The Hindu Business Line : Follow the PERFECT formula

THE CA examinations are just round the corner. All the hard work of the past few months will be put to test. It is common for students to feel that they have not prepared well enough and, therefore, wanting to either skip the exam or take up only one group. Relax.

The first step is to start believing in yourself. In the week before the examinations, follow the PERFECT formula, that is, prepare, evaluate, revise, focus, eliminate, concentrate, think.

Make a SWOT analysis based on recent trends in the examination (the model of income-tax (PE II) paper was changed in the last examination).

The current trend is to ask several small questions. Therefore, familiarise yourself with topics relating to non-performing assets, managerial remuneration, statutory report, and so on.

There are also topics that are most likely not to appear. For example, AAS 3, on documentation, is under revision and, therefore, the possibility of a question on this is remote.

Selective study involves taking calculated risks. Certain topics are tricky no matter how well-prepared you are. For instance, most students are not confident solving problems on `Profits and gains of business and profession'. Do not spend much time on such topics.

Focus on topics that have undergone changes lately — for instance, securities transaction tax, and calculation of rebate under Section 88D. Expect questions based on actual events — accounting treatment to be given in the event of catastrophes.

In case you are appearing for PE II, concentrate on Central sales tax (25 marks are at stake). This topic, though small, is tricky. Work out problems on funds flow statements, as these can be asked in both the accountancy and financial management papers.

In many cases it is observed students do not score good marks because of poor presentation. During preparation, jot down the important points and practise writing the answers, especially to questions on vouching and verification as these are almost certain to appear. It may not be a bad idea to try and work out a few model papers before the examination. Compare your answers with suggested ones.

Time yourself. The importance of time management during the examination needs no elaboration.

Just as in audit we look for sufficient and appropriate audit evidence, the answers too should both be sufficient and appropriate.

For PE II students, here are some tips:

Accounting and audit standards together account for approximately 100 marks in the accounts and auditing papers. These must be gone through methodically.

Try to read a few of them every day. You must be more or less prepared for the auditing paper. After the accounts paper on November 5, revise income-tax, as it needs more time. Overnight revision may not be sufficient, as it comes after the costing paper.

Sunday morning can be devoted to both costing and financial management. Squeeze in some time for company law on Sunday noon, especially for areas relating to issue and buyback of shares, ESOP, and so on. This will be helpful for both audit and company law papers. Sunday night and Monday morning may be devoted for auditing.

Now, here are a few dos and don'ts for the students:

Dos

Keep your confidence level high;

Go through the revision test papers and the Institute's study material fully and thoroughly;

Work out the solved illustrations in your accounting, costing and income-tax study modules; and

Take care of your health.

Don'ts

Night outs before exams not advisable;

Do not discuss the subject at the examination centre — you may feel under-prepared when friends speak of topics you have not covered. After the exam, too, avoid discussion, as you cannot undo anything. Better to concentrate on the next day's paper; and

Do not be nervous. Tension will only affect your attention level.

All the very best for the examination.

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