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How to go about accounting in IPCC?

Shreyes Venkatesh (Audit Assistant) (32 Points)

16 July 2010

hi all!

i have started preparing for the ipcc exams this nov... i want to know how to prepare for accounts 1 ... cause from what i've heard ppl who have passed tell me that it is enough to work out the institute material problems, suggested and rtp.... is it true... if not pls tell me how to study...

thanks in advance!

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2 Replies

Rineesh Raghavan (MD) (108 Points)
Replied 02 August 2010

Hi Shreyas

The ICAI has brought about a beautiful material for IPCC study material, which you may rely upon for your purposes. However, the downsde being it is essentially a compilation of past suggested answers as published, and not any new material. And most often than not, ICAI suggested answers and teh ICAI key answers are not the same. Meaning = If you follow the study material for steps, it may very well be the wrong answers, which would not have been the valued answers. But thats the case with most materials.

My suggestion. Choose any material, but stay true to it.

On to the subject, you should focus on Basics of Accounting, Pre Incorporation Profits, Internal Reconstruction, Single Entry, Investment and Hire Purchase. These areas will guarantee 60 to 70 marks of coverage. And a definite question on partnership for almost 20 marks, your IPCC Group I Accounts is over.

Rineesh