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Please give me some tips on how to clear ipcc accounts-1

Varun (CS Executive) (320 Points)

12 April 2012

Kindly provide some tips to clear IPCC group 1. Is it enough if i'm thorough with all the illustrations in the study material? I heard most of the questions come from illustrations itself. Give me some alternative tips if this is not enough. Thank you.

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24 Replies

Rahul (Accountant) (105 Points)
Replied 12 April 2012

Study .......... ""There is no short cut to success""

Varun (CS Executive) (320 Points)
Replied 12 April 2012

Well even I know that Rahul. Just asking some tips so that i could utilize these last 18 days effectively so that i could clear. Sometimes just hard work doesnt pay off. Anyways thanks for the reply.

MAYANK JAIN (student) (224 Points)
Replied 12 April 2012

go through study material and practice manual........

1 Like

MANISH SAINI (CA Final ) (236 Points)
Replied 12 April 2012

cheack the icai's rtp for may 2012 https://www.icai.org/post.html?post_id=5016

it's so useful

and also if you time then sove mock test paper

and check your prepartionhttps://www.icai.org/post.html?post_id=8332

best of luck

2 Like

CA Srikanth Yadav (Chartered Accountant) (3162 Points)
Replied 12 April 2012

Working out the problems only from Study Material is not sufficient.

You should also work out problems from Practice Manuals, RTPs (last 3 years) and one standard book (if time permits).

All the best!

2 Like

Ankita Methi (Credit Underwriter) (758 Points)
Replied 13 April 2012

I agree with Srikanth

Definately go for

1.Study mat

2.practice manual

3.previous 5attempts RTP

However,if you have not gone with any of the standard books during your preparation phase,I would advise that this is perhaps not right tym to start with a new book afresh.

if still left with tym and energy,thn go for scanner or compiler.

1 Like

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 13 April 2012

Indeed ACCOUNTS plays a major role in CA exams mostly in IPCC.

There is Only 1 month’s time is available for exams now. In my opinion the most scoring subjects in IPCC are Accounts (Group I & Group II), Taxation and Law. If we manage to get above 60 in the above mentioned subjects then aggregate problem will not be there to you. To achieve this consistent study, hard work and knowledge about the subjects is required.

Here are some suggestions:

ACCOUNTING STANDARDS

All of you know that AS plays a major role in accounts because it covers the more than half of the question paper. More than 50% (Nearly 25 marks is directly from AS in each group and others is from Amalgamation, Cash Flow etc.,) of Questions is from Accounting Standards.

So to get high in accounts be thorough with Accounting Standards.

For IPCC not all the standards are applicable only 18 standards i.e., AS – 1,2,3,4,5,6,7,9,10,11,12,13,14,16,19,20,26 and 29 are applicable.

See the following study schedule for Accounting Standards don’t read all the standards at one stretch, just spent of 15 minutes your time in the Morning (M) when you woke up and in the Evening (E) when you going to sleep.

COMPANY ACCOUNT

Mainly most questions from company accounts will come from Amalgamation, Internal Reconstruction, Cash Flow etc. Normally in both groups 40 marks will come from these chapters.

ALSO FOCUS ON ACCOUNTING THEORY

Please don’t ignore theory and the misc. topics. It will help in scoring and also clearing the exams. I observed that nearly 10-15 marks of questions are coming from ACCOUNTS IN COMPUTERISED ENVIRONMENT (Group I) and Misc (Group) II in every attempt. So prepare these types of theory chapters to gain marks simply.

SOME OTHER LESS IMP CHAPTERS (P’SHIP ACCOUNT, INCOMPLETE RECORDS, HIRE PURCHASE, SELF BALANCING LEDGERS AND BRANCH ACCOUNTS)

You can gain simply 20-30 marks these simple chapters. I am sure that at least of 20 marks will come from this category.

Another 10-15 marks will come from Insurance, Banking and Electricity. Balance marks will come under Misc like Bonus, Insurance, Investment, Average Due Date etc. Like the above prepare the study schedule and time table for all the subjects and follow the time table. This would be more useful for your examinations.

Hope the above suggestion would be off some help.

Thanks

4 Like

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 13 April 2012

Real-time tips to deal with practical paper: Account & Cost

Dear Students and Members,

Please find below some tips to deal with practical paper like Account & Cost etc. These tips are based on my personal observation and used by me in all my professional Examinations. This Article is completely written by me and not copied from anywhere. Hope this Article would be off some help in your Exam preparation:

After receiving the paper in your hand give it a quick look and decide the question you are going to attempt first. Also decide the question you are going to attempt last. I urge you to consider this point very important for a good start of your exam.

Allocate a fix time for each question. After allocation it is your duty to finish the question with in the given time limit.

As per my understanding presentation of theory always plays an important role whether it is theory (Law & Audit) paper or numerical (Account, cost etc.) paper. So keep your examination copy neat and clean without any cutting.

In the beginning don’t read all the questions carefully as in the beginning you have enough time to read it twice or thrice. Read the second question carefully only after solving the first question as decided by you in accordance with point No. 1 of this Article.

Super Suggestion-1: When you give first reading to a lengthy question – Note down all the amount/figures given in the question separately. Two benefit of this exercise are:
1. When you solve the question you don’t have to search the amount/figure in the lengthy question again and lot of time saved.
2. Chances of missing any point or amount/figure minimize.

Don’t change the book again and again. First focus on understanding the concept and then practice the selected book. After solving a particular author’s book solve all the questions of scanner without any help.

