Important Topics Questions CA-IPCC CA-Final Nov 2016 Chapters

CA IPCC: Important questions / Chapters / Topics for Nov 2016 exams, Preparation Tips of Group 1 Accounting, Law, Costing and FM and Taxation

(Extracts of notes by previous toppers)

View CA Final Important Questions Topics Nov 20116

CA IPCC Tax Amendments Important Questions Tips Topics

Accounting Important Chapters, Questions:

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 Nov 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

Download Accounts Notes for Revision

Law Ethics and Communication Important Topics:

We have conducted a survey of 160 students who have secured exemption in Law. Below are a few notes they have made:

Side-headings, Side-headings and Side-headings. 56% of the students have told the same thing. The importance of sub-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter.

70% of the students have given the credit to Ethics and Communications.  Ethics and Communications have a comparatively very much smaller syllabus. Combined reading based on sub-headings have got them the success.

For Law, most of the students have credited the need of ICAI Practice Manual.

Important Chapters/Topics:

• Meetings, Incorporation
• Workplace Ethics, Ethics in Accounting and Finance
• Communication channels and Ethics

Download Law, Ethics Notes for Revision

Costing and FM Important Chapters:

Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.

This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.

So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.

Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper.  Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.

Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.

Important Chapters/Topics:

Costing:

• Material Cost
• Contract Costing
• Marginal Costing
• Joint and By Products (Theory)

Financial Management:

• Cost of Capital
• Cash Flow Statement
• Management of Working Capital

Costing and FM Important Theory Questions

Download Costing FM Notes for Revision

Taxation Important topics

Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.

There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.

Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady.

Killer tip: Go though Amendments made in Finance Act, 2013. A minimum of 50-55 Marks will be covered from those topics only.

 Download these Amendments here

Important Chapters/Topics:

• Residential status, Clubbing, House Property
• ST: Valuation, POT, Returns
• VAT: Calculation  and procedures

Important Theory Questions:

• Service Tax @ Life Insurance business
• Benefits of Composition scheme under VAT
• Advance Payment of Tax on Capital Gains (5M)
• Deduction u/s 80CCG
• Section 197A (1F)
• Service Tax on Vocational Course offered by Govt Org

 IPCC Nov 2014 Tax Amendments

Group -2:

Advanced Accounting Important Questions:

Students are advised to prepare the Advanced Accounting paper from ICAI's Study Material. Accounting Standards are good scoring topics. Use DS.Rawat book to prepare Accounting Standards and there are 99% chances that questions will be asked from the same.

Important Topics:

AS 4, 11, 26 (5M and 4M Questions)

Revised Schedule VI 

ESOP

Financial Statements of Electricity Companies

Dept. Accounts

Amalgamation of Firms

Auditing and Assurance Important Chapters, Topics:

Auditing is a very tricky subject while preparing. Students should prepare for exam with special emphasis on certain chapters. Prepare the chapters in the order as listed out below:

• Company Audit -1
• Verification of Investments and Loans
• Vouching of Payment of Taxes, Investments
• SA 240, 402, 550, 570, 610, 720

Download Auditing Revision Notes

Information Technology and Strategic Management Imporant

The biggest advantage of these two subjects is that, questions will be asked out of the Study Material only and no way ICAI will go out of the book. While answering the paper, Special emphasis must be given on Sub-headings. Appropriate side-headings will land you in 55-65 Marks zone.

Download Strategic Management Notes

For the overall preparation, GIST is very essential, You will know the value of Gist only on the day of exam, when you are left with only hours and syllabus to be covered is huge. If you are too lazy to note down important points, its preferred to record them in your mobile. On the day of exam, just play all the points you recorded and your revision will be completed in a hour.

Wishing the best for your preparation!!

• CA IPCC Law Important Questions, Chapers, Topics
• Accounts Important Questions, Chapters, Topics for CA IPCC exams
• CA IPCC Tax important Sections, Chapters, Topics
• CA IPCC Costing and FM Important Topics and chapters
• CA IPCC Auditing Important
• CA IPCC Advanced Accounts Important chapters
• CA IPCC IT and SM important

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ICAI Online Verification, Certified Copies Nov 2014 IPCC, CA Final

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CA IPCC, Final Revaluation / Reverification result Status Nov 2014 

There is no fixed date as to when the revaluation result of the CA Final and IPCC papers that have been applied for revaluation/verification will be released by ICAI.

