Self Preparation tips IPCC nov13 PAPER III COST ACCOUNTING AND FINANCIAL MANAGEMENT Firstly many students feel that costing in this paper is the toughest subject this is only because of lack of good faculty for the classes attended. As these tips are for Self Preparation It is better to Start with Financial Management as Costing is little bit logical compared to FM financial Management is scoring area if you have not attended any classes for both the subjects in this paper. FINANCIAL MANAGEMENT In this subject the study strategy should be to understand the purpose of the topic as this is the only key to succeed in this subject. The Topics can be studied in the following order 1. Time Value of Money 2. Cost of Capital 3. Capital Budgeting 4. Working Capital 5. Ratio Analysis 6. theory notes: Prepare your own Short notes for each chapter this helps you a lot. More and more practice is required in each topic this makes u remember the concepts. COST ACCOUNTING To be frank Cost Accounting is little bit difficult as this is more based on logic than simple application. In Cost accounting Start your Preparation with Material , Labour and Overheads as these are major costs after these chapters go on to Standard Costing ,Marginal Costing and Budgetary Control Do the other Topics at the last based on your judgement. PAPER IV TAXATION This Paper can be prepared easily as it is all about applying the provisions read and it is simple but the thing here is you should remember provisions for this doing problems based on the provisions read is necessary So more practice is required in this paper. To start with preparation start with Service Tax give it atleast two readings , Now start solving problems if you are able to solve them correctly without referring the provisions its ok but if not read the provisions once again. Do not leave even a single Problem model which was asked in previous years Now take on VAT atleast three readings as VAT is more of theory than the problems , Now try to answer the questions in Practice Manual. Depending on the Correctness of the questions answered decide it yourself whether more readings are required. With this you have completed your Preparation for 50% of the syllabus. Now take on income TaxvStart with basic provisions – Tax Rates , Residential Status provisions (Section 6), Taxability of income derived by various assesses with diff Residential status (Section 9)Now read incomes which does not form part of total incomebDividend Income Income from HUF , FirIncome of Judges , other gov official Payment to Political parties and MP, MLA Exemptions regarding Capital Gains Now Take on Income from house property as it is very easy compared to other heads , In this remember the computation procedure and concentrate on the individual items listed in the Computation Procedure i.e Gross Annual value , Interest on Borrowed Capital Provisions etc.,Now Take on Capital Gains , In this also the main thing is remember the computation procedure and concentrate on the individual provisions , Exemptions are easily forgotten so concentrate more on them they are tricky too.nNow take on PGBP and just go on with the method of computation of business income from P&L account considering other provision. Now take on Income from salary At last take on Income from other sources Now come on to final provisions give them two readings Chapter VIA Deductions upto 80 E and 80U (u can leave 80IA so on..)Clubbing and Set off Provisions Advance Tax and TDS Due dates and Penalties Computation of Income Tax Hope u all find it useful #@n$h.
Posted on: Sun, 25 Aug 2013 10:49:22 +0000
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