REVISION SERIES FOR IPCC
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
TIME TABLE FOR IPCC STUDENTS From:- Revision Series for IPCC- Audit By CA Gunja Maheshwari Time Table from:- 1st Feb, 2012 to 26th April, 2012 Days Remai ning :-
1st Revision Fe b Ma rch Ap ril
Less: Sunda ys Total Days Left
2nd Revision 3rd Revision
29 31 26
Extra Time
86
Test
32 days 24 days 18 days
12
74
* Time Table is made on the basis of 74 days * It is assumed that the Student has completed the first reading and now only revision is required * Time Table is made only upto 26th April, so that You will have enough time to revise your 1st Subject just before exam * Topics/ Chapters are given based on the Module provided by the Institute * It is advisable to complete 1 Subject at a time, so that you will get an idea of estimated time required to complete one subject, and is helpful at the time of last revision just before the exam * Numbers mentioned in brackets refer to chapter number of the module * Details of chapters mentioned only for 1st Revision, from 2nd revision, only chapter no. mentioned. For Chapters list refer to sheet 2
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC Da ys Re ma ini ng 86 85
84
Date
01 Feb 2012 02 Feb 2012
04 Feb 2012
82
05 Feb 2012
81
06 Feb 2012
80
07 Feb 2012
79
08 Feb 2012
77
09 Feb 2012
10 Feb 2012
Subj ect
1st
8am to 10 am
10:30 am to 1pm
2pm to 5pm
5:30pm to 8pm
8:30pm to 10:30pm
Basics of AS (1)
AS 1,2,3,6 (1)
AS 7,9 (1)
AS 10,13 (1)
AS 14 (1)
Financial Statements of Companies (2)
03 Feb 2012
83
78
Re vis ion
Acc ount ing
Average Due Date & Account Current (7)
Profit /Loss prior to incorporatio n (3) SU ND AY
Self Balancing Ledger (8)
Cash Flow Statement (2)
Amalgamation (6)
Financial Statement for NPO & educational institution (9)
Internal Reconstruction (5)
Accounting of Bonus Issue, Computerise d Environment (4, 15) Insurance Claims for loss of stock & loss of profit (13)
REVISION OF WHOLE WEEK
Acc ount ing
1st
Accounts for Incomplete Records (10) Issues in Partnership Accounts (14)
Hire Purchase & Instalment Sale Transaction (11)
Complete pending topic if any & note down the topics in which you require more concentration based on test
TEST
Indian Contract Act, 1872 (1) Busi nes s Law s, Ethi cs & Com mun icati on (BL EC)
Business Ethics (7 to 12) Essentials of communicati on & interpersonal communicati on skill (13, 14)
Companies Act, 1956 (6)
Negotiable Instrument Act, 1881 (2)
Negotiable Instrument Act, 1881 (2) and Payment of Bonus Act, 1965 (3)
Payment of Gratuity Act, 1972; EPF & Miscellane ous Provisions Act, 1952 (4, 5)
Investment Account (12)
Group Dynamics, communicat ion ethics & corporate culture (15, 16, 17)
By CA GUNJA MAHESHWARI
communicati on in business environment and legal deeds & documents (18, 19)
10:30 to 10:45 Daily Followup/ Review by Student Himself
REVISION SERIES FOR IPCC
76
11 Feb 2012
1st
75
12 Feb 2012
SU ND AY
74
73
72 71
14 Feb 2012 15 Feb 2012 16 Feb 2012
70
17 Feb 2012
69
18 Feb 2012
1st
68
19 Feb 2012
SU ND AY
67
20 Feb 2012
21 Feb 2012
65
22 Feb 2012
Labour Costing (3)
TEST of BLEC
Cost Acc ount ing and Fina ncia l Man age men t (CA FM)
13 Feb 2012
66
CAF M
Basic Concepts & Material Costing (1, 2)
TAX
Overheads (4)
REVISION OF WHOLE WEEK
Standard Costing (8)
Non Integrated Accounts (5)
Marginal Costing (9)
Job, Contract, Batch, Operating, Process Costing (6)
Operation, Joint Product, BY product Costing, Budgets & BudgetaryCo ntrol (7, 10)
Scope & Objectives of FM (11)
Time Value of Money (12)
