How to Present IPCC Accounts Paper in May 2017 Exam To Get 60 Marks
Accounting is the Paper 1 in CA IPCC Examination. Most of the CA Students feel that Accounts Paper is the very onerous paper in IPCC Group 1. They even struggle to get 40 marks in this paper. Already we’ve provided How to get 60+ marks in IPCC Accounts Paper easily. But today, here we are providing How to Present Accounting Paper in IPCC May 2017 Examination. Before Going to know how to present Accounts exam paper in IPCC may 2017 exams, check why students fail in Accounts paper and other reasons to get low marks in IPCC Accounts paper.
It is generally observed that the students who opt for the Chartered Accountancy course are above average and with a determination to work hard and complete the course at an early date. However, the current environment in which the students have to prepare for their exams is very challenging. Current challenges and possible solutions are highlighted in this article.
Why Students Fail in IPCC Accounts Paper
Most of the students go for selective study at the time of preparation. Consequently, they are not able to gain confidence on the subject and also the surety to fare well in the exam.
In practical papers, students do not focus on theoretical / conceptual understanding of the topic. Theory questions are generally skipped at the time of preparation. Any twist in the question dumps them in the state of confusion which ultimately is reflected in their solutions/answers.
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Practical / numerical questions require written practice without referring the solution in the first go. However, many students solve practical questions orally on calculator. By doing this they do not apply their mind fully rather they simply endorse the solution given in the material. For development of analytical skill, and proper understanding of the concept, it is essential that students do written practice of each and every question by hand. This will also help them in time management and gaining speed.
In practical question, lots of computations are required. Students apply correct concepts/ knowledge but many a times error in the calculation. These calculation mistakes may occur either due to consideration of wrong figures or error in addition in place of subtraction and vice versa.
Students sometimes arrive at correct calculation but falter at the time of copying it in their answer sheet i.e. they unconsciously interchange the digit places of the amount, for example ` 1025 written as ` 1052.
One of the common errors committed by the students is wrong carry forward of the amounts from one page to another. This results into mistake in all the further computations, wherever that amount is used, and loss of marks.
In Accounts, formats play an important role in the presentation of the financial statements. It is observed that students solve the questions correctly but do not prepare their financial statements in the applicable formats especially in Paper 5 : Advanced Accounting at Intermediate (IPC) level (with respect to Corporate entities, Banking and Insurance companies) and in Paper 1 : Financial Reporting at Final level for corporate entities.
Students give irrelevant details even for small question thereby spending unnecessary time on the question which is not required. It is advised that students should restrict their answers according to the marks allotted to that question.
It is observed that all the parts of the question are not answered in continuity. Also each answer was not started from a fresh page by many students.
Working Notes form part of the solution and carry marks. However, it is found that students directly calculate the amounts on the calculator and write the same in the main solution without substantiating it with the help of the necessary working notes. This is one of the main reasons of losing vital marks.
In theory questions or on accounting standard based questions, students do not read the requirements of the question properly and present vague answers without sufficient explanation and reason. For example, question requires to ‘the treatment of the transaction’ and students calculate the amount and end the answer without substantiating the same with the relevant provisions of the accounting standards and the presentation in the financial statements. Though they calculate correct figure, still they will score less or no marks.
At many places, assumptions are required to be mentioned in the solution since it is the base on which your solution is derived. Students overlook this and though solve the question by taking assumption but fail to mention the same in the solution thereby losing marks.
Students sometimes mention wrong Accounting Standard name and number or the para numbers in their solution. It is advised, if they are not sure, then they should avoid mentioning it. Wrong quoting of AS name and number may lead to deduction of marks.
How to Present Accounts Paper in Exam to Get 60+ Marks
Handling of Paper
There are some chapters which require the solution or financial statements to be presented in particular format. You should make it a practice to adopt the prescribed formats while solving and presenting the accounts of particular topics. For example: Financial Statements of companies should be in the format prescribed in the Schedule III to the Companies Act, 2013.
Use of proper formats
Certain statutes prescribe specific formats for presentation of the accounts. You should take care of the same at the time of solving the questions in the exam. Accounts presented in the prescribed manner will help you in scoring due marks.
Adequate Working Notes
In accounts, your solution is generally divided in two parts viz- main solution and working notes. Working notes form part of your solution and carries marks. Therefore, it is advised that calculations made on your calculator should also be written in your answer sheet as working note, wherever required, neatly and precisely. Also your working note should be cross referenced with the figure used in the main solution so that examiner can easily understand that how you have arrived at the particular figure.
Answer the questions with due emphasis on the provisions of Accounting Standards
Support your answers/conclusions with proper reasoning. Answers for questions based on accounting standards should be supported with provisions of that accounting standard rather than a mere common sense or guess work. It is not required to quote paragraph number of Accounting standard but you are expected to quote accounting standard number along with the name of the standard.
However, if you state, paragraph number of accounting standard, then it will add value to the solution and will also help create a good impression in the mind of the examiner. You should quote number of accounting standard or name only when you are sure. It is better not to quote than to misquote the accounting standard number.
State the assumption clearly
In case a question leaves room for making an assumption and there is a possibility of more than one assumption, it is important to clearly state the assumption you have taken and solve the question accordingly.
While attempting practical/application oriented questions, students should be able to pinpoint the legal points or issues involved in any statement, problem or situation given in the question, explain the relevant legal provisions clearly, correlate the legal provisions to the given statement or problem or situation and cite the relevant case law in support of their reasoning.
Other Presentation Tips
- Length of the Answer is not important but Correct answer is important.
- Don’t waste your time on lengthy answers and Lengthy calculations.
- First, Attempt the easy and small questions.
- You don’t required to write in the Question number order wise but write Sub-section questions in order.
- If you don’t know the Accounting Standards and Numbers or acts don’t mention them. It is better to not to be mentioned wrong A/c Standards and numbers.
- Write the relevant answer only. Do not write unnecessary Topics.
- Avoid Strike-through errors.
- Maintain Good Hand Writing and Don’t use too much cursive writing.
- Try to attempt all the questions but not choice question.
- Do not forget to mention the Question number.
- For Accounting Standards Questions, Mention the relevant Accounting Standard of the Question in the 1st paragraph of the answer.
Follow above given Presentation Tips, You can Get 60+ marks in IPCC Accounting Paper Easily. Share this article to CA IPCC Students who are preparing CA IPCC Accounts for May 2017. If you ave any queries and issues of IPCC Accounts Syllabus changes and New Amendments May 2017, you can ask us via comment box and Like our official FACEBOOK page.