1 - Sir i have solved study material problem and Compiler of PCC (full) and some of Chapter from PE II

2- I have not attended even single mock tests while preparing for Accounts

3- I have not done combine study for accounts.

To show true and fair  presentation of Financial Statement accounting various accounting concept are made and these are applied in following ways:

1- All the transaction should be termed in monetory terms.

2- Business entity is seperate from its owner so only all personal expenditure we r disallowing in books of account while finalysing the books.

3- All transaction should be recorded on its occurance.

To be continued..........

5 The concept of capital expenditure and revenue expenditure should seperately disclosed i.e. revenue account should be debited in P & L Account and Capital expenditure should be disclosed in the balance sheet.

6 Even a barter transaction can make a transaction which need to be measured in terms of money.

7. The concept of allowing notional expendure is available. For eg factory building is owned by the owner and he ll be rent for that................

Thats all i know sir.........

Truly speaking this article is really.............really..........mind blowing...

I have something to say.........

I was not prepared about pursuing CA till March 2010.....I like accounts so much and i thought that CA can be a right track for me........ 

But when my 12th board exams were over...I came to know about the beauty of this course.....hence, i started preparing for cpt in April... I have not read much for cpt.......Just read only 1 or 2 days a week......

When my result of class 12th exams came, my mother was shocked to see that i got 95 in accounts as i told her that earlier i had left 5 marks paper due to lack of time.....but, at the same time i also assured her that i will be getting 95 , she was not believing me....

After wards i gave cpt in june and took admission in B.COM(H) in delhi university because of the uncertainity of the result.......

Later my cpt result came and i cleared with a score of 130......

Then the big confusion in my mind was that whether i do graduation along with CA or not.......

I consulted many people regarding this and finally came to the conclusion that i will be pursuing CA only as i at first want to be a CA.......

 Hence withdrew my admission from delhi university........

Then again a problem arose that whether to give 1 OR BOTH groups, then again i consulted many people, then i decided to give only Group1 in May2011.......AS i want more knowledge and concepts.....

Sir the problems you mentioned are really faced in real life.........

Your article is a superb one.. 

Thanks for sharing.........

@  Sandeep, 

Do you think that this is the best answer about accounting concepts and its application ?

I also invite  comments of other students on your answer. 

Originally posted by : Vikrant
	But when my 12th board exams were over...I came to know about the beauty of this course.....hence, i started preparing for cpt in April... I have not read much for cpt.......Just read only 1 or 2 days a week...... After wards i gave cpt in june and took admission in B.COM(H) in delhi university because of the uncertainity of the result....... Later my cpt result came and i cleared with a score of 130...... Then the big confusion in my mind was that whether i do graduation along with CA or not....... I consulted many people regarding this and finally came to the conclusion that i will be pursuing CA only as i at first want to be a CA.......  Hence withdrew my admission from delhi university........ Then again a problem arose that whether to give 1 OR BOTH groups, then again i consulted many people, then i decided to give only Group1 in May 2011.......AS i want more knowledge and concepts.....

1. As I said earlier in this forum; students tend to appear for the examinations as soon as these are due. They don't care whether the preparation is suitable to the course requirement or not. 

2. When you cracked CPT easily; you thought this is the suitable course for you and you dropped B.Com. 

My opinion : 

1. Passing of CPT is not alike PMT or CAT which guarantees that you will qualify. 

2. Whatever you have skipped over in CPT, will be properly checked in your IPCC and/or CA Final. 

My Question : 

1. How many books have you completed so far and if not completed any subject what is the coverage of the syllabus in percentage ?

2. What was your performance in Maths at CPT ?  Whether you were confident in solving Maths questions ?

3. How many hours you read daily ?

4. How many pages you cover daily in a subject according to your study plan ?

5. Whether your Study Plan is really working ?

6. Do you think the coaching classes give superb ideas how to study for CA ?

7. Do you think you would be able to revise your syllabus for 4 times before you appear in exams ? 

I invite other members' comments to know whether your strategy is one of the best.

Dear Sir,

Your post is good and will guide unguided students.

Waisae Sir, apne toh acchi class le li Sandeep ki. Its good to know shortcomings. I think Sandeep requires to work more on Numerical Papers with better clarity of basics. No doubt, he has to work on other papers also. 

My one question to you. What ICAI expects in Answer Sheet? I mean what are their benchmarks??

Can you please clear your 4th point ?? What Sandeep has said is i think correct only but very brief. As he is into Articleship, he should have given better insights into it. Anyway you please clear your 4th point, I will try to answer to the  best of my knowledge. I don't have any practical exposure as i am yet to start my training period.

Regarding the point of Coaching. I feel coaching is just a guidance but seeing at macro level and knowledge point of view, very few faculties prove the litmus test. I personally don't have any faith in coaching classes. I totally rely on good books, self study and few people to guide me. One thing I would like to say our mind  and good books is our best teacher provided we use it.  

Too much dependency  on any thing makes one person handicapped. I know many students would not agree with this view because they have tasted success with the help of those coaching classes. I don't know how far they have enjoyed that taste. May be up to vomiting in exams and to the maximum possible to result days.Very few people are present who act as real Guru. May God bless everyone with real Guru. One real Guru is present with everyone and that is his/ her lifetime. 

I see so many good quotes and stories here at CCI. All are so good that they can change our attitude . Why it does not materializes is may be we(including ME) don't follow. So may we get strength to follow such good quotes and stories in our lifetime.

Sir i know my answer is not complete.......................

So i wanted to get the way to answer in from you.......................

I know now u ll beleive that my answer was not in exam ..........................

