May 2014 Result Date CA IPCC, CA Final
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Time-Table Nov 2014 Exam Date, Schedule CA IPCC, CA Final


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Time-Table November 2014 Exams

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Section 87A of IT Act - Rebate of Rs.2,000 for below 5 Lakhs Income

Income Tax Rebate under Section 87A was introduced by P. Chidambaram while presenting Budget 2013 and this Income Tax Rebate is applicable from Financial Year 2013-14, or in other words from Assessment year 2014-15.
P. Chidambaram while announcing the Budget 2013 introduced an Income Tax Rebate of Rs. 2,000 for people earning income below Rs. 5 Lakh. It is important to note here that Section 87A does not impact the Income Tax Slabs, and is a Rebate under Section 87A of Rs. 2,000.
Section 87A provides for Income Tax Rebate of Rs. 2,000 to Individuals earning Income below Rs. 5 Lakh. This Rebate of Rs. 2,000 would be given from the Total Tax payable by an Individual. It is pertinent to note here that this Rs. 2,000 is to be subtracted from the Total Tax Payable and not from the Total Income of an Individual.

Section 87A: Income Tax Rebate

As Section 87A provides for Income Tax Rebate, the taxpayer will first compute the Total Tax Payable and then reduce Rs. 2,000 from this Tax payable provided his Total Income is less than Rs. 5 Lakh. If his Total Income is more than Rs. 5 Lakh, the taxpayer won’t be able to claim income tax rebate under Section 87A.
  1. The Net Taxable Income of Rs. 5 Lakh is the sum total of incomes under all heads i.e. Salary, House Property, Business or Profession, Capital Gains and Other Sources.
  2. In case there is any loss under any head due to payment of housing loan or for any other reason, such loss would also be reduced from the total income.
  3. Deductions from Section 80C to Section 80U under Chapter VI-A would also be allowed and the resultant figure i.e. Total Income should be less than Rs. 5 Lakh for an individual to claim income tax rebate of Rs. 2,000 under Section 87A.
The above points have been represented below showing the manner of computation:-

Salient Features of Income Tax Rebate under Section 87A

The following are the salient features of Income Tax Rebate under Section 87A:-
  1. Rebate under Section 87A is only available to Individuals. All categories of Individuals whether Male or Female or Senior Citizens are eligible to claim Income Tax Rebate under Section 87A. Other types of assesses like HUF, Companies, Partnership Firms, LLP etc are not eligible to claim Income Tax Rebate under Section 87A.
  2. Income Tax Rebate under Section 87A is only available to Resident Individuals and not to Non-Resident Individuals. (Recommended Read: How to compute Residential Status)
  3. The total rebate allowed under section 87A would be Rs. 2,000 or the total tax payable (whichever is less)
  4. Income Tax Rebate of Rs. 2000 is allowed before the levy of Education Cess and SHEC. In other words, Education Cess and SHEC would be levied on the tax payable after allowing for Income Tax Rebate of Rs. 2000
  5. There is no benefit of this Rebate to Super-Senior Citizens i.e. Individuals above 80 years of age as their Income up to Rs 5 Lakh is already exempted from the levy of Income Tax.
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Section 234E of Income Tax Act - Explained with Case Laws

Author: Dingu

Of late this month we must have received lot of demand from CPC seeking demand for non remittance of 234E FEES (not Tax). Well here is something to crunch on

234E will not apply to cases where TDS payment is made beyond the time limit prescribed for payment of TDS u/s 200(3)

There are two reasons:

Reason 1
Duty of person deducting tax.

200. 9[(1)] 10Any person deducting any sum in accordance with 11 [the foregoing provisions of this Chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs.

12[(2) Any person being an employer, referred to in sub-section (1A) of section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board directs.]

13[(3) Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time, 14[prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority15 or the person authorised by such authority such statement in such form16 and verified in such manner and setting forth such particulars and within such time as may be prescribed.]

Section 200(3) says you have to file your Quarterly return AFTER paying the TDS within the prescribed time.

Well if i pay the TDS amount to the credit of the CG after the due date for payment there is no requirement for me to file my TDS return at all as per section 200(3)

When Charging mechanism fails where is the question of collection FEES Case law of Supreme Court P.C.Srinivasa Chetty

Reason 2

Okay We will harmoniously interpret the section in spirit along with section 201. After payment we have to file the Quarterly return!! i hope we all agree

Here comes the big one.

