CA IPCC is no easy exam to clear with just 10 days preparation. However, here are some tips to make the best of the 10 days you have left.
If you have not prepared so far, don’t consider taking exams for both groups together. Preparing for one group is your safe bet.
If you are planning to take Group 1, then follow the tips given below to prepare each paper in the shortest time available.
Group 1
Paper 1 – Accounting
Study the Accounting Standards for sure, with special attention to AS10 revised. Whenever there is a new amendment, there are bound to be questions from that. So download the supplement for AS 10 revised and study it thoroughly. On the whole, you can expect around 20 marks from Accounting Standards.
Now, try to look up the small chapters like Profit or Loss Prior to Incorporation, Bonus Issue etc. They are easy to learn and there are bound to be 4 to 8 mark questions from it.
Amalgamation may be difficult to learn at this last moment. However, you can study how Purchase consideration is calculated and how the Purchasing company journal entries are made. They are easy to learn. Also learn Internal Reconstruction. It is an easy chapter.
Partnership Accounts is difficult to crack if you have not studied it earlier. So skip it.
Go through Investment Accounts and Non Profit Organization for sure.
If time permits, go through the other chapters.
Paper 2 – Law, Ethics and Communication
Go through Contract Act thoroughly and Ethics too. Contract Act accounts for 20 to 30 marks.
Go through the important chapters of Company Law like Incorporation, AOA. MOA etc.
Also study Communication and also Bonus Act, EPF Act and Gratuity Act.
Negotiable Instruments Act may be a hard nut to crack. You can skip that.
Paper 3 – Costing and Financial Management
Start with FM. Go through the theory chapters – first and fifth chapters – the basics and Sources of Finance.
Then go through Cash Flow, Fund Flow and Ratio Analysis.
Also study the sixth chapter – Investment Decisions. Go through all the theory questions in the practice manual.
After that start with Costing. There are 13 chapters. It is not possible to go through all the chapters. Therefore, focus on Labour, Contract Costing, Overheads and Non – integrated.
Also learn the theory questions from all chapters from practice manual.
Paper 4 – Taxation
Start with indirect taxation. It has mostly theory and less sums.
Study Service Tax and VAT thoroughly. They account for maximum marks.
Also study CENVAT Credit.
In Income Tax, focus on Salary Income, Income from other sources and Capital Gains. In the short time available, you cannot go through the other chapters.
In case, you decide to prepare Group 2 instead of Group 1, here are the tips you could follow:
Paper 5 – Advanced Accounting
Focus on Accounting Standards and study thoroughly. Then focus on Insurance and Banking. They are very easy to learn.
In Company Accounts, go through ESOP and Underwriting. Go through the basics of Amalgamation and Internal Reconstruction as well.
If there is more time, focus on Departmental Accounts and Branch Accounts in that order.
Paper 6 – Auditing
Go through the first four chapters thoroughly and then go through Vouching and Verification. Have a glance at Company Audit as well.
Paper 7 – IT&SM;
This is the last paper. Focus equally on both. Choose the chapters you are comfortable with.
In SM, start with the last chapter and work your way backwards.
In IT, focus on the questions in the practice manual.
Just a general tip.
Always study all the theory papers from practice manual. Also go through the sums in the practice manual for the sum papers as well.
