Very happy to score all India 4th Rank in IPCC Nov. 2010 exams.I am sharing my idea on Cost Accounting and Financial Management today.Trust me its one of the most scoring papers and you need not be afraid of it. I was most scared for CAFM when i entered IPCC but towards the end i realised it was nothing more than an infamous rumour that its difficult.
The key to score marks here is your working notes.You can solve the questions 100% correct but without proper working notes you will not get anywhere more than 50% marks.
Cost Accounting- undoubtedly one of the trickiest subjects of PCC/IPCC syllabus.Mind you i did not say difficult. The 1st and foremost requirement to crack this subject is a concentrated mind.Questions are undoubtedly tricky but its just a matter of seconds.If it clicks then its lollypop stuff.If it doesnt click then.......!!!
1. Practice and practice and practice.The only way to clear this subject is to solve as many different types of questions as you can.And keep on revising.You cant give this subject a break of 10-15 days.Then again you will be blank and will have to start from the scratch again.So keep on solving a few questions of all chapters on a daily or at least weekly basis.
2. Read the question at least TWICE before solving.A single word in the question can change the answer completely.So while reading the question , make sure you underline the key words.If you miss, then whole solution can go wrong . Do not throw away marks in excitement.
3.Patience holds the key.If you find a very twisted questions giving no clue then dont leave it. Read the questions thrice..still not clicking then once more. The clue is hidden in the question itself most of the times. So keep on reading the question with utmost concentration.
4.On the eve of the exam day, make sure you solve at least 2 questions of each and every chapter.With questions i mean the main questions which contain the gist of the entire chapter.Preferably it could be from the scanner.
5.Do not ignore theory part at any cost.No need to read the book for theory as it has too much complex material in detail. Do theory from the compiler.Only and only compiler.You wont get any question out of that.
Financial Management- Syllabus is short. Nothing in comparison to Costing part. But its tougher than Cost.
1. Do Capital budgeting and Cost of Capital well and 50% is done.Cash flow is already done in Accounts part so need not worry.Fund flow is just the same thing with a different format.Concept is the same.So it wont bother you much.So while doing Cash flows in Accounts part keep in mind that you are preparing it for 2 subjects and not 1.
2.In Finance part what matters is the concept.A single question can have as many as 3 different answers all solved with different methods and be rest assured all 3 are correct.Do not get confused if your answer doesnt match with the 1 given in the book.Just see if your concept is correct or not.It needs to be depicted in your working notes and you will get full marks.
3.For theory part, i would suggest you again to go for compiler only.
Hope this helps you people.Best of luck.