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Tuesday, February 19, 2013

CA exam approaches for may 13 exam

Posted by CA Vivek M ACA at Tuesday, February 19, 2013

Dear Friends and Esteemed CCI members

Following are some of my views for those who are writing 2013 May exam. ·

Make your SWOT analysis before start your actual preparation and make an action plan to improve performance.

·        Set goals based on your strength and weakness.

·        Select easy subjects as scoring papers to avoid aggregate issues. Assign extra market for these subjects. Also do extra effort for the subject you have performed poorly.

·        Frame a good time table for utilization of time in an effective way. Buy a scheduler and daily target should be documented. Review for non attained target should be properly taken care of.

·        Time table should be created according to your biological cycle. Tough subject in your best concentrated time and easy subject for your weak concentration time.

·        Keep away from social networking site, chatting, and also switch off your cell phone. These are indeed a relaxation but also a distraction. Modern smart phones are more dangerous point for distraction.

·        Conceptual learning. A good teacher or a good reference book will help you to learn the concepts in a better way.

a)     Step one when you learn, and then try to imagine what you are learning. A good visualization of what you are learning should be required.

b)    Second, make short notes for the concepts you have learned. This documentation will help you to hold your concepts firmly.

c)     Third, try to recover what you have learned immediately. This may bring in to your attention the area you have not exercised properly.

d)    Recollect those concepts after few days later (One day to one week). If you have not learned properly, you will come to know this stage.

·        Never resort to a selective method of study which is based on scanners or suggested answers. Better going through the full syllabus since exam pattern cannot be predicted.

·        Group or combined studies for problems paper such as SFM, Accounts, and AMA will have better effect. A small group consists of 3 to 4 students are better. Ideas of various students can be integrated. Select sums, don’t refer solutions, try to solve it.

·        Better exam presentation. Exam presentation is an art. It is a method of making your exam answers in an order. Junk and bulky answers may be not attractive and will create a negative impact. Do the following technique in this connection.

   a)     Write answers in your own words with the help of concepts which already learned.

b)    Make your answer precise. Try to avoid bulk, junk and easy format of answer. Break your answers in to various points with heading, sub heading and margins, where ever it is required.

c)     Try to supplement some additional points if you can able to do it.

How to learn IPCC audit in an effective way

Posted by CA Vivek M ACA at Tuesday, February 19, 2013

Introduction

1.      Auditing is connected with Accounts. Auditing is an examination ( Independent) of Financial information ( Balance sheet & Profit and loss Account). The practical exposure gained during your practical training will be added advantages for this subject.
2.      Standards govering Accounts ( Accouting standards) and standards govering audit ( SA) have good role in the audit paper.
Reference book
1.      Padhuka ( it is a Question and Answer format. Also contains RTP , suggested questions and answers)
2.      Surbhi bansal ( point to point presentation) Apart from these you can refere for practise manual.
Areas to be focused more
1.      SA 2.      AS 3.      CARO
4.      Company Audit one and Two
5.      Special audit
Basic area
1.      General chapter 2.      Internal control and test check 3.      Vouching of expense 4.      Verification of expense
How to prepare (Suggestive only)
1.      Good understanding of Both Standards ( AS and SA) Auditing subject is basically driven from the Standards on Audit and Accounting standards. Hence, a good learning of both the standards should have added advantages. There may be practical question set from both the standard.
   2.      Company Audit One and two Good knowledge of relevant section of companies Act will be added advantages. Go through the bear act once. We can expect practical or case law model questions from this area.
3.      Special audit This is a miscellaneous area where audit of various kind of entities are covered.
Conceptual learning and documentation Learn the concepts well, visualize the concepts and write the concepts in your note book in the point to point format. Give a margin number for each point. If there necessary, give heading and sub heading. Good Revision Revise the subject in frequent intervals with the help of notes you have prepared as above.
   Exam presentation
Interlinking points
1.      One particular question set in examination may be having implications in various places. Find out all such area and present it in one after another according to the importance. Please find the example as below.
2.      Try to write point to point with heading and sub heading wherever applicable. Example of interlinking answers
Let us see the example of “Going concern” and its impacts in various places.
1.      AS 1 Disclosure of Accounting policies Going concern is a one of the assumption. The enterprise is viewed as going concern. Neither intention nor necessity to shutting down the business or materially scale down its operations.
2.      Section 224 (A) CARO report If the going concern of the enterprise has been affected, auditor has to report the same.
3.      AS 4 Contingencies and events occurring after Balance sheet date Events occurring after balance sheet date may indicate that the enterprises ceases to be going concern.
4.      SA 570 Going concern An auditor need to consider whether the enterprise has approximately used the going concern assumptions in the preparation of financial statement.

