Practising CA at Surat
26263 Points
Joined November 2009
Nice Sharing.
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The Most important one is (assuming the rest one are already understood well by the students):
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GIVE ASSUMPTION NOTES:
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Give the assumption notes at the end of your answer when you assumed anything in the solving the problem.
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It should be clear.
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In professional examinations; don't try to match the answers only. Some points need clarification on your part.
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For example; in costing, the Cost Per Unit is never Actual.
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It is very near to actual in practical life.
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In Marginal Costing also; the cost is never actual.
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Students should also focus on theory part of Standard Costing which is the most confusing to many students if theory part is not read carefully.
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Cost Accountancy becomes typical to grasp because students try to understand it on the basis of Financial Accountancy. They can't absorb the concept why certain costs are excluded from the cost accountancy.
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In Financial Accountancy also; different policies adopted by the business organisations give different results of the same financial transactions.
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Many times; different high courts have given controversial judgments on a particular issue in Tax Matters. In such cases; most of the students confuse what should be the proper answer.
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Here they should chose the best suitable answer according to their own studies and interpretation of relevant sections. They should not hesitate to comment on a particular high court judgement which seems away from the legal interpretations.
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So whenever you find that some part of the question is confusing or apparent wrongly printed in question paper; give you assumptions without hesitation.
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BECAUSE A CA IS REQUIRED TO GIVE HIS OPINION ON THE FINANCIAL ACCOUNTING.
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So develop your own opinion about the question.
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Caution :
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In almost every exam; especially in CA Final; some figures are printed wrong deliberately in one of the question paper.
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The mistake is generally apparent if read carefully.
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Students should not confuse themselves. They should not hesitate to make a note that there seems some errors in the question. So by making the most suitable assumptions; students should solve those questions.