Hello friends,
In this article I’ll be sharing experiences of how I prepared the subjects of FINAL CA. As such we all know that “THERE ARE NO SHORTCUTS TO SUCCESS”.
So it’s crystal clear that in order to gain knowledge and pass examinations we must have to do hard work and perseverance but with better awareness and better planning we can always gain that “EXTRA MILE” and can achieve success.
The common thing that I would like to tell in all subjects is that when you start the subject do following thing:
1) Look at past examination papers FIRST when you’ll get clear cut picture that chapter x is asked all the time and chapter Y had weight age of 16 marks, you’ll feel more aware and alarm about that topic.
2) Tick the questions that are asked in past examinations or are in RTP. You’ll come to know that which topic has more weight, which questions are frequently asked and important of all, the misconceptions “MAY ME AYA HE TO NOV ME NAI AYEGA” “PICHLE PAPER ME HI PUCHA HE AB NAI AYEGA” “3 SAAL SE NAI PUCHA HE IS BAAR PAKKA AYEGA” will be out of your mind.
Do look to the questions which are copy from module and practice manuals or past papers; you’ll gain trust that it’s must to read institute study material.
Do remember none of above means you do “ratta” it just means if you do this and same is there in paper you’ll gain tremendous confidence.
3) Study each topic conceptually. It’s common advice but reason we have to find. Those who have appeared or would have seen past papers would know that institute twists the paper. For e.g.. Nov 11 QT sums. Both sum of PERT CPM and LPP were “ulta” i.e. not as per traditionally expected. Now if you would have done chapter conceptually you’ll know ki “book ka harek word pada he. uske bahar ka to hoga hi nai. To let’s try” and when you have this confidence trust me you’ll crack all such twisted sum. Similar things apply for theory also.
4) Pareto principle: 80:20 80% marks will come from 20% of reading.
Have conviction in mind that until and unless you do “a” category chapters of all subjects you will not waste your time in “C” category of the same subject.
5) Clear goals: whenever you are studying have clear goal of achieving certain marks (which I recommend, keep higher than your capacity) and ask your self is my work is good enough? IF I want to gain 70 in FR can I risk leaving AS 15? This will at the least will make you aware all the time while reading.
1) Financial Reporting:
I divide this subject in 5 parts:
1) AS.
2) Miscellaneous chapters.
3) Consolidated a/c.
4) Amalgamation.
5) Valuation.
a. AS in general are asked around 20 to 40 marks so must not ignore that. They are sometimes copied from modules and PM.
b. You can refer any good reference book. Which I personally feel every CA should refer, as they are fundamental matters. WE CA s are recognized by AS. (I referred RAWAT SIR’s)
c. Refer past papers and find out patterns. If I point out many AS Like 15 16 20 22 30 31 32 are in category of FAQ (these are just e.g.)
d. Miscellaneous chapters are not at all misc in importance. They are asked of 16 to 24 marks and beauty is they are far easier and less complicated in nature. Must not ignore them. E.g. Nov 11 paper.
e. As for last 3 parts I am sure all of us do so much practice that sometimes we can even solve that entire sum without question in our sleep.
2) Strategic Financial Management:
I divide it in 3 parts (module chap no)
1) Theory( chap: all chapter module theory especially 1,8,10,11).
2) Chap 3,4,6,7,9,13.
3) Chap 2,5,12.
i. Theory is always good scorer as being in practical paper.
ii. For the above practical chapters I’ll definitely say make concrete base of concepts and you’ll crack the paper.
iii. AS I’ve seen the area which is most twisted in paper comes generally from chapter 2, 5,12,7. Brush up time value of money as it comes everywhere.
3) Audit:
I divide this subject
1) Professional Ethics.
2) Co. Audit.
3) SA.
4) Others.
a. For professional ethics I would only say mug up the clauses line by line. As it’s our act the language must be same.
b. Paper presentation plays important part. Must underline all the clauses sections and SAs and have a neat presentation.
c. Many case studies in areas of Co Audit and Professional Ethics are repeatedly asked so do refer all the material of institute.
d. MUST DO SAs...cause as accounting standards SA are also most important part of our study. Don’t forget to compress your material. (i.e. determine what to do at last day so you can gain confidence of reading it all)
4) Law
I divide this subject
1) Company ACT.
2) Allied laws.
a. Personal advice: Munish Bhandari.
b. Don’t ignore 30 marks portion of allied laws. It’s of same importance too.
c. Cross out repeated asked cases in Bhandari so you’ll have less burden at last moment.
d. Read the analysis given for each topic. You’ll come to know the weight of topic.
e. Must compress material for last day. Or you’ll be lost in what to do and what not to do.
5) Costing QT:
Must do conceptually.
I divide this subject
Costing:
1) Standard costing.
2) Budgeting and other material related topics( ABC,JIT).
3) Decision making chapters.
a. In costing all sum are of different type. (especially decision making sums)
b. Be ready to read long description with lot of accuracy.
c. Checking the solved part of question and underlining the figures will be of immense help.
d. In Qt there’s trend of asking “ulta” question which are always easy but due to lack of practice we get scare and not even attempt that some time. But if you are to solve that at home you’ll find it too easy. So never freak out when such questions are there in exam.
e. Theory is always of 33 to 40 marks having very less to read as compare to those long questions.
f. Be ready for any kind of questions. Nov 11 final exam question is classic example of conceptual question where transfer pricing and other many questions were of concepts and not of numerical.
6) ISCA
I divide this subject
1) Chapter 6,7,8,9.
2) Chapter 2,10.
3) Chapter 3.
4) chapter 1,4,5.
a. Must refer module only for reading this subject. Also write same language.
b. Have habit of reading ISCA theory in question answer format like that given in PM. Cause most common problem that I’ve heard is “Yaar sub kuch pada tha but question samaj me nai aya to answer kaise likhe.” So to answer best have a habit of reading in such format.
7) DT
1) Wealth tax.
2) Assessment of different assesses.
3) 5 heads of income.
4) NR taxation.
5) Assessment procedure.
6) Other chapters.
a. Must do wealth tax, with assessment theory and in depth. They might not ask full sum instead in past 2 years they asked small questions.
b. The syllabus in 99% case never going to be completed if you are giving ISCA and having only 1 holiday so must plan LMR on hour by hour basis. And even if you can’t complete whole syllabus no need to freak out cause everybody is in same boat.
c. Do refer institute case laws as they are often asked same to same
d. Amendments are “must do” thing.
8) IDT
Personal advice: Bangar
a. Must do amendments.
b. Must do institute’s case laws(asked of 16 marks almost every time).
c. In case laws it’s not necessary to remember assessee name but if you want to you can do this, read whole case and wherever assessee comes replace it with the name. in this way you’ll remember it.
d. In practices do not forget to write notes.
e. Do refer practice manual. Cause many things are asked from that.
Feedbacks are welcome at prachi.d.shah@gmail.com.
Hope this helped. Wishing you luck for the Exams.
Regards
CA PRACHI SHAH
CAclubindia
