Audit your performance well

Pragatti Oberoi

As the examination date of CA-CPT exam draws closer, students are left with limited time. Lakhs of aspirants are aiming at clearing the exam to be held in June. In such crucial hours, students find themselves over-burdened with huge volume of syllabus, making it difficult to revise all of it in a limited span of time. It is imperative for all CA-CPT aspirants to give equal weightage to all the subjects: Fundamentals of accountancy, mercantile law, general economics and quantitative aptitude. Here are a few subject-wise tips that can help students score well in the exam.

—Advice & tips by Jatin Bansal,a practicing chartered accountant

On your Revision list 

Basics of accountancy

The portion comprises introduction to accounting, its principles and standards, bank reconciliation statements, consignment and joint ventures, partnership accounts and company accounts, out of which consignment and joint ventures is the most important topic. Ensure that you practice the subject by solving as many questions. It will also help you work on your speed.  Practise the practical questions, also don’t forget to be thorough with the theoretical ones. Time management is extremely important in accountancy.

Mercantile Law

The portion covers the entire Mercantile law, i.e. The Indian Contract Act of 1872, The Sale of Goods Act 1930, and the Indian Partnership Act 1932. Revise the sections and the case laws thoroughly to avoid confusion during the exam. Some of the important topics under General Contracts (ICA 1872) include essentials of a valid contract, types of contracts, capacity, consideration, etc.

General economics

It is a mix of micro and macro economics. It covers topics like micro economics, theory of demand and supply, production cost, price determination in different markets, profile and aspects of Indian economy, economic reforms in India and money and banking. Having a good understanding of all the topics will give you an upper hand in the subject. Refer to the latest ICAI Module figures for macro economics. Regularly practising numericals can help you save time and boost your confidence.

Quantitative aptitude

This portion is a blend of mathematics and statistics. It includes topics like ratio and proportion, differentiation, integration, AP GP, sets, functions and relation, correlation, regression, index numbers, probability, theoretical distribution and sampling. 

Reading the question twice and sometimes three times is very important for this part. Statistics often becomes time consuming, thus, it is important to manage time while solving the questions. You should be familiar with the usage of your calculator. Scientific calculator is strictly prohibited. Students, who haven’t studied math in Class XI and XII, must pay attention to general and easier topics like sets, probability and statistics. 

Tips to ace the exam

Handle time pressure

The exam is divided into two sessions of two hours each. It is an objective type of paper. For every wrong answer, a mark is deducted. There will always be a problem of time and the best way to score well is to be selective. It is not about attempting all the questions, but leaving the ones that you’re not sure about.

Go through formulae and concepts everyday

You must revise mathematics and statistics formulae daily. The concepts related to law should be revised well. This will help you develop a better understanding of the topics and prepare you well for the main day.

Don’t begin with new topics

With just a month left for the exam, avoid practicing new topics as this can just increase the pressure and rob you of your valuable time. Instead, focus on brushing up the already learnt concepts. 

Clarify your doubts

The exam is all about being extremely thorough with your concepts. Clarify your doubts well in time. Be confident about your preparation.

Don’t answer hastily

Never immediately answer a question without giving it a thought. Read it twice, mark the answers with pencil, be sure about the answer, then go ahead with marking the final option. 

Take mock tests

Solving mock test papers help in improving speed and time management. Don’t forget to take the ICAI mock test that will also be conducted in June, 2018. It can help you get a fair understanding of the exam.

Utilise the break-time 

The exam is divided into two sessions of two hours each with one-hour break in between the sessions. Utilise the time well. Rather than going about discussing the paper with others, calm down, grab yourself a quick bite and get set go for the next session.