Super Suggestion-2: This point helps you to deal with lengthy course and improve your revision strategy. Select easy chapters as per your strength and gain tremendous confidence by practicing more & more questions. After gaining enough confidence remove that chapter from your final revision list. Now no need to revise that chapter during final revision and be confident about that chapter.

Super Suggestion-3: After completing one practical chapter select some landmark question from that chapter which covers almost all technicalities and adjustments of that chapter. Revise this selected question during final revision to recall whole chapter.

You may also put this question in ATLAS. [For ATLAS technique refer my previous Article]

Compulsory Question: Prepare special strategy for C.Q. Give a quick reading to C.Q. if you are comfortable with the adjustments given in C.Q. then only attempt C.Q. otherwise attempt other small questions. If you attempt C.Q. without any strategy and lost in the middle of question then “confidence ki to watt lag jayagi mamu”. So be careful.

Cost Accounting: First understand cost accounting is a conceptual paper. You can not succeed in cost account without understanding the concept. So work very hard to make your concepts crystal clear.

For preparation of cost account first understand the concept from study by practicing study material questions. After that practice scanner and compilation questions.

Operation Research: In O.R. paper my first advice would be workout on your mathematical concepts as mathematical skills are really required to excel in O.R. Paper.

In O.R. paper practice of ample number of numerical questions is very much required. So after understanding the concept practice more and more questions first from study and scanner and then from any recommended book.

Prepare yourself mentally to solve a lengthy question paper. Use scanner to understand the question paper pattern and prepare yourself a strategy to deal with it.

Theory Part: In practical paper also theory paper plays an important role. As per my advice prepare your theory notes yourself well in advance including the answers of frequently asked questions. This process helps you to understand the concept and save your time to search theory part here & there at the exam time. However if you got some really good notes you may use them.

Importance of Module Questions: As per my suggestion also practice the questions given in the study material provided by ICAI especially when you opt self study. However if you are taking professional coaching then you may avoid study material questions as normally notes provided in private coaching includes study material questions.

While attempting theory questions give ‘to the point’ answers. Excess theory may waste your time and spoil your exam.

Super Suggestion-4: Use one pen: In exam hall use only one pen. Use of this practice will save at-least 4-5 minutes i.e. time equal to write a short note. Hope you can understand the importance of this point.

Underline relevant point: You may underline the relevant point by using the same colour pen. Don’t use highlighter in the exam.

Working Note: Use working note method to improve presentation of your question. Whenever you use calculated figure in the question always mention working note no. in the bracket. For example working note no. 1 or 2 and so on.

Continue your question as per your concept and assumptions. Never try to match your answer with anybody else.

While solving practical questions full focus and concentration is required. So you have to be very calm and cool during your exam. Never make hurry when you are in the middle of a question. It may spoil your question.

Query Notebook: Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. Don’t forget to mention answer of your query in the query diary.

Complete your paper: Try and make an effort to complete your paper 100%. In other words attempt full paper of 100 marks to fetch some extra marks.

If any numerical question is completely out of your reach or in case you fail to understand the adjustments given in the question then leave that question immediately and move ahead. Attempt this question in the end.

If this is your second attempt then finish revision of your first book as early as possible. Later on add a new book to practice more numerical questions.

Have a one hour group discussion with your friends regarding selected exam oriented important topic. Discuss all the theoretical and practical aspects about that selected topic.

Don’t use different notes rather I would suggest select your notes before starting final Examination preparation and stick with them. 10 Days before exam stop adding new topics in your schedule. Just follow your revision schedule strictly.

Take care of your Health: Take very good care of your health. Consider your health as a subject. Remember if you fail to perform well in this subject you are going to fail.

In the end just believe in yourself and your hard work and most importantly believe in God.

Thanks & Regards,

Ankur Garg

6 Like

Ritika (STUDENT) (266 Points)
Replied 13 April 2012

thankeww soo much ankur sir..

verryyy veryyy usefull articles..they are definately going to help me too ..

thankewww :-)

1 Like

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 13 April 2012

Originally posted by : Ritika
	thankeww soo much ankur sir.. verryyy veryyy usefull articles..they are definately going to help me too .. thankewww :-)

You are always welcome Sis....

Varun (CS Executive) (320 Points)
Replied 13 April 2012

Thank you so much Ankur Sir.. You have cleared each and every doubt I had and met all the expected suggestions I needed. I have nothing more to ask. Thank you so much for taking out some time to guide us. These suggestions indeed are so valuable and will help a lot of students.

Varun (CS Executive) (320 Points)
Replied 13 April 2012

Thank u so much Manish, Srikanth and Anamika for the suggestions :) It'll surely help us all.

Ritika Khatri (Article Trainee) (41 Points)
Replied 13 April 2012

hello. i cleared my group1 in may2011 in ist attempt. group 1 is not that difficult.

in all ,there are 4 subjects.

1)ACCOUNTS: in acounts, dont forget to do all the AS properly. solve AS problems from module, RTP. it is must.

2)Law: Law is quite easy if one understands the provisions. i refereed Munish Bhandari .and that book is awesum.

3)Costing and FM: for costing FM, theory is must. it comes for about 20-30 marks. so once ,just go through the module

4)Tax: In tax, indirect tax is very scoring. indirect tax theory come for about 25-30 marks. so do it properly. For direct tax, u can refer T.N.Manoharan.

Usually, institute ask question for 4 marks also which are very simple and scoring.

1 Like