Important Topics for IPCC May, 20 Exams

PAPER – 1 (ACCOUNTING)

Important topics

·         Accounting Standards(I8-2O Marks)

·         AS 7,9,10,13

·         Company Accounts (12 Marks)

·         Preparation of financial statement

·         Computation of Managerial Remuneration/ Profit

·         Acc for Bonus lssue (4-5 Marks)

·         Profit for prior Incorporation (4-5 Marks)

·         Amalgamation and internal Reconstruction

·         Computation of purchase Consideration

·         Types of amalgamation (Theory)

·         Passing Journal Entries

·         Partnership (12-16 Marks)

·         Journal Entries

·         Preparation of revaluation a/c Partners capital a/c’s in death/ Retirement

·         Computation of Partners share of profits/ Remuneration

·         Insurance claim on loss of stock (4-5 Marks)

·         Computation of claim with average clause

·         Self Balancing ledgers (4-5 Marks)

·         Hire Purchases (4-5 Marks)

·         Acc. For Incomplete Records (12-16 Marks)

·         Cash flow Statement (Indirect Method)

·         ERP, Pre- Packaged Accounting Software

PAPER-2 (Business law, Ethics and Communication)

Important topics

Indian Contract Act :-

            Case study based on ” Acceptance of Offer ” & ” Bailment “.

            Offer & rules for an offer.

            Capacity to contract.

            Circumstances under which doctrine of Supervening Impossibility not applicable.

Payment of Bonus Act :

1.   Payments part of Salary

2.   Deductions under Third Schedule

3.   Categories of employees exempted for payment of Bonus Act.

EPF :-

1.   Payment part of ” Basic Wages “

2.   Composition & Functions of Central Board of Trustees

3.   Recovery of money dure from employers

Gratuity Act :-

1.   Period for which gratuity payable.

2.   Forfeiture of amount of gratuity

3.   Disputes resolved.

Company Act :-

1.   Conversion of Private to public company & vice-versa.

2.   Incorporation of Company.

3.   Effect of registration

4.   MOA & AOA & MCA

5.   Prospectus – Requirements, Matters to be stated, Shelf Prospectus, Remedies against Directors, Promoters & experts in case of misstatement in the prospectus.

6.   Small Depositors

7.   Effect of irregular allotment, underwriting, Sources of fund for buyback.

8.   Contracts

9.   Futher issue of capital like right issue and alteration & reduction of share capital.

10.   Transmission of shares & Capitalization of profit.

11.   Registration of charges

12.   Meetings

Ethics:-

1.   No economics growth without ecological costs.

2.   Ethics and morals.

3.   Iron law of Responsibility

4.   Social Accountability – 8000, Corporate Governance & Characteristics.

5.   Fairness & honesty are pillars of success in business.

6.   Measure to ensure ethics at work place & Harassment at work place.

7.   Sustainable Development and Responsibility of Industries.

8.   Guidelines themes on consumer protection & consumer rights.

9.   Creating Ethical Environment in company,

10.   Reason of unethical behaviour among financial & accountancy professions.

Communication :-

1.   Communication Process

2.   Principles, Merits & Demerits of Oral communication.

3.   Barriers to communication ( Specially Semantic Barrier )

4.   Ethical Dilemmas

5.   Affidavit & Gift Deed

6.   Notice of Meeting

PAPER 3- Cost & Financial Management

Important Topics

Practical Questions

·         Marginal Costing – P/V Ratio & Key factor,

·         Standard Costing – Material & Labour Variances,

·         Contract Costing,

·         Process & Equivalent production mixed question,

·         Integrated Accounts,

·         Direct Material – Re-order,

·         Maximum & Mimimum level of stock

·         Halsey & Rowan Scheme.

Theory – Conversion & Sunk Cost, Cost Centre, Controllable & Uncontrollable Costs, Service Cost, Explicit & Implict cost, Treatment of Spoilage & Defectives, Bin card & Store Ledger, Pre- requisites & Advantage of Integrated Accounts, Cost plus Contract.

FM :-

Theory

·         Wealth Maximization v/s. profit maximization,

·         Role of CFO,

·         Limitation of Ratios,

·         Functions of Treasury Department,

·         Lock box System,

·         Ageing Schedule,

·         Commercial Paper,

·         ADR & GDR,

·         Seed Capital Assistance,

·         Bridge Finance,

·         Factors into consideration while determine working capital.

Practical Question – Financial Leverage, Preparation of Balance Sheet with help of different ratios, Time Value, FFS, Working Capital, WACC, IRR, NPV, Cash Budget, Factoring.

PAPER 4 -TAXATION

Important Topics

Income Tax

·         Capital Gain & Gift – Around 10 Marks.