9 Study habit of successful students

Posted by CA Vivek M ACA at Tuesday, February 19, 2013

Successful students have good study habits. They apply these habits to all of their classes and assignments:

1. Try not to do too much studying at one time If you try to do too much studying at one time, you will tire and your studying will not be very effective. Space the work you have to do over shorter periods of time. Taking short breaks will restore your mental energy.    2.      Plan specific times for studying Study time is any time you are doing something related to your coursework. It can be completing assigned reading, working on a paper or project, or studying for a test. Schedule specific times throughout the week for your study time.

3.      Try to study at the same time each day Studying at the same time each day establishes a routine that becomes a regular part of your life, just like sleeping and eating. When a scheduled study time comes up during the day, you will be mentally prepared to begin studying.    4.      Set specific goals for study times Goals will help you stay focused and monitor your progress. Simply sitting down to study has little value. You must be very clear about what you want to accomplish during your study times.

   5.      Start studying when planned You may delay starting your studying because you don't like an assignment or think it is too hard. A delay in studying is called "procrastination." If you procrastinate for any reason, you will find it difficult to get everything done when you need to. You may rush to make up the time you wasted getting started, resulting in careless and errors.

6.      Work on the assignment you find most difficult first Your most difficult assignment will require the most effort. Start first with your most difficult assignment since this will require your maximum mental energy.

7.       Review your notes before beginning an assignment Reviewing your notes can help you make sure you are doing an assignment correctly. Also, your notes may include information that will help you complete an assignment.

8.      Tell friends not to call during study times Two study problems can occur if your friends call you during your study times. First, your work is interrupted. It is not that easy to get back to what you were doing. Second, your friends may talk about things that will distract you from what you need to do. Here's a simple idea - turn off your cell phone during your study times. 9.      Review over the weekend Yes, weekend should be fun time. But this is also the time to do some review including consultation with a friend. This will help you be ready to go on.

EXAM PREPRATION TIPS

Posted by CA Vivek M ACA at Tuesday, February 19, 2013

reparation stages

1.     Start your study well in advance.
2.     Do proper time management ( Frame a time table)
3.     Give more attention to difficult subject.
4.     Make habit of preparation of notes for future reference.
5.     Do revisions in a suitable time intervals.
6.     Avoid distracted activities and social net working, chating,etc

Day before exam

1.     Stick on your notes and relook on what you already learned. The large volume of reference book will create an adverse effect, if you are not prepared good notes
2.     Sleep well and eat nutrient food.

Exam day

1.     Arrange your exam kit. See your admit card, pen and papers and required items. Keep substitute accessories such as pen and pencil, sharpener etc

2.     Be at least 30 minute before exam starts

3.     Have energy boosters with you (water, Chocolate).

During exam

1.     Collect answer book write your hall ticket number and fill other details. ( This is a more tensed moment since anxiety about exam questions)
2.     After receiving question paper, read all the questions carefully. You can utilize the extra 15 minute for careful reading.
3.     Fix time for each questions according to the marks assigned to the questions. Total Time/ Total mark .For one mark, you can allocate 1.8 minute maximum (180 Minute/100). For 10 mark question you can allocate 18 minute maximum.
4.     Start easy questions first. Leave all the tough questions at later point of time. Try to create an impression on your examiner.
5.     If you struck with any particular question at a particular moment, then, don’t waste time further for thinking process, leave it and start writing another knowing answer.
6.     Try to attend maximum possible number of questions. Adopt your own writing style.
7.     Split the total exam time in to two parts. First session is “normal session” and second one is tough sessions. During the second half of exam, we are going to write toughest questions which may require more time for thinking.
8.     Never try to quote unknown section numbers, case law names, SA numbers etc. These will create a negative impression
9.     Try to present answers in point to point format with suitable heading and sub heading where ever applicable. Write accurate content and be honest in writing. Don’t fill unwanted content.
10.Introduce and conclude your answers properly.
11. Give maximum stress to application and practical oriented papers. In such cases, chance of conceptual errors is more. If there is any conceptual errors will lead to severe punishment of marks. Practical questions will have good conceptual back up. Be clear about those concepts and try to be in line with those concepts.
12. If your answers related with Suggestions, Advantages, drawback, features etc, never conclude answers in a single line. Give suitable explanation for it.
13. When the time is over, submit your answer sheet

After exam

1.     Never think on the paper given for exam.

2.     Never calculate probable marks on the paper given, which may frustrate you and will kill the zeal of next exam.

3.     Don’t waste time further with chatting or discussing with your friends for exam given. Better, go for your preparation for next exam.                    Wish you all the best