Section 200(3) says pay and file return else your TDS return is invalid / you cannot file your return. Fine i paid my TDs to government along with interest u/s 201 and filed my return immediately.

Part 1

Then you cannot charge me fees under 234E, since without payment of tax we cannot upload the return. If you are not accepting the return how can you ask fees for not filing Quarterly Return within the due date

LAW CANNOT ASK PEOPLE TO DO WHAT IS NOT POSSIBLE TO DO

Part 2

Let me recall  a splendid decision given a decade ago

Where no books of accounts are not maintained you cannot penalise him for not getting his books of accounts audited Ram Prakash C Puri – 77 ITD 210
 
Okay to the fun part

Department said you have not paid my tax pay interest (interest is compensatory in nature) We pay from due date for payment to date of payment. Now when i pay interest for late payment how can i / why should i again compensate the Government in the form 234E fees

Moreover 234E starts saying "Without prejudice to the provisions of the Act"   and does not start as 'NOTWITHSTANDING ANYTHING CONTAINED IN THE PROVISIONS OF THIS ACT' 
 
So Technically the Start of Days for 234E  Fees is from Due date from filling of Quarterly return or Date of TDS remittance which ever is latter..

I am open for discussion to the contrary on it.

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ICAI - Format of Revaluation Application for IPCC, Final Exams

There were many formats being circulated on Internet specifying the format for Revaluation. Most of them have been provided with wrong Formats.

ICAI has made it clear that the letter should be precise with only particular required details.

We have contacted the Students Cell of Noida and got the particular format for Revaluation which is as follows:

********

Sub: Application for Verification of Answer Books

• Student Name
• Student Registration No 
• Exam-Intermediate (IPC)/Final/CPT 
• Month and year of the exam
• Roll No
• Paper(s)/subjects to be verified
• Address for communication 



Signature

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Top 20 Accounting Firms for CA Articleship

1. Deloitte


It comes as no surprise that Deloitte holds the number one global position. It’s hold on the top spot seems secure for the time being.
Deloitte is located in more than 150 countries, and has over 600 offices in the world. The firm is headquartered in New York City, New York. They have most recently reached the 100-partner milestone when they merged with Curtis Mclean.
Deloitte specializes in audit & assurance, tax, advisory, and risk. They offer a wide range of services that include strategy, financial and technical, and human capital.


2. PwC

Deloitte’s closest competition over the last few years has and continues to be PwC (PricewaterhouseCoopers). PwC comes in as the second largest accounting firm in the world.
PwC has locations in more than 150 countries and more than 750 offices worldwide. Unlike Deloitte, they are headquartered in London.
The firm has most recently merged with Booz & Co, a medium sized consulting firm. The merger was approved on December 23rd, 2013. They offer a wide range of services but they specialize in audit & assurance, tax, and consulting.


3. Ernst & Young

Ernst & young earns the number three position in global accounting firms. This firm operates in more than 150 countries, utilizing more than 700 offices worldwide.
They are globally headquartered in London. In recent history the firm has acquired Greenwich Consulting, adding 7 more offices to its roster, and more experience in strategy consulting.


4. KPMG

Holding firm at number four, KPMG comes in as the last of the big 4, but still far ahead of the number five firm on our list.
The firm operates in over 650 offices located in over 150 countries around the world. They are headquartered in Amsterdam, Netherlands.
In recent news, the company has recently merged its Denmark operations with those of Ernst & Young. The merger will allow the company to offer more services to its clients while providing more support for that particular region.

5. Grant Thornton

Grant Thornton UK is number five in the top 20 firms and is an arm of Grant Thornton International. The firm has 26 offices spread across the UK and specializes in audit, tax and advisory services.
Most recently they merged with PFK to bring more services and locations to its clients in the UK. The firm is headquartered in London.


6. BDO

BDO ranks number six and is headquartered in Makati City, Philippines. The firm has more than 1,200 offices in 138 countries. They recently added to their capabilities and offices through the acquisition of Alpern Rosenthal.
The merger will allow BDO to expand its operations in both Pittsburgh and Florida. The firm specializes in audit, tax, and advisory services but has much more to offer its clients.


7. RSM Tenon

(Acquired by Baker TIlly in August 2013)
RSM Tenon Group comes in at number seven out of the top 20 firms in the world.
They are headquartered in London, and currently operate out of more than 700 offices located in more than 100 countries. The firm recently announced the merger of its China firm with that of Crowe Horwath’s Chinese firm to create a new firm called Ruihua China CPA’s.
The new firm has requested to be a member of both Crowe Horwath China and RSM China.


