GURUKRIPA EXAM TIPS

EXTRACTS FROM THE "GUIDANCE NOTE ON PASSING THE C.A.EXAMS" - Published by Sri G Sekar and Sri B Saravana Prasath Section 1. HOW TO HANDLE THEORY SUBJECTS 1. Number of Theory Papers: The basic classification of examinations questions is (a) Theory and (b) Application of theory. Each subject involves study of theory concepts. Also, some theory questions are compulsory in all papers. Hence, due importance must be given to the study of theory topics in all subjects. 2. Approach for Theory Subjects: The following procedure may be adopted for theory subjects / topics. a) Refer to the topic in the Study Material and read through the topic thoroughly. b) Note down the important points provided in the Study Material. c) Refer and read through the corresponding topic in the Reference Book. d) Read the Bare Act for law subjects. e) Note down additional points, if any, covered in the Reference Book and/or Bare Act. f) Compile your final notes consolidating the various points covered in the Study Materials and Reference Book/Bare Act, and additional points, if any, notcovered in any of these. g) Revise the same topic by browsing through your final notes a day later, a week later and a fortnight later. This will ensure two aspects: (i) Continuity of concept when you take up the next topic in the same subject and (ii) revision of the earlier topic. h) Update your notes by reading through Suggested Answers and Revision Test Papers. There might be additional points in them, not covered by the Study Materials. 3. The Reading-Remembering relationship: It is commonly remarked by a large number of students that they are able to read, but not remember any of the points that they have read. In fact, they remark that every time they read the Study Materials, it is like reading for the very first time. This difficulty in remembering can be overcome by improving one's memory skills. There are three aspects of memory that one needs to improve: Audial Memory: "What we hear is what we remember; the morehe hear, the more we remember". Memory can be improved by listening to lectures, classes or by hearing one's own voice reciting a formula or theorem. Itmay be recalled that at a very young age, one remembered the poem "Baa Baa Black Sheep" only through hearing, not by referring any textbook! Visual Memory: "What we see is what we remember; the more we see, the more we remember". The second aspect of improving memory is through theeyes. Constant and repeated reading of the study materials, use of flow- charts, diagrams and graphs etc. are recommended in this connection. Motor Memory: "What we write is what we remember; the more we write, the more we remember". The third aspect of improvingmemory is by writing practice. Underlining the important points in the study materials will not be sufficient. Taking notes and regular writing practice is a must. In case the student is not able to remember the points during subsequent revision, inspite of the above aspects, his concentration skills during reading must be improved. "How much time one spends" is less important than how one spends that time Inspite of concentrated study, if there are still problems in remembering, do not lose heart, try again. Please remind yourself that repeated revision is more worthwhile than repeated appearance in examinations. Section 2. HOW TO HANDLE APPLICATION-ORIENTED SUBJECTS 1. Approach for application areas: For handling numerical problems involving application of theory, the following procedure may be adopted. Practice all the problems that have been solved in the Study Materials. Re-work all the solved illustrations from the Reference Book. Solve all the exercises in the Study Material, Reference Book, Past Year Examinations and Revision Test Papers. Additional important problems from other sources may also be solved. 2. Importance of Proper Practice: "Practice makes a man perfect". Nothing can be achieved without proper practice. Hence, the Student should practice all problems as if he is solving them in the main examinations, i.e. in the proper format, with detailed working notes, and without using abbreviations / short forms. Proper practice has two benefits. It would give the student an idea of how much time he is spending in solving a problem. He can judge his own speed and take steps to improve the speed if necessary. His hand would automatically move towards solving the problem as if in the main examination, particularly in writing proper formats of accounts and in proper presentation. 