IPCC Important Questions May 2015

Some important questions/topics for CA IPCC which you should not miss to prepare for IPCC May 2015 exam. These are very important for IPCC May 2015.  (Don’t leave these Chapters & topics at any Cost)

*Group 1

Accounts
-Avg. due date (4)
-Partnership (16)
-Pre-incorporation (8)
-Amalgamation/Internal Reconstruction (16)
-Hire Purchase (8)
-NPO (16)
-Cash flow (16)
-Single entry (16)
-Imp. AS(revenue recog.,contract
,dep.,fixed asset)

*Law,ethics n comm.
-Bonus (8)
-Gratuity (8)
-last 3 chptrs of Indian Contract
Act,combined  (10)
-Share Capital,General Meeting
-t/f transmission of shares Membership
-Share allotment,prospectus n MOA yg
-ethics (full,dnt leave anythn)
-comm. (deeds r vry imp.) n comm.
theory,rest of d chptrs

*Cost Accounting & FM
-Contract Costing,Material
-Reconciliation
-Standard,Marginal
-Labour,Overhead,Process Costing
-Capital budgeting,leaverage
-Working Capital,Receivable Mgt.
Cost of Capital,Ratios

*Taxation
-Salary(RFA,HRA,gratuity,pension,leave salary…motor car facility n few more perquisites,all allowances r imp. shudnt b ignored) yg
-Business proff.(thz sec r d most imp. viz sec 32,40A2,40A3,43B n topics lyk deduction in case of scientific research,writing off of preliminary exp.,ques related with book profits n cash payments in excess of 20,000 n payments tht can b made n claimed till ROI filing date ie d above sections mentioned)…dnt leave ths chptr FCAs plz,it’s coming of 16 marks since May’10 in evry attempt.
-Capital gains(exemption related
sections,forfeiture sec 51, conversion of capital in2 stock n sec 47)
-ROI,TDS,deductions(80C,80D,80
DD,80U,80G)
-Clubbing,other sources
*Service tax n VAT(fully) dnt leave
anythn,r SCORING

*Grp2

Accounts
-Partnership(16)
-Amalgamation/Internal Reconstruction (16)
-Branch A/c,liquidation,ba
nking,insurance …all may come of 8 marks each
-Underwriting,departmental(5 each)
-imp. AS(borrowing cost,govt.
grant,eps,lease)
-debenture chptr(16)

*Auditing
-Vouching,verification
-Co. audit 1 n 2
-Spcl. Audit
-EDP,govt. audit,Caro
-200 300 500 series SAs r imp.

*IT
Almost all..
*SM (full)

So, dont miss this important topics for CA IPCC exam. Chances of asking for above topics are high. These IPCC important questions May 2015.

IPCC Important Tips May 2015 

1. IT & SM:

I am starting with the last paper of IPC/IPCC examination because this is the subject where lots of the students get struck and are failed. So I would suggest you to follow my steps to crack this subject with good marks.

in IT SM subject, from practice manual 45 to 50 marks paper will be definitely asked because questions are repeated each time, so you should concentrate on that if you have less time.

Tips for Information Technology :

1. As IT has totally new syllabus, prediction for important are not given.
2. However, you can also see definitions asked in past exams from practice manual and RTPs, and from module too.

Tips for Strategic Management :

SM Tip: Start SM preparation from last chapter to first chapter.

1. Do Practice Manual first as if once you do it around 60-70% course will be covered. From Practice Manual its quite easy to read topics as they are given question format rather than paragraphs as given in modules. And generally questions get repeated, so prepare thosequestions thoroughly and you will definitely score in subjects.
2. Now start reading from Chapter 7. You can read from module as its language is easy.
3. Do all chapter end questions from module because true & false many times comes out of it. So better to go through that. And there are sometime 4 marks filling the blanks, so for it, just go through the quoatation given before starting the chapter. Just go through past papers, you will find those one liners in the form of filling the blanks.

2.Taxation Tips:

You  have to read every concept in income tax paper  & one more thing is total income problems are important, and in every problem you have to make note points, it will impress to valuationer.