·         PGBP – May be big question asked out of it.

·         Now do computation related question, when you do this questions provisions related to salary, house property & other services. After doing these questions you are not required to read provisions separately.

·         Now do TDS, deductions & provisions related to Return of Income – Marks covered 10-12.

·         Now do Set-off & carry forward more chances that theory question of 4-6 marks may be asked out of it.

Paper 5 - Advanced Accounts

Important Topics

1.   AS – 4, 5 ,11, 12, 16, 20, ( 10-12 Marks )

2.   Branch Accounting – Dependent Branches ( 8 Marks )

3.   Banking Companies ( Rate of Provision on NPA, P & L Account ) – 5-8 Marks

4.   Insurance Companies ( Form B-RA & B-PL, Unexpired Risks Reserves & Re-insurance & Short note on Unexpired Risk ) – 8-12 Marks

5.   Conditions for Buy- back ( Sec. 77A ), Buy- Back Practical Question- 8 Marks

6.   Partnership & Amalgamation ( No as such selected topics in this chapters )

7.   Department – 8 Marks

Note 1 : It is advisable to solve examples of Study material & questions of Practice Manual in Accounting Standards.

Paper 6 – Auditing and Assurance

Important Topics

1.   Start with company Audit I & II friends…. this both chapter cover around 30 marks. As this cover 30 marks so read each and every topic in it.

2.   Special Audits – Club Audit, Educational Institution, Hotel, Cinema Hall, Advantages of audit of accounts of partnership firm.

3.   Verification : Cash, Depreciation, Contingent liability, Subsequent Events ( SA 560 ) , Cut-off Procedures, Personal Exp. of Directors & Analytical Review ( SA 500 ). Do this chapter and vouching in last. Best book for doing this is Practice Manual.

4.   Internal Control – Audit Risk, Audit Trail, EDP Auditing Approach n other related topic to EDP.

5.   Preparation of Audit – Audit Techniques, Audit Programme, Audit Sampling ( SA 530 ), Continuous Audit, Letter of Engagement, Management Representation.

6.   Chapter 1 & 2 – Audit Evidence & Methods of obtaining it, Compliance & Substantive Procedures, Going Concern Assumption, Joint Auditors ( SA 299 ), Principles governing audit, SA 200, Types of Error ( Specially Commission & Casting ), Operational Audit, Detection of Fraud & errors, Audit Engagement Letter, Inherent limitations of Audit.

Important Auditing Standards

SA 230	Audit Documentation
SA 330	Auditor’s Response to Risks
SA 450	Evaluation of Misstatements
SA 505	External Confirmations
SA 520	Analytical Procedures
SA 610	Using Internal Auditors work
SA 710	Comparative Information

Paper 7- IT & SM

Important Topics

IT:-

·         Do Flow Chart and Decision table in starting. ( Chapter 5 & 6 ).

Just do all examples & questions of study material and practice manual 60% chances that question in exam will come out of it only. Both theory and practical may be asked out of this chapter so prepare well. Minimum 8 marks question will be asked in exam.

Chapter 4 – 

Short Notes : URL, Web Casting, Firewall, Wifi, Bluetooth, EFT.

Long Ques. : Internet and its uses, Components of Internet, Tools to protect Information against intrusions.

Chapter 3 –

Short Notes : Data Center, Modem, Multiplexer, Bandwidth.

Long Ques. : Types of internet servers, LAN ( Complete Topic ), Star & Mesh Networking, Communication Interface Devices, TCP.

Chapter 2 –

Short Notes : Data Dictionary, DDL, Index Field, Data warehouse, Mirror log, Online Backup, Real time Data warehouse.

Long Ques. : Data Mining Process, Problems of file processing system, Best file Organization, DBMS, Steps of Data processing System.

SM :-

Chapter 7 – Bench Marking, e-commerce/ ERP, Business Process Re- engineering, TQM & Traditional Mgt. Practices, Rationale of BPR.

Chapter 6 – Diff. b/w Strategy Formulation & Implementation, SBU, Matrix Structure, Network Structure and Value Chain Analysis.

Chapter 5 – Penetration & Skimming Pricing, Marketing Strategy Techniques, Implementing Supply Chain Mgt. System.

Chapter 4 – Corporate Strategy Formulation implementation process, Various Grand Strategies, Concentric & Congolemerate Diversification, Turnaround Strategy.

Chapter 3 – GE Model, Ansoff’s Matrix, Product Life Cycle, Common Driving Forces and

BCG.

Chapter 1 & 2 – Strategic levels in organization, Mission & Vision, Objectives & goals, Task of Strategic Mgt., Generic Strategic Alternatives, Definition of Strategy, Porter’s Five forces model, Kieretsus, Manifestation of globaliztion.

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