Students of IPCC and Final who have applied for Revaluation/Verification can check their status below:

Imp Note: When you enter your Admit Card number / Roll Number and PIN, if you are getting the answer as 'Record Not found', then it means that your application is still in the process and will take some more time to reflect.

So, students need not worry about the matter. Generally it takes around one to two months for the re-verification / revaluation results to be updated on the ICAI portal.

Procedure for Revaluation of CA Final, PCC, IPCC Exam papers

Students can apply online for Verification or to get the certified copies of their Answer books. The links are as follows:

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Click Here For Verification of Exam Papers


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Click Here to Apply for Certified Copies


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(Note: Though We use the terminology “Revaluation”, There is nothing called as Re-Valuing the Answer paper in CA Course, though ICAI allows students to apply only for Re-Counting of the Marks)

Read this fully please:

NOTE: Though it is called as Revaluation, the marks are only Re-Counted and Answer Sheets are not Revalued.

Warning: Students Should NOT mention their Email IDs and Cell phone Numbers in the Request form

There is no standard Format/Application Form for applying for Revaluation of your Marks in CPT or IPCC or PCC or Final Examination. Institute asks you to Submit a simple Hand written application. Note: It should be in the Candidates own Handwriting.

The Application should Specify the following details for the quick reference:

1. Roll No.(H.No.)
2. Student Reg. No.(SRO)
3. Paper(s) to be verified
4. Examination details – CA CPT / PCC / IPCC / Final
5. Address for Communication

If the Candidate opted for English then it is obvious that you need to make the application in the English Version and If the Candidates has opted Hindi as his Medium for writing Examination then candidate should make duly signed with requisite fee by way of Demand Draft in the name of ICAI(details below).

Time limit for Sending the Application:

 Application should be submitted within one month from the date of declaration of Examination results.

How much is the the Fees for Revaluation of Marks?

Fee for Revaluation of Marks is Rs. 100/- per paper subject to a maximum of Rs. 400/- for all the papers of a group/ both groups.

Fees is to be remitted by way of Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India” and payable at New Delhi.

Where should I Send the Application?

The Application along with the requisite Demand Draft may be either be deposited at or sent to:

The Additional Secretary (Exam)

ICAI Bhawan

Post Box No. 7112

The Institute of Chartered Accountants of India

Indraprastha Marg, New Delhi – 110 002

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IPCC Costing Notes FM Notes Nov 2016 | Important Questions |

IPCC Costing and FM Notes Nov 2015 Exams

Costing Notes:

Costing Theory Summary

Quick Revision Notes before Exam

Costing Notes 2

Important Formulas in Costing

Costing Theory 3

Financial Management (FM) Notes:

FM Formula Compilation in One Page

Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.

This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.

So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.

Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper.  Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.

Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.

Important Chapters/Topics for Nov 2015:

Costing Important:

• Material Cost
• Contract Costing
• Marginal Costing
• Joint and By Products (Theory)

Financial Management Important:

• Cost of Capital
• Cash Flow Statement
• Management of Working Capital

Costing and FM Important Theory for Nov 2015 exams:

Go Through the Important Theory Questions in Costing and FM, for CA IPCC November 2015 Exams.

Even though enough care is taken while selecting the questions, students are recommended not to put in too much reliance on these. 

       Costing Important:

          Discretionary Costs

          Conversion Cost

          Product Costs Vs Period Costs

          Bin Cards Vs Stores Ledger

          Allocation and Apportionment

          Accounting Treatment for Over-time Premium

          Short Notes on General Ledger Adjustment Account

          Advantages of Cost-Plus Contract

       Financial Management (FM) Important:

          External Commercial Borrowings

          Business Risk Vs Financial Risk

          ADR Vs GDR

          Role of CFO

          Types of Floats in the context of Cash Management

          Benefits of Optimum Capital Structure

          Ploughing Back of Profits

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Electronic Payment of Service Tax Limit reduced to 1 lakh

The limit for Compulsory Online Payment of Service Tax has been reduced to 1 Lakh, applicable from Jan 1, 2014.

The Provision says, "where an assessee has paid a total service tax of rupees '1 Lakh' or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, he shall deposit the service tax liable to be  paid by him electronically, through internet banking".

Earlier this limit is 10 Lakhs.

