How to pass CA IPCC / CMA Inter exams in 30 days preparation

| November 17, 2016 | 0 Comments

How to Pass CA IPCC & CMA Inter Exams in 30 days Preparation

In previous post we have given Admit Cards for CA Final May – 2017 and ICWA / CMA Jobs for ICWA / CMA Inter and Final Students. Today we are providing How to prepare CA IPCC Group 1 and 2 or How to pass CA IPCC in 30 days or in first attempt. So many CA students feel that passing CA is a difficulty as lifting Everest with hands and they think, “We have to do minimum 6 months preparation for passing CA IPCC”. Always this is not correct. Because I’ve seen some CA IPCC students who were passed with only with 30 days preparation. Here no matter how many months you studied. The only point is how you prepared and how you did smart work rather than hard work. By preparing some important topics in CA IPCC syllabus, you can get 50 marks in each subject very easily. So here, I’m giving very important topics which are frequently asking in exams and some useful tips and techniques. With this article, you can definitely pass CA IPCC Exams in 30 days preparation or in first attempt.

Contents In This Article

CA IPCC Accounts Important Topics / Chapters

CA IPCC Law Ethics and Communication Important Questions

CA IPCC Costing and Fm Important Topics / Chapters

CA IPCC Direct tax, Service tax Topics / Questions

CA IPCC Advanced Accounts Important Topics / Chapters

CA IPCC Auditing Important Topics / Chapters

CA IPCC Information Technology and Strategic Management Important Topics / Chapters

Read : CA IPCC Important Questions | Topics | Chapters for May 2015

How to pass CA IPCC & CMA Inter exams in 30 days preparation or in first attempt:

  • you should complete preparation of below given important topics in one month.
  • you should follow below given time table until exams.

then you can pass CA IPCC exams in 30 days preparation very easily.

Read : How to pass CA IPCC Exams in First Attempt – 49 Preparation Tips

GROUP 1

PAPER 1: ACCOUNTING

  1. Partnership Accounts
  2. Not-for-profit organizations
  3. Amalgamation
  4. Cash flow
  5. Single Entry System (Accounting from incomplete records)
  6. Accounts in computerized environment

Exam Tips:

I’ve already given here How to get 50 marks in CA IPCC accounts easily.

  • Accounts subject has much portion of accounting standards. For accounting standard questions, give reference to the related accounting standard before computing the sum. Also, give brief about the point asked in question before computing the final answer.

PAPER 2: BUSINESS LAWS, ETHICS AND COMMUNICATIONS

Indian Contract Act :-

1. Case study based on ” Acceptance of Offer ” & ” Bailment “.
2. Offer & rules for an offer.
3. Capacity to contract.
4. Circumstances under which doctrine of Supervening Impossibility not applicable.

Payment of Bonus Act :

1. Payments part of Salary
2. Deductions under Third Schedule
3. Categories of employees exempted for payment of Bonus Act.

EPF :-

1. Payment part of ” Basic Wages “
2. Composition & Functions of Central Board of Trustees
3. Recovery of money dure from employers

Gratuity Act:-

1. Period for which gratuity payable.
2. Forfeiture of amount of gratuity
3. Disputes resolved.

Company Act :-

1. Conversion of Private to public company & vice-versa.
2. Incoporation of Company.
3. Effect of registration
4. Moa & AoA & MCA
5. Prospectus – Requirements, Matters to be stated, Shelf Prospectus, Remedies against Directors, Promoters & experts in case of misstatment in prospectus.
6. Small Depositors
7. Effect of irregular allotment, underwriting, Sources of fund for buy – back.
8. Contracts
9. Futher issue of capital like right issue and alteration & reduction of share capital.
10. Transmission of shares & Capitalization of profit.
11. Registration of charges
12. Meetings

Ethics :-

1. No economics growth without ecological costs.
2. Ethics and morals.
3. Iron law of Responsibility
4. Social Accountability – 8000, Corporate Governance & Characteristics.
5. Fairness & honesty are pillars of success in business.
6. Measure to ensure ethics at work place & Harassment at work place.
7. Sustainable Development and Responsibility of Industries.
8. Guidelines themes on consumer protection & consumer rights.
9. Creating Ethical Environment in company,
10. Reason of unethical behaviour among financial & accountancy professions.

