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Accounts is one such subject with which students relate the most as it is the first subject that a student studies in the world of commerce when he enters his 11th grade.
So what happens when he steps in CA Inter that he fails to qualify the same paper. As accounting is a completely practical subject, it's scoring as well. It's not much difficult to secure an exemption in Accounts.
Here we will have a look at the detailed reasons why students are not able to secure well. Also, we will talk about the solutions of the same.
Students practice a lot. They make sure to solve all the questions but somehow they are trying to remember the different concepts in different questions.
You don't have to remember anything, just make sure to understand the concepts so that you are able to solve whatever is asked on the basis of the conceptual understanding.
If you make sure to study each and every concept you won't face an issue in the exam.
If someone asks us whether the upcoming paper of accounts will be hard or easy no one can answer that but one thing is for sure that paper is going to be lengthy.
Even if after that you are unable to complete the full paper then it's completely your fault, as you didn't do much written practice.
The third and the major problem that arises is in the presentation of Accounting standards in the paper. Students are well versed with all the concepts but they aren't aware of the ways to present it.
This leads to deducting a lot of marks even though you have the required conceptual clarity. To avoid this you must practice well. Do written practice of the standards to stand out in terms of presentation.
The best way to present the Accounting standards is to focus on the language used by the ICAI material itself. That will give much more weightage to your presentation.
If you feel that AS covers only 20 marks in the paper then you are wrong. These 20 marks are compulsory marks and you don't even have a choice to not attempt it.
As per us, it's the Accounting Standards part which creates a difference in your marks.
Do you remember how much you used to practice your subjects when you were in your 12th grade. You had a passion in you to score well.
Today what happens, Students start studying the subject 4-5 days before exams but then they keep delaying it as they feel they have so much time.
Towards the end of those 4 days also they are left with 4 chapters to be completed. This creates a panicky situation and they realise that they have wasted their utmost crucial time.
Another common mistake that students commit is to start attempting their paper from the biggest questions. Don't do that. If you get stuck in that then you might end up losing a lot of marks and time for other questions.
Start solving your paper from the small questions and that will boost your confidence as well.
Students are often confused about the fact that how many revisions they should do. If we be clear then ideally if you have completed your homework and your first revision along with your lecture then two revisions will be enough. But if you have not done that then three revisions minimum is a must.
You should keep a sheet to keep track of your revisions. In that sheet you should have three revision columns and remarks for each question.
When you are revising for the first time then you must check which all questions are the same and take note of it and when the next time you revise you would have a complete data of the questions you have to revise again and of the questions that you don't have to.
Another confusion that remains in the minds of the students is about which part to cover first, Accounting Standards or normal chapters.
This is a good confusion point as it can be an issue. For Group 1 accounts where the number of AS is less you can always cover two chapters and then cover one chapter.
For Advanced Accounts in Group 2 you can cover one chapter and then one theoretical AS and one Practical AS as the number of Accounting Standards to be covered are more.
Just don't leave AS for the end.
With due respect to all the other faculties, you should prioritize the ICAI material only. Even though you can study from your coaching materials but keep matching the content with the ICAI material.
Even if your teacher says that he has got everything covered you should still match as it will boost your confidence that you have covered everything from the module.
ICAI material doesn't only mean the ICAI study material but everything including MTPs, RTPs and Previous Year's questions and answers as well.
We have come up with a Fastrack batch of Accounts and Advanced Accounts for May 2022 students. The difference is not there in the coverage but it's there in the speed.
To reduce time we have ensured to give you written notes and the concepts will not be written during the class. All the major questions will be covered completely.
So, there's not much difference but for the students who have their exams in November 2022, you should go for the regular batch only as you have enough time.
Also you are going to study it for the first time so you might not be able to process the teaching method of a Fastrack batch.
If we talk about our CA Intermediate Group 2 subject Advanced Accounts then it should be studied in a systematic order.
We ensure to provide a systematic order in our classes that will help you boost your preparation. Maximum students commit this mistake of leaving one of the two chapters which are Consolidated Financial Statements or Partnership. This is one of the worst approaches.
If we club these two chapters and Accounting Standards together then 40-50 marks gets covered.
It's stupidity to leave this part at any cost.
CA Inter group 1 subject number 1 accounts is the most scoring subject in the group. Students are even able to get 95+ in the subject.
If we talk about the weightage then Accounting Standards, Insurance Claims, Hire Purchase and Investment Accounts alone carry 40-50 marks. If you develop a command over these subjects then also you can at least clear your paper.
If you feel you have good command over these chapters then you can start with those chapters which you left in your past attempt and develop command on that.
Don't miss the theory part as well like Basics of AS, Framework of AS or Schedule 3 theory. You can get a direct 5 marks question from that.
It's highly recommended to follow the same order of study as we teach you. Yes you can ace your preparation even if you study some other way but we have made sure to plan your studies in a way that will be easy for you to cover and understand it.
When you are done with your classes you should then first of all focus on those chapters which you have problems in. You must clear those doubts before moving ahead with your preparation.
You should study Accounts in a way that you covet two chapters and one AS at a time. When it comes to Advanced accounts you should study one chapter and then one theoretical AS and one Practical one.
We hope thar you got a detailed idea about your study techniques of CA Intermediate Accounts and Advanced Accounts.
If you have any doubts you can pour them down in the comments and we would be happy to help.