We have prepared this post on the basis of opinions from students who have scored 400+ marks in IPCC May 2016 and cleared both the groups.
- Don’t worry, you are still not late. You still have time in hand as the earth will revolve 60 more times before the exams.
- Atleast read the Study material and Practice Manual once. Your notes, classes’ books, etc. always come secondary.
- Always refer the Revision Test Papers (RTPs) before exam. Every time, minimum one paper has many questions from the RTPs.
- If your first paper wasn’t good, don’t let it affect your other papers. If you are sure that you won’t clear a paper, try to secure as many exemptions as you can in that group. You never know, you might be lucky enough to clear your paper which seemed doubtful.
Always remember, Harder the paper, easier the checking!
- Do not get cut-off from the world and uninstall social media apps. If you think, you are wasting time on it, use the Study Helper app, which will lock your phone for some time and you won’t be able to use anything on it as you cannot unlock it before the specified time.
- Write working notes in every paper, especially Taxation and Accountancy.
- Check out the assumptions we have given in the end of the post.
Paper 1: Accountancy
Accountancy is not as easy as it seems in the beginning. If your concepts are not clear, you are in for a tough time. Do you aim to get 60+ marks in Accountancy? Well, you must if you are not because well begun is half done. If you can write the first paper to your satisfaction, it will ease a little bit of pressure off you.
- For the starter, you must practise as many sums you can. If you can’t atleast try to practise 3 sums of each type. Or else, you will end up remembering nothing if you just read them (exactly what happened in my case).
- Start with Accounting Standards, as it has been the trend in recent times, that Accounting Standards amount to 25-30 marks in the paper. This is probably your best bet. They are easy to understand if you read them a couple of times. You must try to suck out as many marks as possible in this chapter.
- Then go for Cash Flow/Fund Flow. Either of them, ends up being asked 95 % times with the exception being the recent 2016 May attempt.
- Then comes the smaller and comparatively easier chapters like Self-Balancing Ledgers, Hire-Purchase, Profit or Loss prior to Incorporation, Bonus Issue, Average Due Date and Current Account. All these chapters together amount to around 30-35 marks and do not have much varieties. So if you do them well, your ship is gonna sail through.
- A little tougher chapters come next like NPO, Single Entry, Financial Statements of Companies. You might have already done these chapters in your previous years, but they can have “n” number of varieties, hence you might be able to solve half of these sums and get stuck in some tricky adjustments.
- The longer the sum, the harder it gets to solve it. Hence, sums of Amalgamtion, Internal Reconstruction, Partnership Accounts are the ones that give people nightmares. You have to be thorough with the steps in these chapters as one wrong step can get the entire sum wrong.
Paper 2: Law, Ethics & Communication
- Concentrate on the 3 Labour laws that appear in the papers for 5 marks each. They are small, easy to understand and a simple and concentrated reading will suffice.
- The Indian Contract Act and Negotiable Instruments Act are easy and important and carry a lot of marks. You need to properly understand these chapters as thet have a lot of case studies. These case studies are a regularity in the exams.
- The Companies’ Act is a bit more challenging as you have to exactly mention the lines as given and cannot use your own words like the other laws in the portion.
- Pick up either Part 1 or 2 and do it thoroughly. I went for Part 1 and did Part 2 only from Practice Manual which eventually paid off.
- If you cannot remember the section numbers, do not write wrong section numbers. Losing 1 or 2 marks is always better than losing the question.
b) Ethics & Communication:
- Though this part is huge, it is comparatively easier than other subjects as you can use your own words here and also make up your own points. To pass this paper, this part is very essential.
Paper 3: Costing & Financial Management
- Learn theory first as it accounts of 32-36 marks and if you cannot solve sums easily, this will act as a bit of relief and also questions given in Practice Manual are usually enough for this.
- In Costing, do not leave any important chapters like Process Costing, Contract Costing, Operating Costing, Budgetary Costing, Overheads.
- In Financial Management, try to let all the chapters be covered up as all are inter-related to one another. If you can understand Financial Management well and have done the theory part well, you are looking at 60+ in this paper.
- Sumsof Costing in IPCC are tricky and every sum is different. Try to practice as many sums as you can.
- If you are okay with direct calculations on the calculator, it will be alright if you didn’t write and practice the sums in Financial Management as these sums can be understood by reading and are usually formula-based and also have a specific pattern, and some specific steps.
Paper 4: Taxation
- In the recent May 2016 exams, we observed that the papers had unusual weightage of theory and because of this many students couldn’t clear the Tax paper. Hence, do not ignore the theory part in the Tax paper, especially in Indirect Tax.
- For Direct Tax, learn the rates and provisions properly and do not think of leaving any chapter as all are somehow, interconnected.
- In Indirect Tax, theory is essential along with the sums as mentioned before. The papers of May 2016, contained theory of approximately 25 marks.
- Always confirm the tax rates with ICAI by visiting their site before the exam.
- You need to try out every type of sum atleast once, or else you risk the danger of going blank during the exams as you cannot always remember the steps with such a vast portion.
- Atleast have a basic idea about the subjects, even though you might not have learned the formulas or the steps for the sums.
- Have studied something in the last 6-8 months even if it is 5% of the portion.
- Are ready to put in a minimum of 8 hours daily for the next 60 days to study for the exam.
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