This amendment will be applicable for May 2014 CA IPCC and CA Final Examinations

View the Official Notification below:
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GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE) 

Notification No 16 /2013-Service Tax

New Delhi, the  22nd November, 2013

   1 Agrahayana, 1935 Saka

           

G.S.R           (E).-In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 ( 32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,  namely:-

1.        (1) These rules may be called the Service Tax  Third ( Amendment) Rules, 2013.

           (2)  They shall come into force on the 1^st day of January, 2014.

2.      In the Service Tax Rules, 1994,  in rule 6,  in sub-rule (2),  in the proviso,  for the words “ rupees ten lakh” , the words   “ rupees one lakh”   shall be substituted.

F.No: 137/116/2012- Service Tax

(Rajeev Yadav)

Director

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Result Date May 2016 IPCC - CA IPCC Result May Nov Exams

ICAI used to release CA CPT and CA Final results on the same day. but this time, CPT results will come out first.

CA IPCC Results of the May 2015 exams  are likely to be declared on 31st July, 2015.

All those registering their requests will be provided their IPCC Result through e-mail on the e-mail addresses registered as above immediately after the declaration of the ipcc result.

CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate (IPC) Examination roll number of the candidate)

e.g. CAINTER 002971

and send the message to

58888 - for all mobile services – India Times

Students can check their IPCC Result on the following website:www.caresults.nic.in

(G. SOMASEKAR)

ADDITIONAL SECRETARY (EXAMS.)

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IPCC TAX Nov 2016 Syllabus, Amendments

IPCC Nov 2015 Exams: Tax Amendments, Income Tax slabs etc

*Manufacturing companies investing more than 100 crore in new plant and machinery during the period from 1.4.2013 to 31.3.2015 entitled to investment allowance@15% [Section 32AC] 

*From this year, A rebate of Rs.2,000 from tax calculated will be available for people having an annual income upto Rs.5 Lakh. Thus we can say that tax payable in 10% slab will be maximum Rs.28,000 (taking into account Rs.2,000 tax credit).

Surcharge of 10% will be payable if income is above Rs.1 Crore.

Income Tax Slabs for Nov 2015 Exams

Income Range	Men and Women (Below 60 Years of Age)	Senior Citizens (Men and Women above 60 years of age) but below 80 years	Super Senior Citizens ( Men and Women above 80 Years of Age
Upto Rs.2,00,000/-	Nil	Nil	Nil
2,00,000 to 2,50,000	10%	Nil	Nil
2,50,000 to 5,00,000	10%	10%	Nil
5,00,000 to 10,00,000	20%	20%	20%
Above Rs.10,00,000	30%	30%	30%

Taxation

Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.

There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.

Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady.

Killer tip: Go though Amendments made in Finance Act, 2014. A minimum of 50-55 Marks will be covered from those topics only.
 Download these Amendments here

Important Chapters/Topics:

• Residential status, Clubbing, House Property
• ST: Valuation, POT, Returns
• VAT: Calculation  and procedures

Important Theory Questions:

• Service Tax @ Life Insurance business
• Benefits of Composition scheme under VAT
• Advance Payment of Tax on Capital Gains (5M)
• Deduction u/s 80CCG
• Section 197A (1F)
• Service Tax on Vocational Course offered by Govt Org

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ICAI Accounting Technician Course (ATC)- Form, Eligibility, Procedure, Fees

Eligibility Criteria to appear in the Intermediate (IPC)/ Accounting Technician Examination as:-

(i) Applicable for students who have registered for the Intermediate (IPC) Course either on passing CPT and Senior Secondary (10+2) Examination or after passing intermediate level examination of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India.

                                     Click here for Online Application

Such candidates shall be eligible for admission to the Intermediate (Integrated Professional Competence) Examination if they –

(a)    are registered for the Intermediate (Integrated Professional Competence) Course; and

(b)  have undergone a study course for a period of eight months commencing from the

date of registration to the Course.

Note: Students registered exclusively for Accounting Technician Course (ATC) are required to complete 35 hours Orientation Course and 100 hours Information Technology Training (ITT) before appearing for the first time in Accounting Technician Examination.

months which shall commence from the date of registration to the Course).

The unique feature of the Accounting Technician Course (ATC) curriculum is the supportive and complementary 8 months study course period, 100 Hours Information Technology Training (ITT), 35 Hours Orientation Programme and 12 months practical work experience.

