ADVANCED ACCOUNTING | PREPARATION STRATEGY | MAY 2024 EXAMS | 3 /4 TH STRATEGY

hi guys I'm Karthik a ched accountant faculty for accounts at strar classes I'm sure all of you are watching our classes for accounts and this video is very important considering that we have 90 days left for our exams right now let me start off with an example right let's take a cricket player like sures Rea nothing against sures Rea one of my favorite players Sur Rea is an amazing player right but whenever a short ball is bow to him everybody knows that he will not attack the short Ball but he will bend and let the ball pass why because if he tries to hit the short ball maybe some shots will go for a six or a four but most times he gets out same way every Cricket player cannot excel in all the shots there will be one two shots where they know they are not good at and they will not play that if you take Rohit Sharma for example no bowler will bowl a short ball to him because they know he will smack it for a six same way Cricket how it's a smart game what you do in the last 90 days especially when it comes to Advanced accounts it's something you have to be very very smart about this to get your marks meaning sir I want to study 100% syllabus with full 100% effort solve some thousand plus sums and be expert I want to get 100 out of 100 sir yes very much possible but the kind of time and effort needed for that is something else most of us here want to get a 60 plus an exemption and what should I do in the next 3 months considering I have other papers how to be smart about accounts is what we are going to see in the video I know you know the entire syllabus how should I be smart one important thing or one important saying they say is if you take if you know a few things let's say you know only 70 % of syllabus but know that 70% 100% Let me Give an example and what is going to be the agenda in this session our agenda is going to be fairly simple our agenda is going to be fairly simple what do I mean by 70% of 100% first and then sir what are the key topics sir or what are those important topics which I should definitely study for the exam from which I can expect a lot of marks and last one sir with regard to evaluation what are the tricks I can follow with regarding to presentation of my paper so that I can ensure that I don't make the common mistakes which everybody do for us these 90 days are important very simple your exam is let's say for 120 marks right we have one question in Choice let's say you studied everything and you didn't know one topic consolidation amalgamation full 20 marks gone you are left with with another 100 marks within this 100 marks also one more 20 marks you didn't know okay 40 marks you don't know anything you are left only with 80 marks or even if you don't know anything you are not that confident now in the remaining 80 marks if you have a good grip and if you can write at least 60 to 70% of that well then you will end up getting somewhere in the range of 65 to 70 marks that means what I'm trying to say what whatever you write ensure you get it is correct how do I do that we going to show you what are the key topics this is like Ro Sharma telling hey if you bowl a short ball to me I'm going to hit it for a six these chapters are in my grip any question comes in this chapter I will get full marks some chapters are not in my grip or these chapters are not important I might not I won't say it's not important but I will focus a little less on these chapters compared to other chapters given the time so I have broken down our syllabus into three parts in a very smart manner in a very smart manner as to what I should study first what I should study next now look at these three topics amalgamation consolidation and Branch put together you can expect 30 to 40 marks maximum given Choice also but the amount of time you have to spend for these three topics amalgamation you have to practice so many sums amalgamation will take away easily at least 30 to 40 hours of your preparation similar time for consolidation and a similar time for branch that means roughly 100 hours you have to prepare just for three chapters and if you look at the syllabus Branch accounts has the lowest weightage what every student will do oh this is a big chapter let me study this first you will end up studying this first by the time 90 days will get over the rest of the syllabus which carries easily 60 plus marks you will miss out and then you will panic in this and you may not have a full control what would a smart student do in this case he will focus on the key topics which are important standards which are shhot questions look at all these standards topics like as3 19 720 just pause the screen take a photo note down somewhere these standards are key standards because there are numerical standards and definitely you will get questions from these standards here on our as28 is a new standard 15 is New Standard so definitely they will like to ask this so first when you are studying first you finish studying these standards then come to the next category of Standards these kind of Standards which are more theoretical based as9 as4 as18 as13 25 these are Theory based answers don't don't expect 50 plus marks to come from these standards sir I am very good in these standards but I don't know these middle standards then you are not being smart you're just studying randomly numbers whatever number you like you have to be smart so first you finish studying all these standards be very good along with buyback buyback is easy and scoring and less time consuming so I've added over here next these are the other Theory based standards you learn them Basics very basic is schedule three that you you can't skip because schedule 3 balance sheet will come in almost any standard they can ask in as17 to prepare a schedule they can ask you to prepare schedule