Financial Analysis, Planning & Decisions (13, 14) Working Capital Management (17) Types of TEST Financing (15) Basic Concepts, Income Residence which do & Scope of not form Total part of Total Income (1, Income (3) 2)
Capital Budgeting (16) Complete pending topic if any & note down the topics in which you require more concentration based on test
Heads of Income (4)
REVISION OF WHOLE WEEK Heads of Income (4)
TAX
Income of Other persons included in Assessee's total Income; Aggregation of Income, set off & carry forward of losses (5, 6)
Deductions (7)
Service Tax (11, 12, 13) By CA GUNJA MAHESHWARI
Computation of Total Income & Tax Payable; Provisions concerning Advance Tax & TDS; Provisions for filing of Return of Income (8, 9, 10)
REVISION SERIES FOR IPCC
64
63
23 Feb 2012
24 Feb 2012
62
25 Feb 2012
61
26 Feb 2012
60 59
29 Feb 2012
57
01 March 2012
56
02 March 2012
54
53
52
1st AA
03 March 2012 04 March 2012
AS 5,11 (2)
SU ND AY
AS 12, 16 (2)
AS 19, 20 (2)
AS 26, 29 (2)
Departmental Accounts (8)
REVISION OF WHOLE WEEK Company Accounts (4) Financial Statements of Insurance and Banking Companies (5, 6) AA
1st Audi t
Financial Statements of Electricity Companies (7) Complete pending topic if any & note down the topics in which you require more concentration based on test Nature of Preperation Auditing for Auditing and Basic and Internal Concepts of Control (3, Auditing (1, 4) 2) Verification (6)
Companies Audit I (7)
SU ND AY
05 March 2012
06 March 2012
Preperation & Presentatio n of Financial Statements; AS 4 (1, 2)
TEST
Partnership Accounts (3)
27 Feb 2012 28 Feb 2012
58
55
VAT (14, 15, 16)
Complete pending topic if any & note down the topics in which you require more concentration based on test
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test
Vouching (5)
Verification (6)
Companies Audit II (8)
Special Audits (9)
REVISION OF WHOLE WEEK
Audi t
1st
Accunitng for Branches including Foreign Branches (9)
ITS M
SA's Introduciotn to Computers; Input & Output Devices (1, 2)
TEST
Software (3)
Data Storage, Retreival & DBMS (4)
By CA GUNJA MAHESHWARI
Complete pending topic if any & note down the topics in which you require more concentration based on test Data Storage, Retreival & DBMS (4)
Computer Network & Network Security (5)
REVISION SERIES FOR IPCC
51
50
49
48
47
46
45
44
43
42
41
40
39
38 37
07 March 2012
08 March 2012 09 March 2012 10 March 2012 11 March 2012 12 March 2012 13 March 2012
1st Re vis ion En ds 2n d
Flow Charts (7)
Strategy Implementa tion and Control (14)
Reaching Strategic Edge (15)
Business Environme nt; Business Policy & Strategic Managem ent (9, 10)
TEST
Strategic Analysis & Strategic Planning (11, 12)
Formulation of functional strategy (13)
Complete pending topic if any & note down the topics in which you require more concentration based on test
Chapter 1
Acc ount ing
Chapter 3, 4
Chapter 2
SU ND AY
REVISION OF WHOLE WEEK
Chapter 5 Acc ount ing
14 March 2012 15 March 2012 16 March 2012 17 March 2012 18 March 2012 19 March 2012 20 March 2012 21 March
Internet & other technologie s and Decision Tables (6, 8)
Chapter 7, 8
Chapter 11
Chapter 10
Chapter 14
SU ND AY
CAF M
Chapter 9
TEST
Chapter 1
Chapter 2
Chapter 6
Chapter 7 to 12
BLE C
CAF M
Chapter 6
Chapter 1
Chapter 2
Chapter 12
Chapter 13
Complete pending topic if any & note down the topics in which you require more concentration based on test Chapter 3
Chapter 4, 5
Chapter 13 to 19
Chapter 3
Chapter 4
Chapter 6
REVISION OF WHOLE WEEK
TEST of BLEC
REVISION OF WHOLE WEEK
Chapter 8
Chapter 5
Chapter 11, 12
Chapter 15
Chapter 9
Chapter 17
Chapter 17
Chapter 7, 10
Chapter 13, 14
