 Example No 2 Relying on work of internal auditor

Ø Section 227(4A) Caro 2003 Point number 7 states that in the case of listed companies and/or other companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of the financial year concerned or having an average annual turnover exceeding five core rupees for a period of three consecutive financial years immediately preceding the financial year concerned, Whether the company has an Internal Audit system commensurate with its size and nature of its business.

Ø Basic Principals governing Audit “one of the principals laid down is internal control  (Internal Control = Internal Audit + Internal Check)

Ø  “Relying on the work of the internal auditor “in detail.

3.    Preparation of good notes, good number of revision before exam

All the best

CA Vivek M

Simple way to learn Income Tax ( PCC, IPCC and CS and CWA)

Tips for scoring Good mark in Taxation

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Score Good mark in Audit

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Tips to study in Taxation papers

Introduction: All the professional courses and degree courses related to Accounts & finance, Taxation paper is the one of the most important subject and very interesting & scoring one. Here I am discussing some major points need to be keep in mind to score good marks in Taxation papers.

1.   Understanding the basic Tax structure: In any taxation whether direct or indirect taxation, first we need to understand the taxation structure thoroughly. The tax base, applicability. This is very important for study the subject very clearly and understands the each and every provision.

2.   Understand the classification of chapter & sections: In all the tax laws have divided in to certain chapters & under chapter sections, sub sections, rule before starting the study the taxation paper first we should analysis how the tax law divided in to chapter, sections & sub sections. This will help us to understand the broader view of taxation and also remembering the chapters & sections during exams time.

3.   Taking own study notes: In current situation many of the students are like to have coaching class for at least taxation subject, Even though we are taking coaching we need to develop ability to take own study notes for taxation subjects, this lead to understand the paper methodically and develop our ability to write own answers without mistakes and give confidence on your answers.

4.   Update the latest provision: In taxation papers every exams tax amendments and changes are there, we should aware of these changes to score good marks in taxation. Based on assessment year changes may apply,

5.   Strong theoretical understanding: In taxation papers mostly we will face the practical questions but attending the practical questions we need to have strong theoretical knowledge. Because each and every provision is very important to attend the practical question otherwise whatever the answers we are giving it will go wrong. So strong theoretical knowledge is very important.

6.   Practicing number of practical questions: In my point no.5 as I mentioned, taxation papers are having more than 60% practical questions. So we need to practice the maximum number of practical questions to understand  and remember the various provision under taxation

7.   Knowledge of case laws: In all the tax laws case law and judgments will be available, we need to develop a practice to know the case law details related to important provisions, it will help to  latest provisions and score the good marks in exams also.

Conclusion: Among all other paper Taxation paper scoring subject if we study with understanding and interest. I hope my above points to help to study and score good marks in taxation.

Good Luck.

CMA. Ramesh Krishnan

Tips to study Costing subject

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Introduction:

Costing subject is very important syllabus in professional courses and other commerce, management related courses, in all these courses having at least two stages of costing syllabus. It’s seems a difficult subject, if we study the subject in right direction then we will get a good marks. Here my self enlisted some points for scoring in Costing.

1. Conceptual Understanding: Even though costing is a problem related paper, the basic conceptual understanding is very must, Each Costing problem is each type but the basic concepts are same. Example in Standard costing calculation and type of variances will be based on type of given problem, but the concept for calculating the variance is same. So we need to understand the each costing concept. It will help not only for costing subject but all subjects.
2. Industry knowledge: Each Industry having different type of costing technique, methods and  also the basic information related to costing is different, some industry follow the Process costing, some Batch & Job Costing. So we need to develop the knowledge of the industries which are covered under Costing records and rules.
3. Understanding the Technique: As I mentioned  above different Industry having the different methods like, Process costing, Job costing, Batch costing, Service costing, Unit costing, Activity based costing etc. every costing methods having different techniques, so we need to under stand the different technique for different costing.
4. Understanding the Cost structure: Each type of Industry, organisation having different cost structure, Production industry having Material, labour, Overheads and Service industry may or may not have Materials and also type of labour will be differ like Direct labour, Indirect labour, some time hourly basis wages and some time unit basis wages, so we need to under stand the cost structure of the Industries
5. Tabulation of the process: While attending the costing problems, first we need to tabulate the process cycle from the given information, without understating the Concept, technique, industry, we unable to do tabulation, suppose the problem related to Cement industry, we need to have knowledge about the total process of cement industry then only we can tabulate the process.

6. Practical understanding of Formulas: Costing subject having several formulas based on the Costing techniques. We need understand the formulas in practical and the purpose of the usage, the chapters like standard costing, if we understand the formula in practical, no need to remember the formulas in mind.
7. Costing objective: Before arrive the costing; we need to understand the object and purpose of the costing required or what is asked in the given problem. Whether it is for fix the product price or for management decision making like, comparison, using different type materials, labour methods. So objective of the costing is very important otherwise the costing will be meaningless
8. Practicing number of problems: As I told above, costing techniques, methods, process, structure are different from industry to industry, for getting good knowledge we need to workout  maximum number of problem oriented question in different type, it  will give you the good knowledge in costing and  good speed during exams

Conclusion

Costing is the subject which is different from other subjects and also very interesting, because, each costing problem is each type. But if we study in a systematic manner, it will be a high scoring subject and I hope the above mentioned points are useful to you and help to get good marks in costing