8. Smith & Williamson

Smith & Williamson holds the number eight position in the world. They are headquartered in London, and hold more than 550 offices in over 100 countries.
The company hasn’t merged with any other firms in recent history but is a part of M&A International and Nexia International.


9. Baker Tilly

Baker Tilly is number nine on the top 20 list in the largest firms in the world. They are headquartered in Chicago, hold more than 580 offices in more than 110 countries.
In June 2013 the firm merged with Holtz Rubenstein Reminick LLP. The merger will add 25 firms to Baker Tilly’s already larger list.


10. Moore Stephens

Moore Stephens UK holds the tenth spot on the top 20 list of firms and is headquartered in London.
They are a part of Moore Stephens International which has more than 620 offices in more than 100 countries. The UK division recently merged with Winx, corporate finance, and X-Stra, business consulting.
The merger will allow the firm to expand their corporate finance sector.


11. Mazars

Mazars, headquartered in London, holds the number eleven position. The firm has more than 13,000 employees in more than 70 countries.
They recently merged with Chadwick at their Liverpool and Manchester branches. The merger will allow the company to expand in the area where they did not have a great presence before.


12. Haines Watts

Haines Watts holds the number twelve position on the top 20 firms in the world. They are currently headquartered in London, have more than 60 offices in the region.
The firm is part of Geneva Group international. The company recently merged with Ocean Consultancy Limited.


13. Crowe Clark Whitehill

Crowe Clark Whitehill is headquartered in London, and has more than 160 firms operating in more than 105 countries. They specialize in audit, tax, and advisory services. The firm has not completed any mergers recently, however they did win the Accountancy Firm of the Year award in 2012.


14. Saffery Champness

Saffery Champness is headquartered in London and currently operates out of 12 offices. They are part of Nexia international which has a very large network of firms throughout the world. Saffery Champness specializes in audit, tax, and advisory services. The firm recently acquired 4 other firms in 2012, boosting their performance and rankings.


15. Begbies Traynor

Begbies Traynor is currently ranked as the number fifteen firm out of the top twenty. They are headquartered in Manchester England.
The firm currently operates out of 30 offices across the UK. They specialize in insolvency and global risk partners. They recently sold their tax division to Smith & Williamson


16. UHY Hacker Young

UHY Hacker Young is headquartered in London, and currently operates out of 260 offices across the UK. They are ranked at sixteen out of the top 20 firms in the world.
The firm specializes in tax planning and business growth. Although the firm has grown over the years they haven’t acquiesced or merged with any other firms in recent history.


17. Kingston Smith

Kingston Smith  is number seventeen on the list of top twenty accountancy firms. They are currently headquartered in London and has 7 offices across London and the Southeastern portion of England. In December 2013 the firm merged with PFK.


18. Zolfo Cooper

Zolfo Cooper specializes in advisory and restructuring services. They are headquartered in London and have a plethora of offices around the globe including the UK, US, and other countries. They recently merged with Kroll Inc.


19. MHA MacIntyre Hudson

MHA MacIntyre Hudson is located in Buckinghamshire, UK. They currently operate out of 40 offices across the UK.
They specialize in audit, tax, and governance. The firm most recently merged with Kent firm Larkings which has added six new partners and 2 offices.


20. Johnston Carmichael

Johnston Carmichael is number twenty out of the top 20 accountancy firms in the world. They are headquartered in Aberdeen, Scotland and have 11 offices across the region. The company merged with PFK in September 2013. The firm specializes in audit, tax, and advisory services.
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CS December 2014 Time Table Foundation Executive Pofessional

cs-time-table-schedule-date-sheet-exam-date-foundation-executive-professional-june-decemberCS Executive, CS Professional June 2014 Examination Time Table, Date Sheet, Schedule:

CS Executive, Professional New Syllabus Time-Table

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CS Executive, Professional OLD Syllabus Time-Table

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Qualification Marks (Passing Criteria) for CS June 2014 Examinations:

Foundation Programme Examination
A candidate shall be declared to have passed the Foundation Programme examination if he/she obtains at one sitting a minimum of forty per cent marks in each subject and fifty per cent marks in the aggregate of all the subjects put together.

