Presenting Answers in CA Exam

Hi Guys!!

This blog shares my views and experiences on how answers should be presented in examinations.It is very important to practice presentation. What follows is different types of questions and how they can be answered:

1)      Direct Theory questions

Direct theory questions are like Features of Audit of cooperative society, Benefits of Continuous auditing, Limitations of MIS, and Types of Bond in Excise etc.

In case of these questions to the point direct answer should be given. Attempt must be made to make sure the bold point of module (study material) matches with bold point of your answer. Language of explanation may be different.

2)      Short Note question

Though it may be covered in direct theory question but I have taken it separately since it is definitely asked last question in paper.

There is generally 4 mark for each short note. The best 4-8 points must be written that you know about the topic in such question. 

3)      Provisional Theory Questions

These questions are related to principles laid down in various provisions of law or SAs and are asked in Law related subjects such as Corporate Law, Auditing, DT and IDT. In case of such questions correctly write down the principles of section and provisions asked in question. Section numbers may be dealt with in manner provided in blog Learning Sections.

4)      Situational Theory Questions

Examples of this type are- You are appointed as VAT auditor of XYZ Ltd. How will you proceed? These questions though appear a case based but is actually a direct question asking VAT Audit Procedure. Care should be taken in identifying such questions. Once identified you can proceed as a direct theory question.

Another example of such question is- You are the auditor of company and have identified related party transactions not presented properly. How will you deal with same?

This question touches aspects of CARO, AS18 and SA 550. Now while attempting questions like this following approach should be used in writing answer:

a)      In first part of answer write about AS 18, Caro as well as SA550. - What is required under law?  (How much to write depend on marks of question)

b)      In second part write the scenario given in the question- What has been done in given situation?

c)       In third part write what you as an auditor will do?

5)      Case study based question

These questions are asked mainly in Indirect and Direct Taxation. One should thoroughly read case studies compiled by ICAI as relevant for exams for these questions.

The answer to such questions should also be in 3 parts:

a)      First part write down how the facts of question case are similar to the real case decided.

b)      Second part explain the judgment given in real case.

c)       In third part make conclusion for case asked in question.

Note again that writing principles narrated in judgment correctly is more important than writing the name of parties involved in real case. If you confidently remember the name do write but if you are doubtful don’t write the names. Better not writing than writing a wrong name.

6)      Practical Questions

In case of practical questions the answer should be divided into 2 parts. One will be main solution and other will be working notes. Main solution may proceed or it may succeed working notes but it must be compact form- All working notes should be together and not in between main solution.

Working notes are very important while giving a practical answer and sometimes carry up to 40-50% of marks of the question Never miss them.

Practical solution should as far as possible be always in excel format or tabular format. This saves time as well as makes it easier for examiner to evaluate.

Note:  One must solve at least 4-5 past exam question papers by hand in exam like situation and then the answers written should be compared to suggested answer provided by ICAI. Such comparison will help you find areas where you are lagging and need improvement.

       

Happy reading!!

Learning Sections

Hi Guys!!

I have written this blog for queries such as whether one should learn sections and write them in exams. What follows are my personal views and experiences and it is possible some fellows might not agree with them.

The first question whether to learn sections. See guys I always used to learn sections. It was never a burden for me. Rather it was the key as I used to learn law sectionally (in sequence of sections). This is what I did with all sections once I had studied them. It was like a quick revision note.

(Note: This is only a sample. Make your own notes of sections to remember)

So what I did was first learn the section numbers and name of all the sections. This helped me create a broad vision of all provisions. This is in accordance with principles as I had earlier written in a blog “Cracking Theory Practically”. This way one can easily remember sections as well as provisions in subjects like Direct Taxation, Indirect Taxation and Corporate and Allied Laws.

The next query is whether writing section number in exam is important. Well if you confidently remember the section number do write but if you are not confident then don’t write.

Better not writing than writing a wrong section number. What is more important is writing the principles laid down or the provisions related to topic asked correctly.

Bye!!!

“Virat Kohli is not a match winner” - Being Sarcastic

Note: CA students following my blog may use label CA Guide to find blogs related to CA Exam Preperation. The link is http://casanjaynawandhar.blogspot.in/search/label/CA%20Guide

It was Saturday morning. The long awaited weekend in winters. Still I woke up at 5. It was the 5^th day of First Test between India and Australia and the match was hung evenly. India required 364 to win in a day on Adelaide pitch which was turning perpendicular from roughs.

2 wickets lost early and in came Captain Virat Kohli who made a splendid century and nearly took India home. Too close yet too far. Once he departed the team collapsed like cards (even cards take more time). India lost by 48 runs.

