Accountancy in CA Final is relatively a cakewalk ...especially if you compare it with the likes of MAFA and Costing. One does not expect any major surprises...the paper setters generally adhere to an almost standard pattern ...A couple of fireworks will surely be there ...but then they are manageable.
Consolidation, Amalgamation and Valuation of Goodwill & Shares are the three major topics .
Consolidation and Amalgamation are interesting, especially if you've faced the exercise in any of your audit assignments.
Valuation is really crap.It is quite mechanical, with those format-based problems requiring little application of logic.In such sums, one would always tend to commit silly mistakes. I would suggest that you just prepare a list of some golden mechanical rules, for e.g. those pertaining to average capital employed when one computes goodwill, and mug them up. If possible, in the exam hall, try confirming your answer with your friend ..We were advised by seniors and teachers to consult a girl across. Trust me they are awesome at these types of sums!!!
One should not ignore the minor topics like Fund Accounting and Value Added Statement.They are minnows when pitted against consolidation and amalgamtion . There is a likelihood that you may tend to be a bit complacent with them .Don't ignore such innocent looking monsters as the Accountancy paper would offer no choices whatsoever.One has to attempt all questions they have asked.
Pls stick to your tuition teacher's study material. They are enough ...you just need to practice all the sums a couple of times.
As far as accounting standards are concerned, I simply love them.... they are the syntax of our accounting language and I feel any CA student will, by default, develop a genuine interest in them.
Do solve the numerical aspect of AS 3,7,11,19,22,25 and 28.... while most are quite easy, I found the top-down and bottom-up test in impairment quite difficult ...
No one studies the Cash Flow Statement because it was asked in the Inter Exams but you never know when they spring up surprises ...we faced that googly in Nov’07. At least remember the basic format.
Similarly AS 15 on retirement benefits is difficult to comprehend unless you've actually seen the actuarial valuation reports by Watson & Wyatt in your audits . Just carry a basic knowledge of the standard , like what is the applicability , a simple illustration on Liablity for Gratuity a/c solved in class etc .I guess that would be quite sufficient. At least it will be less risky than omitting AS-15 entirely.
While your tuition teacher's study material would be having ample illustrations, there is a book by D S Rawat on accounting standards ...some situations mentioned there are quite exciting ...Similarly the book by G Sekar on Auditing has got loads of solved problems on Accounting Standards and you can have a glance at them,if time permits !!!
It is more important that you remember the relevant text of the accounting standard which is applicable to the problem at hand. Ensure that it constitutes the first part of the answer, before you opine on the situation mentioned . Even if your final opinion is incorrect, you'd get some marks for sure because you have emphasised categorically upon the examiner that you at least know the AS well !!
Guidance Notes are easy.... although I never understood the one on ESOPs ...they would also be quite useful in the Auditing paper also, say the Guidance Notes on treatment of MAT,FBT and Excise Duty.Also prepare short notes on the Human Resource Valuation, Mutual Fund Accounting and the Stock Brokers kind of stuff. These are dealt with in your tuition teacher's study material...
Accountancy is a student's delight ...the return on time employed is highest among all practical oriented papers ...just around a 100-120 odd sums need to be mastered. ...
Performing well is crucial because it is the first paper and if goes well, it could impart enough momentum to see you through Group I. Debut acha hona chahiye naa!!!