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If you are reading this post, you have probably read the first part of How to clear IPCC in 60 days? If you haven’t already, you can read it here.
This is the second part for the Group 2 of IPCC. You can read the general tips and the assumption in the previous post.
Paper 5: Advanced Accountancy
- This paper is very much like Accountancy of Group 1 and also it is a bit easier than it.
- Accounting Standards are more important in this paper as the number of chapters are less and hence, their weightage is more. With just Accounting Standards, you can cover upto 30-36 marks.
- There are many similar chapters like Partnership Accounts, Amalgamation and Reconstruction (though it is external reconstruction, it is quite similar). If you have done these chapters in Group 1, you might be able to sail through in the preparation of this paper in fewer efforts.
- For the newer chapters like Banking, Insurance, Departmental and Foreign Branch Accounts, write and practice. They have many but limited varieties of sums and must try them all atleast once.
- Partnership Accounts is very important as it is a notch higher than Group 1 ( a lot tougher) but also a sure sum for 16 marks. Do not do the mistake of leaving this chapter.
Paper 6: Auditing and Assurance
- Do not try to write answers in your own words as it doesn’t work.
- Standards of Auditing is the basic of auditing and contains even more than 35 marks in the exam. This should be your primary focus.
- Your next shot should be Vouching and Verification. They always come for 16 marks and you should learn all the questions from the Study Material and Practice Manual as nothing ever comes outside of it. Include the points given in Study Material and Practice Manual and do not create your own points. Such points might make sense to you, but usually they do not get marks (based on popular opinion).
- Both the parts of Company Audit are important and also simple to understand. Learn the provisions and try not to goof up the sections.
- The other chapters can be done by reading once, and majority of the content in it is already covered in the Standards of Auditing.
Paper 7: Information Technology and Strategic Management
- This is the paper most people flunk. Hence, you need to put more efforts for this paper.
- Learn the head-points thoroughly.
- Contrary to popular belief, don’t try to write your own content under the headpoints like your academic exams. It should be related to the headpoint, or else they won’t give you marks.
- Only for this subject, if you cannot learn it, then try to mug it up.
- None of the contributors of this post could manage to get more than 45 marks in this paper even after their total marks were 400+. Hence, we cannot provide more tips for this paper.
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