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CA Madhukiran Reddy (CHARTERED ACCOUNTANT)     05 March 2011

My Tips and Tricks for Accounts - Self Study Schedule

 

MY TIPS AND TRICKS FOR THE COSTING

Hi Friends, Till now I wrote series of articles on MY TIPS AND TRICKS FOR ACCOUNTS and MY TIPS AND TRICKS FOR TAXATION because of your encouragement I am here writing third article in the series on MY TIPS AND TRICKS ON COSTING.

We all know that costing and F.M is a very vast subject, in my opinion it is the only subject where a student can get highest marks or the lowest marks compare to other subjects. Most of my friends are PANIC about the Costing and fm:/. I already said that if u have a will and hard work YOU CAN NEVER FAIL:).

So, let us directly come to the subject. We all know that proportion of Costing and F.M.

COSTING – 50 Marks

Financial Management – 50 Marks

In this article we will discuss about the COSTING part.

S.No

PRACTICAL PROBLEMS

THEORY

1

Material

Basic Concepts

2

Labour

Material

3

Contract

Labour

4

Operating

Overheads

5

Process

 

6

Job and Batch

 

7

Joint and By-Product

 

8

Integrated and Non Integrated

 

9

Budgetary Control

 

10

Standard Costing

 

11

Marginal Costing

 

 

All the chapters in Costing are very easy and understandable. The only problem is lack of time for (both Costing & F.M) revision before the exams.

So let us study properly according to the priority and importance of the chapters.

 

IMPORTANCE OF THEORY: (Schedule – A)

Friends majorly in Costing we use to give preference to the problems and we neglect theory part. No, it’s wrong. Give equal importance to theory also because, out of 50 marks 16 marks will get from the theory.

Mostly theory questions will come from the above (3rd column) said chapters.

All the chapters in Costing are very easy and understandable. The only problem is lack of time for (both Costing & F.M) revision before the exams.

So let us study properly according to the priority and importance of the chapters.

 

MATERIAL AND LABOUR: (Schedule – B)

Friends this the area where we get nearly 10 – 15 marks (including theory) and we know that these are very easy chapters and score easily.

 

CONTRACT, OPERATING AND PROCESS COSTING: (Schedule – C)

This is the area where we get another 10 marks. These are small small chapters.

For the Contract Costing get knowledge about the AS – 7 (Accounting for Construction Contracts) also which will give better idea about this chapter.

Mostly 2 problems will come from above 3 chapters.

 

JOINT & BY-PRODUCTS, JOB AND BATCH AND INTEGRATED AND NON INTEGRATED COSTING: (Schedule – D)

These are the chapters where you will questions rarely. I don’t say these chapters are not at all important because we are doing C.A, no one can predict from particular chapter we get particular question.

So, what I am saying is “after observing the various papers, I came to conclusion that mostly institute will not give problems from the above chapters if at all gives it will give for 5 – 6 marks”

So concentrate first on the important chapters. After all If u have a time then go for these chapters toooooo.

 

BUDGETORY CONTROL, STANDARD AND MARGINAL COSTING: (Schedule – E)

From this area you will get COMPULSORY one question which is for minimum of 10 marks. So concentrate more on this area too.

 

Till the 20th of March we completed Accounts (Group I & II) and Taxation. So, start costing preparation from 21st onwards.

TIME TABLE is as follows:

Date

Schedule

No of days

No of marks

21st March

A

½ day

16

D

½ day

5 - 6

22nd March

B

1 day

7 – 10

23rd March

C

1 day

10

24th March

E

1 day

10 – 15

25th March

One Extra day for Your Preparation

 

If you are weak in any chapter which is very important use that extra day for that chapter or use for if you are unable to complete the revision within a time.

So by this I am concluding this topic toooooooo. Friends because of lack of time I am here sharing my tips only for costing:(.

My tips for the F.M are coming soon. Wait till the release date;). 

As usual I required your valuable comments. Waiting for your comments.



 27 Replies

CA Madhukiran Reddy

CA Madhukiran Reddy (CHARTERED ACCOUNTANT)     05 March 2011

Sorry friends by mistake in the name of thread accounts i wrote instead of Costing

Sorry for the mistake

4 Like
Vikas Gupta

Vikas Gupta (CHARTERED ACCOUNTANT)     05 March 2011

Thanks alot..I m using Your timetable for Accounts..thanks for this also..i try to follow..

1 Like
BALU....

BALU.... (CCI STUDENT....)     05 March 2011

Again great post bro, wonderful post....thanks for sharing...

