IPCC Group II preparation tips

Let’s Start with the 1st subject of IPCC Group 2 which is 

Study Tips for Advanced Accounting.

Weightage wise preparation – When there are only a few days left for exams, it is better to study smartly especially when you are studying the subject like accounts which is very scoring.

  1. The foremost important topic of accounts is ACCOUNTING STANDARDS – Students usually ignore accounting standards but these standards contain highest weightage in accounts paper. Around 25-30 marks is sure shot from these standards. Never miss this. If you do, you are ignoring exemption from this subject.
  2. Amalgamation, Partnership Accounts, Branch Accounts, Departmental Accounts, Internal Reconstruction – There is no scope for leaving these chapters while preparing for accounts. These chapters are the crux of advanced accounting. A thorough practice of these chapters is required.
  3. ESOP, Buyback and Underwriting (Company Accounts) – Usually questions of around 4-8 marks are asked from these chapters. These are small chapters as well as very easy to score through these chapters.
  4. Banking and Insurance Companies – These chapters are format based chapters. Mostly around 4-8 marks questions are asked from these chapters.

Useful Tips –

  1. Never ever underestimate the practice manual, RTPs and suggested answers of the institute. A thorough revision of Institute’s material is must for scoring an exemption in accounts.
  2. Solve previous year question papers and mock test papers. It helps a lot and it prepares you for the final exam very well.
  3. Reference Books for Accounts – Advanced Accounting by DG Sharma (It gives solved problems and very good conceptual clarity) and for AS – DG Sharma / DS Rawat.

Study Tips for Auditing and Assurance

Weightage wise preparation –

  1. Vouching/Verification/Special Audit – Trust me, these 3 chapters will fetch you around 20 marks very easily. Just understand the topics given therein and remember it pointwise and write it with full explanation. You can plan to score an exemption in Audit if you have clear concepts of these topics.
  2. Basic 4 Chapters (1,2,3,4) – These chapters along with SAs contain more than half paper.
  3. SAs – SAs should be covered completely. Although weightage wise and importance wise SAs are – SA 500,SA 200,SA 700,SA 600,SA 300,SA 400.
  4. Company Audit 1 – Usually the question which requires to state correct/incorrect(Q.2) constitutes more questions from Company Audit 1. This chapter is easy to understand and simple to recollect while writing the paper.
  5. Company Audit 2 Useful Tips – 

Information Technology And Strategic Management

Weightage wise preparation – INFORMATION TECHNOLOGY Information Systems and IT Fundamentals Telecommunications and NetworkBusiness Information SystemBPABPMFlowchart STRATEGIC MANAGEMENT Strategic AnalysisBusiness EnvironmentReaching Strategic EdgeStrategic PlanningFormulation of Functional StrategiesStrategy Implementation and ControlBusiness Policy and Strategic Management Useful Tips –  General Tips – Name of Author : Sahil JuneJa © If you have any query, you may directly reach at author by using following mail ID – sahiljuneja41@gmail.com Recommended Articles

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