in amalgamation so ensure you know the basics format and then lastly sir I have 150 hours to study for accounts I finished all these key topics and other topics now I have 30 to 40 hours left now come to amalgamation consolidation learn them even if it comes in exam if you're not able to fully do it it's time time consuming consolidation takes 40 minutes you can leave in choice and do other things so keep these for the last or at least one of those to the last Sometimes some topics like a bouncer for Raina you might not understand sir as22 is very hard for me okay learn the basics may not you don't have to go that in depth this is with respect to the strategizing as to which topic you have to choose same way with Branch branch is a huge chapter maximum you can expect is 5 to 10 marks that is the weightage given as per AA so you can keep this preparation of Branch towards the ending and even if it comes for 20 marks you can leave it for choice because in the time that you can spend for branch 30 hours you can finish all these standards in terms of watching the class or even preparing so this is called being smart when it comes to your preparation so I have completed what do you mean by learning key areas with full effort and what are those key topics I given those to you I hope you made an note now coming to evaluation most students think in accounts if balance sheet is tallied then you you will get full 10 out of 10 or 20 out of 20 no it's not like that sometimes even if balance sheet does not tally you will get 20 out of 20 it's not like for example if you do working note one working Note 2 working Note 3 working node four if it's a 16 mark question sir four marks for each no it's not like that sometimes working note three can have itself 10 marks so what matters is the what is the complexity in each working let me give you an example if you take a Chapter like amalgamation a full- flet sum a purchase consideration computation leads to workings in the books of selling company which leads to workings in the books of buying company correct now if it's a full sum if purchase consideration goes wrong then the entire sum even though you have done it correctly the numbers are not correct even though conceptu are correct you might not get the full marks but you will think you will get four or five out of 16 or 20 so here when it comes to being smart pick the questions that you know well the first 20 to 30 marks that you write in the exam should not have any striking because look at the evaluator guys the evaluator is not a faculty he's a CA with five plus years of experience in practice or job who is not in the field of teach ing so imagine I'm An accounts faculty if I am given a paper of Economics to correct economics or let's say they give me maths paper to correct how will I correct maths paper or let's say tax paper is given to me I don't know the provisions that well so what I will do I will look at the question I will look at the key whatever is there in the key I will tick everything and try to get the try to give the marks so what I will see if an your answer versus key answer if you write anything extra I don't know that so I can't give marks so anything extra even though it's correct you will not get marks if you write anything less which is not there in the key you will lose marks so your answer should match with the key and your key should basically have the crisp answer where can you find the key it's hard to find the key it's IA key but in simple the step should be neat and try to keep the answer as close to ICA answer use the keywords use the tables for any sum as close to what ia has done yes of course a sum can be solved in five ways five all the five ways lead to the right correct answer but the evaluator will have only one or two ways which one or two ways he will have the one or two ways which is there in the IC key so your answer should align with the ICA study mat so that should be your Bible Quran bhagat G that you study so when it comes to accounts I'm repeating again what I told in the class when it's new syllabus this time we have a lot of new problems in the book unlike old syllabus even small standards like as10 or as7 or as18 even though it's old syllabus sir I studied go compare the old syllabus with new syllabus book you can see as8 they've added 10 new sums in as 10 they've added around 7 to 10 new problems as7 they added about four to five new sums that means if I Am The Examiner will I want to test the same old question which is there in Old syllabus or will I test the new questions so you have to strategically Mark what are the new questions in new syllabus for all topics have complete grip in them as per ICA study ma because the initial few attempts they will ask the new questions only in the exam so this is the three things I wanted to communicate with you give 100% effort of whatever you're studying whatever you're studying give 100% effort ensure the topics you study the sequence of topics are smart enough and when it comes to evaluation I've told you how the evaluation happens so over here when you're trying to be smart in the key topics and evaluation ensure those sums which are new you are very good and ensure your answer tries to align with the IC key and this is about it I hope you're watching the classes keep watching the classes keep finishing the classes and keep practicing accounts is your first exam guys remember what happens in your first exam sets the tone so if you're confident and do your first exam well the rest of the papers will flow well so ensure accounts is your strength paper and it's a scoring paper all the best I'm hoping this video was useful for you keep going for exams wishing you the best again guys thank you

Channel: CA Ram Harsha

Views: 18,420

Keywords:

Id: 8g36SAfUVpM

Length: 12min 45sec (765 seconds)

Published: Fri Feb 16 2024