Students who have passed either the Professional Competence Examination or Professional (Education – II) Examination or erstwhile Intermediate Examination in its entirety or first examination or was exempted from passing the first examination under that regulation and has completed the prescribed period of practical training as was required for admission as a member is eligible for grant of Accounting Technician Certificate without undergoing 12 months work experience.

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Documents required for CA IPCC Registration

Students, while submitting Intermediate (IPC) Course registration form at concerned Regional office, should enclose the following:

1) Demand Draft/Pay Order towards Intermediate (IPC) Course registration fee (Demand Draft should be drawn in favour of “The Secretary, The Institute of Chartered Accountants of India payable at either New Delhi/ Mumbai/ Chennai/ Kolkata/ Kanpur” as the case may be.

2) Attested copy of 12th pass or its equivalent Central Government recognised examination pass marks statement (applicable to CPT route students).

3) Copy of CPT Pass marks statement, (applicable to CPT route students) (Note: Students are advised not to wait for CPT marks statement to be received from Examination division for registration to Intermediate (IPC) Course but proceed for Intermediate (IPC) Course registration with a copy of downloaded CPT marks statement).

4) Graduation/Post Graduation marks statements or Intermediate level examination pass statement having passed the Intermediate level examination of The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India for admission to Intermediate (IPC) Course under Direct Entry Scheme.

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IPCC Nov 2013 - All Amendments in one place

IPCC Paper 1 - Accounting:

A. Pronouncements

Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus.  (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of  ‘Accounting’ Study Material revised in November, 2012.).

B. Announcement relevant for November, 2013 examination

Criteria for Classification of Entities and Applicability of Accounting Standards

Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has  recently decided to change the 1st criteria i.e. determination of SME on turnover basis for  Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year  commencing on or after April 01, 2012

IPCC Paper 5 - Advanced Accounting:

A. Pronouncements

Accounting Standards 4, 5, 11, 12, 16, 19, 20, 26 and 29 are covered in the syllabus.
(Text of all applicable Accounting Standards are available in the Appendix II of Volume I of ‘Advanced Accounting’ Study Material revised in November, 2012.)

B. Notification/Announcement relevant for November, 2013 examination

1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA)
In the Revised Schedule VI format, no line item has been specified for the presentation of “Foreign Currency Monetary Item Translation Difference Account (FCMITDA)”. Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item.

2. Criteria for Classification of Entities and Applicability of Accounting Standards
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012.

3. Clarification on Debenture Redemption Reserve (DRR)
Ministry of Corporate Affairs vide Circular no. 04/2013 dated 11 February, 2013 has clarified the adequacy of DRR for various institutions/companies as follows:
table will be updated soon
Every company required to create/maintain DRR shall before the 30th day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than fifteen percent of the amount of its debentures maturing during the year ending on the 31st day of March next following year.

4. Maintenance of Cash Reserve Ratio at 4.00 per cent for all banks vide circular DBOD. No. Ret. BC. 76/12.01.001/2012-13 dated January 29, 2013.

5. Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012.

6. Review of the Prudential Guidelines on Restructuring of Advances by Banks/Financial Institutions
Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular no. DBOD.No.BP.BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012 and has decided:

i) To enhance the provisioning requirement for restructured accounts classified as standard advances from the existing 2.00 per cent to 2.75 per cent in the first two years from the date of restructuring. In cases of moratorium on payment of interest/principal after restructuring, such advances will attract a provision of 2.75 per cent for the period covering moratorium and two years thereafter; and that

ii) Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75 per cent in the first year from the date of upgradation instead of the existing 2.00 per cent.
In accordance with the above, loans to projects under implementation, when restructured due to change in the date of commencement of commercial operations (DCCO) beyond
the original DCCO as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2.75 per cent as against the present requirement of 2.00 per cent as per the details given below:

Infrastructure projects

table will be updated soon

Rates of Provisioning for Non-Performing Assets for Banking Companies

For Banking companies, revised rate of NPA are given.

Category of Advances	Rate (%)
Sub- standard Advances
Secured Exposures	15
Unsecured Exposures	25
Unsecured Exposures in respect of Infrastructure loan accounts where certain safeguards such as escrow accounts are available.	20
Doubtful Advances – Unsecured Portion	100
Doubtful Advances – Secured Portion
For Doubtful upto 1 year	25
For Doubtful > 1 year and upto 3 years	40
For Doubtful > 3 years	100
Loss Advances	100

All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged.

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