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How to Prepare for CA Intermediate Group 1 in 30 Days?

By Admin |
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With an old ancient saying that faster things you do, more you going to repel. In simple words, the ancient people used to believe that instant strategy never works and will never be able to achieve success in the long run. Perhaps, this was in the times when the pendulum clock was just introduced and somebody forgot to tell them that the times have changed.

Now coming back to our topic, we will be discussing on how to clear your CA intermediate Group 1 in a span of 30 days. Some people say it needs a mammoth of hard work, some says it just a perfect preparation strategy that works and some people believes it just matter of luck and only luck (Even some students believe in ‘Jai Ram ki’ during their CA examination)

Nevertheless, our experts are going to unveil the strategy you need to follow, if you want to achieve success in CA intermediate group-1 in just 30 days. To begin with, let’s first understand on what aspect you need to take care on:

1) Those subjects which are of prime importance in your CA intermediate examination for Group-1

2) To create a schedule highlighting on which concepts are important and which concepts you can do with a little revision

Let’s begin:

As you will be appearing for CA Intermediate group in May 2019, you will be knowing that the Group-1 syllabus is segregated in 4 subjects:  

  • Accounting
  • Corporate Laws and other Laws
  • Cost and Management Accounting
  • Taxation

 

Out of which, the 3 subjects are practical subjects out of which one includes a minor theory. 

1) Accounting: It is one of the most scoring subject in CA intermediate examination, wherein you can score maximum amount of marks. Generally, this paper is the one where you can score highest marks that will help you to fill aggregate percentage in Group-1 CA intermediate examination. In accounting, there are certain categories that you need to focus on:

 

Company Accounts

Accounting for Special Transactions

Application of Accounting Standards

Partnership Accounting

 

Tips to score good marks in CA-Intermediate Accounting

  • While studying, you need to understand all the concepts and underlying principles and assumptions.
  • While writing answers, you should use proper and prescribed format for presentation of accounts.
  • Answer only those questions which have a due emphasis on the provision of accounting standards.
  • Accounting Standards forms one of the most important and scoring topics in our syllabus. This includes IND AS and IFRS; concepts vs. Adoption; objective and concepts of carve outs. It accounts for 20 marks in our exam. We shall make sure that we are well prepared for these which can be easily be done by practicing related questions and understanding the rationale.
  • You also need to state the assumptions in the form of notes clearly.
  • Make sure that you use proper formats and headings

You need to begin with your numerical ability about with what is already given in the question and by stating what is required.After figuring out all this things, you can  proceed to your computations and working notes which is necessary in order to arrive at the solutions.

 

2) Corporate Laws and others laws: The syllabus for CA-Intermediate Paper 2- Corporate and other Law is nothing but vast. And you never know when time runs out too swiftly for you to notice. Also, CA- Intermediate is a comparatively new exam, introduced by ICAI under the revised scheme. Needless to say, there are more speculations about the exam than the specified information. While the rumors are that the CA-Intermediate exam is a more difficult to crack than CA-IPCC, which was its former counterpart. You need to keep certain things in mind as highlighted below:

  • Your answer should be precise.
  • Try to attempt only those question first, where you have complete knowledge and are confident with.
  • Mention relevant section in answer only, if you know them correctly.
  • Start writing your answer “As per Section” for pure theory based questions.
  • Write provision or answer point-wise instead of paragraph.
  • In Case if it Law based questions, never start your answer directly with `Yes’ or `No’ unless you are 100% sure. Also, try attempting thse questions showcasing FACTS, ANSWER and CONCLUSION

 

3) Cost and Management Accounting: The most interesting subject and almost preferred by every CA student. It is a practical subject and also the concern are used in ICWA/Cost Accountants as well. So studying is most important. Some of the important topics covered by Cost and Management Accounting include:   

Ascertainment of Cost and Cost Accounting System 

(Material Cost, Employee Cost, Direct Expenses, Overheads, ABC costing, recording and accounting of costs).

Method of Costing

(Single unit cost, Job Costing, Batch Costing, Contract Costing, Process/ Operation costing, Costing of Service sectors).

Cost Control and Analysis

(Standard Costing, Marginal Costing, and Budgetary costing).

 

From above concepts, you need to learn the theory as well and understand the formula so that you can practice the concepts well.  For detailed distribution of marks. Click here

4) Taxation: Taxation is one of the core competence areas of CA. This subject at the Intermediate Level is segregated into two parts: Income Tax Laws and Indirect Tax. The syllabus of Paper 4- Taxation is both vast and versatile. To stay in synchronisation with the syllabus, you have to stay updated with what’s happening around you.   

 

Preparation tips for CA Intermediate Paper 4- Taxation

Direct Tax

  • It has a weightage of 60 marks
  • You can expect practical question  around 85%-95% from this - Solve & Practice problems from ICAI Modules, Mock Test Papers & RTP.
  • Go through Amendments well as this forms part which consist of  almost 20% in your exams.
  • Start with lengthy and  important chapters that includes Profits and Gains of Business or profession, Salaries, Capital Gains, and Exemptions.
  • Then go for small & important chapters like- House Property, Deductions, TDS, Procedure of filing returns, etc.
  • Finally go through the other chapters like: Aggregation of Income, Set-off & Carry forward & Income from Other Sources, Computation of Total Income and Tax Payable.

Indirect Tax

  • Goods and Services Tax (GST) has a weightage of 40 marks
  • Very Scoring + Limited Content - Try to stick or learn from ICAI’s study material
  • Solve Practical Problems repeatedly
  • 20% to 45% theory expected (as per ICAI Skill wise weightage)-Such questions may involve recalling

You can even watch a video by our expert talking about, how to clear CA Intermediate Group 1 in 30 Days?

Tips To Prepare Effectively For CA-Intermediate Group 1

  • Plan effectively: Planning is important thing in life, even the management values speaks about planning first. You need to create a time schedule and jot down all the important subject you need to practice. Allot the different time schedule for the same.         
  • Practice previous year papers: It is one of the best way to prepare yourself to attempt CA-Intermediate examination. It holds very important in a practical examination as it will help you to understand about each concept.
  • Manage time effectively: It is better to manage time and allot the topics in a given time frame. You need to start with 1 theory and practical subject and practice for few hours every day.

           

Hope you find this article useful. If you like to share some more tips, please feel free to write in the comments section. 


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