Paper – 3 “Costing and FM” –
A subject, were the students are grilled by examiners like CBI officers do. Indeed, this is also most favoured subject to pass easily without any efforts for many of them. The following points give out the best outlook to this subject at a glance –
- Theory is asked evidently, prepare well and go. Take any good book and read it in deep. Do not leave any page unturn, whether it is interesting or bugging area. Theory had saved me in CA – Finals in this subject.
- Many areas are really practical like standard costing, marginal costing where loads of formulas are given but it is difficult to remember all.
- This is only a paper where formulas are seen the most, but think again, do we really require formulae’s? First think that we have to study this conceptually, but also do think that from where are this formula`s deriving from? There are logics behind it too. Understand those logics too instead of memorising them,
- Few of the chapters are format based, this would save time and earn good marks but this will not save you always.
- Compulsory Questions from Materials, Overheads are seen apart from standard costing and Marginal costing. Concentrate on it to the core.
- Do not forget to have a glance at ICAI material, many a times in past up to 25 marks of paper was asked directly from it.
- Attempt complete paper, the marks evaluation system is discussed below.
- In FM, CFS or FFS is asked for sure, Do not miss a chance to earn your marks their at any cost.
- Budgetary areas, Capital structuring areas is also important and scoring. Simple logics are there so understand it before trying to memorise them.
- When there is a question of decision making or of choosing and alternative do NOT forget to give your comments on it along with the justification area.
- Under first revision always prepare your own notes, Tick sums with new concepts so you can revise only those sums during revisions. This is an example of smart work.
Order of studying –
The order given in ICAI material is most systematic way to learn. I can`t differentiate since all what is required to be learnt is a step by step process. Hence the same order of ICAI is to be followed and nothing is to be ignored specially any kind of theory.