I’m back again to help you prepare for CMA (inter)
-Financial Accounting papers if you are appearing in June 2015. Today is 28th
March, and it’s about two months left for the examinations. I’ve prepared the
following suggestion just to guide you about the preferences you should give to
the chapters while preparing for the Financial Accounting papers. One thing we
should keep in mind that in the professional examinations we cannot leave any
chapters -we have to go through each and every topic. There is a short cut to just
pass the paper but not to get good marks. After all exams are just a
formalities our main intention is to learn everything in this stage before
moving ahead to learn next.
Anyway, following are my suggestions which you have to go
through first and then others but don’t leave anything.
First start your preparation with Banking and Insurance.
(And secure 20 marks)
2. Then Self Balancing and Sectional Balancing system. (And
secure 10 marks)
.
And these are very easy chapters; you can get it just within
1 week preparation.
3. Do Accounting Standards 7 and 9. I,e Construction
Accounting and Revenue Recognition.(secure 10 marks again)
4. Then Investments Accounting (as13) and Insurance Claims
(secure 10 marks).
Believe me! You can learn these also within 1 week.
Till now all the chapters are quite easy and scoring. With
little effort you can secure at least 40 marks (if taking conservatively) with
15 days of preparations.
5. Now time has come for learning Hire purchase system
because it is important than Royalty so put the Royalty Accounting for the
last.
6. Branch Accounting is again preferred over Departmental.
Do first Branch and put Departmental Accounting for the last.
Both Hire purchase and Branch can be done within 7 days. I
will not talk about marks now onwards as there is no surety of them to come. It
can happen that you prepare both chapters and they don’t come in exam but we
are preparing for our studies; we have to learn everything which has good
chances of coming in exams and the probability of them is more in compare to
other chapters.
7. Do Accounting Standard 2, 4 and 5 thereafter, take Final
Account because these three standards will come useful in solving the Final
Account problems.
8. Here comes the important part, conversions of partnership
firms.
These two chapters can again be done easily within seven
days.
9. Then Single Entry and NTO (Income & expenditure and
Receipts & payments)
Again seven days will be needed to do these chapters as they
are pretty much lengthy.
10. Now the time has
come to do Depreciation Accounting and Accounting Standard 1, 10, 11, 15 and AS
16.
These can be done in 5 days.
Till now you have completed 80% of your syllabus and the
total days you have taken is 41. You still have 19 days. From this, deduct 7 days for revision, so
finally you have 12 days to grab few more chapters in your bag.
11. Do Royalty and Departmental Accounting. (In 4 days)
12. Now go for p/l Appro, Admission, Retirement, Death and
Dissolution. (IN 4 DAYS)
13. Now finally, Consignment, Bill of exchange and Joint
Venture. (In 4 days).
Rest seven days Revision and you can get few more bonus days
for revision in case you have already done few chapters mentioned above. And
I’m sure somebody has done some chapters so far.
And please do not leave any chapter just because it came in
last term exam-these are misconceptions, anything can come in professional
examinations.
This is just the planned study of how to maximize your
effort in minimum time.
Hope I have helped you to minimize your stress a bit in exam
time. Good luck!