In addition, Corporate governance and CSR, GTI, Conservation of Natural resources, Consumer Acts consumer related matters, Fundamental principles relating to ethics, Ethical threats, and Ethical dilemmas.

Communication :-

1. Communication Process
2. Principles, Merits & Demerits of Oral communication.
3. Barriers to communication ( Specially Semantic Barrier )
4. Ethical Dilemmas
5. Affidavit & Gift Deed
6. Notice of Meeting

In addition, Drafting deeds (Most IMP), Types of communication, Grapevine communication.

For law, write relevant sections wherever needed only if you are 100% confident about it.

Ethics and communication answers should also contain your ideas and views. You can score well in it if you have good vocabulary.

PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT

You should complete these chapters in one month

Costing :-

Practical Question

Marginal Costing – P/V Ratio & Key factor, Standard Costing – Material & Labour Variances, Contract Costing, Process & Equivalent production mixed question, Integrated Accounts, Direct Material – Re-order, Maximum & Mimimum level of stock, Halsey & Rowan Scheme.

Theory

Conversion & Sunk Cost, Cost Centre, Controllable & Uncontrollable Costs, Service Cost, Explicit & Implict cost, Treatment of Spoilage & Defectives, Bin card & Store Ledger, Pre- requisites & Advantage of Integrated Accounts, Cost plus Contract.

FM :-

Theory

Wealth Maximization v/s. profit maximization, Role of CFO, Limitation of Ratios, Functions of Treasury Department, Lock box System, Ageing Schedule, Commercial Paper, ADR & GDR, Seed Capital Assistance, Bridge Finance, Factors into consideration while determine working capital.

Practical Question

Financial Leverage, Preparation of Balance Sheet with help of different ratios, Time Value, FFS, Working Capital, WACC, IRR, NPV, Cash Budget, Factoring.

Exam tips:

  • Use working notes wherever necessary for costing.
  • Do not get panic by seeing the question as it may be twisted. Read the question slowly and try to find that point which may help you in solving the question
  • Use the table format for solving the questions of F.M. It looks eye catching.

PAPER 4: TAXATION

Part 1: Income Tax

  1. Full-fledged question: With combo of three heads (e.g. Salary+HP+IFOS) (Compulsory)
  2. Profits and Gains of Business or Profession (separate sum on amended portion)
  3. Set-off carry forward OR Exempted Incomes u/s 10
  4. Clubbing of income
  5. Deductions from Total Income

Part 2: Service Tax and VAT

  1. Services (Amendment related matter must)
  2. Provision related to service tax (for theory)
  3. VAT-Cenvat credit
  4. VAT-Input vat credit
  5. Negative list and other amended portion

Practicing ICAI’s Institute’s practice manual and study material will help you lot.

GROUP II

PAPER 5: ADVANCED ACCOUNTING

  1. AS
  2. Insurance companies’ financial statement
  3. Banking companies financial statements
  4. Branch accounts OR Dept. Accounts
  5. Advanced issue in Partnership or Amalgamation (if asked in 1st group then chances to ask by ICAI is 70:30)

Exam tips:

  • It is advisable to solve examples of Study material & questions of Practice Manual in Accounting Standards.
  • Most probably question of Electricity will come out of Practice manual or RTP.
  • For sums of chapters like electricity, banking and insurance, draw proper formats without missing any point.

PAPER 6: AUDITING AND ASSURANCE

Should prepare below given topics first.

1. Start with company Audit I & II friends…. this both chapter cover around 30 marks. As this cover 30 marks so read each and every topic in it.

2. Special Audits – Club Audit, Educational Institution, Hotel, Cinema Hall, Advantages of audit of accounts of partnership firm.

3. Verification : Cash, Depreciation, Contingent liability, Subsequent Events ( SA 560 ) , Cut-off Procedures, Personal Exp. of Directors & Analytical Review ( SA 500 ). Do this chapter and vouching in last. Best book for doing this is Practice Manual.

