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CA PCC TIPS

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)

06 March 2010

Disclaimer:

The views expressed in CA PCC Tips are my personal views only.

CA PCC Tips

(Especially for Self Preparing Students for May/Nov 2010 Examinations)

Introduction Tips

Some Points to be kept in mind for every PCC student

PCC is a backbone of CA.
What you’ve performed in CPT/PE-I is immaterial for PCC, and FINALS is not yet come.
So whatever you can do is in PCC only.
Every concept, every topic & every aspect of subject can be understood at this stage only. Because FINALS won’t allow you to understand, but only to implement what have you learnt at this stage
So, it’s a request to all you freshers that please don’t ignore any topic or rather leave it simply, because at the end, it is going to help you only.

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

For CA FINAL TIPS

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

Advanced Accountancy

Read the latest edition of Padhuka or if one is going for Nov 10 attempt, then practice can be done from B.M. Agrawal too.
Read Suggested answers from Nov 2002 [Alternatively one can read ICAI Compilation for Advanced Accounting (May, 1996 – November, 2006)]
Read the latest edition of Taxmann (D.S. Rawat) for Accounting standards (June 2010 Edition for Nov 2010 attempt). It will be useful for Advanced Auditing Paper also.
Do all problems given in ICAI Material ( Some problems will be covered in Padhuka) [IF AND ONLY TIME PERMITS, THEN GO FOR ICAI MATERIAL]

Compulsory questions in the Examination:

One question each from 3 chapters, namely -

Partnership Accounts
Departmental/Branch Accounts
Accounting for Amalgmations and External Reconstructions

– In total on an average 40 marks

Other Important topics:

Accounting for Not for Profit Institutions (Theory is also Important)
Final Accounts of Insurance/Banking/Electricity Companies
Managerial Remuneration
Computerized Accounting
Investment Accounts & Self Balancing of Ledgers
Important Accounting Standards – 2, 3, 6, 9, 10, 11, 12, 16, 19, 20,26 (These ASs are also important for Auditing Paper. Generally problems from ASs in thick letters will be given in Accountancy paper) Also read compulsorily ASIs given in relevant AS in D.S.Rawat

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

Advanced Auditing

Read the latest edition of Padhuka. [Imp Note : Read compulsorily past examinations questions given in that book.]
Read AAS-5, AAS-6, AAS-8, AAS-18 and AAS-30 completely. Read compulsorily thick portions of other AASs especially recent AASs.
Read Suggested Answers from Nov. 2002 [Alternatively one can read ICAI Compilation of suggested Answers for Advanced Auditing (May, 2000 – November, 2006)]

One can safely ignore the following chapters-

Audit Sampling & Risk, Audit Evidence, Types of Audit & Company Audit of Share Capital.

Important Chapters:

Companies Audit – Appointment, Duties etc (15-20 Marks)
EDP Audit (Minimum 5 Marks)
Audit Report (Especially AAS-28, Sec. 227(1A), Sec. 227 (2) & (3) and CARO, 2003 including Statement on the Companies (Auditor’s Report) Order, 2003 given in ICAI Material) [Minimum 5 Marks]
Government / Special Audits [Minimum 5 Marks]
Audit of Income/Expenditure & Assets/Liabilities [Minimum 10 Marks]
And finally, considering all case studies and the auditing standards, the range of marks allocation in exam for the same is 20-50 marks. So, don’t ignore them.

Recent Changes:

New Professional Ethics Chapter as amended by The Chartered Accountants (Amendment) Act, 2006

Chartered Accountants (Procedure of Investigations of Professional and other Misconduct and Conduct of Cases) Rules, 2007

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

Corporate Laws, Ethics & Communication

A. Corporate Laws [60 Marks]

This is Scoring Subject in Group 1
Read the latest edition of Padhuka
This book is ultimate book. Read compulsorily all the CA examination Questions given at the end of each chapter in that book.
One can also go for N.D. KAPOOR, but I don’t think so desired output will be obtained here.

Important Chapters:

The most important chapter in LAW is THE COMPANIES ACT [It fetches 30 Marks]… Following are the most important topics of this chapter.