3. Special Precautions while solving problems Never solve a problem by word of mouth or eyes, i.e. Practice a problem manually, do not audit / browse it. A Student has to solve only manually in his main examination. Solve problems only by hand; oral / visual solving should be avoided. [Audial or Visual memory will not help here; Motor Memory will not fail] Practice in ruled sheets / notebooks. Only ruled stationery is provided in the main examination. File these sheets together for further reference. Diaries, one-side stationery and unruled sheets should be avoided. Use, preferably, one calculator of your own. The Students' fingers will get used to the calculator and he can perform the operations faster. Section 3. PRESENTATION IN EXAMS - THEORY QUESTIONS 1.Types of Theory Questions: By Theory questions in examinations, we refer to questions which involve descriptive answers, as opposed to numerical problems. Such Theory Questions are of two types: (1) Direct Theory Question and (2) Application oriented Theory Question. 2. Answering Direct Theory Questions: Any student who has referred to the Institute's study papers will answer a direct theory question very well. The points which are covered by the Study Papers plus any additional points that he may have noted from various sources would be presented by him in the examination. The primary skills involved are memory, good handwriting and logical presentation. Some precautions to be taken are: DO's· Give the most relevant and precise answer to the question. If the question is "Enumerate/List out", do not discuss each and every point elaborately. Discuss/List out the points given by the Institute's study papers first before proceeding to give any additional points. Be brief and limit your answer according to the marks borne by the question, even though there may be many additional points. Present the answer in an attractive fashion. Use of tables, flowcharts, and simple diagrams, without consuming much time and space, will be advantageous in terms of marks. DON'Ts Do not bluff or write stories/irrelevant answer. If you do not know the answer, attempt any other question (if there is choice) or leave the question unanswered. Do not irritate the examiner by writing irrelevant points. Do not repeat any points, in the guise of writing more points/items. Do not write irrelevant notes while discussing a sub-heading / main point. Do not spend time and space by writing introduction and conclusion for direct theory questions and answers. 3. Answering Application Oriented Theory Questions: Application Oriented Questions generally involve discussion on a point of law / Accounting Standard / Auditing Standard etc. To answer such questions, the following format may be used. 1. Synopsis of the problem and the main problem area - The student should not repeat the question here. He has to just give out the brief highlights of the problem, preferably in his own words. 2. Recent Legal Position covering the above problem area - Discuss the relevant legal position in brief. Also mention (without discussing detailed facts) any case law that may support the legal position. 3. Application of the legal position - Discuss briefly, how the legal position applies/not applies to the given case/problem area. 4. Conclusion / Remarks- Give your conclusion in clear and precise words. The above is only a general format for answering application oriented theory questions. For individual questions, the student may suitably modify the above format. Section 4. PRESENTATION IN EXAMS - NUMERICAL PROBLEMS Students commonly believe that numerical problems fetch more marks than a theory question. To some extent, such belief might be true. Hence, it is very important that a student should properly present his solutions for a numerical problem. The following points should be noted. DO's Put your working notes clearly and prominently either at the beginning or at the end of your answer, with proper reference numbers in the main solution. As far as possible, present the solution neatly, without any overwriting/ striking off. If you feel that your answer is wrong, present the correct solution as "alternative working", without striking off the earlier solution. Sometimes, your initial answer may be correct. When a formula is applied, give the formula first, before proceeding with the computation.Further, explain abbreviations if any, used in the formula. If any step is supported by a rule of law/AS/SAP, give reference to Sec.No/AS No.etc.If you are not sure of the particular Sec.No., it is advisable not to mention it. It will not result in adverse marking. If you ignore any information in the question as irrelevant for the answer, explain as to why it is irrelevant. Communicate to the examiner that you have ignored the information on account of your "knowledge" to disregard it, and not due to your own "ignorance" to treat the information properly. Keep your cool if your final answer is not satisfactory (e.g Balance Sheet does not tally). You can still get your step marks, for the correct working notes. DON'Ts Do not perform any mental calculation or in your calculator. If any such calculation is performed, display it to the examiner in the form of a separate working note. Do not make unrealistic and questionable assumptions