Provided that a candidate who has appeared in all the subjects for which he/she was enrolled and has obtained sixty per cent marks or above in any subject, but failed, shall be declared to have passed in the subsequent examination, if he/she obtains a minimum of 40 per cent marks in each remaining subjects and fifty per cent marks in the aggregate of the remaining subjects at one sitting within the next three following
examinations. cs-time-table-schedule-date-sheet-exam-date-foundation-executive-professional-exam

Executive Programme Examination 
(a) For Both Modules: A candidate shall be declared to have passed in Both Modules 
of the Executive Programme examination --
       (i) If taken simultaneously and if he/she secures at one sitting, a minimum of forty per cent marks in each of the papers in which he/she is required to appear and fifty per cent marks in aggregate of all the papers put together; or
       (ii) If he/she has passed in any one Module of Executive Programme examination held under the old syllabus, prior to the introduction of the Executive Programme examination under the current syllabus and secures at one sitting a minimum of forty per cent marks in each of the remaining papers in which he/she is required to appear and fifty per cent marks in the aggregate of all such remaining papers of the Executive Programme examination put together. 

(b) For One Module: A candidate is declared to have passed in one module of the Executive Programme examination if he/she secures at one sitting a minimum of forty per cent marks in each paper and fifty per cent marks in the aggregate of all papers of that module and is declared to have completed the Executive Programme examination on passing both the modules.

Provided that a candidate who has appeared in all the papers of a module, for which he/she was required to enroll, and has secured sixty per cent or more marks in any paper(s) and a minimum of twenty-five per cent marks in each of the remaining paper(s) of the module, but has failed in that module, shall be exempted from that or those paper(s) in which he/she secured sixty per cent or more marks, in any subsequent examination on submission of an application in this behalf on or before the last date of enrolment for the examination in which he/she intends to appear; cs-time-table-schedule-date-sheet-exam-date-foundation-executive-professional-exam

Provided further that if a candidate who has appeared in all the papers of a module for which he/she was enrolled without obtaining any exemption and has failed in one paper of the module, but secured a minimum of sixty per cent of the total marks of the remaining papers of that module, shall be declared to have passed in that module if he/she re-appears in the remaining one paper in which he/she had failed and obtains fifty per cent marks in any subsequent examination. cs-time-table-schedule-date-sheet-exam-date-foundation-executive-professional-exam


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ICAI Verification, Certified Copies May 2014 IPCC, CA Final



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verification-revaluation-certifed-copies-ca-ipcc-ca-final-icai-procedure-fee
CA IPCC, Final Revaluation / Reverification result Status May 2014 

There is no fixed date as to when the revaluation result of the CA Final and IPCC papers that have been applied for revaluation/verification will be released by ICAI.

Students of IPCC and Final who have applied for Revaluation/Verification can check their status below:

Imp Note: When you enter your Admit Card number / Roll Number and PIN, if you are getting the answer as 'Record Not found', then it means that your application is still in the process and will take some more time to reflect.

So, students need not worry about the matter. Generally it takes around one to two months for the re-verification / revaluation results to be updated on the ICAI portal.

verification-revaluation-certifed-copies-ca-ipcc-ca-final-icai-procedure-fee

Procedure for Revaluation of CA Final, PCC, IPCC Exam papers


Students can apply online for Verification or to get the certified copies of their Answer books. The links are as follows:

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Click Here For Verification of Exam Papers


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Click Here to Apply for Certified Copies


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(Note: Though We use the terminology “Revaluation”, There is nothing called as Re-Valuing the Answer paper in CA Course, though ICAI allows students to apply only for Re-Counting of the Marks)
Read this fully please:

NOTE: Though it is called as Revaluation, the marks are only Re-Counted and Answer Sheets are not Revalued.
Warning: Students Should NOT mention their Email IDs and Cell phone Numbers in the Request form

There is no standard Format/Application Form for applying for Revaluation of your Marks in CPT or IPCC or PCC or Final Examination. Institute asks you to Submit a simple Hand written application. Note: It should be in the Candidates own Handwriting.

The Application should Specify the following details for the quick reference:

  1. Roll No.(H.No.)
  2. Student Reg. No.(SRO)
  3. Paper(s) to be verified
  4. Examination details – CA CPT / PCC / IPCC / Final
  5. Address for Communication

If the Candidate opted for English then it is obvious that you need to make the application in the English Version and If the Candidates has opted Hindi as his Medium for writing Examination then candidate should make duly signed with requisite fee by way of Demand Draft in the name of ICAI(details below).


Time limit for Sending the Application:
 Application should be submitted within one month from the date of declaration of Examination results.

