Hi friends ,
I have earlier given my tips for effective revision for PCC - Income tax.. now its the turn for Costing and FM.
Like in the case of Income Tax , we will assume that we have 39 hours of revision time for the subjects ( 2days of 12 hours each in the next 12 days and 15 hours in the day and half available betwwen exams. ) let us analyse how this precious hours can be utilized effectively in the case of Financial management FIRST ( 16 - 17 .5 hours out of the 39 hours )
a) In my personal opinion i feel FM is a better avenue of scoring marks than costing as its sylabbus is much less as compared to Costing . A little commited effort in the revision time could assure a minimum of 35 out of the maximum 50. This takes the big pressure from us in the other part of the paper , ie, Costing
b) Quite often , we underestimate the importance of Theory in Costing and FM. In costin and FM theory contribute for about 30- 35 marks in every paper .Keeping this in mind i start with stress on importance of theory.
c) By spending 2 hours on the theory part of all the chapters along with an additional 1 hours for past 10 years exam's theory questions we can assure ourself a a miniimum of 15 marks out of the maximum 50.
d ) Its a ritual that a FM paper will never be complete without a question ( of minimum 10 marks ) from either Cash Flow or Fund Flow . On this ground i will adivice you to just revise the formats , and going through 5 sums each in CF & FF of standard exam quality . this can be done by going through last 10 CA PCC exam papers ( even 8 exam papers will do if time is less ) . 2.5 hours will be suffecient for this.( 3 hours at the maximum )
e) Combine Time Value of Money with Capital Budgeting . identify the various models of probles in this chapters ( 8 - 10 at the maximum which varies with books followed ) . take two standard quality probs in each of the models. go through one and try to solve the other. this way you can cover 20 quality exam problems in a matter of 3 hours. Spend half and hour before you start the problems to go through the format of various types of problems. In this was you can rout this chapter by 3.5 hours.
f) Ratios comes next . Memorising the formulaes is your biggest and if not your only investment in this chapter. Spend a hour going through all the formulaes. scribble them in ur practice note of effective remembrance. Now that the difficult part is done just spend a hour going through 5 problems that involves Completion of balance sheets , 1 question on Dupont Chart , and 5 other standard exam problems tested in the last 4 years in exam. So its 2 hours for this chapter.
g) Let us go the risk and leverage analysis. More than 1 hour in this chapter is criminal according to me. just spend 20 minutes going through the problems and another 30 - 40 mins going through illustration of various models. that will do for this
h) Working Capital Management is next on our list. I earnestly advise you not to get get bowled over by this chapter because of its volume. Break the chapter in small sub categories like WC cycle , Debtor Management . Creditors Management , WC requirement calculation and miscelleneous. Spend 30 mins on each of the category and go through as much sums as possible in the alloted time. spend 30 mins or a overall go through after you are done. This adds up to 3 hours .
i) Last and certainly not the least is the Capital structure theories. Its a chapter that can come for 10 - 20 marks in a paper but not certaily anthing less. spend a gracious 1.5 hours on theory. As far as problems are concerned i feel that past exam models are repeated quite ofter than not. So spend another 2 hours and go through all the problems of this chapters that have come in the last 10 - 15 exams of PCC. thus it accrues to 3.5 hours in all.
I WILL POST MY TIPS FOR cOSTING VERY SOON.....
I CONCLUDE THIS BY THANKING YOU ALL TO HAVE SPENT YOUR PRECIOUS TIME READING MY WORK AND I ONLY HOPE THAT IT DID NOT MAKE YOU REGRET FOR DOING SO. ALL THE BEST TO ALL
CAclubindia
