Guys, my suggestion for the mode of preparing for the coming May 09 exams :
Accounts, MAFA and Cost Management:
First target the theory portion.. study from the suggested answers. For practical problems, I agree with Manasa's view above. Further to what Manasa says, I'd also suggest that we work our the past 10 years' question papers and compare the answers to the worked out ones. We'll know where we stand at.
Auditing, Corporate Laws and Indirect Tax Laws
Pick up all the possible past years' suggested answers and/or compilation from the institute. Go through all of those. You'll have atleast an idea on what the contents are. Work out the Qn papers. Especially, the theory papers when we study it'd seem to be pretty easy and we might have understood as well. But in exams, to score high marks its imperative that we know what to write the next sentence.. there'd be no time to think much sitting within such tight timeline. (b) Pick up RTP's and a good authored text book for the latest amendments.
2 most important things to bear in mind while answering theory papers :
1) No stories..cut the crap.. keep answers to the point.. lez say the qn is for 8 marks : Break up the answer into 3 small parts. First part being any important case law/section number and the relevant provisions as per the concerned ACT. Next part, do the analysis of the given question and link to the provisions as mentioned in the 1st part. The last part of your answer - Give your conclusion.
2) How fast you can write cum the allocation of time per question. This can definitely be well thought of and achieved only when you have practiced writing and writing many number of times.
MICS : Stick to Suggested answers and have a parallel look at the latest study material
Direct Taxes : (a) Suggested answers.. of course the provisions of each section is bound to change year on year.. so, in the suggested answers for the old answers.. mark the changes to the recent amended ones. (b) Synopsis shots really help. Make quick notes of important sections under different chapters. (c) Very very important thing is to link up the sections.. more or less, if you observe for any provisions there might be another section number which may apply. (d) Go through the list of amendments made.
Make this a habit :
Morning 3 hours studying : Best time 5 AM - 8 AM.
Evening work out atleast half the number of questions of any previous question paper. - 1 half hours.
VERY IMPORTANT : Good sound sleep of atleast 6 - 8 hours a day. This will keep your mind fresh and your memory will be like a sponge..
This is what I feel.. it may or may not hold good for everyone. For those who appreciate my view, thanks a ton.. and those who think otherwise, please feel free to correct if I have mis-stated anything.
Gud luck fellows!
Cheers! Vivek Gangadhar