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How To Get Exemsion in CA IPCC Accounts - Tips To Score Good By ICAI

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Accounting constitutes a very significant area of core competence for chartered accountants. The paper of ‘Accounting’ at Intermediate (IPC) Course level concentrates on conceptual understanding of the crucial aspects of accounting.  The paper at this level aims to lay a foundation for the preparation and presentation of financial statements of sole proprietors, partnerships and companies and also expects students to have working knowledge of the principles and procedures of accounting and their application to different practical situations.

Know your syllabus

The study material of Paper 1 ‘Accounting’ is divided in fifteen chapters/topics based on the curriculum. The topics covered under this paper include Accounting Standards; Financial Statements of Companies, Profit or Losses Prior to Incorporation, Bonus issue, Amalgamation and Internal Reconstruction (excluding problems on inter- company holding); Average Due Date, Account Current; Self Balancing Ledgers; Financial Statements of Not for Profit Organizations; Accounts from Incomplete Records; Hire Purchase and Instalment Sale Transactions; Investment Accounts; Insurance Claims for Loss of Stock and Loss of Profit; Issues in Partnership Accounts; Accounting in Computerized Environment.
The syllabus of Accounting has an appropriate mix of various topics of sole proprietorship, partnership and companies as the objective of the paper is to gain ability to solve simple problems related to different business entities.

Be familiar with the Knowledge inputs provided by the BoS

Once you are aware of the syllabus, the next step is to find and assimilate the knowledge inputs which have been provided by the ICAI / Board of Studies, to study the paper.  For better understanding of the paper, Board of Studies has provided following knowledge inputs:
  1. Study Material (Volume I)
  2. Practice Manual (Volume II)
  3. Suggested Answers
  4. Revision Test Papers
  5. Mock Test Papers
  6. Students’ Journal for academic updates . Now, after knowing the various knowledge inputs provided by the Board of Studies, you should plan your studies.

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Planning


Time Management You are advised to plan your studies on the basis of availability of time and the course contents. Planning for study of the paper ‘Accounting’ should be done in a manner which makes you go through the subject at least three times.
In Accounting, examination paper is purely practical based. Therefore, one has to do written practice of good number of questions on each topic.  So, at the time of planning the study for accounting  you should keep into mind the written practice of practical questions also. Considering the practical nature of the paper, start your studies from the day you receive the course material. As at Intermediate (IPC) Course level you do not have to undergo articleship training, therefore, it is suggested that you should study the subject at least two hours a day. By doing so, you will be able to manage first round of complete study and two rounds of revision well before time. Your first round of study should be completed well in advance, that is, at least 3 months before your exam.
This is macro level planning about how to study but you should also plan at micro level i.e. time planning for each and ever y chapter in detail – when to start and by what time the chapter should be completed. Keep some time leverage as assimilation of the chapters may take more time than expected or planned.
Your second round of study i.e. your first revision should be over before one month of your exam. Your second
revision should be in the last month before exam so that you will be in the position to remember all the concepts. These three rounds of study will help in boosting the confidence level for the subject and will make you mentally prepared to appear in the examination.

First round of study

As you are aware that the syllabus of ‘Accounting’ covers Accounting Standards as well as other topics, so your planning should be divided in two parts namely-
  1. Accounting Standards
  2. Other chapters of the course curriculum.
Every day when you start your study, first go through the concepts which you have read last day then start learning new concepts. Remember, out of sight, out of mind.  Ideally your first study should be within 24 hours of initial reading, the second within 1 week of reading.

Part I- Accounting Standards

As accounting standards have been introduced to you for the first time in detail at this level, therefore, it is felt that
we should give you an insight on accounting standards and how to study them. Accounting standards are written policy documents issued by the ICAI. It covers the aspects of
1. recognition,
2. measurement,
3. presentation and
4. disclosure of accounting transactions in the financial statements.
It is not necessary that each accounting standard deals with all the above aspects.  There are some standards which deal only with disclosure part like AS 1, while AS 3 deals with the presentation aspect only. However, AS 2, 6, 7, 9, 10, 13 and 14 as specified in the syllabus deal with recognition and measurement principles in specific along with certain disclosure requirements.
Note: The examples mentioned above are with reference to accounting standards which form part of the syllabus of Intermediate (IPC) Course Paper 1 ‘Accounting’. Only nine accounting standards are included at Intermediate (IPC) Course level even though there are in effect 31 accounting standards.
Each accounting standard has certain paragraphs in bold and italics which deal with the main provisions. Other paragraphs which are not in bold and italics are explanation to the paragraphs in bold and italics.  Together the bold and italics paragraphs and normal paragraphs constitute an Accounting standard.
Some accounting standards are generally applied to any business like AS 1, 2, 6, 9, 10 and 13 while some are industry/segment specific for example AS 7 (which will be applied only in case of construction contracts) and some situational like AS 14 ‘Accounting for Amalgamation’ which states set of procedures to be followed at the time the company opt for merger.
In unit 2 of chapter 1 of our study material of ‘Accounting’, we have given the explanation/interpretation of the accounting standards specified in your syllabus.  Also at the end of the study material, we have reproduced the bare text of these accounting standards for your reference.  It is advised that after studying each standard explained in chapter 1, refer the bare text of accounting standard for building strong conceptual knowledge on the accounting standards specified in the syllabus.

