TAX:
a. IN PCC Service Tax & Vat covers 25 marks. So obviously a must to focus. People think, they should focus on Tax which contain 75 marks. But they forget to count that these 25 marks contains not more than 60 pages.
b. So my request will be first to grab these 25 marks and then go for anything else.
c. I made 20 pages notes in VAT and it contained every type of question in exam. So just think is it stupidity, ki 10 marks free me mil rahe hai?
d. Our one question which is always compulsory. Obviously do it at last or in between. Because making this question crucial is examiner’s religion. Remember this fact every time.
e. PGBP, a must chapter. Even if you don’t know the deduction rules, use your mind. Just think what you should add in profit and should not include in profit. Once you understood the chapter by this logic, it will be easy to grasp the ruling of deductions.
f. Salary and HP and Capital Gain, a must. But still even if you get yourself perfect in any 2, then you can reduce some risk.
g. Next Residential. The most overviewed chapter which grasp 5 marks for almost every second year.
h. Theory part in return chapter(Special Belated rules). The most important chapter for almost 5-8 marks every year.
i. TDS learn it in table style. You can download the TDS file from my files section, Make sure you amend it properly.
j. Service tax + VAT + Return + PGBP + TDS + Residential = 50 marks almost.
AUDIT:
a. Audit is such kind of a subject whose question got repeated every year. And every year question paper look almost so much same.
b. Preparation for Audit.
i. Audit programme.
ii. Audit risk.
iii. Management representation.
iv. Audit file.
Well, I won’t mind even if you cram this chapter, because it’s the most important chapter. So make sure you learn this chapter SA as well.
c. Internal control.
i. Black box / white box.
ii. Can statutory auditor rely upon Internal auditor’s work.
iii. CAAT.
iv. Internal control (advantage/disadvantage).
d. Verification of assets. Hmmm, the most easiest but boring (when you can’t plan).
i. Use of table in learning this chapter.
ii. Basic points are almost same.
iii. Verification of liabilities don’t come as compare to assets.
e. Power & Duties of Auditor, Audit report & Various reports.
i. Literally, I loved this chapter.
ii. Learn this chapters AS for sure.
iii. Question based on Special audit, Joint, Cost audit comes once in a blue moon.
iv. So you can leave them in case you can’t learn them.
f. Miscellaneous Audit. I don’t like this chapter. But kya kare, exam fever chad jaye to sab karna padta hain. So don’t even dare to leave this chapter.
i. Audit of Hotel.
ii. Audit of educational institute.
iii. Audit of hospital.
iv. Audit of Incomplete records.
v. Other audits also need to be learn, but make sure you have a bird view over them at least and the above must be learn by heart.
g. AS and SA go together. In case, you don’t remember SA, then you can use AS no in that question. So, it’s a good idea to impress the examiner.
h. Heart speaks the truth, so in any case you think this question is not so important but should come in exam. Then without even giving a second thought, do that question.
FM:
a. If you have Rajesh Makkar’s book, then I will advise you don’t even see theory from that book.
b. Even though practical question are really presented in good format. Alright let’s move on.
c. CASH flow a must .you must remember how to make working capital schedule. I forgot the same during exam. And the teacher had given both fund flow and Cash Flow question.
d. Even though Fund flow comes once in a blue moon, but still I will advise you to have a look over the same. As it’s easy to do.
e. Leverage, most important chapter. 5 marks free ke, why to risk? Do practical's as well as theory from the same chapter.
f. Capital budgeting. Can’t dare to leave this chapter. Because if you have left this chapter, then you will obviously fear in mind “Boss ab paper me karne ke liye bacha kya hain," even though you can attempt remaining questions, but mind isi question pe divert ho jayega. So better to do this chapter.
g. Learn from book, from teacher, from elders, go to anyone but practice this chapter like a parrot.
h. Working Capital determination: Practical question must.
i. Cost of capital = Theory + Practical's.
j. Well, I will advise you to do FM compiler for theory. Rather then searching question from book.
k. You can find everything related to PCC/IPCC in my resource community.
l. The link of TDS file is given in exam style part 1
/forum/exam-style-part-1-191821.asp
Finally, the rest is just your choice. I am not saying don’t do other chapters. I am just saying make more focus on the above topics. Hopefully it will help. Best of luck.
Regards
Renu
CAclubindia
