Group 1:
Accounting:
Group-I Accounting is all about common sense.
This is one of the important
subjects, because, it helps a lot in securing
the required aggregate marks
in the group. A few recent facts are stated
below:
On a sample survey of last four IPCC exams,
it was found out that, if you take
100 students who have secured exemption in
Group 1, among those 100,
a staggering 60-70 number of exemptions
have come from the
Accounting subject.
In another survey of students who failed in the May 2013 exam but got an
exemption in one or more subject, there are
68% students who have got their
exemption only in Accounting.
The trick is choosing a wise material. Recent
toppers have stated that, ICAI’s
practice manual is the best and that’s what
makes the difference.
Important Chapters/Topic:
Partnership – Retirement
Single Entry
Insurance for loss of Profit
AS 6,9 and 10
Law Ethics and
Communication:
We have conducted a survey of 160 students
who have secured exemption in
Law. Below are a few notes they have made:
Side-headings, Side-headings and Side- headings.
56% of the students have told
the same thing. The importance of sub- headings.
Once you write a suitable sub-
heading, the examiner will have no need to
go into the matter.
70% of the students have given the credit
to Ethics and Communications.
Ethics and Communications have a comparatively
very much smaller
syllabus. Combined reading based on sub-headings
have got them the success.
For Law, most of the students have credited
the need of ICAI Practice Manual.
Important Chapters/Topics:
Meetings, Incorporation
Workplace Ethics, Ethics in Accounting and
Finance
Communication channels and Ethics
Costing and FM:
Recent stats say that, out of the students
who have failed Group-1, 72% have failed
in Costing and FM along with some other subject, and 46% students
failed only in Costing and FM.
This subject has two shades. It has been a
boon for a set of students and for
some, it has been a curse. So we decided
to go deep into the matter
and have inquired 300+ students, which includes
students who have been failing
this subject for at least two attempts and
students who have got exemptions. We
also extracted much needed info from a student
from Vijayawada who scored 86
in this subject.
Almost all the students who succeeded in this
have noted the same point,
PRACTICING WITH PEN AND A BOOK. A close
analysis of the preparation style of students who have been failing revealed that,
most of them were just going
through the questions and not putting them on to the paper. Not just Seeing,
PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like
everything is ok, but once you put the pen
on the paper, it wont move after
two steps.
Second point is the presentation. Costing is
all about presentation. You may bring
the solution, but unless you present it in
a format, you are not going to score
marks. We have obtained the certified copies
of a few students which revealed
the same.
Important
Chapters/Topics:
Costing:
Material Cost
Contract Costing
Marginal Costing
Joint and By Products (Theory)
Financial
Management:
Cost of Capital
Cash Flow Statement
Management of Working Capital
Taxation
Exam point of view, the first thing you
need to start and finish is VAT, and then
Service Tax and then move on to Income
Tax.
There have been plenty of amendments in
Service Tax and recent Practice
Manual is well updated with all the changes
and very good practical
questions.
Most important point you should remember
while preparing for Taxation
is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject
who should be prepared over a period of
time. Don’t finish topics in a single stretch. For that day you may feel like
you got that but after a week, everything
comes to the starting point.
Slow and Steady.
Killer
tip: Go though Amendments
made in Finance Act, 2013. A
minimum of 40 Marks will be covered
from those topics only.
Important Chapters/Topics:
Residential status, Clubbing, House
Property
ST: Valuation, POT, Returns
VAT: Calculation and procedures
Excise and Custom (Will be asked more as
its
new topics)
Important Theory Questions:
Service Tax @ Life Insurance business
Benefits of Composition scheme under VAT
Advance Payment of Tax on Capital Gains
(5M)
Deduction u/s 80CCG
Section 197A (1F)
Service Tax on Vocational Course offered
by
Govt Org
Group -2:
Advanced
Accounting
Students are advised to prepare the
Advanced Accounting paper from ICAI’s
Study Material. Accounting Standards
are good scoring topics. Use DS.Rawat
book to prepare Accounting Standards
and there are 99% chances that
questions will be asked from the same.
Important
Topics:
AS 4, 11, 26 (5M and 4M Questions)
Revised Schedule VI
ESOP
Financial Statements of Electricity
Companies
Dept. Accounts
Amalgamation of Firms
Auditing and
Assurance:
Auditing is a very tricky subject while preparing.
Students should prepare for
exam with special emphasis on certain chapters.
Prepare the chapters in the
order as listed out below:\
Company Audit -1
Verification of Investments and Loans
Vouching of Payment of Taxes, Investments
SA 240, 402, 550, 570, 610, 720
Information
Technology and
Strategic
Management
The biggest advantage of these two
subjects is that, questions will be asked
out of the Study Material only and no
way ICAI will go out of the book. While
answering the paper, Special emphasis
must be given on Sub-headings.
Appropriate side-headings will land you
in 55-65 Marks zone.
For the overall preparation, GIST is very
essential, You will know the value of Gist
only on the day of exam, when you are
left with only hours and syllabus to be
covered is huge. If you are too lazy to
note down important points, its preferred
to record them in your mobile. On the
day of exam, just play all the points you
recorded and your revision will be
completed in a hour.
Wishing the best for your preparation!!
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