Group-I Accounting is all about
common sense. This is one of the important subjects, because, it helps a lot in
securing the required aggregate marks in the group. A few recent facts are
stated below:
On a sample survey of last four IPCC
exams, it was found out that, if you take 100 students who have secured
exemption in Group 1, among those 100, a staggering 60-70 number of exemptions
have come from the Accounting subject.
In another survey of students who
failed in the May 2013 exam but got an exemption in one or more subject, there
are 68% students who have got their exemption only in Accounting.
The trick is choosing a wise material. Recent toppers have
stated that, ICAI’s practice manual is the best and that’s what makes the
difference.
Important Chapters/Topics:
- Partnership – Retirement
- Single Entry
- Insurance for loss of Profit
- AS 6,9 and 10
Law, Ethics and Communications
- Meetings, Incorporation
- Workplace Ethics, Ethics in Accounting and Finance
- Communication channels and Ethics
Costing:
- Material Cost
- Contract Costing
- Marginal Costing
Financial Management:
- Cost of Capital
- Cash Flow Statement
- Management of Working Capital
Taxation
- Residential status, Clubbing, House Property
- ST: Valuation, POT, Returns
- VAT: Calculation and procedures
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