As per my opinion, cost and management accounting is one of the lengthy though easy subject of CA IPCC group1. It is the subject in which you can score well if you have prepared effectively through all the chapters of the subject otherwise there are many of my friends for whom this subject had lead to disaster.
Being a practical subject, you need to be crystal clear with the concepts and formulas. You must practice the subject as much as possible to make a good command on the subject. Joining a class will be a must option if you are thinking for an exemption!
Following are some tips which you can consider for preparation:
- I would strongly suggest you to join a good institute for understanding the concepts.
- Practicing PM, RTP, MTP is a key to success. Don’t pick any MTP and waste time and money. I strongly recommend Prepca mock test series. I personally attempted their mock test series due to which I was able to convert my 30s into 70s and secure a rank. Their ADAR report is very helpful in improving your weaknesses. Almost 30% of the questions gets repeated in ICAI’s exam. They trust their mock test, as a result they will give 100% money back if you are not able to clear the exam.
- Learn the formulas, formats and concepts by heart.
- Start your preparation with the scoring chapters like material costing, standard costing, marginal costing, contract costing, activity based costing from which the questions are frequently asked.
- Do not skip mock test paper and revision test papers. Questions can be directly asked from them.
- While doing the chapters, keep on revising the chapters you have done before. This method will prepare you for test series. Hope this help