The ideal way to study theory subjects is to prepare through the modules. I had done so when I gave my exams in 1998-99. However, there is no compulsion to prepare through modules only. You can refer a standard text-book by renowned authors that are available. You will have to find out the material that you are comfortable reading and comprehending. Also, ensure that you go through the suggested answers before appearing for your exams because this will give you an insight into the expectation of ICAI from the aspiring candidates in terms of the points to be covered and concepts to be applied in your answer-sheets. To be specific about studying theory, pick a time that suits you the most - morning or night and study theory subjects when you are at peace and the distraction is the least. If feasible, read theory at one of the times I just mentioned above and during the remaining time practice calculative topics - A/c, Costing or Tax....This would ensure that your mind is not overloaded with theoratical concepts. Good luck.
1. Focus on important topics and make a strategy to complete them first. If you can successfully perform this task then it will give you lot of confidence. 2. Prepare a list of Exam oriented important chapters with the help of scanner and design your study schedule accordingly. The earlier you perform this exercise, the more time you will have to design your study schedule and prepare for the examination.