1 Like
Amit Kumar

Amit Kumar (Chief Accounts Officer)     05 March 2011

hello friends, i m amit mangal, from hisar, i m a CA final student. I got exemption in 4 subjects with self study, even in cost and fm, i got 78 marks whereas my attemping in exam is 82 marks, means i got 78/82, also i got 67 in both accounts and law, these subjects are self studied, to get my tips mail me at rockboymangal @ gmail.com Whatever you want to know. I have not much time to make an article on this topic bcoz of study.
2 Like
priyanka***

priyanka*** (IPCC)     05 March 2011

thanxxxxxxx a lot

for ur precious article..

1 Like
Simranjeet Singh

Simranjeet Singh (Proprietor at S Simranjeet & Associates Company Secretaries)     05 March 2011

Again great and wonderful post bro....thanks for sharing...

 

Keep sharing........... keep rocking CCI.......

1 Like
CS LLB Pulkit Gupta

CS LLB Pulkit Gupta (https://www.facebook.com/pages/Life-and-Promises/553962034682487)     05 March 2011

Kiran I can say this is a very good attempt but you have missed some very important points. 

I wanna mention some of them:-

 

 

(1) Main pro with this paper is the length of paper. Often students  fail  to complete this paper  in time and normally attempts 30-35 marks portion only in costing.

 

(2) Most imp. chapters of costing are Standard Costing, Marginal & Budgetary control. You will surely get 15-20 marks Q's from this part only.

 

(3) With the change in examination pattern i.e. u can left one question in choice, importance of chapters like Reconciliation & Integrated & Non-Integrated have increased. In Nov.10 attempt first question was from Reconciliation only and that too of 8 Marks.

 (4) In the initial attempts of PCC, ICAI use to swap process and Joint by product questions. From last 2-3 attempts Process is coming, so there is a high probability of By Product question coming in May-11 attempt. 

(5) Refer Solved scanner or PE-2 compilers for theory portion.

(6) Expect short question like 4-5 marks from Material & Labour and 8 Marks from Contract, Operating, Process/By-Products & Standard/Marginal & Budgetary.

(7) I totally agree with Kiran that for theory point of view Material, Labour & O/H are imp. But you can add topics like Reconciliation & Budgetary control too in this list.

Good Article

Regards

Pulkit

5 Like

(Guest)

thanks for sharing.....

2 Like
CA Madhukiran Reddy

CA Madhukiran Reddy (CHARTERED ACCOUNTANT)     05 March 2011

 

Originally posted by : Pulkit Gupta
Kiran I can say this is a very good attempt but you have missed some very important points. 
I wanna mention some of them:-

 

 

(1) Main pro with this paper is the length of paper. Often students  fail  to complete this paper  in time and normally attempts 30-35 marks portion only in costing.

 

(2) Most imp. chapters of costing are Standard Costing, Marginal & Budgetary control. You will surely get 15-20 marks Q's from this part only.

 

(3) With the change in examination pattern i.e. u can left one question in choice, importance of chapters like Reconciliation & Integrated & Non-Integrated have increased. In Nov.10 attempt first question was from Reconciliation only and that too of 8 Marks.

 (4) In the initial attempts of PCC, ICAI use to swap process and Joint by product questions. From last 2-3 attempts Process is coming, so there is a high probability of By Product question coming in May-11 attempt. 
(5) Refer Solved scanner or PE-2 compilers for theory portion.
(6) Expect short question like 4-5 marks from Material & Labour and 8 Marks from Contract, Operating, Process/By-Products & Standard/Marginal & Budgetary.
(7) I totally agree with Kiran that for theory point of view Material, Labour & O/H are imp. But you can add topics like Reconciliation & Budgetary control too in this list.
Good Article
Regards
Pulkit

Yup i agree with pulikit.

Thank you pulikit for adding more suggestions. 

1 Like
M. N. JHA

M. N. JHA (CA)     05 March 2011

Originally posted by : simranjeet singh

Again great and wonderful post bro....thanks for sharing...

 

Keep sharing........... keep rocking CCI.......

 

Thanks a lot 

1 Like
ROHIT CHATURVEDI

ROHIT CHATURVEDI (CA Final Student )     05 March 2011

very nice effort again...keep it up:)))

1 Like
Sunshine

Sunshine (Helping All)     05 March 2011

very nice sir...excellent analysis and inferences drawn...!!


thanks fr the post..!!

kritika poddar

kritika poddar (CA- FINAL student)     05 March 2011

thanks a lot.... these tips n schedule r really helpful... but i will start my revision from april so will i be able to complete it by modifying... i mean wont it harm my preparation...


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