It was an amazing batting display by Kohli. It was like two different games being played-one when Virat was batting and other when anyone else was batting. It was sheer awesomeness. Today every one applauded Virat’s effort but what will happen in 10 years from now.

People will say Virat was a player who made piles of runs and broke all records but he was not a match winner. How can I say it with so much of confidence that people will say this?? The reason is simple this is what I saw people saying about Sachin Tendulkar. (Time to realise why Sachin was a great player even though winning rate of team was low at that time.)

The fact is Sachin Tendulkar was and Virat Kohli is a champion.

Revision Strategy

Hi Guys!!

I have written this blog to address some queries relating to exam days strategy. So this covers strategy that I followed at time of last 2 revisions and exam days.

Generally the ease or difficulty of study at this crunch time depends on how well course has been covered on earlier occasions. So show dedication from the beginning.

Take 8 days per subject for Second Last Revision (say Revision A) and 4 days per subject for last revision (say Revision B). So one requires 64 days and 32 days respectively for this. Finally after this there will be the revision on day before exam (say Revision C). So we need to complete the course at least 96 days before exams.

I used to study subjects sequentially say first 8 days Paper 1,next 8 days Paper 2 and so on to complete Revision A. For Revision B I started with Paper 2. So Paper 2 on first 4 days then paper 3, so on and studied Paper 1 on last 4 days.

Note that for first paper one can skip Revision C by planning Revision B on 4 days just before that paper. Eg.- If paper1 Financial Reporting is on 2 May, plan Revision B of FR from 28 April to 1 May.

Revision A coverage

Ø  Practical Subjects

·         All concepts

·         All type of questions- So if there are 5 question of one type do the trickiest one. At this time tick those questions which you feel like doing again.

·         6-7 question papers of past attempts in exam like conditions in end

Ø  Theory Subjects

·         All concepts

·         See all past exam questions and tick those which have new concepts

·         6-7 question papers of past attempts in exam like conditions in end

Revision B coverage

Ø  Practical Subjects

·         All concepts

·         Questions ticked at time of Revision A

·         RTP

Ø  Theory subjects

·         All concepts

·         Ticked portions of past questions

·         RTP

Revision C coverage

·         Read All concepts- Don’t be selective even here but read quickly
·         Questions that are ticked
·         Ticked portions of RTP and Past Exam questions

Note that one has to study all concepts at time of all revisions. It is only that the amount of time spent on concepts that is reduced.

The day before exam there is time just to read and not learn. So it is important that you have already learned at time of Revision A and Revision B.

Note that if you are comfortable with other methods keep following. Like some students are more comfortable studying 2-3 subjects daily rather than one. Make changes in plan accordingly.

Further if you have more or less days, you can plan days for Revision A and Revision B in ratio of 2:1 accordingly.

Happy Reading!!

Sanjay Nawandhar

CA vs MBA

Is this debate doing good to anyone?

A lot of eyebrows have already raised and a lot of people have already become excited to debate on this topic. To all those I am sorry. Here I am not debating for or against anyone rather I am writing against the generalization of this debate altogether.

I am in favor of taking away this topic from all the debate lovers. Last few days I got a chance to meet many budding CAs and MBAs. All of them had listened a lot of different views on this topic. And these views had completely influenced their mindset about both the courses.

There are views that CAs are better and there are views that MBAs are better and there is an expert opinion that CAs are good at one thing and MBAs at other (Lets leave those things alone for now).

Let us not generalize all this and see from the point of view of an individual student. Irrespective of whether one is a CA student or an MBA student; the objective remains to gain the knowledge in his field of interest, learn and improve his presentation and communication skills, take practical experience and get the confidence to achieve his career goals.

So what I feel is once a decision is taken to pursue either of the course, a budding CA or an aspiring MBA should not give a piece of his mind to this debate. Rather he should concentrate on analyzing where he stands, improving his own skills and progress in his own career.

Proud CA who respects MBA

Sanjay Nawandhar

How to stay motivated?

Hi guys!!!

This question when I first heard sound quite weird. But over the time I realized there were many students with this query. OK so here I have come out with a blog on how you can stay motivated for 3 years.

The 3 years between IPCC and Final is no doubt a very hectic period. You have to work hard at office and at the same time study a lot. Balancing sometimes becomes very difficult. There is pressure at office and there is pressure of studies. Social life is disturbed. Always there is a feeling of time crunch. Yes this is what everyone goes through, then how to be motivated.

