One Day Before Exam Preparation for CA Final June 2019 Exam
There is just 1.5 months left for your exams and you might be feeling that life is full of thorns. The question that how will you prepare for each and every topic in just one and a half day is quite obvious. But stay calm because I won’t promise you to take off your exam load, but yes, I can help you out to lighten up the load that you are about to carry on, through this article. You can definitely grab the opportunity of scoring high in this attempt because of 2 reasons. Firstly, because we have MCQs and the second benefit is that institute has provided us with the range of marks in each subject (refer https://www.icai.org/post.html?post_id=15407
So in this article, you will find certain tips on each and every subject reflecting the ways in which you can cover up the topics in a one and a half day time.
Paper I: Financial Reporting: The subject which you call as accountancy in a layman language- this subject will help you out in fetching good marks as most of you are quite confidence about this. But being confident is another thing and this totally depends on the last day preparation. Starting with the subject, I would like to suggest you all to start revising the Accounting Standards first. Start with the AS on 24th itself as these are the most important part and the first question is always excepted to be an AS. On 24th make sure that you are done with atleast 12-13 AS including the important ones. Apart from this you can take up the revision for any other subject to avoid boredom. Move on with small chapters first on 25th (for example: Start with simple and scoring chapters like Value Added Statements, Share Based Payments etc.) and then take up long chapters like amalgamation of companies, Consolidation of Accounts etc. The reason behind this is that if you take up long chapters first, then you may take long hours and at times it becomes difficult to touch each and every topic.
Paper II: Strategic Financial Management: Most of you find this subject difficult and vast, but making the best study plan on the day before exam is a must to lighten up the burden of this paper. After your Paper I is over and you reach home, take a rest for an hour. Don’t panic, just relax and start your preparation with a calm mind. I would suggest you to complete the small chapters like Dividend policies, Mutual Funds, Bond Valuation, Business Valuation etc. (the small and easy chapters) on 27th itself, so that you are left with lesser number of chapters for the next day. Don’t practice each and every sum. Rather, try to practice the comprehensive sums for each chapter and go through the basic sums. Most of you are afraid of derivatives. But don’t ignore this. If you are not confident enough in this chapter then complete the ones first, in which you are sure.
Paper V: Advanced Management Accounting: This paper will serve you with good marks if you prepare it in a systematic manner. This paper is all about reading each and every word of the question carefully. You will score very high if you read the questions carefully because most of you make silly mistakes. So be calm while reading the questions. On 2nd, you should be done with all the chapters of Operational Research. On completing this part you will feel relaxed as this is quite scoring as well as the simplest. But most of you ignore the costing part and rely totally on Operational Research. This should not be the strategy. On 3rd, start with costing. Till now, you might have completed the Operational Research part and now you should start with the basic chapters like Relevant Costing, Make or Buy Decision, Transfer Pricing, Budgetary Control etc. and then increase the difficulty level. Go for Standard Costing at last, because you will be done with all small chapters and will get enough time to revise this important chapter properly.
Paper VII: Direct Tax Laws: A subject which is partly theory and partly practical. Don’t commit the mistake of preparing for theory first and practical later or vice-versa. Also prepare for the case laws side by side. Read the chapter and practice the sums simultaneously. Most of us rely on summary modules. Yes you can do that but make sure that you are not totally dependent on summary modules. The main purpose of summary is the last minute revision (i.e. quick revisions) and not the last day revision. So make sure that you go with the concepts. Coming to the preparation strategy, you can start with capital gains and chapters like TDS, Advance Tax, Deductions, assessment of various entities, tax planning, etc on 7th i.e. the day when your Paper VI exam is over. And then on the next day, go for the revision of the remaining chapters like PGBP, Assessment Procedures etc. But prepare international taxation thoroughly. Also, there are 2 days for ISCA, that time can even be utilised for studying DT.
Paper VIII: Indirect Tax Laws: A very scoring chapter which can help you to clear your exams by scoring high. Starting with the basic chapters of GST and study in sequence. Complete atleast till registrations on 7th so that you will be left for the next day only with the administrative part which are some small chapters. After that start customs from around 3 p.m. and give 4-5 hours maximum to customs. At last go for FTP.
Paper III: Advanced Auditing & Professional Ethics: The first fully theory paper in the final course which you obviously find not so scoring. Many of you are unable to score very good marks, in spite of a lot of preparation. This may be due to the lack of time or the wrong studying technique. I would recommend you to start with Professional Ethics on the day when you come home after giving the exam of Paper II, i.e. on 29th. This area is small and has a good coverage. Then go to the Standards on Auditing part. You need to complete this much on 29th. If not possible, then you must at least complete Professional Ethics and the Standards on Auditing till SA 620. Now for revision on 3th, you will be left with Company Audit and small chapters like Peer Review, Investigation and Due Diligence, Audit of Different Entities, etc. Complete that on 30th itself and try to keep the first half of the day on 31st only for revision. Do not leave the small chapters like audit of various entites and the different types and aspects of audits because those are important for MCQs also.
Paper IV: Corporate & Allied Laws: On 31st start with Allied Laws. You can also start with directors. Don’t panic because of the vast syllabus which many of you do. A sharp mind is necessary. Complete the allied law part and you will feel confident because most of you ignore many chapters of allied laws due to lack of time, but these are scoring. You will now be left with the Company Law part, which you have already revised uring audit. Do the rest small chapters after that. Apart from this, avoid mugging up and simply understand the provisions.
Paper VI: Information Systems Control and Audit: There are just 8 chapters but the syllabus seems really vast. Many of you think that why do we study ISCA? But unfortunately you don’t have time to think. Coming to the point, try to complete at least 4 chapters on 5th itself. To make this possible, start with that chapter in which you are confident and you find that chapter the easiest one. Then go through the other chapters. All chapters are equally important so avoid the selective study that most of you do in this paper. Also, you have been given 2 full days to revise ISCA, so you can devote some time in revising Direct Taxes on 4th.
This was the overall preparation strategy which you can follow to complete your entire syllabus one day before exams. You can modify some points mentioned above according to your preparation, but make sure that you are able to complete your entire syllabus. Also, this is the first attempt when institute has introduced 30 marks MCQs in each of the five subject. Don’t forget to refer MCQs which have been hosted on institute’s website. Refer “Sample questions for 30:70 assessment”. (https://www.icai.org/new_post.html?post_id=5720&c_id=314
At last don’t forget to go through the mock test papers as this will be an added advantage to understand the pattern which institute is going to ask from this attempt onwards.
All the best!
This article is written by Tista Athghara
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