for practical problems and use them to support your answer. Section 5. DURING THE EXAMINATION DAYS DO's List all things that you should take to the exam hall viz. Hall Ticket, Pens, Pencils, Rulers, Erasers, Calculator, Writing Pad etc.Check whether you are taking these items daily, with reference to the list. Have sufficient rest and sleep, atleast seven hours during the night. Ensure that your mind is sleeps and rests before the exam hours and not during the exam hours. Take rest, (preferably a nap and not a long sleep) after you return from an examination. Revise for the next exam with a fresh mind. Revise the various topics from your notes, Institute's study papers, RTP's and suggested answers. Stop studying atleast two hours before the examination. What you cannot learn in hundreds of hours of preparation and revision earlier, cannot be crammed into your mind in two hours. Reach the exam centre, atleast half an hour before the commencement of exam. Avoid unnecessary tension due to travelling / commuting delays. Occupy your seat atleast 15 minutes prior to commencement of examination and meditate, if possible. Strictly adhere to the rules contained in the "Instructions to Candidates" provided by the Institute. DON'Ts during the exam days Do not discuss any important questions/problems before entering the examination hall with your friends, irrespective of the strength of your friendship. Any wrong presumption may have negative effect and prevent you from exercising your full efficiency. Do not have "carry over effect" of the previous examination. Once the exam paper is handed over, it is beyond your reach. Do not let it disturb your mind and affect the subsequent examinations. Do not discuss the solutions / approaches / answers of any paper with friends, after the exam is over. Rush to your place to have 1-2 hours sleep, and start preparing for the next exam. Do not hand over your answer paper much earlier than 3 hours, even though you may have completed the paper. Give yourself sufficient time for review and checking. Do not award yourself any marks and brood over the same. While a reasonable estimate of marks can be done after all the examinations, it is advisable to let the examiner do his duty of awarding marks. Do not indulge in extremely physical activities. Maintaining physical well-being is a must during the exam days. Do not study any new reference book or any other new material. Do not resort to any "unfair means" in the examinations. Section 6. IN THE EXAMINATION HALL DO's Answer each question carrying independent marks, on a fresh page. Answer theory questions in a logical fashion, bringing out the captions/ side-headings in CAPITAL LETTERS. Try to answer all sub-divisions of a question continuously. Do's in the examination hall Total examination time is 180 minutes. About 30 minutes will be spent in reading questions and also in end-review. Hence, the effective time available is 150 minutes, for answering 100 marks.Only 1½ minutes can be spent for every mark. A question/problem for 16 marks must be completed within 24 minutes. You may take extra 4-5 minutes if you are confident that the answer is fully correct. Else, go to the next question immediately. Otherwise, you may not be able to answer a question for want of time. Write the answers legibly such that the examiner can read them and award marks accordingly. Answers can be said to be properly presented only when the examiner is able to read and appreciate them. Though all students may not be blessed with a good handwriting, regular practice can be of great help. Manage your time in such a way to ensure that you spend atleast five minutes in the end towards review, whether you have answered all questions, numbered them properly. DON'Ts Do not use red ink / sketch for underlining important points. Use black lead pencils for Do not overshoot the limit for any question writing beyond the scope of marks. Do not employ bad handwriting to suppress your ignorance in any question. It only amplifies your ignorance further. Do you have the fear of examinations? Overcome exam fears through FEAR. FEAR is a combination of letters in the English Language, that causes mental agony. Consider FEAR as Feel Energetic, Act for Result. Exam fears can be overcome by this FEAR acronym. Never lose your drive and enthusiasm. The most readily identifiable quality of a TOTAL WINNER is overall optimism and enthusiasm. Keep the spark of enthusiasm alive in you. Go ahead, Be enthusiastic, Be a Total Winner! The more faith you have The more you believe The more goals you set The more you will achieve So reach for the stars, Pick a mountain to climb Dare to thing big And give yourself a time... And, remember no matter' How futile things seem' With faith, there is dream No impossible Dream - A.J. Davidson. Success becomes history for the lazy; Success remains only with the Enthusiastic Effort-Taker.