1.       Plan – Long term and short term

Break the entire thing ie the syllabus into small part. Make a broad plan of how you will cover various parts. Take the audit season, outstation audits and peak office work season into consideration.

Then make short term plan for say a month, then for a week and then daily plans. Do one thing at a time. Keep on taking baby steps. Don’t think a lot. If you keep on doing this you will soon see how you have taken a giant leap.

Keep on tracking the progress and revise plans accordingly.

2.       Be realistic

When planning things out make sure you are realistic and targets set by you are achievable.

3.       Take breaks

“All work and no play makes jack (rather anyone) a dull boy”. This is very true, so take out time for your hobbies it can be cricket (I always write it first as I am very fond of it), movies, music, dance, gymming, running, cooking anything that makes you happy. Without this you will burn yourself out.

4.       Have good friends and be a good friend

Friendship is always 2 sided. That’s why I wrote have and be good friends. Share your targets with each other. Motivate each other. Not everyone feels low at the same time. Have healthy competition.

There is a saying if you want to get a quality, find a person with that quality and make him your friend. This again has dual implications as you also have to have some qualities so that others see you as friend.

This sound quite plain but is most important of all. I was lucky to have great friends who helped me a lot.

5.       Visualize the dream

Whenever you feel exhausted, close your eyes and see the day when you will realize your dream. If you are truly passionate about it you will fell energetic.

6.       Ask for help and be ready to help

If you have any doubts always take advice from seniors in office or anywhere. Likewise be ready to help your juniors.

7.        Get rid of distractions

Things that make you delay your efforts in a productive direction are distractions. It can be Facebook, WhatsApp or some annoying person. Control them as soon as you can else they will start controlling you. I am not against the use of such online social networks. It helps you stay connected with near and dear ones but keep an eye on time you end up spending there.

8.       Keep changing routine

Following the same routine makes things boring. So keep on changing routine. Sometimes you can stay late in night to study, sometimes you can wake early, sometimes go for a walk, sometimes start gymming, sometimes take leave ;-) , etc.

9.       One thing at a time

When playing just play, when cooking just cook, when dancing just dance. Likewise when studying just study.

10.   Keep count of days

This one is funny but was effective for me. I used to keep a count of number of days left till the completion of exams. This is just like the countdown to an event except that counting was up to the end of the event (the last paper). This motivated me as I used to remind myself that these are the days that will make a difference forever.

When you see these points again you will realize all sound very general and ordinary. These are something that can be found anywhere. Nothing very special about it. What will make them extraordinary is how well you put them into practice.

Bye!!

How to complete CA paper in 3.25 hours?

The Race against Time

Hi Guys!!

I have written this blog to address some queries relating to completion of paper- specially Costing in time. What follows is some tips that will help the cause:

1.       Practice a lot

It is very important that you practice a lot of questions by writing them. Students generally develop the habit of reading out the questions and their solutions. But this habit is dangerous as it reduces the speed because students find it difficult to proceed with solution in exams. Practice makes sure that you can answer the question quickly and correctly on the first occasion itself.

2.       Time bound practice

Mere practicing is not sufficient. Make sure that even when you are practicing at home you finish the solution in expected time. It is simple to calculate expected time to finish the question. In exam we have to attempt 100 marks in 180 minutes which makes it 1.8 minutes per mark. So try and solve a 20 marks question while practicing in 30-35 minutes.

3.       Format of Solution

Try and answer the practical question in a format that is easy to understand, neat and avoids duplication. Generally Excel format or Tabular format should be preferred for same.Make this habit right from beginning, ie while practicing itself.

Theory answers should be to the point. There are no extra marks for a story.

4.       Mock papers

Give some mock papers. There can be a test series in tuition Centre or Institute’s Mock Papers or simply some past exam papers. This is like a Match Practice and always prove useful in improving speed.

5.       Use reading time effectively

See I have written above 3.25 hours and not 3 hours. Reason we get 15 minutes reading time before each paper. One should try and use it effectively.

• Read all the questions and decide which question to leave.
• Give a brief thought on how each question is to be started.
• Then decide which question to attempt first.
• Read it thoroughly and be set to start as soon as writing time starts. 

6.       Handy Calculators

Make sure you use calculators effectively. And use the same model with which you practice.

7.       Practice during Exam Timings

Generally exam timing is 2-5. So develop the habit of practicing during this time of the day. It will make you agile and habitual. Moreover a point of caution- Don’t develop the habit of taking a nap during this time.

8.       Change mindset

The most important one. Change the mindset. The paper is not designed to make students leave. Believe that paper can be completed. Stop cursing.

