How to Pass CA IPCC Group 1 | Tips by Ranker |

Students keep asking me this question How to Clear CA IPCC Exam, How to Pass IPCC Group 1 in First Attempt and Score exemption. CA IPCC Students need to follow certain strategy during exam preparation to make this happen. In this Artilce, i will list out preparation strategy for each Subject in Group 1 of CA IPCC. Coming to my introduction, I am CA.Nidhi Jain. I am an All India Ranker in May 2016 Exams. The purpose of writing this Article is to bring up the confidences of students and explain them the strategy to study each subject in IPCC Group 1 and how to pass the exam with flying colours.

How to Pass CA IPCC Group 1

The First Group of CA IPCC has Three Practical Papers (Accounts, Tax and Costing FM) and One Theory Paper (Law).

How to Pass IPCC Accounts:

Accounts is one of the easiest papers in Group 1.

Start preparation for your Accounts exam by allocating your time equally between Accounting Standards and Regular Chapters.

Study Accounting Standards in the following order:

  1. AS-1
  2. AS-7
  3. AS-10
  4. AS-6
  5. AS-9
  6. AS-13

For Regular Chapters, start your accounts preparation with Accounting from Incomplete Records. Then move on to Self Balancing Ledgers. After that go to Average Due Date and Account Current.

Then study chapters in the following order:

  1. Accounting for NPO
  2. Hire Purchase
  3. Partnership Accounts
  4. Insurance Claims
  5. Investment Accounting
  6. Amalgamation
Accounts Important Topics

CA IPCC Law Preparation Strategy

The Most important thing you need to remember while preparing for CA IPCC Law Ethics and Communication paper is Side-headings, Side-headings and Side-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter. For Topics in Ethics and Communication, you have to write the same side headings from ICAI Study Materials and Practice Manuals.

For Company Law, Prepare as many questions as possible from ICAI Practice Manual. The more questions you do, the more confident you get. I will also recommend you to memorise Section Numbers for important topics like Deposits, Meetings, Prospectus.

Law Important Quesitons

How to Pass Costing FM

Costing and Financial Management is one of the most underrated subjects in CA IPCC Group-1. 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.

Almost all the students who succeeded in Costing 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.

Costing FM Important Chapters

Tips to Pass IPCC Tax Exam

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, 2016. A minimum of 30-40 Marks will be covered from those topics only. These are provided below.

IPCC Tax Amendments