Clearing at First Attempt

AN OLD joke on passing CA examinations goes like this: There was a writing in a church that read, "Jesus never fails". A CA student added below that, "Then let him try the CA examination"! Passing the CA exam is not as difficult as it is made out to be. Several students clear it in the first attempt and even secure ranks. Why, then, are others unable to crack it? The reasons are several. Capabilities of the students - There is no CAT-like entrance test to join the course. The course costs less than school education. There are two streams of students joining the course one that joins after the intermediate or plus-two stage, and the other that joins after graduation. The stage at which one joins the course can be crucial. The inherent ability of a student can be an important factor. A bright student chooses the course by choice and not by chance. Such students take the PE I examination route. Medium of instruction-A second major contributing factor is the medium of instruction. Those who study in regional-medium schools, face a lot of difficulty in comprehending the subject. Exposure-A third factor is the exposure to the business world, terminologies, and so on. Students from rural and semi-urban areas face difficulty in understanding the subject due to inadequate exposure. Another drawback could be the lack of access to reading material, non-availability of textbooks, Internet facilities, so on. While these students are sincere, they may lack the right guidance. Students can overcome the fear of the examination by following a regular and systematic study routine. General study-Start preparing for the examination immediately on joining the course. Study regularly and conscientiously. It does not matter how many hours you study, but how much you understand. Qualitative study is important. In addition to the student journal, subscribe to the journal of the Institute. It helps to keep yourself updated. Keep track of the latest in all the subjects: accounting standards (new standards, revision of old ones, interpretations, etc.) auditing and assurance standards, amendments to company law and other laws, Finance Act and Income-Tax law. Contribute and subscribe to a good business newspaper. Essays on capital markets, tax matters and other subjects will be helpful. Study material-Your study material is the most important. Supplement it with a good standard textbook. A good student does not require tuition. Tuitions certainly are helpful, but only when you have it in you to use them. For a professional, self-study and getting to the root of the subject is essential. Attitude-Subjects such as law require repeated reading. Candidates often complain of not being able to remember the provisions/sections. Now, this is a matter of attitude. When one can remember film songs, sequences, dialogues, phone numbers, why not the section numbers? Students tend to read out of compulsion. Examinations are imposed on them. If it were not for examinations, would students have studied? Apply the attitude you have towards play to studies. The world will begin look different. Strategies-Follow a strategy of study. Remember, you cannot study accounts independent of company law. Income-tax cannot be studied independent of accounting. Thus, these subjects are inter-related. You have to study all the subjects for the examination. Take, for example, the issue of shares by a company. Read provisions of company law from S. 55 onwards prospectus, contents, liabilities for misstatements, and so on till S.108. You would have grasped the legal requirements. Then work out problems in accounting on issue of shares at par, premium, discount, for consideration in other than cash, etc. Follow it up with audit of issue of share capital, resolutions to be passed, documents to verify, and so on. Study the tax provisions for allowability of share issue expenses, etc. Thus, you would have covered the issue from all points of view. This may look cumbersome in the beginning, but once you get used to it, things become interesting. This way you will have covered a part of company law, a part of income-tax, part of auditing, as well as a part of accounting. Group study-Group study can be helpful too. Form yourselves into groups of six. Thus six friends can cover six subjects. Rotate them among yourselves. Engage in group discussions. Subjects like tax, law, etc., can be tackled better this way. Use a marker to highlight the material items as and when you study it for the first time. When you read the second time, you can concentrate only on the highlighted part. Grammar is, of course, to be built in into the answer. All subjects are important One should realise that the candidate should pass in all subjects and secure 50 per cent in the aggregate to clear the examination. Scoring 90 per cent in one and 10 per cent in another, will lead you nowhere. Distribute time judiciously for all subjects. Other activities-Each of us has hobbies. Spare some time for that. This will help you unwind. It increases productivity. Develop certain hobbies and pursue them. A light game, for instance, or a crossword puzzle. At the same time, know when to stop. Get your priorities right. A student should be physically fit, spiritually sound and mentally alert. Also, spare some time for fitness. You should be strong enough to withstand the stress and strain of hard work. Endurance is important. Writing-Practise writing. What you read will prove futile if you cannot reproduce it on the D-day. Eligibility tests Eligibility tests are conducted by the ICAI to orient students for the exam. But students tend to circulate the question papers among themselves and write only those papers. Such a practice is not advisable. The ICAI requires the students to clear 10 papers