All these points seems quite mediocre at first but I assure you putting all these in practice will help you achieve desired results.

I will soon come back with revision strategies.

Thanks

Sanjay Nawandhar

Cracking Theory Practically

Hi Guys!!!

How many of you find learning and retaining theory subjects like ISCA or ITSM difficult? Sorry I should change the question – How many of you find it easy? Not many. Well I hope after reading this blog you find it easy.

Many of you must be thinking that I am kidding. No I am not. I have come out with a simple formulae by which you can learn and retain theory. What is this simple formulae? It is what follows:

Well now you must be certain that success has taken its toll on my head- What has a chick flick to do with theory subject? No it has not I am still in senses. Ok no more riddles. Let’s talk serious.

What I wanted you guys to see was how a computer manages and retains such huge volume of data. It stores them systematically. Exactly this is the key. How can we follow the same? I will explain this to you.

Have you ever wondered why the topics contain numbering like 1.4 or 8.5.3 etc. Well it is the systematic numbering for ease of reference. The same can be useful for retaining as well.

I will practically tell you how it can be done with the help of an example. Let us see how we can systematically learn ISCA of CA final.

First of all learn the name of all the chapters. The benefit is that it gives us an overview of course. Moreover now we can see it as 8 parts.

Next, say for Chapter 1, Learn name of all subtopics ie., Topics numbered 1.1, 1.2, 1.3 and so on in study material. The benefit is that we know what first chapter covers and again we have more parts.

Now in Topic 1.1 again there are a few subtopics like 1.1.1, 1.1.2 and so on. Learn their names. See guys till now I have written only to learn names. We have not learned any concept as of now.

Once we are familiar with the structure ie we are in a position to repeat what are the topic and subtopics, then we can start learning the concepts. Complete learning of concepts for first chapter.

So when someone asks about Internal Controls as per COSO, you must go to it in your mind like:

Proceed in same manner for chapter 2 then and so on.

•          If you are studying from a book that doesn’t contain such numbering, you can yourself do the numbering and proceed.
•          Note that when you are studying the concept you are expected to understand the same rather than simply mug it up.
•          Further note that it is not the only way to learn a subject but one of the ways. If you are comfortable with some other method keep following.

Happy reading!!!

What to Study- Easier Said Than Done

Hi Guys!!!

In this blog I have come up with the study material that I referred or suggest. See generally as a CA student the study part of each subject may be divided into two parts one is the concept portion and second is the practice.

CONCEPTS

Concepts that we are supposed to cover are the syllabus defined by the Institute of Chartered Accountants of India in form of modules (Study Material). Carefully see what I have written covered and not read. So what does this mean??

Well what I mean is that as long as we read all the concepts (that are covered by module) from anywhere it is fine. Example- There is a module on Direct Taxation by ICAI. But I might be more comfortable reading some other book say Bangar’s Book on Direct Tax. It is absolutely fine but what we can do is just keep an eye on module to make sure all portions have been covered. Still for subject like IT SM in IPCC and ISCA in Finals I particularly suggest study only from module.

Concepts can be covered from:

·         Module

·         Authors reference book- which are generally developed with module as base

·         Tuition Notes- which are generally developed with module as base

Make sure you don’t duplicate. Generally I would suggest pick one book/ notes and follow it thoroughly.

PRACTICE

Practice should be done after completing concepts

Practice question sources are:

·         Module questions

·         Practice Manual Questions/ Scanners ( They both contain past exam questions)

·         Tuition notes which is compilation of questions from above two sources

When practicing again make sure there is no duplication. Eg: If your tuition notes cover all past exam questions there is no need to do scanner.

Guys see I have specifically written that practice after covering concepts. There are a few queries like whether practice manual is sufficient. I here emphasize it that- IT IS NOT. First cover concepts and then practice.

What follows next is subject wise study materials that can be used:

1)      Financial Reporting/ Financial Management/Management Accounting (Accounts, Cost, FM)

a)      Concept portion can be covered from tuition notes if you take.

b)      Practice questions from Practice manual or Scanner

2)      Direct and Indirect Taxation

a)      Concept portion from a good authors book for applicable Assessment Year and latest amendments

b)      Practice from that book itself. Generally Practice Manual questions and solutions are as per previous laws.

c)       Case laws from ICAI Published Case Book relevant for your attempt.

3)      Law and Audit

a)      Refer from an author’s book

b)      Practice past exam questions.

4)      ISCA

a)      Only Module- Make sure that you cover the same bold points as given in module. The explanation of points may be done in own words.

·         Cover RTP of your attempt thoroughly.

