Advanced Accounting--- in CFS concentrate more on basic adjustments like mutual owings, all sort of classifications and subsequent purchase of shares to name few before you go for cross holding and other adjustments with respect to AS23 and AS27.. From Amalgamation you wil get one question. you must be familliar with this from PEII level..Valuation of goodwill shares come for 8 to 16 marks AS is gaining much importance covering good amount of marks in past two exams. application oriented preparation is required. AS 2,5,9,10,11,12,16,18,19,20,25,28,29 are very much application based. theory carry 10 to 16 marks.. past questions will do in general.
MAFA-- Capital Budgeting,IFM,CAPM cover 60% marks. Mergers and Acquisition,Dividend policy,Bond Valuation comes second.. If you are comfortable with Derivatives go for the basics if not you can very well leave that and do the rest as you have got choice.Thoery comes for 10 to 25 marks give equal importance. Go by compilation.
AUDITING--compulsory to thorough Professional Ethics AAS AS CARO Company Audits. Special aspect audit comes next. for the former go through compilation to have good understanding on their practical implications as for exams questions are generally on case studies.For Spl aspect audit and other small small topics go by compilations.. Its only repeated questions.. you can very well leave Insurance and Banking..
Law--You have three compulsory questions with internal choice of 2/3 .first Q. 2 from SCRA 1 from Companies Act. second Q. 2 from SEBI Act and Guidelines one from Intrepetation of statute. third Q. 2 from FEMA 1 from competition Act
You cannot afford to miss small topics As it is compulsory. General rules like powers appealing procedures are common for FEMA SCRA and to certain extent Competition Act so have written notes for it for easy reference.Though SEBI guidelines is dry, questions are direct and cover 10 to 16 marks. DONT SKIP THIS CHAPTER
In Companies Act Section 274,293,295,297,300,301,314,are to be read at one sitting to have clear understanding on their implication inter se. Directors including M.D, managerial remuneration covers vital points. Meeting is another one. You need to prepare notes to have quick go through during exams else time will be sucked by these topics. producer company, Amalgamation Reconstruction, Compromise and arrangement, Inspection,Sole Selling Agent,WindingUp are all other important things which in individual case come for 8 to 10 marks
Try to brush thru past questions with suggested answers as it helps you to fine tune the writtng pattern. more over this paper always a70% cut copy paste of past attempts
COSTING-- Standard Costing minmum 10 marks. Marginal coasting with decision making is very important and you need have coceptual knowledge on the subtle issues else it wont serve the purpose even if you solve 100 problems..of course this holds good for all subjects.. relavent costing and transfer pricing will be asked in basic level requiring intricate application.
Strategic Management like JIT,TQM,Pricing,Target Costing,Value Chain Analysis,Life Cycle are all important for theories may ask some basic application so have good understanding.. remember past questions are not repeated in general. so for theory go in for all combinations as it covers 15 to 30 marks.. atleast go for all RTPs and past 15 attempts papers to get a fair idea.
In O.R. transportation and assignment are asked in alternative attempts so fine tune the most expected. Network analysis with or without PERT and LPP are definite.next in order comes learning curve and simulation.. you have got choice so if you are not comfy with learning curve you can skip it.Do go thru compilation.. Its very useful.
MICS-- Its the scoring paper if you plan and revise properly.. Its not as easy to reproduce the contents as we normally think on giving a reading over various chapters. not to scare you people but its in our hand to score good marks in this paper.
Chapter 6 to 10 on systems cover 40 to 50 marks.read it continuosly to have good grip over chapters. then read Chapter 11 till end..this you can read in any order as they are individual topics. can even skip chap 11 if you are not comfy knowing you will lose one choice question to choose from.Chap 1to 5 can be read fast and its interesting too so read it last. prepare notes to have quick and repeated revision. We have got one MICS sharefile a verygood revision notes beautifully compiled. download that.
From the past trend the questions asked in the previous attempt is not asked in verynext attempt. so if you analyse that you can skip those portions which saves 30% of your time.. If i prepare one will share that.
DT-- 100% preparation required. First comes Assessment Procedures IT Authorities Appeals Revisions Settlement Commision Search and seizure Penalties Prosecution.. need to know the interlinks and common areas as the question combines all the above topics.. Make notes for repeated revision...TDS TCS comes next.
Then comes PGBP and C.G. go thru case studies.. Then MAT and spl issues applicable to companies.
Next comes Provisions applicable for Non Residents. read it in combination with all relevant Chapters.
Rest are PEII portions which you need to finish in an Hour or so during Exams meaning it has no significance in final but you have to go thru to have grip on application of various provisions..prepare notes to save time..
NO problem oriented questions for more than 15 marks.. All are application oriented case studies.. so read reacent Amendments and case laws...
IDT-- Beautiful subject to score marks..
EXCISE-- 40 marks.CENVAT, valuation, classifications and thier case laws are important. SSI, Warehousing, imports, and rest form 10 to 14 marks of rest of 40.
CUSTOMS--35 marks. Classification,valuation, importation and exportation are important. good memory on definitions and their scope and subtle understanding on applicability and non applicability of drawbacks baggages etc will be helpful to answer small case sudies..
Common topics are Appeals Revisions Settlement Commision Search and seizure returns due date which are important.. dont ommit 11A B C D AB BB.... and corresponding sections in customs...If you make notes on these common chapters you need not read it twice..
SERVICE TAX-- 15 MARKS. 33 SERVICES note points like areas for which such service definition dont apply and scope of each services.. abatement if any applicable.
Exemptions and applicability of tax for service rendered outside India or Recieved from foreign country.. Returns due dates are important..
To my knowledge and understanding I've given this small insight... Take if found useful.. Best wishes...
CAclubindia