Now i have accepted that it was my fault in exam so only scored so less marks.........

This time i m expecting from u show me proper way to clear my exam................

As i m doing  article ship also. I m getting leave from Oct 4 onwards to study .........................

Sir please guide me about preparation of exam....... and i m appearing in Both group

Again................... I want to clear this time .........................

Sir Please advice...............

@ Sandeep,

I like your spirit to improve and learn from your mistakes.

What all books you used or will be using?

Excellent article sir...Ur idea of posting the message in a separate thread is really brilliant (rather than all messages in one thread)

sir i m referring for account study material and compiler.....................and this time institute has given for each practical question chapter wise that one............

For Audit and law same thing...................

Cost account and fm same practical question of institute......................and i made each chapter manually formula sheet.......................

For income tax i m refering one of my coaching material including T. N. Manoharan..........

IT and SM study material.................

Thats all i m refering sir.........................

Originally posted by : Sandeep Pandey
	sir i m referring for account study material and compiler.....................and this time institute has given for each practical question chapter wise that one............ For Audit and law same thing................... Cost account and fm same practical question of institute......................and i made each chapter manually formula sheet....................... For income tax i m refering one of my coaching material including T. N. Manoharan.......... IT and SM study material................. Thats all i m refering sir.........................

First, don't call me Sir. I am just a mate like you.

Your choice is not bad. I feel you need to refer some good books in Accountancy, Costing & FM. You may choose between the following:-

Accounts:-

1- P.C. Tulsian

2-- Hanif & Mukherjee.

Costing & FM:-

Only P.C.Tulsian at PCC/IPCC level along with study material.

I have not referred any Padhuka books because its mere compilation of past exam questions with some modifications. Detailed concepts are not dealt properly in Padhuka. Immediately see my last para of this post.

I have not referred any other author because i feel they have not updated themselves according to the changing pattern of ICAI Papers. Moreover, now ICAI is testing only on basic concepts rather than giving too complicated twisted question as it use to be till PE2 syllabus. Present pattern of paper is easy for concept cleared person. 

But reference to other books can't be set aside because knowledge is not available at one place. For e.g. till recently i was not cleared on concept part of Investment Accounting. I referred Jain & Narang book for that chapter and by God's grace i am now aware of its concepts.

I would just say --  You get a wider view from a hill than from a building having 2 floors. So do more problems and clear your understanding of that topic. I am sure you will be on Hill top to think better. There is no shortcut to success. Sooner or later you will achieve it with full satisfaction.

@ Sandeep, 

I appreciate your post which is  honest one.  

I don't know how much help I can do for you but I am trying my best to explain.  If I say that I am the best; my progress will stop immediately there. Let other also participate in the forum with true heart like you. 

Today at one of the post at caclub, I read : 

"If two persons are having one apple each and if they exchange; each one will have a apple and there is no change than before.  But when two persons exchange ideas; it increases the knowledge of the both." 

Until we realize our own mistake; we will not be able to correct it. Committing mistake is not a sin; but not accepting it; is a sin.

A Very important question pertaining to the  most of the CA students is they are unable to know where is the mistake ?

It is really a very tough job to find out such mistakes because each individual student commits different type of mistakes at different time. 

Most of the students are unable to explain what are Accounting Principles !  

The same question I asked before ICWA Final Students and after hearing this question they were looking at the faces of each other.  They read the books titled as Fundamentals of Accounting but after reading the whole book; they couldn't judge really which are accounting principles ?

Altough this is a general question and if this is asked in CA exams;  I fear many will score very poor marks !  

Why ? 

When papers are easy; then competition increases between the examinees. If answer is presented in general way, marks will also awarded of general category. 

I hope the students have understood  my point. 

Question No. 4 is not covered in your syllabus but it was covered in CPT.

Right ?

The general tendency of the students is to forget what was covered in the previous examinations. 

What is expected from the professional students ?

To forget which is basic one or to get mastery over the basic points covered in the subject ? 

The suitable answer to the Question No. 4 may be as under  : (Suppose it carries 6 marks).

(I am presenting in a very brief manner together with instructions how it should be presented) 

Answer : 

Concepts are the foundation stones of a subject.  

(Remember the key word - foundation stones which may develop at the time of making your own notes to differentiate it from others).

(Your first line of the answer should be very powerful and present in such a way that no other student has explained in that manner).

Financial transactions are entered in the books of account on the basis of some concepts which are universally accepted by the accounting bodies.

Major accounting concepts are : 

1. Business Entity Concept (this one comes first of all).

2. Money Measurement Concept

3. Accounting Period Concept

4. Going Concern Concept (not to miss it while writing) 

5. Accrual Concept (not to miss while writing)  

6. Materiality Concept (not to miss while writing)

7. Historical Cost Concept

8. Matching Principle Concept.  

9. Dual Concept

10. Cost Concept

11. Conservative Concept

(Present all the concepts in this manner to show your answer lengthy but you would be able to write it very fast when you are prepared well).

For a better understanding of the the practical application of the accounting concepts one has to follow  :

1. Proprietor's account is opened in the books although business is owned by him.  

2. The amount brought in by him is money related transactions and in every financial transaction there are two accounts : One is Debited and Second is credited. 

3. If the market value of an item is Rs.11,000/- but it has been purchased in Rs.10,000/- then it would be recorded at Rs.10,000/- only because it is the cost to the business.

4. Practically business is carried on credit terms in most of the cases hence accrual concept is followed. We record the transactions as soon as it has been occurred.

Similarly other concepts are considered while writing books of account.

(See the point no. 5  by which the examiner will notice that you know all the things but due to shortage of time; you are not able to explain it fully.