CA IPCC REVISION TIPS
CA Intermediate | CA IPCC Revision Tips:- The most important thing to remember before appearing for the CA Intermediate | CA IPCC exam is to keep calm and believe in yourself.Along with this you also require lot of willpower, determination and focus. These words assume great importance while you prepare for your ipcc exams.Then, you will be able to reach your goal soon.
While you enter the core phase in your exam leave and if you are feeling down, visualize yourself as being a Chartered Accountant. Visualize having CA prefixed to your name, the amount of opportunities you’ll have once you become a CA. This in itself will inspire you to study. Therefore,CA Intermediate | CA IPCC revision tips plays a crucial role for the CA Intermediate | CA IPCC exams.
CA Intermediate | CA IPCC Revision Tips
Revision – It is important to revise your whole course at least 2 times before exams. It is impossible to revise all questions. So always be selective while revising them. But must ensure that all the concepts have been revised properly. Before exam try to practice some mock tests. They will make you ensure in which area you are lacking. Don’t do anything new 20 days before exam. Focus should be more on completed topics.
Negativity Vs Positivity – Never lose hope, I also before exam was feeling very low due to pressure of exams but avoid such things. If you are feeling low, consult with your parents only. They can help you best. Never get afraid if your friend say that he is very well prepared for exams. Always think about positive things.
CA Intermediate | CA IPCC Revision Tips for All 7 Subjects
1.CA Intermediate | CA IPCC REVISION TIPS PAPER-1 ACCOUNTING:-Studying accounting is not like reading a novel or even like studying history, sociology, or economics. Each assignment in accounting BUILDS on previous assignments. If you do half-hearted work in Chapter 1 and 2, you may be confused by Chapter 3 and lost by Chapter 4. Accounting books are condensed. Almost every sentence is important. Scan reading just does not work. This is a technical subject, it is logical, and it requires reasoning. Strive to be able to say, “I understand why they do that.” If you can understand “WHY” in accounting, there is very little to memorise. Be specific in your study; concentrate on the things which seem to be most important. Do not stop with just “getting the idea.” Be sure that you can work problems without the aid of the book. Practice by teaching the material to someone else. Study groups of two or three students work well for this purpose. 3. Every exam has an element of speed. Have your “hows” and “whys” at your finger tips. If you are slow, you probably need to study more.
2.CA Intermediate | CA IPCC REVISION TIPS PAPER-2 COSTING AND FINANCIAL MANAGEMENT:- Atleast 3 revisions are required if you really want to score good in costing & fm paper. The first revision will be during the coaching classes. (Here I am assuming that all of you have taken or are taking coaching for costing & fm). So make sure you are revising the stuff studied in the coaching period.
So in the 1st revision you just have to refer the notes that you are referring. Mark the important questions and your doubts also. Don’t cry & die for the doubts. Save them for the right time.
In the 2nd revision, you have to refer the ICAI Study material & Practice manual and the important questions from your notes. So by this time you will have a good grip over the subject. Again mark you doubts. Don’t get mad over them. You can refer the notes, but your main focus of 2nd revision should be that you have to cover the latest ICAI Study material & practice manual.
3.CA Intermediate | CA IPCC REVISION TIPS PAPER-3 ETHICS:- Firstly divide the syllabus of Ethics in Blocks. And this will help to get the overview of the syllabus and hence saves from the switching on the Panic Mode. So my advice to all of you is that divide the syllabus into blocks.Read the summarised notes,refer the previous 5 year question papers and take the sufficient RTP.
Blocks for Ethics
- Principles of Business Ethics
- Environment & Ethics
- Corporate Governance & CSR
- Workplace Ethics
- Ethics in Marketing & Consumer Protection
- Ethics in Accounting & Finance
4.CA Intermediate | CA IPCC REVISION TIPS PAPER-4 TAXATION:- In CA Intermediate | CA IPCC and CMA Inter, so many students can prepare all subjects very easily except Tax. In the case of tax paper either CA Intermediate | CA IPCC Taxation or CMA Inter Tax, every student has to spend a lot of time for preparation. Especially Income tax has lot of subject. It takes minimum 2 months for first time preparation. A student can easily get more marks in service tax, vat or indirect tax than income tax (Direct Tax). VAT has 20 % marks weightage in CA Intermediate | CA IPCC Tax and 15 % in CMA inter Indirect Tax.
