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CA.ViVeK M ACA (ACCOUNTS DEPARTMENT) (28544 Points)

24 August 2011

Cost and FM (I P C C / PCC level) Cost Management (Final Level) and Strategic Financial Management ( SFM)

1. Conceptual clarity

Concepts and its applications is the back bone of these papers. If you are clear with respect to concepts, then, half of the problem will be solved. If you are weak then your problems will be multiplied.

2. Problem solving skills

This implies your ability to solve the practical problems on your own.

If you are able to solve more problems, conceptual clarity may be improved and problem solving speed can be improved.

Refer Problems from reference book, ICAI module, practise manual, scanners etc.

Exam questions seem to be lengthy and some time practical oriented. Don’t worry because it is always application of some of the concepts you already learned

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CA.ViVeK M ACA (ACCOUNTS DEPARTMENT) (28544 Points)
Replied 24 August 2011

Audit and corporate law papers. (I PCC and Final level)

Audit paper

1. Accounting and auditing standards and guidance notes.

These papers have influence of various SA and Various AS issued by ICAI.

There is no compromise over both Audit and Accounting standard

2. CARO reports, Company Audit one and two, Special audits, Audit reports, professional ethics (Only Final level) are highly relevant.

Refer this useful link to score good mark on Audit

2 Like

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT) (28544 Points)
Replied 24 August 2011

Business and corporate laws ( I PC C/ PCC) Corporate law Final

1. For I PCC level Good understanding of company law, Business law, Negotiable instrument Act, Other miscellaneous laws are very much important.

2. For final level give the same importance to all the chapters.

Common approaches for Both Audit and law paper

Pay special attention for understanding the concepts clearly, make key note to remember this concepts periodic revisions.

1 Like

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT) (28544 Points)
Replied 24 August 2011

ISCA and IT SM

Many people face trouble with both of the above paper not because of your reference book but inability to present and perform during the 3 hours of exam.

This is the paper not have any commercial back ground and purely system oriented make the papers drier.

Give more care and attention for learning the concepts of system, make frequent revisions, and refer past practical question of the suggested answers.

1 Like

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT) (28544 Points)
Replied 24 August 2011

Income Tax and direct taxes.

I PCC students

Give equal importance to Income tax, VAT and Service tax. Good and sound knowledge of 5 head of income is pre requisite. Apart from this amendment, if any, applicable to the examinations and recent case laws are highly relevant.

For Final level all the chapters are highly relevant. Give adequate care to wealth tax problems.

Understand the concept behind the legality is very much important.

Indirect taxes

Give equal importance to Central excise, Customs and service tax act

As far as central excise is concerned, central excise Act 1944, Central excise law, CETA 1985, CENVAT credit, valuation etc are most relevant.

Take special care with respect to case laws and recent amendment etc.