In taxation paper preparation for day before exam, start VAT & Service Tax. VAT is easiest topic just read it properly and do practical questions also. After reading from book in last just go through the Practice Manual.

>In service tax do properly as there are lots of amendments and please do buy new Practice Manual of Tax from ICAI Branch and do all questions properly from it I am sure there will be many questions straight away from Practice Manual). As you know Service Tax & Vat portion covers 50 marks.

>Then come on Income tax portion, start from Business & Profession head, then Capital Gain, then House Property , Salary & other Sources. Later than this do the small chapters, like deduction from GTI, TDS, Set off & Carry forwards etc.

>Put the currency symbol other wise u can loss marks.

>My sincere advice is don’t start with total income problem in examination because its take more time for completion.

3. AUDITING Tips:

Golden Tip:Remember in Auditing the module’s language is the most important requirement to get good marks. So, read only Study Material and Practice Manuals. And even Practice Manual is enough to get 50~ marks.

In auditing company auditor I & II chapters are very important as they cover around 20 to 30 marks.

>Standards on Auditing (SAs) are also important for exams read  2 to 3 times at least. Auditing standard Chapter covers at least 30Marks for the purpose of the exams.

Then later do basic chapters and then Special Audit and after it do Vouching & Verification. As said earlier language is important, so read carefully and remember the typical words.

Special Audit Tips:-

You will see a question of 8 marks at least in every Auditing paper, it will come this time also, for sure.

> Don’t mug up this topic, Read with an open mind & Understanding that you are a CA & doing the Audit what you would check & How, what should be the Primary docs to get the required information etc ?

> And you will find that every Special audit would have say appx 10 points of which 4 – 5 points would be common ( like, The Docs of Formation i.e Memo & A of A / Partnership Deed / Trust deed etc, Check the authorities given as per the doc / Powers / Policies  etc ).

> Also this being more a practical type of Topic, you will find it interesting.

> Excluding such other 5 points would be different with every different entity based on the area of business in which it is. e.g. in case of schools You say check Fees Receipts / Purchase of Books/ Deposits & fines taken from Students, In case of Hotels say how control is kept on the Issue of Food items & provisions to kitchen is maintained, How is the billing control of Rooms maintained etc.

You read all type of special Audits ( 1st do reading carefully with understanding & no mugging (Ratta)  taking 30 mins per audit & you will find that you need not revise it again)

MOST IMP:- From last 3-4 attempts, Institute is asking only theory questions in Auditing paper, so don’t waste much time on practical problems and read theory portion well.

4. ACCOUNTS:

In accounts I & II subjects very important is accounting standards its around 25 to 35 marks in the subjects. In examination for better presentation, start with journal entries problem then ledger a/c after that final a/c problems. Thats why, because time management is veryimportant in CA examinations.

Amalgamation and Partnership are also the most important chapters, solve atleast 1 some of all the types to get good confidence in this chapters. These can be asked for 24 to 40 marks in each a/cing paper.

5. COSTING & FM Tips:

In this subject first of all theory part you have to prepare its nearly 32 marks, so just read the practice manual properly, most of the questions will be from it only. Theory will help for practicals also. ( eg ; If you read theory of Labour All methods of calculation of Wages will be understood, Material Formulas will be known, Contract A/c Ways of calculating the Profit will be understood.. So now it is clear Why Theory should be done first, & its Importance in this subject)

If you are too good at Concepts & Practical then only Ignoring thorough study of theory can be thought else for average / bit above average student, Practical with Proper study of theory only can Pass with 50 – 55 marks in this subject.

In costing start with Standard Costing & Marginal costing then later Contact, process, material, labour, overhead and so..

In FM, Capital budgeting & Cost of Capital are very vital chapters do them first, properly.

then leverage , Ratios & Working Capital Management, Cash flow, fund flow and so..

6. LAW, Ethics & Communication:

in this subjects first finish the Ethics & Communication as it is quite easy and of 40 marks too.

Then take the Business Law part and later prepare company law.