Guide to preparing for CA Final Exams – Part 2

In continuation to our guide focusing on preparing for CA Final exams, we hereby present to you Part 2 of the same covering Group 2.

Helpful Tips/ Guide to Clear CA Final Exams 2017 

Group 2 for CA Final Exams

The Group 2 of CA Final also consists of four subjects:

1. Advance Management Accounting (Costing)
2. Information System Controls and Audit (ISCA)
3. Direct taxation
4. Indirect tax

Following are the important points to remember while preparing for CA Final examinations:

Advance Management Accounting (Costing)

1. Costing is further divided into 2 more parts – Costing and Operational Research (OR)
2. OR is formula based except linear programming and critical path analysis thus topics like transportation problems, assignment problems, simulation and learning curve theory can be done easily. Moreover these topics cover more than half of OR syllabus
3. Decision making, budgeting and transfer pricing are the 3 main topics in Costing covering almost 70% of costing apart from OR from both numerical and theory point of view
4. Clarity on the concepts and practice of questions is of utmost importance
5. The Institute’s practice manuals have plenty of questions on these topics so pull your socks to practice them all
6. On top of all, one question from service sector and standard costing comes for sure

Information system Controls and Audit (ISCA)

1. One subject that troubles every CA student is ISCA therefore it is better to spend time on and memorise only those chapters that have more weightage like Protection of Information system (POIS)
2. Important topics in POIS are Information system policies and their hierarchy, impact of technology on internal controls, classification of information system, Application controls and information technology general controls
3. Although the topic is wide but making a flow chart with keywords would help in recognising what to answer in what question
4. The easiest topic is emerging technologies with a weightage of approximately 8-12 marks
5. In the chapter Acquisition, development and implementation of information system – any of the two topics (first is system development methodology – strength and weakness of any model and system development life cycle) or sometimes both are expected to be a part of the final exams
6. Penalties and provisions from the chapter information technology related issues is a compulsory part of exams since it updates you about cyber security

Direct Taxation

1. Amendments undoubtedly are very important from exam point of view
2. Changes in rates, case laws and penalties are the most frequently asked questions from the amendments
3. Numerical questions from the topics PGBP, MAT and Capital gains should be practiced carefully and thoroughly since they carry weightage of 8-16 marks in the final exams
4. Working notes are very important for every numerical question thus never ever forget to mention them
5. Try to cover case laws/case studies for past 2-3 three years only
6. Other important topics from exam point of view are TDS/TCS, assessments, charitable trusts, transfer pricing, amalgamation and demerges

Indirect Taxation

1. The syllabus of indirect taxation is vast covering customs, service tax and excise
2. In service tax – negative list, Place of provision of service, reverse charge mechanism, abatements and mega exemptions are very important. 3 to 4 numerical questions can be easily expected from topics such as calculation of limit for small service providers (SSPs), reverse charge mechanism, SEZ service providers, valuation of taxable service for works contract, money exchange and goods transportation services
3. In excise – topics like classification of excisable goods, valuation of excisable goods, Cenvat credit rules and export procedures are important from theory point of view as these topics also cover most of the case studies in excise law. For numerical topic such as SSI exemptions, bonds and valuation rules of excise are important
4. In customs – definitions, types of duty, warehousing, classification of goods and valuation rules hold importance for theory, numerical and case law based questions. Procedures related to search and seizure under customs are also frequently asked
5. Topics like Demand, Appeal, Advance ruling, settlement commission, refund and penalties are quite similar in service tax, excise and customs

Following such guides is beneficial however what matters more is ultimately the efforts you put in and the devotion you showcase in order to attain your dream of cracking the CA Final examination.

Related Read- Guide to Clear CA final Exams Part -I