Tips for Advance Financial Accounting Paper

Started by Mr. Patel, February 24, 2014, 07:40:15 am

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Mr. Patel

February 24, 2014, 07:40:15 am Last Edit: February 24, 2014, 08:05:43 am by CMA Kaustubh Patel
Hello Friends:

Finally I have cleared CMA group IV and completed CMA.Instead of preparing well for the 'Advance Financial Accounting' Papers I am able scored 48 marks (lowest marks among the all subjects in group IV) and  this was because of some mistake that i had made while preparing for the exam.

Advance Financial Accounting is the thoughest paper in the Group IV and the Possibilities of getting failed is very high in this paper.Even two of my friends who had cleared the CMA Inter as well as Final Group III in first attempt, did not able to clear the Advance Financial Accounting paper this time and got fail in the Group IV.

Finally i have decided to share the mistake that we have made in Advance Financial Accounting paper, so that you can take care of the same for your Advance Financial Accounting paper.

  • Since we all know Advance Financial Accounting paper is toughest paper, i had started preparing for the same from the first day of my CMA group IV preparation.I practice daily a "ONE PROBLEM" from Amalgamation and Reconstruction Chapter Alternatively.No doubt, this help me to clear the exam, but let me tell you one thing "It was my greatest mistake to solve one problem daily".

    Yes, I request you instead of solving one problem daily, try to solve 4 to 5 problem daily or 4 to 5 problem once in a week.

    Why, we should solve 4 to 5 problem instead of One problem Daily?

    Of course, there is logic behind it.When i got the paper in my exam hall, i was very excited that i know around 80 marks question.I started with Objective question and score 25 marks out 25 marks.Then i solve Question 2 perfectly.Question 3 was for Consolidation problem, then i attempt consolidation question and after attempting consolidation problem i was so tried that i was totally out of mind to solve the rest of the questions.

    Solving a single problems at home daily and solving a 4 Large problems of reconstruction,amalgamation and consolidation and that with in 3 hours is very though.Instead  i know the whole papers i did not able to solve the whole papers.

    So friends, i request you to solve around 3 problems daily in one sitting, because in exam you have to solve such 3 large problem with in 3 hours.

  • I have prepare well for the Accounting standards.I have given more importance to Accounting standard then three important chapter Reconstruction, Amalgamation and consolidation. But i was wrong, Reconstruction, Amalgamation and consolidation are the most most important chapter to clear the exam.

  • Always solve the problem properly.No matter you solve two problem a day, but solve it properly with drawing lines, tally the total and writing the all details like debit and credit so on.As per my calculation, all this stuff take 15 minute in total in exam.Which mean with in this time we can solve the objective question of 25 marks.So this stuff cost you 25 marks if you did not managed it well.

  • The last question asked in exam was from reconstruction chapter and it was very easy,  but i did not able to solve it.This is because lack of practice. While practicing for the Advance Accounting papers, we usually solve the sum half, i mean we are not conscious about drawing line  ,doing total and all other stuff while solving the sum.If in the mean while of solving the sum if we get any journal entry easy then we do not do that and left it with a assumption that this is very easy.

    The question was very easy but i did not able to solve it because i have never solved that question at my home with an assumption that it is very easy there is not need of solving it rather than that i did it orally.But that was my mistake...!!!

All the above was my mistakes for the preparation of ADVANCE ACCOUNTING Papers.But as you know i had already cleared the exam, below i m sharing some useful tips to score at least 48 marks in exam and clear the CMA.

  • Refer the Suggested answer of CA,CMA and CS for the advance accounting papers. If you do the suggested answer of this three institute then it is enough to score passing marks.You will not believe it but i have personally match the suggested answer of CA with our Compendium of Advance papers, and it is 85% same.

  • Refer M.P Vijay Kumar as a reference book to clear the Advance Accounting papers.It also have a dual benefits, same book can be refer for the Business valuation papers.You will not believe it but in Advance accounting papers question of  value addition (8 marks), Reconstruction (15 marks) and good will (10marks) was asked from it.Further in Business valuation two question of 15 marks are asked from the Vijay Kumar.

  • For theory refer the last chapter of the institute module.Do not ignore the theory.This is because around 10 marks theory short note is asked from last chapter of 5 page only.Yes last chapter is so small and will gave you 10 marks short note to score.

    I personally believe that in Practical paper, theory question are not given more important and vice versa.So, you can easily score more in theory.

  • At last, but not least, prepare well for the papers and do not forget to refer the suggested answers and Scanner.

    If you have any queries related to this papers or CMA or MBA then share on this forum.Me or some one else on this forum will help you to solve the problem.

Mr. Patel

February 24, 2014, 07:40:15 am Last Edit: February 24, 2014, 08:05:43 am by CMA Kaustubh Patel


Thanks a lot for sharing your view. Even i am struggling a lot in Financial Accounting Paper, now i got some idea how to plan and study.


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