Things to know while preparing for CA Intermediate Paper 5: Advanced Accounting
If you’re going through this, there are high chances you have cleared the CA foundation or
the first level of the Chartered Accountancy course and reached onto the next level: CA
Intermediate. Congratulations for the same!
And now it’s time to start prepping yourself for the next level of CA exams – the Intermediate exams. In order to top this level, you need to have a good study plan. It’s so because if you don’t have one, it will be really difficult for you to manage your time and efforts efficiently, and you could end up dedicating much more time than expected to certain subjects.
Let’s help you in giving some CA intermediate preparation tips that have helped our students of previous batches. These tips can help you excel in your exam as well.
In this guide, we will focus on the specific paper 8 of CA Intermediate course.
Structure of the Paper
CA Intermediate Paper 5 is a subject that covers Advanced Accounting. The syllabus covers topics such as Accounting Standards, Financial Statements of Companies, Consolidated Financial Statements, Accounting for Corporate Restructuring, and Valuation of Goodwill and Shares.
The exam consists of two groups, and the Advanced Accounting paper is part of the Group I exams. The exam is three hours long and has a total of 100 marks. To prepare for the CA Intermediate Paper 5, it is important to have a good understanding of the concepts and their applications. Candidates should focus on building a strong foundation in the basics and practice numerical problems to develop accuracy and speed. Keeping up with the amendments to the accounting standards is also important.
There are 6 questions in the paper, out of which you are required to attempt 5 questions. Each question is of 20 marks.
- Usually, the Q.1 is compulsory which consist of 4 questions of 5 marks each on Accounting Standards.
- Q.2 to Q.5 usually consists two questions of 10 marks each. These are more of practical questions. At times, there can be 2 questions where one question is 15 marks practical question and the other one is 5 marks theory question.
- Q.6 again comprises of 4 questions of 5 marks each, which is a combination of Accounting Standards and other hands-on questions.
Please note: Candidates should refer to the study material provided by ICAI and attend classes and webinars to gain a better understanding of the subject.
Source of Examination Content
- Study material provided by your coaching
- Previous years’ examination papers
- Reference material provided by ICAI
Please note: This is not an exhaustive list; you can always take help from other study material as well.
- Thorough study of every concept (7 to 8 days):–
- Keep the important and tricky questions highlighted so that you can just go through them whenever you revise.
- Do not focus on each question– just make sure you know the flow of the answer and make a small list of all important points of each chapter.
- Remove the easy questions and prepare a pool of questions
- Prepare easy notes with compact explanation for important topics.
- If time permits, solve the MCQs.
- Summarised version of the Syllabus (3 to 4 days)-
- Focus on certain questions to be practices during revision.
- Keep reading the preparatory notes.
- Quick revision (1 day) –
- Go through all the preparatory notes and go for a mock exam as well.
- Final revision (1 day) –
- Trust your instincts.
- Go through important topics.
- Read all your notes prepared for the revision.
Exam writing Skills
To ace your exam writing skills, you can follow these tips:
- Practice writing: The more you practice it, the well you will become. Take practice tests and timed exams to get used to writing under pressure.
- Understand the question: Before you start with your answer, just make sure you understood the question. Read it carefully, and highlight or underline the key words and phrases. This will help you to be attentive and on-topic.
- Plan your answer: Take a few moments to articulate your answer before you start writing. Make an outline or a rough draft of your answer, including the main points and supporting details.
- Use clear and concise language: Use simple, clear, and concise language to express your ideas. Avoid using complex terms unless required.
- Be organized: Organize your answer into paragraphs, with each paragraph focusing on a single idea or argument. Use transitional words and phrases to connect the paragraphs and create a coherent structure.
- Provide examples: Use examples to support your arguments and illustrate your points. This will make your answer more convincing and easier to understand.
- Revise and proofread: Take a few minutes at the end of the exam to revise and proofread your answer. Check for spelling and grammar errors, and make sure your answer is clear and concise.
Preparation on Eve of Exam
Preparing for an exam on the eve of the exam day can be stressful, but here are some tips that can help you stay calm and focused:
- Review your notes: Go over your notes and important formulas to refresh your memory.
- Practice with past papers: Solve past exam papers to get an idea of the types of questions that may appear in the exam.
- Avoid cramming: Avoid trying to learn new topics or cramming at the last minute. This can increase your anxiety and reduce your ability to recall information.
- Get enough sleep: Get a good night's sleep before the exam day. Being well-rested is important for you to be focussed and active on the examination day.
- Eat a healthy meal: Eat a healthy meal before the exam, but avoid eating heavy or oily food that can make you feel sluggish.
- Stay hydrated: Drink plenty of water to stay hydrated, as dehydration can cause fatigue and reduce your ability to concentrate.
- Stay positive: Avoid negative self-talk and stay positive. Believe in yourself and trust that everything is going to end well in the examination.
Remember, the eve of the exam is not the time to start studying from scratch. Rather, it is a time to review and consolidate what you have already learned. With a calm and positive mindset, you can perform your best in the exam.