How to Prepare for CA Intermediate Accounting and Advanced Accounting : Subject-wise Tips
Accounting (Group I) and Advanced Accounting (Group II) are both considered to be two of the most crucial subjects for CA Intermediate preparation. Both of these subjects are linked to each other and the tips to prepare for Accounting as well as Advanced Accounting go hand-in-hand. Hence, we at SuperProfs present to you a specially curated article on ‘How to prepare for CA Intermediate Accounting and Advanced Accounting’.
For your convenience we’ve divided the article into 3 sections:
- How to study CA Intermediate Accounting and Advanced Accounting
- How to attempt the paper and score well in CA Intermediate Accounting and Advanced Accounting
- Important Topics
How to study CA Intermediate Accounting and Advanced Accounting – 12 crucial tips
- Before you begin, be clear with the basic terms and concepts of accounting. You can refer class 12th NCERT. Investing 1-2 days on this will be sufficient to brush up the basics.
- While studying, make it a habit to practice questions corresponding to the theory you have read. Combine theory and numerical questions. This will help you in understanding the concepts well.
- DO NOT skip the study material provided by ICAI. Read all the theory and practice all the questions. You can find the resources for Accounting here and for Advanced Accounting here.
- Have a separate notebook for important concepts and formulae. This will be the guide for revision a day before exam.
- Since this is a practical exam, a lot of practice is required. There will be few questions which will appear to be tough even after multiple trials. Make a list of such questions so that you can have a quick view of these before exams.
- Accounting standards are extremely important. Spend a significant time on them. Try to learn a few important paragraphs by heart. These can be useful to quote during the examination.
- Learn to use your calculator efficiently and know all the shortcuts. This will help you to save a lot of time.
- Do not spend time on unnecessary topics. You need to have a time deadline based on the significance and weightage of topics.
- Do not follow someone else’s timetable. Every person has a different style of studying. Keep your capabilities and core strengths in mind while making your timetable. If you are studying online, we have listed a simple approach to follow for online CA preparation.
- Do not hesitate to take external help. Subscribe to online videos of the topics in which you face difficulty. You can find Demo video lectures by SuperProfs here.
- As soon as you are done with the syllabus, attempt practice tests. Have a target of at least 10 mock tests before the exam day.
- Your job is not complete just by attempting mock tests. Analyze your result well. Make a list of the following:
- Areas of strength.
- Areas of weakness.
- Any important question which you would like to revise before the exams.
- Recurrent mistakes of which you would like to remind yourself before the exam.
How to score well in CA Intermediate Accounting and Advanced Accounting
- ICAI gives 15 minutes to students to read the paper at the beginning. These 15 minutes are extremely crucial and if utilised properly can definitely help you to score well. Use this time as following:
- Read the entire paper properly.
- Prioritise the questions you want to attempt first. Mark the numbers based on the sequence in which you want to attempt. Attempt the question you are most confident about first.
- Decide on approximate time to give to each question. Try to allocate 10 minutes for revision.
- Presentation skills – For practical subjects like these, you do not need to have beautiful/extraordinary presentation skills. However, basic hygiene is a must. You need to have an answer sheet which the examiner wants to read. Just follow these:
- Draw proper formats for balance sheets, P&L statements etc.
- Have working notes
- Start every question from a new page
- Highlight your answer
- Draw margins
- Do not forget to write correct question numbers
- Try to be clear, concise and to the point
- Write narration of every journal entry
- For journal entry questions, record date of transaction and narration
- The sequences in which you attempt questions do not matter.
- Marks are allotted even if you have used the right approach. So, attempt the questions even if you are not confident about arriving at the right answer.
- Don’t write the name or number of accounting standard until you are 100% sure. Otherwise examiner has every right to give you 0 marks even if your explanation is right.
- Accounting Standards
- Internal Reconstruction
- Cash Flow Statements
- Managerial Remuneration
- Accounting Standards
- Insurance Companies
- Internal Reconstruction
- Buy back
Even though these are the important topics, we need to read the entire syllabus to score well and to face the unexpected twists by ICAI. We hope you have got a comprehensive view on how to prepare for accounting and advanced accounting for CA Intermediate. To accelerate your preparation, you can subscribe to Video modules by SuperProfs created by renowned professors and masters of the subject. For tips on how to study for other CA intermediate subjects, refer to the following articles.
You can watch a few demo lectures by SuperProfs for CA and see if you would want to consider subscribing to our video series for a better shot at clearing the CA IPCC examination.