Part II – Other Chapters

Once you study your accounting standard portion, you may study those chapters which are purely based on accounting standards. Such chapters are:
Chapter 2 Unit 2: Cash Flow Statement
Chapter 6: Amalgamation
Studying these chapters will revise your concepts on accounting standards which you have already studied in chapter 1 and will also make you understand and apply the provisions in the questions dealing with such standards.
Since, Intermediate (IPC) Course level is the second level of chartered accountancy course and we have a paper on ‘Fundamentals of Accounting’ at CPT level also, therefore, the chapters which apply the provisions studied at CPT level (to an extent) may be studied next. Such chapters are:
Chapter 9: Financial Statements of Not-for-Profit Organisations
Chapter 10: Accounts from Incomplete Records
Chapter 14: Issues in Partnership Accounts
You can then proceed studying other important chapters on company’s accounts viz Preparation of financial statements of companies, Profit or loss prior to incorporation, Accounting for bonus issue and Internal reconstruction; one question on which is generally asked in the question paper. At the end, study small chapters on which question ranging from 4 to 8 marks are generally asked in the examination.  Such chapters include average due date, account current, self balancing ledgers, hire-purchase and instalment sale transactions, investment accounts, insurance claims for loss of stock and loss of profit and lastly accounting in computerized environment.
Chapter on ‘Accounting in Computerized Environment’ is a theory based chapter but question asked in the question paper is not a straight forward question. Your study should be application based so that you may analyse the requirements of the question and answer them in a desired manner.

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Use of BoS Knowledge inputs in a systematic pattern

Step 1     Study material
To lay a strong foundation of the understanding of any particular topic, study material explains the concepts of each and every topic in detail with adequate illustrations. Study the underlying concepts and accounting treatment specified therein analytically before proceeding towards illustrations. Keep questioning yourself until you are absolutely clear on the topic.  Solve the illustrations after understanding the topic.  For example, in the chapter of Profit or loss prior to incorporation, one has to understand the reason why profit prior to incorporation is transferred to capital reserve and not to profit and loss account, what will be the treatment of loss prior to incorporation etc.
Step 2     Practice Manual
After solving the illustrations given in the study material, solve the questions given in the practice manual. Practice Manual is highly useful for the students appearing in the examination as it includes questions from past examinations which would facilitate in thorough understanding of the chapters explained in the study material. In accounting paper, it is very necessary that one should practice a good number of questions dealing with different adjustments. Practice Manual will help serve this purpose.  Your first round of study should cover both Study Material and Practice Manual.

Second round of study

Step 3 Suggested answers Your second round of study i.e. your first revision should cover practice of suggested answers of recent two to three examinations. Suggested answers of past few examinations give you an idea of what type of questions are asked in the examination and how to solve and present the solution for such questions in the examination.  Solving the question paper in the examination situation will help you, not only in time management but will also give you the confidence to attempt different types of questions in the examination.
Step 4 Revision Test Papers (RTP)
After you complete revision of whole syllabus atleast once, you should solve the questions given in the RTP. For every examination, Board of Studies comes out with a Revision Test Paper. Revision Test Paper is issued for every attempt containing a fresh set of questions which will help you to evaluate your preparation level.   RTP of Accounting is divided into two parts namely Part I: Recent amendments, notifications and announcements which are relevant for that particular examination and is not given in the study material or was not applicable in the immediate past examination.  You will be able to know all such relevant information applicable for the exam at one place.  Part II carries questions and answers for your practice. In Accounting, questions on each topic are given with full solution to enable you to get an insight on how to present the solutions in an orderly manner.  In Accounting paper, RTP of past few attempts can also be referred subject to amendments for which you have to refer the latest Study Material and RTP.

