Self Preparation Tips For IPCC November 2013 – Group 1

PAPER I ACCOUNTING

Accounting is the core subject of the whole course of study.

To prepare for IPCC Paper I Accounting you should have above avg or average knowledge in CPT Accounts as without this you can’t understand what is being done in a problem being solved which in turn makes you inable to solve the problems in exam as they are new altogether with the same concepts as in the Material.

To start with preparation tips

Accounting Paper I can be divided into three sections

1. Accounting Standards

2. Financial Statements of Companies (Company Accounts)

3. Other Areas

Section I

Accounting standards constitute the major portion of Accounting Paper I and carries a weightage of 15-20 Marks

Start your preparation with accounting standards and give at least two readings for each accounting Standard and immediately apply the concepts studied. Immediately after preparing for AS’s start with chapters related to Accounting Standards they are Amalgamation & Internal Reconstruction , Acc for Investments , Cash Flow Statement.

With this 40% of the Portion is covered

Section II

Now come on to Company Accounts this section consists of chapters Financial statements of Companies , Profit prior to Incorporation , Acc for Bonus Issue.

Basic Knowledge on entries to be passed and preparation of financial statements in different situations is compulsory

This covers 30% of the Portion

Section III

Now take on small chapters like ADD, ACC , SBL , Insurance Claim etc., after the small chapters are completed take on Partnership Accounts which is already studied in CPT.

This section is very easy compared to others listed above and also covers 30% of the Syllabus.



PAPER II BUSINESS LAW ETHICS AND COMMUNICATION

IPCC Paper II can be divided into four sections

Major Business Laws
Ethics
Communications
Other Business Laws


Section I

Start your Preparation with the laws Bonus Act and Gratuity Act and after that move on to Company Law

A minimum of three revisions is required for the laws listed above as chances of forgetting is more in these laws

It is suggested to discuss with your friends for remembering the laws.

This section covers 50% of the Syllabus and requires more concentration.

Section II & III

This part consists of limited syllabus and it is also a scoring area as the questions are asked on as is basis

A minimum of two readings is required in this part

This part covers 40% of the Syllabus

Section IV

This Part is Contract Act already studied in CPT and The Negotiable instrument Act 1881

Give a revision for Contract Act and get a basic knowledge in the NI Act 1881

This section covers 15% of the total syllabus.



PAPER III COST ACCOUNTING AND FINANCIAL MANAGEMENT

Firstly many students feel that costing in this paper is the toughest subject this is only because of lack of good faculty for the classes attended.

As these tips are for Self Preparation It is better to Start with Financial Management as Costing is little bit logical compared to FM

Financial Management is scoring area if you have not attended any classes for both the subjects in this paper.

FINANCIAL MANAGEMENT

In this subject the study strategy should be to understand the purpose of the topic as this is the only key to succeed in this subject.

The Topics can be studied in the following order

1. Time Value of Money

2. Cost of Capital

3. Capital Budgeting

4. Working Capital

5. Ratio Analysis

6. Theory

Notes: Prepare your own Short notes for each chapter this helps you a lot.

Refer to the FM Theory Notes Provided by Us to quickly study the concepts.

More and more practice is required in each topic this makes u remember the concepts.

COST ACCOUNTING

To be frank Cost Accounting is little bit difficult as this is more based on logic than simple application.

In Cost accounting Start your Preparation with Material , Labour and Overheads as these are major costs after these chapters go on to Standard Costing ,Marginal Costing and Budegtary Control

Refer to the Theory Notes Provided by Us to get a simple understanding.

Do the other Topics at the last based on your judgement.



PAPER IV TAXATION

This Paper can be prepared easily as it is all about applying the provisions read and it is simple but the thing here is you should remember provisions for this doing problems based on the provisions read is necessary So more practice is required in this paper.

To start with preparation

Start with Service Tax give it atleast two readings , Now start solving problems if you are able to solve them correctly without referring the provisions its ok but if not read the provisions once again. Do not leave even a single Problem model which was asked in previous years
Now take on VAT atleast three readings as VAT is more of theory than the problems , Now try to answer the questions in Practice Manual. Depending on the Correctness of the questions answered decide it yourself whether more readings are required.
With this you have completed your Preparation for 50% of the syllabus

Now take on income Tax
Start with basic provisions – Tax Rates , Residential Status provisions (Section 6), Taxability of income derived by various assesses with diff Residential status (Section 9)
Now read incomes which does not form part of total income
Dividend Income
Income from HUF , Firm
Income of Judges , other gov officials
Payment to Political parties and MP , MLA
Exemptions regarding Capital Gains
Now Take on Income from house property as it is very easy compared to other heads , In this remember the computation procedure and concentrate on the individual items listed in the Computation Procedure i.e Gross Annual value , Interest on Borrowed Capital Provisions etc.,
Now Take on Capital Gains , In this also the main thing is remember the computation procedure and concentrate on the individual provisions , Exemptions are easily forgotten so concentrate more on them they are tricky too.
Now take on PGBP and just go on with the method of computation of business income from P&L account considering other provisions
Now take on Income from salary
At last take on Income from other sources
Now come on to final provisions give them two readings
Chapter VIA Deductions upto 80 E and 80U (u can leave 80IA so on..)
Clubbing and Setoff Provisions
Advance Tax and TDS
Due dates and Penalties
Computation of Income Tax