Updates and details for Tips to score good marks in CA Final Financial Reporting:
Hello, Friends..!! Here I have given you some important tips to score good marks and pass the CA Final Financial Reporting in the 1st attempt. As we are studying this subject from 11th standard and this is a subject in which you can secure the highest.
Accounting is one of the core subjects in the Chartered Accountancy course. The significance of the subject can be judged from the fact that at every level of CA course we have a paper on Accounting and that too the first paper. At Final level, the name of the paper is ‘Financial Reporting’.
How to study for CA Final Financial Reporting?
- First of all revise the Accounting standards specified in Category A thereafter focus on some small topics like Value Added Statement, NBFC, Share-based Accounting. Thereafter you would gain confidence on the subject. Then accomplish the topics Valuation of goodwill, Amalgamation, Corporate Restructuring and Accounting standards mentioned in Category B and C.
- After then pick the Holding Chapter and spread it over a week, say if you have 70 questions in the chapter solve only 10 questions in a day and at last complete the rest of the remaining syllabus.
- Accounting Standards can be prepared on daily basis like ONE AS every day (Longer time for tough AS Like AS 22,15,19 etc) along with practical case studies on AS. Don’t give so much stress on IPCC level AS.
- Financial Reporting, the question paper is purely practical. Therefore, you have to practice solving a good number of questions on each topic. Try to solve each problem on your own (by yourself), in spite of just audit solution from notebook or study material. So, Do practice on a regular basis. Don’t refer to the solution from your notebook or anywhere else.
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Some important tips for CA Final Financial Reporting:
=> Time Management
You should plan your studies. You should plan in a manner that you keep time for two rounds of revision after your study. The question paper of Financial Reporting is purely practical. Therefore, you have to practice solving a good number of questions on each topic.
Considering the practical nature of the paper, start your studies from the day you receive the course material. Your first round of study should be completed well in advance, that is, at least three months before your exam. Keep some time leverage as the assimilation of the chapters may take more time than expected or planned.
=> Study material
Start your study with the study material. In study material concepts of the topic and the accounting treatment on various transactions has been explained in detail with adequate illustrations. Analyze the underlying concepts and try to understand the logic behind every accounting treatment given therein. Keep questioning yourself until you are absolutely clear on the topic. Solve the illustrations after understanding the topic.
=> Practice Manual
After solving the illustrations given in the study material, solve the questions given in the practice manual. Practice Manual is highly useful for the students appearing in the examination as it includes questions from past examinations which would facilitate in a thorough understanding of the chapters explained in the study material.
In accounting paper, it is very necessary that one should practice a good number of questions dealing with different adjustments. Practice Manual will serve this purpose. Your first round of study should cover both Study Material and Practice Manual.
=> Suggested answers
Your second round of study i.e. your first revision should cover the practice of suggested answers of recent two to three examinations. Suggested answers of past few examinations give you an idea of what type of questions are asked in the examination and how to solve and present the solution for such questions in the examination. Solving the question paper in the examination situation will help you, not only in time management but will also give you the confidence to attempt different types of questions in the examination.
=> Revision Test Papers (RTP)
After you complete revision of whole syllabus atleast once, you should solve the questions given in the RTP. For every examination, Board of Studies comes out with a Revision Test Paper. Revision Test Paper is issued for every attempt containing a fresh set of questions which will help you to evaluate your preparation level.
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