Hello Friends. I have recently cleared my IPCC 2nd Group in November 2016 exams. This post is for those students who await exams in upcoming months. The below given advices have been given from my own personal experience and I thought it would help the students to clear the exams.
Let's Start with the 1st subject of IPCC Group 2 which is ADVANCED ACCOUNTING.
Weightage wise preparation -
When there are only a few days left for exams, it is better to study smartly especially when you are studying the subject like accounts which is very scoring.
1. The foremost important topic of accounts is ACCOUNTING STANDARDS - Students usually ignore accounting standards but these standards contain highest weightage in accounts paper. Around 25-30 marks is sure shot from these standards. Never miss this. If you do, you are ignoring exemption from this subject.
2. Amalgamation, Partnership Accounts, Branch Accounts, Departmental Accounts, Internal Reconstruction - There is no scope for leaving these chapters while preparing for accounts. These chapters are the crux of advanced accounting. A thorough practice of these chapters is required.
3. ESOP, Buyback and Underwriting (Company Accounts) - Usually questions of around 4-8 marks are asked from these chapters. These are small chapters as well as very easy to score through these chapters.
4. Banking and Insurance Companies - These chapters are format based chapters. Mostly around 4-8 marks questions are asked from these chapters.
Useful Tips -
1. Never ever underestimate the practice manual, RTPs and suggested answers of the institute. A thorough revision of Institute's material is must for scoring an exemption in accounts.
2. Solve previous year question papers and mock test papers. It helps a lot and it prepares you for the final exam very well.
3. Reference Books for Accounts - Advanced Accounting by DG Sharma (It gives solved problems and very good conceptual clarity) and for AS - DG Sharma / DS Rawat.
AUDITING AND ASSURANCE
Weightage wise preparation -
1. Vouching/Verification/Special Audit - Trust me, these 3 chapters will fetch you around 20 marks very easily. Just understand the topics given therein and remember it pointwise and write it with full explanation. You can plan to score an exemption in Audit if you have clear concepts of these topics.
2. Basic 4 Chapters (1,2,3,4) - These chapters along with SAs contain more than half paper.
3. SAs - SAs should be covered completely. Although weightage wise and importance wise SAs are - SA 500,SA 200,SA 700,SA 600,SA 300,SA 400.
4. Company Audit 1 - Usually the question which requires to state correct/incorrect(Q.2) constitutes more questions from Company Audit 1. This chapter is easy to understand and simple to recollect while writing the paper.
Useful Tips -
1. Presentation and Precise Answers will always lead to increment of marks in this paper
2. Refer the Practice Manual for Auditing. Especially for chapters like Vouching, Verification and Special Audit. Even though Practice Manual will seem to be very lengthy to students but no doubt the paper consists of the questions asked from practice annual most of the time. So never miss it.
3. Other Reference Book - Surbhi Bansal (Easy and Simple bullet wise answers)
4. It is not necessary to quote sections. But if you do, please do it correctly.If you are not sure about the section number, do not write it. Writing sections give a good impression of yours to the valuer.
5. Underline the key points and write answers point wise.
INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT.
Weightage wise preparation -
INFORMATION TECHNOLOGY
- Information Systems and IT Fundamentals
- Telecommunications and Network
- Business Information System
- BPA
- BPM
- Flowchart
STRATEGIC MANAGEMENT
- Strategic Analysis
- Business Environment
- Reaching Strategic Edge
- Strategic Planning
- Formulation of Functional Strategies
- Strategy Implementation and Control
- Business Policy and Strategic Management
Useful Tips -
1. For information technology, please study from Study Material. Do not refer anything else because even practice manual alone is not sufficient for IT. Practice manual should be read with Study Material. It will take time when you are reading it for the 1st time but trust me, there are many coaching notes which do not cover questions from Study Material which have been asked in previous 3 years papers. So never rely only on coaching notes.
2. For strategic management, cover full practice manual and you may refer your class notes or Dinesh Madan's Book.
3. Although from studying perspective, students find Information Technology very difficult but usually it is easy to score in IT than SM because IT has some technical concepts whose meaning never change if you have understood the concept properly and you can write it in your language.
4. SM requires proper writing skills and logical skills to answer the questions.
General Tips -
1. For the students who are giving their 2nd or further attempts - It is ok to fail. Never lose hope. IPCC Group 2 is more difficult to crack as compared to IPCC Group 1 because it has 2 theory subjects and only 1 practical subject. Just plan more wisely this time. Practice a lot for accounts and revise more in theory subjects.
2. For the students who are giving their 1st attempt - Please study hard this time because sometimes a failure in group 2 becomes a loop i.e. you keep giving it again and again and lose the group due to aggregate and sometimes you don't even know the reason why you are failing. It becomes worse with every attempt. So do not let this happen with you. Don't give it like you are giving an attempt. Treat it as an examination which has to be given only once.
3. Solve the paper fully. 100 marks solving is very important. But it doesn't mean that you write irrelevant answers to the questions asked. Please write what is related to the topic.
4. Lastly, study well and study as if you are studying this group for the last time. Keep your mind cool, take enough sleep and study happily.
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