Ø Company General Meetings [10-20 Marks]

Ø Each question from any of the following important topics is asked for 5 Marks :

1. Incorporation, Promoters, Pre-incorporation, etc

2. MOA & AOA

3. Prospectus

4. Shares – Issue & Allotment

The INDIAN CONTRACT ACT, 1872 [10 Marks]
The NEGOTIABLE INSTRUMENT ACT, 1881 [10 Marks]

From all these 3 chapters, each Q of 5 Marks can be asked :

Ø The Payment of Bonus Act, 1965

Ø The Employees’ Provident Fund & Misc. Provisions Act, 1952

Ø The Payment of Gratuity Act, 1972

- Maximum 10 Marks.

Recent Changes:

Competition (Amendment) Act, 2007

Securities Contracts (Regulation) (Amendment) Act, 2007

B. Ethics [20 Marks]

Important Topics:

As such the topic itself is very short and easy, but there are some important points that should not be ignored and are really important from EXAM POINT OF VIEW. They are :

Ø Corporate Governance

Ø Corporate Social Responsibility

Ø Consumer Protection

C. Communication [20 Marks]

Important Topics:

As such the topic itself is very short and easy, but there are some important points that should not be ignored and are really important from EXAM POINT OF VIEW. They are :

Ø Corporate Communication Aspects - Various letters, deeds [5-15 Marks]

Ø Essential Of communication [5 Marks]

Ø Group Dynamics, Corporate Culture [5Marks]

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

Cost & Financial Management

Read Padhuka [Maximum Demanded] or Ravi M. Kishore (I prefer)
Do all problems given in ICAI Material [optional]
Compulsory 3 questions each from 3 chapters namely, Marginal costing, Standard costing and Budgetary Control.
Read Suggested Answers from Nov 2002 [Alternatively one can read ICAI Compilation for Cost Management (May 1996 to May 2006)]
Read compulsorily theory questions given in the past examinations (on an averge 30 marks)
Do not over-concentrate on Quantitative techniques at the cost of other chapters.
And if possible, try to get notes from some local coaching centre for theory of F.M. It’s asked for 10-15 marks, and no book provides it to the optimum.
Costing is easy subject, it needs laborious work on the practice, so solve as many sums as you can. But don’t waste your time on it.

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

Information Technology & Strategic Management

This is Scoring Subject in Group 2.
Read ICAI material along with ICAI Compilation for IT/SM (May 1996 to November 2006)
This is the best combination. No need to read anything else
Atleast read compulsorily all questions given in the Compilation so that you will pass in this paper.
Moreover, if anyone wants still some material, then PADHUKA is the best book ever made for this subject. Every concept is cleared in detail.

Important Chapters in IT:

Computer Networks & Networks Systems
Internet & Other Technologies
Flow chart [for practice purpose, don’t go with Padhuka, it demotivates. Refer ICAI suggested answers for the same, it’s the only best option.]
Misc. topics :

Ø Input/Output Device

Ø Software

Ø Number systems (very important)

Important Chapters in SM:

SM is damn easy subject, one can easily score 40/50 in this subject.
Here, case studies can be referred from PADHUKA.
And most important topics from exam point of view are :

Ø Strategic Management Process

Ø Strategic Analysis-Formulation-Implementation-Control

While, Business Environment is just a basics, if one wishes, can avoid that.

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 06 March 2010

INCOME TAX

For DIRECT TAX [75 Marks]

Read the latest edition (only relevant for the attempt) of Taxmann (Vinod k. Singhania) [I strongly prefer] or Bharat Law House (Girish Ahuja)
No need to read suggested answers. Instead do past examination questions given at the end of book referred above.
Have a habit of making notes for every chapter, section wise. That will help you in last day.

Important Chapters:

Salary or PGBP, are always able to fetch 15-20 Marks in exam, either individually or combined
Capital Gains is another important chapter for exams. [10-20 Marks]

Misc. topics for [5-25 Marks] :

Ø IHP

Ø IOS

Ø Clubbing of income

Ø Carry Forward & Set of Losses

Ø Permissible Deductions [Very Important – 10 Marks]

Ø TDS/TCS

For VAT / SERVICE TAX [25 Marks]

Note:

Finance Act, 2009 is relevant for both May 2010 and Nov 2010 exams.
For May 2010 exam, all amendments made up to 31.10.2009 are relevant. Amendments made between 1.05.2009 and 31.10.2009 would be published in RTPs for May 2010 exams.
For Nov 2010 exam, all amendments made up to 30.04.2008 are relevant. Amendments made between 1.05.2009 and 30.4.2009 would be published in RTPs for Nov 2010 exams.
One can read Select cases in Direct and Indirect Taxes (2009) for case laws in 2009.