CA is one of the prestigious courses which requires a lot of hard work. One has to clear all the exams conducted by ICAI to become a Chartered Accountant. Students find it difficult to clear exams which is due to lack of proper guidance. CA Course has many subjects and one of them is Accounting. In this article, we are going to discuss few tips which would help you to score good marks in Accounting.
How to Score Good Marks in Accounting for CA Intermediate?
Accounting is considered as a scoring subject. Generally, students gain their aggregate marks by scoring good marks in Accounting.
Topics covered in syllabus are divided as:
- Process of formulation of Accounting Standards including
- Ind ASs (IFRS converged standards) and IFRSs;
- Convergence vs adoption;
- Objective and concepts of carve-outs.
- Framework for Preparation and Presentation of Financial Statements
- Applications of Accounting Standards (AS- 1, 2, 3, 4, 5, 10, 11, 12, 13, 16, 17, 22)
- Company Accounts
- Redemption of preference shares,
- Redemption of debentures,
- Accounting for bonus issue and right issue,
- Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”, Managerial Remuneration,
- Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement, Profit (Loss) prior to incorporation.
- Accounting for Special Transactions
- Insurance claims for loss of stock and loss of profit,
- Hire purchase and
- Instalment Sale Transactions.
- Special Type of Accounting
- Departmental Accounting
- Accounting for Branches including foreign branches,
- Accounts from Incomplete Records.
- Dissolution of partnership firms including piecemeal distribution of assets;
- Amalgamation of partnership firms;
- Conversion of partnership firm into a company and Sale to a company;
- Issues related to accounting in Limited Liability Partnership.
Check Out | How To Score Good Marks In CA Intermediate Audit
How to Study Accounts for CA Intermediate?
ICAI’s Study Material
ICAI’s Study Material should be your first preference whether you are taking coaching or doing self-study. No matter what anyone says, the best book for CA Course is ICAI’s Study Material.
- You should read every concept referred to in study material.
- Read every concept in detail with their illustrations.
Make a concept register separately in which you write concepts you study in your language with their explanation. This register would help you a lot during revision.
Try to solve maximum questions for every concept. For this, you can refer to your coaching institute’s book or any other book. Write down your mistakes in your notebook.
Do Smart Study
- While Studying mark the questions covering different points and write those down in the book along with the question. This will help you during revision. You can focus on those questions and their points.
- Mark similar questions. This can help you in avoiding wastage of time as solving similar questions is a wastage of time.
- Study Daily.
- Always set the time for doing a particular question. This will help in improving your speed. When you study fix a timer for a question. For example, If a question holds a weight-age of 8 marks, then the maximum time taken to solve that question should be 14.4 minutes (8*1.8).
- Set Daily Targets. Targets should be achievable.
- Stay updated with the amendments which ICAI releases on its website along with RTP.
How To Prepare Accounts for exams?
While preparing for exams, one of the most important things is to make a proper plan. Plan your revision in writing. Make a target to complete the full subject in a particular number of days.
The first revision should be completed within 20 days maximum. In the first revision, revise all the concepts and solve their questions. Focus on your presentation, solve questions as if you are solving them in exams.
After one revision, you have recalled your syllabus. Solve the current and previous attempt RTPs issued by ICAI. Try to find your problems and focus on them. Solve previous attempt questions.
In the second revision, focus on your problem areas. You don’t need to solve every question. Your main focus should be the concepts which you find difficult and the questions with different points but don’t forget to revise the basic concepts. It should be completed within a maximum of 10 days.
Solve at least two Mock test papers in a proper way like exams. This will help you in gaining confidence and also overcome exam fear. You will come to know about the problems which you find during writing paper. You can attend the Mock test papers conducted by ICAI at its regional branches.
Now our preparation is done, let’s focus on the paper pattern. The question paper contains six questions. Out of these questions,the first question is compulsory and examinee has to attempt four out of the remaining five questions. Each question carries a weight of 20 marks.
How To Attempt Accounts Exam?
These are the few principles which would help you in attempting your exam and making it more presentable:
- Utilize the first 15 minutes of reading time efficiently. Make your strategy. Decide among the optional questions to be attempted.
- Attempt those questions first which you know well the most. It will create a good impression on the examiner.
- Write your paper in a presentable manner.
- Let’s come to questions related to Accounting Standards. Properly attempt them. Make short paragraphs (In the first paragraph, there should be the introduction of the Accounting Standard applicable. Now, the next paragraph should contain a description of the concept applicable. After that, relate the applicable provision to the given question and in the last paragraph conclude.)
- Start answers from a fresh page.
- All the subparts of a question should be attempted consecutively.
These were the few points which will help you to score good marks in Accounting. If you use these tips, then they will help you a lot in your exams. If you have any queries feel free to ask.