Preparation Strategy to Score High in CA Intermediate Group 1st Papers

preparation strategy and study plan to score high in ca intermediate group 1st papers.

Everybody is confused how to prepare for the CA Intermediate examination as the pattern is completely new and going to take place for the first time in May 2018. Which is just 4 months away. Right now its time to leave everything back and focus only on your studies. You must be aware that in order to crack the CA Intermediate examination your score should be minimum 40% in each subject and 50% in aggregate of all the subjects.

The entire syllabus of CA Intermediate is divided into eight subjects and two groups. No doubt that everything is important and you have to go through the entire course but still there are some topics in each subject which are scoring and less time-consuming. Hence, in this article, we are sharing you the subject wise strategy to prepare for ca intermediate group 1st papers and in the next article we have covered ca intermediate preparation strategy for group 2 papers.

Remark: So read the entire article completely and write down everything that you find important.


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There are four subjects in the CA Intermediate Group 1-

  • Accounting
  • Corporate Laws and Other Laws
  • Cost and Management Accounting
  • Taxation

Let’s start to explore preparation strategy for group 1st each subject -

1) Study Plan for Accounting

 

Accounts is considered as very a scoring subject in CA Intermediate and CA IPCC. Generally, students have seen to cover their aggregate percentage from the Accounting paper.

Topics covered in this subject are -

  1. Accounting Standard (Besides AS it includes formation of AS, IND AS, IFRS)
  2. Preparation and Presentation of Financial Statements as per Accounting Standards
  3. Companies Accounts
  4. Accountings for Special Transactions.
  5. Special Type of Accounting
  6. Partnership Accounting ( Amalgamation, conversion into company, sale to company and issues related to LLP).

You should always be updated with the revised schedules and prepare your Balance Sheet from the revised method of Accounting as companies accounts are covering a good weightage in your exams. It covers the topics like Redemption of Preference Shares, debentures, Accounting for bonus issue and right issue, managerial remuneration, preparation for Financial Statements, Cash Flow Statements and AS - 22 is also covered here.

Accounting Standards, considered as one of the most important and easiest topics in your syllabus as well as formation of IND AS and IFRS; concepts vs Adoption; objective and concepts of carve outs. Accounting Standards covers 20 marks in Accounting paper seeing the past papers. Do as many questions as given in the practice manual and don’t forget to study from the latest and updated material.

 

You will definitely find a question related to amalgamation in your Accounting papers which lies between 8-16 marks.

Accounting for the Incomplete records and Partnership Accounts covers on an average 8 marks each. The questions are solvable and stepwise marking is awarded in typical and lengthy questions. Hire Purchase covers an average 5 marks.

 

So, it is advised to start with Accounting Standards along with IFRS and IND AS. Read the theory from your compiler and solve the questions from the practice manual and scanners.

As we know that practice makes the man perfect therefore you should solve as many questions as you can.

 

2) Study Plan for Corporate and Other Laws

 

Corporate and Other Laws covers the two sections. One of them is companies law and second one is other laws. Company Law covers 60 marks while the remaining part covers 40 marks.

 

The course is very vast and need proper revision from time to time. Mnemonics in this subject plays a crucial role in remembering the sections easily and also recall them in exams. Company Law covers a major portion and also scoring. Other Laws cover 40 marks but as much lengthy as company Law.

Maybe you are thinking that you can easily get pass only with the company law as it covers 60 marks and leave the other laws but don’t even think to do this mistake. As you know that first question in the paper is a compulsory question and from the remaining paper you are allowed to leave one question. The paper pattern seems to be like that you will find a part of each question from the other laws which you can’t skip as it creates a negative impression on the examiner by which you will not even get passing 40 marks because ICAI is expecting you to read the entire syllabus.

 

Companies Act 2013 is applicable in your syllabus covering Sections 1 to 148 along with some provisions of Companies Act, 1956 will are still in force.