How much is the the Fees for Revaluation of Marks?

Fee for Revaluation of Marks is Rs. 100/- per paper subject to a maximum of Rs. 400/- for all the papers of a group/ both groups.
Fees is to be remitted by way of Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India” and payable at New Delhi.

Where should I Send the Application?

The Application along with the requisite Demand Draft may be either be deposited at or sent to:
The Additional Secretary (Exam)
ICAI Bhawan
Post Box No. 7112
The Institute of Chartered Accountants of India
Indraprastha Marg, New Delhi – 110 002




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ICAI - Online Registration of GMCS, ITT Orientation


Online Registration Portal for GMCS, ITT and Orientation Programme on All India Basis.


Board of Studies and IT Directorate has developed an Online Registration Portal for GMCS, ITT and Orientation Programme on all India Basis for Registration/allocation of batches for all Programmes to facilitate the students to register from anywhere for any center. In the first Phase, “Faculty Module” of Online Registration Portal is launched on 20th December, 2013 for registering as a faculty for ITT/OP/GMCS Course.


Key features:

Facility for Student: The application will provide facility for the student to - 
  • Register online from anywhere in any open batch.
  • Register in waiting list with preferred location, in absence of current batch.
  • Make payment online through payment gateway and offline by DD. For offline, DD to be submitted to respective branch who in receipt of the same will confirm batch on auto generated email.
  • Check the student detail from CITRIX / VIP software.
  • Transfer from allotted batch.
  • Submit of feedback online.
  • Process the completion certificates online.

Facility for Faculty: The application will provide facility for faculty to - 
  • Register online for taking classes.
  • Modify his registration form time to time.
  • View the result of feedback given by the students.



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IPCC Costing & FM Nov 2014 | Important Questions | Notes |



IPCC Costing and FM Notes Nov 2014 Exams


Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.
This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.
So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.

Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper.  Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.

Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.

Important Chapters/Topics:

Costing:
  • Material Cost
  • Contract Costing
  • Marginal Costing
  • Joint and By Products (Theory)
Financial Management:
  • Cost of Capital
  • Cash Flow Statement
  • Management of Working Capital

Costing and FM Important Theory

Go Through the Important Theory Questions in Costing and FM, for CA IPCC November 2014 Exams.

Even though enough care is taken while selecting the questions, students are recommended not to put in too much reliance on these. 

       Costing:
          Discretionary Costs
          Conversion Cost
          Product Costs Vs Period Costs
          Bin Cards Vs Stores Ledger
          Allocation and Apportionment
          Accounting Treatment for Over-time Premium
          Short Notes on General Ledger Adjustment Account
          Advantages of Cost-Plus Contract

       Financial Management (FM):
          External Commercial Borrowings
          Business Risk Vs Financial Risk
          ADR Vs GDR
          Role of CFO
          Types of Floats in the context of Cash Management
          Benefits of Optimum Capital Structure
          Ploughing Back of Profits
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IPCC Accounts Amendments, Notes, Books Nov 2014 Exams



ipcc-accounts-accounting-syllabus-amendments-important-notesDownload Below the Complete Compilation of Notes for Accounting and Advanced Accounting Theory Notes and notes of Various Chapters of IPCC For May 2014 Exams:

Group 1:

Accounting for Amalgamation 

Accounting Last 6 Exam Questions Pattern

Accounting General Theory Notes


Group 2:

Electricity Companies Notes with Amendments

Accounting Amendments:

Exclusion of Hire Purchase Trading A/c, Stock and Debtors Method from IPCC Syllabus:

In Accounting paper, ICAI has made it clear that, these topics are no longer relevant and 
they are in wrong motion. By this, it is quite clear that ICAI has decided to exclude these topics with immediate effect and so will not be applicable for the upcoming November 2013 exams.

Amendments in Acocunting for IPCC Nov 2014 Exams:

A. Pronouncements

Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus.  (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of  ‘Accounting’ Study Material revised in November, 2012.).

B. Announcement relevant for Nov 2014 examination

Criteria for Classification of Entities and Applicability of Accounting Standards
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has  recently decided to change the 1st criteria i.e. determination of SME on turnover basis for  Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year  commencing on or after April 01, 2012.

Indian ASs Issued by The Ministry of Corporate Affairs: These ASs are not applicable for students appearing in Nov 2014 Exams.

