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IT MUST BE NOTED THAT MARKS ARE NOT CLEARLY DEMARCATED.
THERE HAVE BEEN ATTEMPTS WHEN INDIAN CONTRACT ACT HA D
QUESTIONS WHICH TOTALED 18 MARKS. WE DON’T HAVE ANY H ARD
AND FAST RULES.
IN LAW, FOR PRACTICAL QUESTIONS IT IS ADVISED TO FOL LOW THE 3
STEP APPROACH. DISSECT YOUR ANSWER AS:
GIVEN FACTS & CIRCUMSTANCES OF THE CASE: PARAPHRAS E THE
QUESTION
RELEVANT PROVISION OF LAW: WRITE THE APT PROVISION
APPLICABLE.
·
· ·
· INTERPRETATION AND CONCLUSION: APPLY THE LAW TO THE
GIVEN
SITUATION
A. COST ACCOUNTING:
TOPIC SPECIAL POINTS
INTRODUCTION TO COST ALMOST THEORY
CHAPTER. UNDERSTAND
DEFINITIONS AND ISSUES
PROPERLY
MATERIALS PROCUREMENT
PROCEDURES,
INVENTORY LEVELS,
ACCOUNTING FOR
INVENTORY
LABOUR IDLE TIME, LABOUR
TURNOVER, VARIOUS
EFFICIENCY RATING
SCHEMES
OVERHEADS FUNCTIONAL ANALYSIS,
OVERHEAD ABSORPTION,
ABSORBING TO THE
FINAL PRODUCT
COST BOOK KEEPING INTEGRATED AND NON-
INTEGRATED ACCOUNTS
MARGINAL COSTING HAVE A GOOD IDEA OF
PROBLEMS WHICH CAN
BE ASKED. DON’T
OVERDO PROBLEMS.
AFTER DOING 100
PROBLEMS ALSO, 101TH
PROBLEM WILL COME IN
THE EXAM.
STANDARD COSTING JUST REMEMBER THE
FORMULAS PROPERLY.
GO BY THE METHOD
WHICH SUITS YOU.
BUDGETARY CONTROL UNDERSTANDING
CONCEPT SHOULD BE
ADEQUATE HERE.
OTHER TOPICS
JOB COSTING
BATCH COSTING
CONTRACT COSTING
PROCESS COSTING
OPERATION COSTING
OPERATING COSTING
JUST UNDERSTAND THE
CENTRAL IDEA IN EACH
TYPE AND TAKE CARE OF
SPECIAL ADJUSTMENTS.
YOU WILL ACE THEM.
B. FINANCIAL MANAGEMENT:
TOPIC REMARKS
TIME VALUE OF MONEY FOUNDATION OF ENTIRE
FM PAPER. PLEASE
UNDERSTAND CLEARLY
BEFORE GOING ANY
FURTHER
CAPITAL BUDGETING CONSISTS MOSTLY OF
VARIOUS INDICATORS
LIKE NPV, IRR, PAYBACK
PERIOD AND CAPITAL
RATIONING
CAPITAL STRUCTURE
DECISIONS
BUNCH OF THEORIES
COST OF CAPITAL COMPUTING COST OF
FINANCING OPTIONS LIKE
DEBT, EQUITY ETC
WORKING CAPITAL
MANAGEMENT
ESTIMATION OF WORKING
CAPITAL, RECEIVABLES
MANAGEMENT,
MANAGEMENT OF CASH, CASH BUDGETING,
WORKING CAPITAL POLICIES
LEVERAGES OPERATING & FINANCIAL
LEVERAGE
FINANCING THEORY ALL THE
MISCELLANEOUS
THEORY PART SCOPE OF
FM, DIFFERENT SOURCES
OF FINANCE.
ADVANCED ACCOUNTANCY:
THIS IS THE TWIN SISTER OF ACCOUNTS 1 PAPER. I WOULD CLASSIFY
THIS PAPER INTO 4 PARTS:
ACCOUNTING
STANDARDS: STANDARD
SPECIAL POINTS
AS 4 : CONTINGENCIES
AND EVENTS OCCURRING
AFTER THE BALANCE
SHEET DATE
ADJUSTING AND NON-
ADJUSTING EVENTS
AS 5 : NET PROFIT OR CHANGE IN ACC POLICY VS
LOSS FOR THE PERIOD,
PRIOR PERIOD ITEMS AND
CHANGES IN ACCOUNTING
POLICIES
CHANGE IN ACC ESTIMATE,
PRIOR PERIOD ITEMS
AS 11: THE EFFECTS OF
CHANGES IN FOREIGN
EXCHANGE RATES
(REVISED 2003)
ALL THE 3 PARTS:
FOREIGN EXCHANGE
TRANSACTIONS, FOREIGN
OPERATIONS, FORWARD
CONTRACTS
AS 12: ACCOUNTING FOR
GOVERNMENT GRANTS
TREATMENT OF VARIOUS
TYPES OF CONTRACTS
AS 16: BORROWING COSTS GENERAL BORROWINGS,
CESSATION & SUSPENSION
OF CAPITALIZATION,
INCLUSIONS IN
BORROWING COSTS
AS 19: LEASES ACCOUNTING IN THE 4
COMBINATIONS, SALE &
LEASE BACK, OTHER
MISCELLANEOUS TOPICS
AS 20: EARNINGS PER
SHARE
DILUTED EPS : MANY
POTENTIAL ES, BONUS,
RIGHTS ISSUE
AS 26: INTANGIBLE
ASSETS
RESEARCH AND
DEVELOPMENT
DISTINCTION
AS 29: PROVISIONS,
CONTINGENT LIABILITIES
AND CONTINGENT ASSETS.
DEFINITIONS AND
STANDARD EXAMPLES
ABOUT THE RESOURCES THAT CAN BE USED:
LET ME REITERATE AGAIN THAT ICAI STUDY MATERIAL AND PRACTICE
MANUAL ARE THE BEST PLACES TO STUDY FROM. THERE HAV E BEEN
INSTANCES OF LIFTING QUESTIONS STRAIGHT FROM THE PR ACTICE
MANUAL.
REVISION TEST PAPERS: NEVER MISS THE LAST 4 ATTEMPTS PAPERS.
LOT OF PERSONS THINK THAT THE RTP FOR THE RELEVANT EXAM
CARRIES MORE WEIGHTAGE. THE EXAM PAPER IS PREPARED 4
MONTHS BEFORE. THE RTP OF THE EARLIER ATTEMPT HAS M UCH
MORE RELEVANCE
INFORMATION
TECHNOLOGY AND
STRATEGIC
MANAGEMENT IT: DINESH MADAN
SM: PRACTICE
MANUAL
THE PRACTICE
MANUAL IS BEST
WHEN IT COMES
TO THESE
SUBJECTS.
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