 

Topics covered in Companies Act are as follows -

 

  1. Preliminary
  2. Incorporation of Company and matters incidental thereto.
  3. Prospectus and Allotment of Securities.
  4. Share Capital and Debentures
  5. Acceptance of Deposits by Companies
  6. Registration of Charges
  7. Management and Administration
  8. Declaration and Payment of Dividend
  9. Accounts of Companies
  10. Audit and Auditors

 

Topics covered in Other Laws -

 

  1. The Indian Contract Act, 1872
  2. The Negotiable instruments Act, 1881.
  3. The General Clauses Act, 1897.
  4. Interpretation of Statues.

 

Understand the concepts very well because law is all about interpretation. Grip on the sections is important basically on the matter. If you can remember the section number than it is well and good but if you are not sure about the section number then don’t write the section number as it will deduct your marks more than what you get after writing it.

Practice the past attempt papers as well as solve the case studies, it will help you in interpreting laws.

 

3) Study Plan for Cost and Management Accounting

 

Costing is a very interesting subject and loved by most of the students. Again this is a practical subject and before solving any question your concepts must be very clear.

 

Topics covered by Cost and Management Accounting is -

 

  1. Overview
  2. Ascertainment of Cost and Cost Accounting System (Material Cost, Employee Cost, Direct Expenses, Overheads, ABC costing, recording and accounting of costs).
  3. Method of Costing (Single unit cost, Job Costing, Batch Costing, Contract Costing, Process/ Operation costing, Costing of Service sectors).
  4. Cost Control and Analysis (Standard Costing, Marginal Costing, Budgetary costing).

 

Always start with the basic concepts and read the theory well. Understand the formulas because learning them can create confusion in exam. But if you understand them thoroughly then you will never get confuse. Standard Costing is one of its example, easy for the students who understand the formulas however cumbersome for the students who are busy in learning them.

 

Now came to the Ascertainment of Cost and priority should be given to the Material, Labour and Overhead because this is the core part to understand each and every chapter. ABC costing is simple and scoring.

 

Each and every method of Accounting is important but Process and Contract Costing are considered quite more important so go through them very well.

Reconciliation of Financial Accounts with the Cost Accounts should also be properly done.

 

Cost Control and Analysis covers 40% part in your paper. Budgetary is the most simple chapter among them, Standard Costing is based on the formulas so grab the command over it and this will also be a Simplest chapter.

 

4) Study Plan for Taxation

 

Taxation is divided among two sections one is Income Tax  and the other one is Indirect Taxes. Income Tax covers  60 marks and Indirect Taxes covers 40 Marks. Taxation paper is perfectly blended in theory and practical portion.

 

Topics covered in Income Tax are as follows -

  1. Basic Concepts
  2. Residential Status and Scope of Total Income
  3. Income which do not form part of the total income.
  4. Heads of the income and the provisions governing computation of Income under different heads.
  5. Income of other persons included in assessee's total income.
  6. Aggregation of income, set off or carry forward and set off of losses.
  7. Deduction from the Gross total income.
  8. Computation of total income and tax liability of individuals.
  9. Advance Tax, TDS and TCS.
  10. Provisions for filing return of income and self assessment.

 

Understand each and every clause not just to crack this exam but also perform well in your articleship. Heads should be at the top priority. Salary and House Property are considered very much important at the Intermediate level. You will always find a question from the Salary Head in your paper. Section number are also important to learn atleast charging section.

Thoroughly prepare computation of Total Income and this is possible when your provisions are clear.

Besides the various heads some case laws are expected from the TDS and TCS.  Short questions are expected from the Basic Concepts and Residential Status.

Deductions and carry forward of losses generally become the part of total income so don’t forget to treat them in the computation of Total Income.

 

As we know that GST has replaced 17 indirect taxes in India and remove the cascading effect. Therefore the topics covered in Indirect Taxes are as follows -

 

  • Concept of Indirect Taxes
  • Goods and Service Tax

 

GST is itself very important and applicable from May 2018 examinations and onwards. Amendments made upto 31st October will be applicable to exams. Study Material issued by the ICAI regarding GST is appreciable. You can read the theory from the study material and practice the questions from the practice manual.

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