Download Accounts Notes for Revision

Accounting:
Group-I Accounting is all about common sense. This is one of the important subjects, because, it helps a lot in securing the required aggregate marks in the group. A few recent facts are stated below:

On a sample survey of last four IPCC exams, it was found out that, if you take 100 students who have secured exemption in Group 1, among those 100, a staggering 60-70 number of exemptions have come from the Accounting subject.

In another survey of students who failed in the May 2014 exam but got an exemption in one or more subject, there are 68% students who have got their exemption only in Accounting.

The trick is choosing a wise material. Recent toppers have stated that, ICAI’s practice manual is the best and that’s what makes the difference.

Important Chapters/Topics:

  • Partnership – Retirement
  • Single Entry
  • Insurance for loss of Profit
  • AS 6,9 and 10

Advanced Accounting

Students are advised to prepare the Advanced Accounting paper from ICAI's Study Material. Accounting Standards are good scoring topics. Use DS.Rawat book to prepare Accounting Standards and there are 99% chances that questions will be asked from the same.

Important Topics in Accounts:




  • AS 4, 11, 26 (5M and 4M Questions)
  • Revised Schedule VI 
  • ESOP
  • Financial Statements of Electricity Companies
  • Dept. Accounts




  • Amalgamation of Firms



  • IPCC Accounts Reference Books


    1. M.P.Vijay Kumar

    2. ICAI Practice Manual

    3. P.C.Tulsian

    4. Padhuka

    Strategy For Preparing IPCC Accounts

    Author: Karan Teli 


    We all are very well aware that we have just 3 months left for the next attempt to IPCC or Finals. It`s high time now that we start our preparations to get through with flying colours. Here is some plan which I have prepared for the IPCC guys. Before checking out the same, I would disclaim, at the face of it, that better plans can be chalked out and that to at your own comfort levels.

    Each subject is unique in its own terms and matters. Prepare accordingly. Here is for "Paper - 1 : Accounts"

    Resources:

    1. Accounting Standards = D S Rawat,
    2. Non – AS = P C Tulsian,
    3. Revision = Padukas for AS, Practice Manuals, Compilers, Mock Test papers.

    Warning:

    Do not Follow more than one book for conceptual learning. Everything would be a mess at the end. You may take up problems from other books if time permits, but solve as per your basic guiding book.

    Strategy:

    I would simply break the whole accounts in 3 parts –

    a. Accounting Standards,
    b. Company Accounts,
    c. Non – Company Accounts

    (a) Accounting Standards, reference material suggested over here is D S Rawat. The only intention is that ICAI has asked us to be equipped with Standards completely and hence there is no other choice other than reading it professionally. This book has the best approach indeed with simplicity.

    Simple perception is that, all accounting standards are very well known to us which are asked up in group – 1. We just have to link each standard with another one and gather all information which is scattered at one place in our brains under a particular head called AS. We were much aware of basic accounting principles, valuation of stock, depreciation accounting, construction contracts at CPT level and Intermediate level, know just gather them in a sequence under AS – 1, 2, 6, 7, 10. Similarly when we read CFS, Investments accounting and Amalgamations in depth at (b) level i.e. under company accounts head we can easily gather under the head AS – 3, 12, 14. What`s next is about AS – 9 which is solely dedicated to revenue recognition principles or prudence concept.

    (b) Company accounts arena is also not harder. Do you know actually, accounting subject is not tough for people who say accounts is easy for me? It`s just creation of positivity and love for the subject. The whole of company accounts is based on journal entries only. Before starting up, it is required to make our base very harder and see that we can generate journal entries for nay complex and compound transaction. Most of this form basics to presentation and reporting areas like preparation of P&L, BS, CFS, Amalgamations.

    (c) This area of accounts comprises nothing but the residual part. Even the most scoring stuff is seen here like Single entry system (almost equal to a puzzle game if accounts is your cup of tea), Average due date & Account Current, Self Balancing Ledgers, Basics of Partnership, NPO accounting and Environmental accounting.

    A simple order to Accounts at group – 1 is as follows,

    1. Accounting Standards,
    2. Environmental accounting (compulsory question),
    3. CFS,
    4. Amalgamations,
    5. Single Entry,
    6. Profit prior to incorporation,
    7. NPO accounting,
    8. Special cases accounting,
    9. Partnership,
    10. ADD, AC & SBL`s.
    11. Point 1 to Point 6 would cover almost 65 marks of the paper at group – 1.

    Coming up next = Paper - 2 "Business laws, Ethics and Communications"

    Good Luck.

    Regards
    Karan Teli
    (Life is just an Illusion)
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