Study Strategy Costing

STUDY STRATEGY-GROUP 2

Paper 5: AMA

COSTING:

 Easiest chapters:

Budgets, Activity Costing (either of them is a sure shot question for 8 marks)

 Easy but comes in random attempts: Costing of service sector

 Standard Costing:

A huge chapter, but is in a trend of declining weightage (comes for around 8 marks).So, I suggest u to practice all complex ones well instead of doing all given problems.

 Marginal Costing, Decision making and Relevant costing:

These three chapters come around for 25 marks. Every problem is unique. Practice as many as you can.

 Theory:

Chapters like TQM, Uniform Costing, TOC, JIT, Value chain analysis, BPR, etc. are all theoretically important chapters.

No scope for leaving theory, if at all paper gets tough only theory can save you.

 Complicated chapters:

Pricing Decisions and Transfer Pricing (one of them is a sure question!!)

OR:

 Practice all models of problems in all chapters.

 Remember general format or steps or process of doing a problem. A theory question might come asking to write down steps for solving a specified problem(ex: Prescribe the steps to be followed to solve an assignment problem)

Follow R&D method as mentioned in my Previous article-Study Strategy for group 1.

(Don’t let yourself into believing AMA is tough to crack..even if paper is hard there is every chance that you can attempt and score 4 marks for a tough 8 marks question. So practice well and stay confident)

Paper 6: ISCA

Considering the new syllabus and no information about the pattern, let me guide you through general points

 Read ISCA for an hour and half (minimum) everyday.

 Write down everything you read.

 Have a grip on the language. You should be able to answer atleast for 60 marks in ICAI’s language (nobody can remember 100%...!!!).

 Mostly there will be direct questions so be to the point. Read PM.

Paper 7: Direct Tax

Let’s divide the whole portion into groups and study likewise:

1. Wealth tax :- 10 marks

2. Double Taxation Relief, Transfer Pricing, Foreign Collaboration:- 10 m

3. TDS and TCS:- 5 marks

4. Assessment