The practical questions designed by ICAI have high probability to make us fall into trap. Its tricky and even the best of the best don’t get 100% correct solution on most occasions.In Practical answers, if you have time then mention the provision along with the section number in working notes. It will work wonders. Even if your solution is 50% wrong your provisions can fetch you 90% marks.
5.CA Intermediate | CA IPCC REVISION TIPS PAPER-5 ADVANCED ACCOUNTING:-The First and foremost topic to be selected is Accounting standards which carries around 25-30 marks almost 30% of marks so concentrate more on this. Standard wise preference is • AS-4 • AS-5 • AS -12 • AS-20 • AS-19 • AS-26 • AS-29 • AS-16 • AS-11. Now take on topics part of Company Accounts which carries overall weightage of 35-40 marks and the topics are easy compared to partnership accounts. Amalgamation and Internal Reconstruction (In this topics 16 Marks Questions are asked based on the paper asked in group I i.e if 16 Marks Q is asked from Amalgamation in Group I then in second group 16 marks or 8 marks questions are asked from Int.Reconstruction). Issue and Redumption of Debentures ( This topic is already covered in Group I i.e AS-13 so students who passed Group I can just revise it once it is sufficient). Liquidation of Companies (problems are based on Prescribed formats).Buy Back of shares and ESOP’S.
Now it is better to choose Partnership Accounts which carries weightage of 16 marks. As a final step prepare Branch and Departmental accounts carries weightage of 6-8 Marks.
6.CA Intermediate | CA IPCC REVISION TIPS PAPER-6 AUDIT:-
1. Topic – Vouching – In IPCC, the question often comes for vouching.
Average Marks – 9.7 (Source – ICAI PM)
You may write following points as common for all vouching type question.
A) Occurance – The auditor should see that the transaction took place during the period under audit.
B) Completeness – The auditor should see that the transaction is complete & there is NO unrecorded transaction during the period under audit.
C) Transaction pertains to the entity under audit.
D) Classification – that the transaction has been appropriately classified.
E) Authority –Auditor should see that the transaction is authorized by the appropriate authority.
F) Signature – that the voucher has been signed by the appropriate concern.
2. Topic – Verification – In IPCC, the question comes for Verification of Assets & Liabilities
Average Marks – 9.3 (Source – ICAI PM)
You may write following points as common for all verification type question.
A) Assets or Obligation – If the question is for Assets – Assets is an Resource to the entity.
If the question is for Liabilities – The liability is an obligation.
B) Valuation – It has been appropriately valued as on the Balance Sheet date.
C) Pledge – Auditor should verify whether any assets has been pledge against any loan & If yes whether the same has been disclosed by the entity.
D) Physical Verification – The auditor should physically examine the asset.
E) 7 – 12 Extract for Land & Building.
6.CA Intermediate | CA IPCC REVISION TIPS PAPER-6 ITSM:- ITSM is considered to be the trickiest. Students even find it completely out of track of their CA journey, believing how can a subject relating to computers help them in future in a finance field .Thus, a student should ensure that not even a single subject should be ignored. But, being from Commerce Backgrounds, subjects like ITSM are found to be too technical and boring.
Previous Exams have shown the following pattern :
Objective and Short answer type – 18-20 Marks (all are from basics like Definitions , true or false questions , MCQ , Fill in the Blanks . This is an easy scoring area)
Theoretical Questions – 70-75 Marks
30-35 % of the Questions are asked from Practice Manual.
No Need to write the Full Exact Text of the answer given in the study material , just remember the main concept which you can elaborate.
Wishing you all the very best for all endeavours.
Frequently asked questions for CA IPCC Revision Tips
Q1. How to revise all syllabus for ca ipcc exam?
ca ipcc revision tips : The best way to revise the syllabus is to solve as many questions as you can. Reading the portion again and again won’t help you to that extent as one tends to read the same concepts. Application of those concepts is necessary . Try solving question papers of the last 3–4 attempts to get a rough idea about the type of questions and your performance in answering them. I suggest to start with the Rtp and mock test papers of the present attempt given by ICAI as many questions come from them directly. Solving question papers is the best way to revise and refresh all the concepts.Make a timetable and follow schedule.
CA Intermediate | CA IPCC REVISION TIPS
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