Exam Strategy for Commerce & Accountancy optional- Paper 1- UPSC

Exam Strategy for Commerce  & Accountancy optional- Paper 1-UPSC

Contact for Online/Offline/Weekend classes of Commerce and Accountancy Optional Subject 

+919911020626

Email ID- commercegurukulca@gmail.com

Commerce is one of the technical optional,Good scoring subject  and provides the advantage to commerce graduates,M.com,CA ,CWA & CS  as your college and professional studies are utilized in both paper 1 & paper  2. There are around 200 marks numerical question, which can fetch very good marks . Besides, large portion of the syllabus is static in nature. But sufficient practice is needed to score good marks. One more advantage of this optional subject that two weeks are sufficient to revise the syllabus, if you have completed before.

Theory based questions should also be prepared carefully as compulsory questions. Nowadays theory questions are based on new amendments.

If you carefully see the syllabus of Paper 1 of commerce optional , you  can notice that the level of Paper 1 is equivalent to CA (IPCC) or  above than B.Com (Hons) but Lower than M.Com and lower than  CA final  , hence study material of this  level are sufficient to cover the entire syllabus. I am recommending study material for covering of syllabus as prescribed by UPSC not for reading entire books. You should have to act smartly here otherwise syllabus will not be completed.

Cost Accounting

Cost Accounting; Theory & Problems- Maheshwari & Mittal (covered selected topics only as prescribed by UPSC)

 Note ;- Emphasis should be given on theory equally.

Accounting

Corporate Accounting – Naseem Ahmed ( covered selected topics only as prescribed by UPSC )

Accounting Standards- D. S. Rawat ( focus more on Accounting Standards and Presentation for Numerical-practice with working notes)

For IND AS -You can visit www.icai.org.(Make a summary )

Auditing

CA IPCC notes for relevant topics,If You are C.A. otherwise you can refer 

Students’ Guide to Auditing- Aruna Jha (Taxmann) ( for Selected topics only)

Taxation- Income Tax, Service Tax & VAT

CA IPCC- Ajay Jain or V.G.Gupta

   

OR

Income Tax book by- V.K. Singhania or Girish Ahuja

Read Recent budget analysis also

Read GST also

                    

Financial Management

Khan & Jain for Text & Problems  

Financial Markets & Institutions

Indian Financial System- M.Y. Khan or Bharati V Pathak

               OR                                              

Financial Institutions & Markets- L.M. Bhole

(Covered only Selected topics)

Keep track of steps/initiatives by RBI,SEBI and IRDA 

Note :- This part financial market & institutions is highly unpredictable syllabus from exam point of view  and I am  suggesting  not to waste much time in it.

Another recommendation

·         While practicing the numerical questions, You  should make all working notes at one place before the main answer of question.

·         Paper is usually lengthy so You will not get time to draw the line or format well with pencil .You  should  have to make a habit of drawing lines or format for answer with pen only to save time.

·         Clarity and concept in answer should be visible to fetch more marks.

Answers writing skill in Commerce and Accountancy paper

      Firstly, every answer should be started with good introduction. It can be quotes or definition but it should be interesting otherwise examiner will not see your answer paper, because first impression is last impression.

      Thereafter Answer need to be explained in short and clear followed by focusing on the question again. You should not have to deviate from question.

Diagrams can be used effectively (make diagram by pen). 

Ending of answers should always be visionary or positive with example, workings and quotation

Revital for Exam Hall

·         In exam hall patience & calmness holds the key since there will definitely be bouncers (unpredictable & unexpected questions). You’ve to smartly avoid them in Choice and for compulsory questions don’t beat around the bush if you don’t know the answer.

·         Rather invest the time in known questions & numerical.

·         Even if 25-40 marks questions are unanswered, still you can achieve 140 easily. Try to attempt more numerical than theory  

Syllabus

PAPER - I

Accounting and Finance Accounting, Taxation & Auditing

1.      Financial Accounting: 

Accounting as a Financial Information System; Impact of Behavioural Sciences. Accounting Standards e.g., Accounting for Depreciation, Inventories, Research and Development Costs, Long-term Construction Contracts, Revenue Recognition, Fixed Assets, Contingencies, Foreign Exchange Transactions, Investments and Government Grants, Cash Flow Statement, Earnings per Share. Accounting for Share Capital Transactions including Bonus Shares, Right Shares, Employees Stock Option and Buy- Back of Securities. Preparation and Presentation of Company Final Accounts. Amalgamation, Absorption and Reconstruction of Companies.

2.      Cost Accounting: 

Nature and Functions of Cost Accounting. Installation of Cost Accounting System. Cost Concepts related to Income Measurement, Profit Planning, Cost Control and Decision Making. Methods of Costing: Job Costing, Process Costing, Activity Based Costing. Volume  cost Profit Relationship as a tool of Profit Planning. Incremental Analysis/ Differential Costing as a Tool of Pricing Decisions, Product Decisions, Make or Buy Decisions, ShutDown Decisions etc. Techniques of Cost Control and Cost Reduction: Budgeting as a Tool of Planning and Control. Standard Costing and Variance Analysis. Responsibility Accounting and Divisional Performance Measurement.

3.      Taxation: Income Tax: 

Definitions; Basis of Charge; Incomes which do not form Part of Total Income. Simple problems of Computation of Income (of Individuals only) under Various Heads, i.e., Salaries, Income from House Property, Profits and Gains from Business or Profession, Capital Gains, Income from other sources, Income of other Persons included in Assessees Total Income . Set - Off and Carry Forward of Loss. Deductions from Gross Total Income. Salient Features/Provisions Related to VAT and Services Tax.

4.      Auditing: Company Audit: Audit related to Divisible Profits, Dividends, Special investigations, Tax audit. Audit of Banking, Insurance, Non-Profit Organizations and Charitable Societies/Trusts/Organizations.

5.      Financial Management, Financial Institutions and Markets

A.    Financial Management: Finance Function:

 Nature, Scope and Objectives of Financial Management: Risk and Return Relationship. Tools of Financial Analysis: Ratio Analysis, Funds-Flow and Cash-Flow Statement. Capital Budgeting Decisions: Process, Procedures and Appraisal Methods. Risk and Uncertainty Analysis and Methods. Cost of capital: Concept, Computation of Specific Costs and Weighted Average Cost of Capital. CAPM as a Tool of Determining Cost of Equity Capital. Financing Decisions: Theories of Capital Structure - Net Income (NI) Approach, Net Operating Income (NOI) Approach, MM Approach and Traditional Approach. Designing of Capital structure: Types of Leverages (Operating, Financial and Combined), EBIT- EPS Analysis, and other Factors. Dividend Decisions and Valuation of Firm: Walters Model, MM Thesis, Gordans Model Lintners Model. Factors Affecting Dividend Policy. Working Capital Management: Planning of Working Capital. Determinants of Working Capital. Components of Working Capital - Cash, Inventory and Receivables. Corporate Restructuring with focus on Mergers and Acquisitions (Financial aspects only)

B.      Financial Markets and Institutions: Indian Financial System: An Overview. Money Markets: Participants, Structure and Instruments. Commercial Banks. Reforms in Banking sector. Monetary and Credit Policy of RBI. RBI as a Regulator. Capital Market: Primary and Secondary Market. Financial Market Instruments and Innovative Debt Instruments; SEBI as a Regulator. Financial Services: Mutual Funds, Venture Capital, Credit Rating Agencies, Insurance and IRDA.

Commerce Gurukul

Contact for Online/Offline/Weekend classes of Commerce and Accountancy Optional Subject 

+919911020626

Email ID- commercegurukulca@gmail.com