·         Do write papers of past 4-5 attempts in exam simulated environment and time.

A point of caution- If your exams are within 6 months from reading this blog, do not change the base of your reading. Keep on following what you are and don't make major changes.

That’s it for this blog. I will come back with How many Revisions and Retaining theory soon.

Regards

Sanjay Nawandhar

Those 3 years – Balancing Training and Studies (For the “How many Hours” Lovers ;-) )

Hi Guys!!

I will narrate out my whole journey of 3 years from the time I cleared my IPCC (May 2011) till my Final Exams (May 2014). After results in August 2011, I joined articleship training with a mid-sized firm in Jaipur. In Dec 2011 I started my tuitions for Accounts, Cost and FM. But I had to go for an outstation audit and I literally missed 50% of these tuitions. What I did then was compiled all the notes myself and studied on own and completed first reading of these subjects from March 2012 to November 2012 and continued with articleship. During this time I used to study 2-3 hours on an average daily.

In December 2012 I joined classes for Law and Audit. I don’t go into the question whether we require law and audit tuition or not here. My purpose was to have a routine where I am reading daily the subjects for 2-3 hours. So December 2012 to March 2013, I was having these classes (2-3 hours daily) and office.

From April 2013 to June 2013 I revised accounts, cost and FM. In July 2013, I started tuitions of DT and IDT- 1 hour each so making it 2 hours of classes and office. Once September season was over I started ISCA tuition of 1 hour daily. So from October 2013 to December 2013 it was 3 hours of classes and office.

From January 2014 I took leave from office and in January all these 3 classes DT, IDT and ISCA completed. So Jan was less hectic consisting of only 3 hours of classes and self-study at home.

From February 2014 to June 2014 till exam completion it was only self-study and taking test series of DT and IDT. On an average I studied 7-8 hours daily during this time period other than exams. During exams I used to study 13-14 hours daily.

Guys the purpose of posting it here is not to make you imitate it but to just give an idea of how balancing can be done.

Some suggestions:

1.       3 Readings per subject before exams and complete reading during exams has to be the strategy.

     2.       Training and studies are complementary. To achieve best results one should balance rather than pursue one at the cost of other.Moreover regularity is the key.

3.       If after reading above you feel that you are slightly behind, don’t take a setback rather start putting in more efforts from today itself.

4.       Missing classes is a thing that will definitely happen. Reason is that out of classes and office only thing that can be missed is classes (We cannot control office). The key after you miss class is how soon you recover and complete the notes.

5.   And last but not the least, daily revise the classroom discussions at home for half an hour. Generally a 2-3 hour class can be easily revised in half an hour at home.

Thanks for reading guys. I will come back soon with subject wise study materials and approach of reading and revision.

Regards

Sanjay Nawandhars

The First Step – GOAL SETTING

Goals are the target from an activity we do. This is the first blog that I am writing and the goal is to reach out as many students as possible, as doing the same one on one is difficult. What follows are mainly my personal experiences on goal setting and their achievement.

It is important to set a high and pragmatic goal- one which is achievable but only when we realize our full potential. It means the goal itself becomes a motivation.

Let me explain why setting a high goal is important with an academic point of view. Goal can be the marks that we want to achieve in each subject. See if we target to secure 70% marks then what we do is subconsciously program our mind to have a grasp at only 70% of things. It has a multiplier effect. When we are studying we consciously leave 30% of portions, then our subconscious mind retains only 70% of what we had studied and we end up at around 49%. This multiplier thing applies everywhere. So what’s important is set as high goals as you believe you can achieve.

Do consult seniors and mentor when you set goals for yourself. There should be no hesitation in it. Even Lord Hanuman required Jambavan to remind him that he had power to fly.

Once you have set your goals, write it down, go and tell it to everyone-of course not randomly but your family, friends and seniors.Unless this is done a goal remains just a dream. There is no bigger motivation then peer pressure.

Believe in goals you have set, Honestly work hard to achieve them and Be optimistic. There is a saying -“Believe you have received and you shall receive”.

When I gave my CPT exams all I wanted was a name in merit list which I did but was 6^th. From there on one of my mentor motivated me to target 1^st rank which I did but fall short by 1 mark in IPCC. The restlessness created by that meager shortfall helped me achieve the 1^st rank in CA Finals. It was not by chance but a result of dedicated hard work.  The goal to reiterate it here is not to boast about my achievements but to motivate some budding Chartered Accountants. Even if one student is motivated by this, my purpose will be solved.

Thanks for reading. I will soon come back with my schedule and my approach of studying. 

Regards

Sanjay Nawandhar