Important Areas in all subjects, Tips and All about exams
For those who are preparing for IPC November 2013, take a look at the article which can help you in studies. Sharing an article with some important areas of syllabus alongwith tips and recommendations.
PAPER 1: ACCOUNTING
- Partnership Accounts
- Not-for-profit organizations
- Hire purchase and installment system
- Single Entry System (Accounting from incomplete records)
- Accounts has much portion of accounting standards. For accounting standard questions, give reference to the related accounting standard before computing the sum. Also give brief about the point asked in question before computing the final answer.
- Draw the accounts very neatly and cleanly. Do the totals wherever needed and write full headings for each accounts.
- Even if u don’t know any answer, just draw the format and write its heading. It can fetch u 1 mark even and for CA exams, every mark is important.
PAPER 2: BUSINESS LAWS, ETHICS AND COMMUNICATIONS
- Companies Act 1956: Article of Association, Memorandum of Association, Share capital, Deposits and General body Meeting
- Business Laws: Contract Act 1872 (CPT’s basic concepts, Indemnity and guarantee, Special contracts); EPF and Misc. Act (Most IMP); Nagotiable Instrument Act (Discharge related points, basic points of the Act); Payment of Bonus and Gratuity Act (Most IMP)
- Business Ethics: Corporate governance and CSR, GTI, Conservation of Natural resources, Consumer Acts consumer related matters, Fundamental principles relating to ethics, Ethical threats, and Ethical dilemmas.
- Communications: Drafting deeds (Most IMP), Types of communication, Grapewine communication.
- For law, write relevant sections wherever needed only if u r 100% confident about it.
- Ethics and communication answers should also contain your ideas and views. You can score well in it if you have good vocabulary.
PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT
Part 1: Cost Accounting
- Process costing
- Contract costing
- Marginal costing (may be with operating costing)
- Standard costing (may be with budgetary control)
- Intigral and non-integral accounting OR Labour
Part 2: Financial Management
- Cost of capital
- Capital structure
- Capital budgeting
- Sources of finance (for theory)
- Working capital OR Leverages
- Use working notes wherever necessary for costing.
- Don’t get panic by seeing the question as it may be twisted. Read the question slowly and try to find that point which may help you in solving the question.
- Use the table format for solving the questions of F.M. It looks eye catching.
PAPER 4: TAXATION
Part 1: Income Tax
- Full fledged question: With combo of three heads (e.g. Salary+HP+IFOS) (Compulsory)
- Profits and Gains of Business or Profession (separate sum on amended portion)
- Set-off carry forward OR Exempted Incomes u/s 10
- Clubbing of income
- Deductions from Total Income
Part 2: Service Tax and VAT
- Services (Amendment related matter must)
- Provision related to service tax (for theory)
- VAT-Cenvat credit
- VAT-Input vat credit
- Negative list and other amended portion
- For income tax, before computing the sum, write short summary before computation about the point to be answered. This shows your understanding about the topic.
- Try to complete full paper as it works great for scoring.
PAPER 5: ADVANCED ACCOUNTING
- Insurance companies’ financial statement
- Banking companies financial statements
- Branch accounts OR Dept Accounts
- Advanced issue in Partnership or Amalgamation (if asked in 1st group then chances to ask by ICAI is 70:30)
- For sums of chapters like electricity, banking and insurance, draw proper formats without missing any point.
- Points given above for accounts are applicable over here also.
PAPER 6: AUDITING AND ASSURANCE
- Intro of Audit (with relevant SAs relating to those chapters)
- Basic concept of Audit (with relevant SAs relating to this chap)
- Company audit
- CARO related provisions
- Special audit
- Write answer point wise.
- Also use the practical knowledge while writing answers of auditing as it shows your understanding of subject.
PAPER 7: INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT
Part A: Information technology [50 marks]
- Introduction to computers (amendments in study materials)
- Data storage and retrieval
- Use technical terms in the pointwise presentation and in explanation use normal wordings.
- In this paper, definitions are asked of around 15 marks. So write definitions in clear and precise manner.
Part B: Strategic Management
- Formulation of functional strategies
- Strategy implementation
- Reaching the strategic edge
- Bus environment / Strategic planning
- Do six sigma, matrix etc.
[Note: this is based on past trend so can’t say its perfectly relevant but I felt this is too much imp for us, if one dint start preparing ipcc yet then this chapters can help them in gaining confidence. so many time icai ask this chapters especially in Nov. attempt so.]
RECOMMENDED REFERENCE BOOKS FOR CA-INTERMEDIATE (IPC) COURSE FROM VARIOUS AUTHORS
Paper 1: Accounting – P. C. Tulsian
Paper 2: Business Laws, Ethics and Communication – M. P. Vijaykumar
Paper 3: Cost Accounting and Financial Management – P. C. Tulsian (Reason – Because it is in very easy language compare to Padhukas. Padhuka is waste of money and bulky as well)
Paper 4: Taxation – T. N. Manoharan (Because in V. K. Singhania there are too much cross references. You can go with GirishAhuja’s Book as well.)
Paper 5: Advanced Accounting – P. C. Tulsian
Paper 6: Auditing and Assurance – Surbhi Bansal (Because tabular format for easy understanding. You can go with Urvish Shah’s book as well if you are convenient with Question and Answer format)
Paper 7: Information Technology and Strategic Management – For IT – Dinesh Madan and for SM – Practice Manual
[You can do sums for practical subjects for more practice from Practice Manual Provided by ICAI.]
- Write all answers in very clear cut manner. Don’t exaggerate anything. Just be to the point and state all points clearly.
- For theory subjects write answers point wise with attractive headings and sub headings.
- Use working notes wherever needed.
Hope you all liked the tips. Please leave your valuable comments and suggestions.
All the best
Regards, Bhavin Pathak
Happy to help you…