- CA-IPCC is generally the first professional exam that students give and Accounting is the first paper too. Therefore, it becomes very important to goals which are achievable. I don’t say 90+ is not achievable, but you have to put in a lots of effort.
- You should take reasonable care of other subject too, because 90 in Accounts & 39 in Law, you end up failing. On the other hand, 60 in Accounts & 60 in Law would be much better and rewarding.
- So firstly you should ensure that all subjects are done in such way that you can score 50 in each at least. Then you should look at developing core competencies.
The Big Strategy (Seven stages)
- Please note stage 4 onwards I have used the word ‘Aiming XX marks’ not getting XX marks’. This strategy is for studying.
- Up to Stage III, I guarantee that following the strategy would get you marks, but beyond that there is no confirmed guarantee and nobody can guarantee it, that you will score, you can just ‘aim to score’.
- The reason you know ICAI’s papers! But papers are not that worse, that you don’t get a guaranteed 50 marks, but beyond that you have to be some nerd!
Stage I – Getting 25 marks – Understanding the concepts, chapters and the basics questions.
You can use any of the books/notes which you feel good with, in case you are doing self-study. If you are doing classes, attend classes regularly and keep your notes up to date. When attending classes, you should compulsory do revision of the Classes work at least 11/2 hours daily.
Classes and exam prep leave may have a big gap, during this gap you must revise two chapters on Sundays or weekends! Just 3 sessions of 2 hrs each.
All practical questions should be solved by hand, no tick mark approach.
Stage II – Getting 25 marks – Accounting Standards.
- Recent reports & opinion say that Chartered Accountants are not able to apply accounting standards itself. ICAI is now behind Accounting Standards & Auditing Standards, so the weights of the same would be high.
- Apart from separate questions of AS also chapter based AS questions like AS 13 , AS 14 , AS 19 etc do come so knowledge of Accounting Standards is statutory for CA Students .
- Before Solving practical questions of AS students should understand the text of standard in a simple way. Don’t read AS from any Notes. I recommend ICAI Study Material, DS Rawat & Deepak Jaggi as authors whose accounting standards notes & Video lectures are popular and simple to understand.
Stage III – Sealing 25 marks – Understanding Exam Papers
Now you should be concentrate on exam situations. You should firstly see how papers are set, how many questions you have to attempt, which chapter frequently questions are asked, how much time you have for solving a question.
This should be done using 3 years (6attempts) exam papers analysis and the suggested answers along with Examiner’s comments. (Available on BOS Knowledge Portal at) The Institute of Chartered Accountants of India. A reality check would be to solve a paper at this stage itself. I bet, this will be very helpful for studying!
Its highly recommended to solve all the last 6 attempts Accounts & Advanced Accounting papers in an examination environment.
Stage IV – Aiming 70 marks – Practicing Problems.
This stage will come when you have started Exam prep. At this stage, you should read the following books in the order given, for each chapter:
- Solve all important marked sum on paper/solve unimportant sums in rough. (First time preparation solve 100% questions, Revision time at least 40% sums of each chapter must be solved full fledge)
- Just like a magazine, read the theory part (max time to devoted 20 min for each chapter.) Just make sure that all concepts have already been covered in Study Material. Some times reading from study material may not be interesting but still you need to read.
- Solve all the sums given in practice manual thoroughly. this is because of late many questions are picked from practice manual itself in the exam.
- You may keep solving sums which are same, but you should solve at least 60% sum on paper full fledge. Mark important sums.
Stage V – Aiming 80 marks – Practicing Timings.
- Solving sums is not enough, you need to solve sums within time. You should put a stopwatch next to you to count the timing.
- Before exams say month of April/October you should solve at least 3 full papers of Accounts & Advanced Accounts in exam conditions. First paper you should take maximum time, but the last paper should take minimum time (May be also less than 3 hrs).
- You can get the mock test paper corrected from some teacher/self check with suggested answer. Also the RTP should be solve at this stage.
Stage Vi – Aiming 90 marks – extra edge efforts.
- Give additional notes to Accounts.
- Mention the Assumptions done.
- Application of Accounting Standards with rules, facts and examples.
- Excellent presentation, clear handwriting, proper working notes are integral part.
Stage VII – Aiming perfect 100 marks – being the master class
- Develop ability to solve new sums/untouched sums in the very first try.
- Master the concepts, imagine the concepts in practical life situations.
- Use of Mnemonics (short forms, slogans, abbreviations) for format type of topics like Banking, Insurance, Liquidation etc.
- Liquidation of Companies
- Lo Lo Lo Sada Peda Dipped Under Pista Elaichi
- Banking Company
- Call Raajiv Delhi Bombay Or Calcutta But Indira Asks For Others
- Insurance Company
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