4. Internal Control – Audit Risk, Audit Trail, EDP Auditing Approach n other related topic to EDP.

5. Preparation of Audit – Audit Techniques, Audit Programme, Audit Sampling ( SA 530 ), Continuous Audit, Letter of Engagement, Management Representation.

6. Chapter 1 & 2 – Audit Evidence & Methods of obtaining it, Compliance & Substantive Procedures, Going Concern Assumption, Joint Auditors ( SA 299 ), Principles governing audit, SA 200, Types of Error ( Specially Commission & Casting ), Operational Audit, Detection of Fraud & errors, Audit Engagement Letter, Inherent limitations of Audit.

  1. Intro of Audit (with relevant SAs relating to those chapters)
  2. Basic concept of Audit (with relevant SAs relating to this chap)
  3. Company audit
  4. CARO related provisions
  5. Special audit

Exam tips:

  • Write answer point wise.
  • Also use the practical knowledge while writing answers of auditing as it shows your understanding of subject.

PAPER 7: INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT

Part A: Information technology [50 marks] 

It is (Old Syllabus – not updated). We will update soon.

  1. Flowchart
  2. Introduction to computers (amendments in study materials)
  3. Data storage and retrieval
  4. Internet

Exam Tips:

  • Use technical terms in the point wise presentation and in explanation use normal wordings.
  • In this paper, definitions are asked of around 15 marks. So write definitions in clear and precise manner.

Part B: Strategic Management

First prepare below given important topics

Chapter 7 – Bench Marking, e-commerce/ ERP, Business Process Re- engineering, TQM & Traditional Mgt. Practices, Rationale of BPR.
Chapter 6 – Diff. b/w Strategy Formulation & Implementation, SBU, Matrix Structure, Network Structure and Value Chain Analysis.
Chapter 5 – Penetration & Skimming Pricing, Marketing Strategy Techniques, Implementing Supply Chain Mgt. System.
Chapter 4 – Corporate Strategy Formulation implementation process, Various Grand Strategies, Concentric & Conglomerate Diversification, Turnaround Strategy.
Chapter 3 – GE Model, Ansoff’s Matrix, Product Life Cycle, Common Driving Forces and BCG.
Chapter 1 & 2 – Strategic levels in organization, Mission & Vision, Objectives & goals, Task of Strategic Mgt., Generic Strategic Alternatives, Definition of Strategy, Porter’s Five forces model, Kieretsus, Manifestation of globalization.

GENERAL POINTS REGARDING “HOW TO PASS CA IPCC & CMA INTER”

  • Write all answers in very clear cut manner. Don’t exaggerate anything. Just be to the point and state all points clearly.
  • For theory subjects write answers point wise with attractive headings and sub headings.
  • Use working notes wherever needed.

Hope you all liked the tips. Please leave your valuable comments and suggestions.

All the best

How to utilize 30 days preparation period

Get up early in the morning at 4 AM. Be ready by 5 AM. This period (4.00 AM to 6.00 AM) is called ‘Brahma Murat’ and studies done during this period cannot be forgotten i.e. they remain in memory for long.

5 AM. To 7.00 AM

Read Theory
7 AM. to 7.30 AM.
Breakfast Time
7.30 AM to 10.30 AM
Read theory – mind is always fresh in the morning
10.30 AM to 11.00 AM
Relaxation Time
11.00 AM to 1 PM.
Do/solve practical problems.
1 PM to 2 PM
Lunch Time
2 PM to 3 PM
May take short sleep
3 PM to 5 PM
Do/solve practical problems.
5 PM to 5.30 PM
Have a break.
5.30 PM to 8 PM
Read theory.
8 PM to 9 PM
Dinner Time
9 PM to 10 PM
May go for outing – watch T.V
10 PM to 12 PM
Do/solve practical problems
12 PM to 4 AM
Have sleep

 

 

 

 

 

 

 

 

 

 

 

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Category: CA, CA IPCC, CA News, May / June 2015

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