Category Archives: FINALS

TIPS FOR PREPARING LAW EXAM


How to Prepare Law subject

 

1.   Use Scanner from the very beginning. It helps you to recognize which chapter is to be given preference. Prepare a list of Chapter wise frequently asked questions from the Scanner and prepare them properly.

 

 
2.   Try and develop a sense to figure out excess study material from the exam point of view and cross that material immediately in your book. Study Material provided by the institute is not updated most of the times and full of totally irrelevant material/theory.

 

 
3.   If you have time prepare your own notes to learn properly only for important topics along with frequently asked questions solution.

 

 
4.  As per my opinion you shouldn’t ask anybody about the relevance of quoting sections in Exams. It is off course extremely useful in law subjects especially in CA Exams. Try and quote section in your exams without any hesitation. Prepare a special strategy for remembering sections. If you make it a habit now it will 100% pay at the time of your final preparation.

 

 
5.  Don’t play with the language of law specially Definitions. It is strongly recommended to put the definition in the exact language. However you can take slight liberty while drafting your answer in respect of other law language but the context, texture, interpretation and meaning should not be changed.

 

 
6.  Work out on your presentation and writing skills.

 

 
7. Don’t use different notes for one topic. Finalise your notes before starting final Examination preparation and stick with them.   

 

 
8.  10 Days before examination date do not add any new topic in your schedule. Just focus on revision-revision and revision.

 

 
9.  Time saving method: As per my opinion in theory paper you should attempt flat questions first. After that attempt practical problems. Like in Audit or Law first attempt short notes or distinctions etc. In the beginning if you attempt practical problems first then there may be wastage of time in reading the problem twice or thrice.

 

 
10. Make Point & give heading: In other words write your answer to the point. Try and convert the paragraphs in to points and give them a heading like I am giving in this Article. However, if during exam you have no time then avoid this practice. But it’s a very good technique of theory presentation.

 

HOW TO REMEMBER ACCOUNTING STANDARDS


Here is a way to easily remember AS
 
 
I guess this will be useful to beginners, for me this helps a lot even now, bcoz i get stuck in simple things now and then

1 Disclosure of Accounting Policies
2 Valuation of Inventories
1 and 2 will be easily remembered as they are first two
  
3 Cash Flow Statements
has three words 1)CASH 2)FLOW 3)STATEMNTS

4 Contingencies and Events Occuring after the Balance Sheet Date
relates to transactions which fall outside the four walls of a room

5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies 
 thats my lucky number so have your own strategy

7 Construction Contracts
we give weekly(7 days) wages for labour of construction activity

8 Accounting for Research and Development
in R of Reaserch..have a small u below R it becomes 8 R+u=8
 
9 Revenue Recognition
this 9 is the highest number...after this zero will be added and the series continuos, many business people prefer combination of number 9 wherever they have to choose as they believe it earns highest revenue

10 Accounting for Fixed Assets
there are 10 assets for which COA and COI is taken as nill as per sec55 of IT Act
  
11 The Effects of Changes in Foreign Exchange Rates
the first thing flashes in our mind when we read forex is $ dollar, in the symbol S is crossed by 2 lines, i.e.,11
  
12 Accounting for Government Grants
Govt many times say that you invest 1rupee we will provide 2rupees as subsidy 1+2=12
  
13 Accounting for Investments  
14 Accounting for Amalgamations
we are quite familiar with 13 and 14 in our accounts 
for 14- 4 companies A,B,C,D were amalgamated and 1 company is formed 1 formed by 4, 1 by 4=14
  
15 Employee Benefits  
thats my birthday, for you people sec15 of IT act is charging section for Income from salaries(paid to employee)

16 Borrowing Costs
3 sources are Equity Preference Debt as per COC of FM, when you borrow funds firms always try earn income atleast by double, 3X2=6
 
20 Earnings Per Share
Shareholder expects to double his property when he invests in shares, usually shares are for 10/- each
 
 
21 Consolidated Financial Statements
consolidation of 2 companies FS in 1 company=21
  
22 Accounting for Taxes on Income
In PCC tax is 2nd paper in 2nd group