how to prepare Theory Subjects?

I remember using only ICAI module for ipcc law. It was my first attempt and I got an exemption (72).

1. For Business laws I wrote down each section as I read them (Check out Contract Act for example. Look at the flow of definitions and the section numbers and you'll see how sequential and easy they are to remember.) So i didn't have to mug up the sections. This saves you a lot of time and unnecessary risk of using the wrong sections in the paper. You don't need to remember all the sections, just try and use the sections that are easy to recall during the exam. As far as Business laws are concerned, just understand the logic behind each chapter. What the rules are. If you look at all the rules, you'll find that for each act there's a similar logic behind it. Like compare bonus act and provident fund. Similar terms, different numbers. Once you understand this flow it is very easy to remember.

2. ICAI doesn't demand expert knowledge at your level. And since this most likely is your first encounter with Companies Act you just have to visit it like you visit a museum or a zoo. Look at it as an introduction. Just take it in as new information and combine it with all the things you've seen around you since childhood.

This is all company law is going to tell you:

I. What is a company? What is it all about? What are the types of companies you'll see around you?

II. How does a company actually work? Why is it actually formed?

III. How do you introduce a company to outsiders like you?

IV. What is a company's structure made of, as in what all is needed to start a company?

V. What is the scenario in current computerised era?

VI. How a company has to abide by some specific set of rules set by a certain Act.

See that's all there is to it. Just give it a visit once and understand what it has to tell you about itself.

3. Ethics. Understand the basic definition. Ethics is nothing but a set of principles. Like you know, someone might say, "I never lie to anyone, I hate lying" or someone might say, "Bribery is wrong and I won't take a bribe from anyone."

Now combine this definition with a company. What should a company do and what shouldn't people who handle a company do. All this is divided into a few chapters. That's all there is to it. Once you understand this and the technical definitions given in your book it's like a walk in the park.

Writing about this gives you 20 marks. The easiest 20 marks of all.

4. Communication. This part is a bit tricky. As in, it is as basic as ethics but the usage of technical terms is what will ensure you get good marks.

Relate all the technical terms with your real life and you'll cover the first chapter with ease and you won't even forget it.

As far as the deeds chapter goes, all you have to understand is the purpose of the document and the presentation. You'll have to practice writing them a bit.

Some after thoughts:

1. Complete the Laws section first and then move on to ethics and communication.
2. Revise the syllabus you complete after every few days.
3. Ensure that you've gone through each and every chapter atleast thrice by the time you appear for the exam. Read revise recall revise. (I know this can be boring and monotonous but there's no way around this - Look at it this way, if you don't revise what you read now, you'll have to study and revise both again for the next attempt. That's motivating enough)
4. Refer Practice Manual(if available) or any reference books to guide you through the process of how to write an answer. This is very important as just knowing things won't help if you don't know how to write, elaborate and present it.
5. Even if you feel like you are not a big fan of Theory Paper, then DON'T target 40 marks. Your aim should be to do well in it. Just don't keep a figure in mind while preparing it and keep pushing yourself to understand the syllabus. It isn't a tough nut to crack. And if you feel theory is your strength then target as high as you can and push as hard as you can to achieve the maximum score.(this will help you for yoir aggregate score)
6. Note down the sections that you feel you'll easily recall. Don't target remembering each and every section as by the time your exam arrives you won't have just Law to fight against, you'll have other subjects as well. There is no pressure to write all the sections in your answers. It isn't compulsory. But use them wherever you can as you'll earn respect from the paper checker and also increase your chance to get more marks for a correct answer. Like 4 out of 4 instead of 3 out of 4 marks.
7. Also make notes as you read.

Definitions
Use examples that you can relate to for explaining any concept. This will aid you to remember while revising.
Various eligibilities from both companies and business laws. Like when is a certain rule applicable? Yes if 30 days have passed, xyz rule is applicable. Write it down so that you can go through it any given moment.
8. Try to understand things instead of byhearting them.

Remember this, Law is logical. It all fits in perfectly. So why bother mugging everything up? Once you understand the logic, it will stick with you no matter what.
9. Visualise any given situation in the chapter. Like, in contract act instead of a character X, imagine yourself and instead of a character Y, imagine someone you know. Read the situation and your visualisation will aid you in understanding the entire situation. This makes things much much easier.
10. Revise.

Hope this helps.

Studying a theory subject is indeed a gigantic task. These points will guide you to study a theory subject and score well in the exam-

1.Understand the concept, mugging the things will not work

This is the basic thing you should keep in mind while studying the theory subjects such as taxation, auditing. Facts which are not conceptually clear to you will not be there in your mind for a long period of time and you may not remember this till the time of the exam. Things which are not conceptually clear will not help you in your career.

2.Make effective notes

If you are not in a habit of making notes while studying then you are putting yourself into a threat. Making notes and having points for each chapter or answer will help you a lot as it is practically impossible to go through the entire portion one day before the exam especially in theory subject. In India, only Prepca mock test is providing birds- eye view. Bird’s eye view gives you a chapter-wise scoring for each subject with a rating to it. This report will enable you to understand your strengths and weaknesses chapter wise.

3.Adjust study plan

You should customize your study plan in such a way that you are not studying a theory subject continuously. Keep a practical subject like financial accounting in between two theory subject. Prefer theory subject in the morning as your mind is fresh and you can understand the facts more clearly.

4. Be confident and take out time for meditation

Believe in yourself and give your best. Try meditating if you get bored up with the subject as mediation will relax you mind and boast your concentration.

5.Work on the presentation of the answers

Theory topics are bit complicated to answer as they require a good flow and clarity. Examiner may refrain from giving more marks if you fail to present well. To improve your presentation skills, try answers ample number of mock test papers, get them evaluated. They will help you a lot. You can improve the quality of the answer by answering the mock test of Prepca at a very affordable price. They are brilliant. They provide Answer wise detailed assessment report which is helpful.

6.Familiarize yourself with important terminologies

Terminologies are very important in any subject, so try becoming familiar with respective subject terms and try to use them frequently while preparing as well as the mock test papers you write. They will boast your chances to score good marks if you use them in your answers.

Hope this help!

God bless you.