to secure the eligibility but does not restrict them from writing more. A student can write as many papers as he wishes to. This will add to his or her confidence. The student should take the eligibility tests seriously. This will help you know your pitfalls. The final charge-Generally, the pressure valve is turned on only after the candidate pays the examination fees. There is a lot anxiety, nervousness, and tension. If a candidate is well prepared, last minute blues can be avoided. The candidates should learn how to tackle each subject and perform accordingly. One should know which accounts need to be opened and how to reach the goal in the shortest possible route and quickly. Saying that you should pass 36 journal entries for amalgamation, 16 entries for issue of shares, etc., is unjustified. You should learn to play according to the wicket. Passing the CA examination should become a routine, much like other examinations. Passing in the first attempt should be the rule and not an exception. Notes:- Undertake mock tests-Try doing practical problems in examination conditions Try practical problems (solved illustrations) without seeing solutions and then compare answers to evaluate your performance and take steps to remove shortcomings. Note the important catch points which you think are important on a separate paper to revise at the final revision time before the exams. Identify some problems which you want to practice on the last day before exam because it is not possible to revise all the problems on the last day List out what you want to revise on the last day and make sure to revise them For clarifications you may refer to Cost Accounting Text and problems by Dr N.K. Agrawal and study material of the Institute of Chartered Accountants of India. General Guidelines while attempting the paper to get better results. Read full question paper before attempting the answers. Identify & attempt the question which in your opnion can be done comfortably as your first answer which should be your best attempt.. This will give you confidence and good impression to the examiner. Divide your time for the questions as per the marks scheme say if the time allotted is 3 hours (i.e 180 minutes) for 100 marks. You need 5-10 minutes to read full question paper, 5-10 minutes to check the answer at the end when you have finished. So time available is say 170-160 minutes for the full paper. So for each mark you have only 1.70 to 1.60 minutes i.e. for 20 marks you have only 34 to 32 minutes. So plan your answers as per time schedule and take care to give each mark its due time. In case you are able to save time on some questions that can be used in other questions. Get one good calculator and practise on the same calculator; this will make you to comfortably use the calculator and your speed will also increase. Source : Dr N.K. Agrawal

Tips for Passing CA Examination

The path to becoming a Chartered Accountant is not easy. The road is very difficult and involves a lot of hard work. I remember the time when I was aspiring to be a Chartered Accountant. Looking at the volume of studies, I often wondered whether I would ever be able to complete it all in time! Well from my experience, I think that if you focus on your study with single-minded devotion, then nothing can stop you from succeeding. Each one must learn from past mistakes. For those who could not get through previous exam, don't lose hope. Instead, take an honest look at yourself. You must accept that there has to something wrong in your approach towards the exam. Identify your shortcomings and overcome them. There is no one common reason for failure. All I can do is provide some basic hints that might help you secure good marks. There is no shortcut to success. And there is no substitute to hard work. But hard work must be in the right direction in order to yield the fruits of success. The study material and suggested answers published by the Institute are of high quality and should be read thoroughly. But, it is very important to take note of subsequent amendments, if any. For example, the relevant section could have changed; or the Accounting Standard in question could have been revised. The CA exams require high quality answers. Unnecessarily lengthy answers will be a definite minus point. Combine length with actual content for best results. Here are a few tips that will help you achieve your aim: Learn to strike a balance between work and play. Study very seriously but allot sometime for any leisure activity that makes you feel relaxed. Aim for a rank. That way you will at least get through with good marks. Remember hard work always yields good results. Start your preparations from Day One. Plan out your study methodology well in advance and stick to your plans. Keep enough time for unexpected time delays. Read the study materials in entirety. Don't leave out any portion. Concentrate on the subjects that you find difficult. Make notes that will help you to quickly cover the vast syllabus on the day before the exam. Make writing a habit. And write legibly. Get enough practice in practical subjects. Don't learn the study material word-by-word. Instead try to understand what you read. This will help you in answering any type of question that is asked in the exam. Don't expect a specific format of the question paper. A professional exam of such calibre. Just keep in mind the marks allotted to each subject - because that's what will not change. Presentation is what matters most. Present your answers in a neat and systematic manner. Remember, the easier it is for the examiner to read your answers, the more marks you get. Read a lot of related material like newspapers, periodicals, magazines, etc so that your knowledge is updated. This will help you get better marks in the exam.