Third round of study

Step 5  Mock Test Papers
After second revision of the complete syllabus, you may assess your preparation by taking mock tests conducted by various branches at their end. Also Mock test papers are hosted on the institute’s website www.icai.org which you may download and solve within a time period of three hours.

Important points to be kept in mind

  1. Preparation of notes

Prepare concise notes in the first round of study itself.  Your notes should be prepared in a manner, which supplements your understanding of the concept and the illustrations you have solved.  You may either make a separate copy where you write down the important concepts of the chapter or can underline the important concepts in the book itself and read those underlined portion at the time of revision. You should also shortlist the illustrations to be revised again in your second and third round of study.  Short listing of illustrations should be based on the difficulty you faced while solving the question. Besides preparation of important points of the topic (which will help you to recapitulate the whole concepts), a summary of tricky points and adjustments gathered from the practice of various good illustrations may also be prepared which will help in grasping the intricate practical aspects.   Such tricky points or adjustments should be cross linked with the concerned illustration number so that at the time of revision you not only study the accounting treatment but also refer the whole solution again.  These notes may also be accompanied by the proforma of relevant accounts and diagrams so that at the later stages of preparation, the conceptual knowledge underlying different topics may be gained within minimum time and efforts without going through a number of books again.

  1. Use of proper and prescribed format for presentation of accounts

There are some chapters which require the solution or financial statements to be presented in particular format. You should make it a practice to adopt the prescribed formats while solving and presenting the accounts of particular topics.  For example: Financial Statements of companies should be in the format prescribed in the Schedule VI to the Companies Act, 1956*.

  1. Recapitulation of previously read topics

The chapter of Partnership accounts was also there in the paper of ‘Fundamentals of Accounting’ at CPT level. Therefore, here at Intermediate (IPC) Course level, you are required to whet your skills on this topic.  Also the concepts and provisions read at CPT level lays down the foundation for studying and understanding the topics specified at the Intermediate (IPC) Course level. For example, concept of revenue and capital receipt and expenditure is applied in every topic while preparing the financial statements of an entity. Similarly, valuation of
inventory, accounting for depreciation etc. are some of the topics the concepts of which are applied in general to all entities.

  1. Keep yourself continuously updated

We at Board of studies endeavor to update you with the latest amendments or notifications as and when they are issued.   One of the sections in the Students’ Journal is on ‘Academic Update’ which contains recent amendments in accounting also.   You should develop a habit to read this continuously as it will help you in avoiding last moment pressure to acquaint yourself with all the relevant amendments.  Also list of publication comprising of all relevant accounting standards and guidance notes are published well in time in the Students’ Journal and the institute’s website to apprise you with the applicability part of the same in the particular examination.

  1. Keep in mind the Inter-linking of various topics

The provisions of accounting standards have to be kept in mind and applied while studying the related chapter based on the particular accounting standard. If your concepts are clear relating to a particular standard, you should not face any problem in applying the same to solve problems in an inter-connected chapter. Sometimes even though the chapter may not directly relate to an accounting standard, it may contain adjustments involving application of one or more standards.

Tips for examination

General tips are already given in the first part of this booklet.  However, we would like to also focus on following accounting related examination tips which you should keep in mind at the time of appearing for the examination:

  1. Use of proper formats

Certain statutes prescribe specific formats for presentation of the accounts. You should take care of the same at the time of solving the questions in the exam.   Accounts presented in the prescribed manner will help you in scoring due marks.

  1. Adequate Working Notes

In accounts, your solution is generally divided in two parts viz- main solution and working notes.  Working notes form part of your solution and carries marks.  Therefore, it is advised that calculations made on your calculator should also be written in your answer sheet as working note, wherever required, neatly and precisely.  Also your working note should be cross referenced with the figure used in the main solution so that examiner can easily understand that how you have arrived at the particular figure.

  1. Answer the questions with due emphasis on the provisions of Accounting Standards

Suppor t  your  answers/conclusions  with  proper  reasoning.  Answers  for  questions  based  on  accounting standards should be supported with provisions of that accounting standard rather than a mere common sense or guess work.  It is not required to quote paragraph number of Accounting standard but you are expected to quote accounting standard number along with the name of the standard.  However, if you state, paragraph number of accounting standard, then it will add value to the solution and will also help create a good impression in the mind of the examiner. You should quote number of accounting standard or name only when you are sure. It is better not to quote than to misquote the accounting standard number.

  1. State the assumption clearly

In case a question leaves room for making an assumption and there is a possibility of more than one assumption, it is important to clearly state the assumption you have taken and solve the question accordingly.

CREDITS – ICAI

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