Hi Friends,
This is my 3rd article in CA CLUB INDIA. My eligibility to write this article is failing PCC for 2nd time. But I enjoyed my failure and thought I had got opportunity again to prepare thoroughly. My attempt is in May 2011. The basic reason I failed in my earlier 2 attempts is : Lack of seriousness. So I want share some of the strategies with u all. By the way I did not gave November attempt for some health issues.
Coming to the point I want to wish ALL THE BEST to the people who have given November 2010 attempt.
I want to go with subject wise strategies and plots which everyone can take advantage from each subject. As you all know the subjects, I need not mention again. In specific I am giving some new ways to conquer each subject.
1. Accountancy (100 Marks)
This subject is one of the core subjects in PCC/IPCC. This subject is divided into two parts in IPCC. Anyways the syllabus is same. According to my opinion this subject requires a lot of CONCEPTUAL CLARITY. First before going to problems everyone should become perfect with concepts. Then the problems should be started.
The sequence of topics should be done are:-
1. Company Accounts
2. Partnership
3. Branch Accounts and Insurance claims
4. Single Entry
5. Non Trading Concerns
6. Banking, Insurance and Electricity Accounts
7. Remaining Topics
Accounting Standards :- Accounting Standards are very important from exam point of view. Accounting Standards are important from Auditing point of view also. It is better to follow D S Rawat. DON’T LEAVE ANY STANDARD. GET GOOD GRIP ON THE PRACTICAL APPLICATION OF STANDARDS.
The above sequence is given in order get thorough with the 16 marks questions. If u crack a 16 marks question in the exam in 1st half an hour, you will be more confident. Remember one thing in exams. FIVE COCNLUDED ANSWERS ARE BETTER THAN THREE BEST ANSWERS. So try to attempt all or atleast 80 percent of the paper. If you cover first five topics, you can get 2 16 mark questions. So you can take 1hr 15 minutes to attempt the both of them. Next you can go to 1st compulsory questions which are of 4 marks each. If you know the concept they will hardly take half an hour. So you can complete 52 marks within 1 hour 45 minutes. Don’t sit with one question and try that hardly. Leave it and jump to next question. In Accounts paper more of our Psychological mind is tested. So friends LETS be MENTALLY STRONG.
Note : IPCC friends should give equal importance to banking, electricity and Insurance accounts as there are one of the main chapters in Group 2.
2. Auditing and Assurance (100 Marks)
This subject is theoretical to many people but for me it is a practical one. I enjoy reading this subject as many times as possible mainly Company Audit 1. Here everyone should remember the gist of all topics, so that it will be easy to reproduce in the exam. This one is not really tough but it some what logical.
The main chapters which should be covered are:-
1. Company Audit I
2. Company Audit II
3. Special Audit
4. Vouching and Verification
5. Remaining 4 chapters
6. Auditing and Assurance Standards
If u r perfect with company Audit I and II , Special Audit and Auditing and Assurance Standards, then anyone can easily cross 50 marks in this subject. PRACTISING PRACTICAL QUESTIONS IS ESSENTIAL. I think during preparation also many can save some time in this subject.
3. Law, Ethics and Communication (100 Marks)
Business Law – First do the small acts. They are Negotiable Instruments Act, Bonus Act, EPF Act, Gratuity Act. They are very easy to do and they are scoring part. Because from Bonus, Gratuity and EPF u will get 3 5 marks questions 4 sure. The only complications are from Negotiable Instruments Act. It is the tricky one. After this go to contract act, and do the last three topics thoroughly. They are special contract like indemnity, Bailment and Agency. Those are more important topics one should cover.
Company Law – Company law is very easy for me because I am very much interested in it. But its syllabus and its marks are not proportional. For company law go directly for Compilations, Practice Manual. For B Law and C Law be thorough with Practice manual or compilations. Because if u start with study material it takes lot of time and u may get 5 or 6 additional marks for reading them. U can use this time in churning other subjects.
Ethics – Ethics is very scoring area. U SHOULD BE PERFECT WITH STUDY MATERIAL TO GAIN MAXIMUM MARKS IN ETHICS. Because the question may come literally from each and every page from the study material.
Communication – Concentrate on the last chapters. They are very important. Concentrate on drafting procedure of Lease Dead , Gift dead etc. The direct questions from business communication are very easy. So concentrate on drafting procedure.
4. Costing and Financial Mangement(100 Marks)
This is one of the core subject in CA PCC/IPCC. I want to directly come to the topic. As you all know Costing carries 50 marks and financial Management carries 50 marks.
First concentrate on Financial Management both theory and practicals. You should be able to score atleast 35 in this subject to fare well in the exam. The advantages with FM are:
1. Syllabus can be completed fastly than Costing.
2. Examination problems in Costing takes longer time than FM.
3. FM is easy to revise.
Then come to costing.
First without any hesitation start with Standard Costing, Marginal Costing and Budgetary Control. Then around 10 to 15 marks are under ur grip. After this concentrate on Methods of Costing. You will cover somewhere around 25 marks with the above 4 chapters covered in Costing. Then concentrate on Non Integrated Accounts. No doubt then go to the laborious chapters like Material, Labour and Overheads. On an average you should write FM paper superb and Costing paper moderately. Then success is sure. The problem is Costing paper will be lengthy but easy, where as FM paper is logical and short. But the time should not be waste in Cash flow or Funds flow. CONCEPTS ARE MUST. DON’T FORGET TO CONCENTRATE ON THEORY. IT IS SEMI THEORY AND PRACTICAL PAPER.
5. Tax Laws and Practice (100 Marks)
This paper is one of its kinds. So many feel that it is one of the best scoring paper. But some important points to be noted are:-
1. Service Tax and VAT are scoring areas. They require very short time for preparation and anyone can score maximum in this area.
2. Coming to Income tax, everyone should concentrate on the links of the sections.
Example:- Section 24 b and 80 C deduction relating to house property. Actually Sec 24B is wider than 80 C to claim interest on house property as the former contains all financial institutions and the later only contains the loan taken from banks.
3. Everyone should practice the TOTAL INCOME problem. This helps in revising all the sections of Income. It may come for 16 to 20 marks. How much you practice that much the easier it will be in exams.
6. Infotech and Strategic Management
Infotech contains 50 marks. KEY WORDS are of due importance in this subject. Key words in a sense the words which are technical and could be remembered by giving a couple of readings.
But scoring in this paper is easy than Strategic Management. Prepare Flow Chart well. Then be perfect with the 1 mark questions and 5 marks differences. Revise the key words. Follow any book you feel comfortable with.
Strategic Management contains 50 marks. You should revise institute material at least 4 times before you go to the exam. You connect it to the present circumstances of any company. Note the important words. In strategic Management you will have direct questions for 30 marks which you can answer easily. 20 marks will come as case study. Practice as many case studies possible to understand the subject well
NO PROBLEM IF YOU FELL DOWN, JUST GET UP AND DO IT. ALL LIFE IS IN YOUR HANDS. YOU CAN BECOME WHAT YOU WANT TO BECOME. JUST DON’T QUIT ANYTHING. NOTHING IS IMPOSSIBLE WITH THE HUMAN BEING.
I WISH ALL THE BEST TO ONE AND ALL.
“HARDWORK NEVER FAILS”
Regards
Vamshi
CAclubindia