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC 2012 36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
22 March 2012 23 March 2012 24 March 2012 25 March 2012
Chapter 16
Chapter 1, 2
Chapter 7 SU ND AY
Chapter 4
Chapter 5, 6
Chapter 8, 9, 10
VAT
REVISION OF WHOLE WEEK
TAX
27 March 2012 28 March 2012 29 March 2012 30 March 2012
Service Tax
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test
Chapter 1, 2
Chapter 3
Chapter 8
Chapter 4
AA Chapter 5
31 March 2012
05 April 2012
Chapter 3
TAX
26 March 2012
01 April 2012 02 April 2012 03 April 2012 04 April 2012
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test
Chapter 7, 9 SU ND AY
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test
REVISION OF WHOLE WEEK
Audi t
Chapter 1, 2
Chapter 3, 4
Chapter 8
2n d Re vis ion En ds
Chapter 6
ITS M
Chapter 5
Chapter 6
Chapter 7
Chapter 9
SA's
TEST
Chapter 1, 2, 3
Chapter 4
Chapter 5
Chapter 6, 8
Chapter 9, 10, 11
Chapter 12, 13
By CA GUNJA MAHESHWARI
Chapter 7
Chapter 14, 15
TEST
REVISION SERIES FOR IPCC 21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
06 April 2012 07 April 2012 08 April 2012 09 April 2012 10 April 2012 11 April 2012 12 April 2012 13 April 2012 14 April 2012 15 April 2012
3rd
Chapter 1
Chapter 6
Chapter 10
Chapter 2
Chapter 3
Chapter 4, 15
SU ND AY
REVISION OF WHOLE WEEK
Acc ount ing
BLE C
CAF M
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 1
Chapter 2, 3
Chapter 4, 5
Chapter 6
Chapter 7 to 19
Chapter 1
Chapter 2, 3
Chapter 4, 5
Chapter 6
Chapter 7, 10
Chapter 8
Chapter 9
Chapter 11, 12
Chapter 16
Chapter 13, 14 SU ND AY
16 April 2012 17 April 2012 18 April 2012 19 April 2012 20 April 2012 21 April 2012 22 April 2012
Acc ount ing
TEST of Accounting CAF M
Chapter 15
REVISION OF WHOLE WEEK Chapter 17
Chapter 1, 2, 3
TEST of BLEC
REVISION OF WHOLE WEEK
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test Chapter 8, 9, 10
Chapter 4
TAX Chapter 7
Chapter 5, 6
Service Tax
Chapter 1, 2 AA
VAT
Chapter 2
Chapter 3
Chapter 5
Chapter 6
Chapter 4 SU ND AY
TEST
REVISION OF WHOLE WEEK
By CA GUNJA MAHESHWARI
Chapter 8
Chapter 7
REVISION SERIES FOR IPCC
4
3
2
1
23 April 2012 24 April 2012 25 April 2012 26 April 2012
AA
Chapter 9
TEST
Complete pending topic if any & note down the topics in which you require more concentration based on test
Audi t
Chapter 1, 2, 3, 4
Chapter 5, 6
Chapter 7, 8
Chapter 9
SA's
ITS M
Chapter 1, 2, 3
Chapter 4, 6
Chapter 5, 7, 8
Chapter 9, 10, 11, 12
Chapter 13, 14, 15
TEST of Audit
Take rest
TEST of ITSM
Take rest & revise if anything remains pending
From:- Revision Series for IPCC- Audit By CA Gunja Maheshwari
DAILY ROUTINE Total 12 hrs per day
7am to 8 am 8am to 10 am 10am to 10:30 am 10:30 am to 1pm 1pm to 2 pm 2pm to 5pm 5pm to 5:30pm 5:30pm to 8pm 8pm to 8:30pm 8:30pm to 10:30pm 10:30pm to 10:45pm 10:45pm
Get up & get ready to start the day
Study Take rest, & have breakfast
Study Have Lunch & take a Nap
Study Take rest & walk around
Study Have Dinner
Study Review your Own performance for the day Take a sound & relaxed Sleep
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
Syllabus S. No.
SUBJECT
Paper 1: ACCOUNTING 1 Accounting Standards :Basics AS 1 : Disclosure of Accounting Policies AS 2: Valuation of Inventories AS 3: Cash Flow Statements AS 6: Depreciation Accounting AS 7: Construction Contracts (Revised 2002) AS 9: Revenue Recognition AS 10: Accounting for Fixed Assets AS 13: Accounting for Investments AS 14: Accounting for Amalgamations Preparation of financial statements – Profit and Loss Account, Balance 2 Sheet and Cash Flow 3 Profit (Loss) prior to incorporation 4 Accounting for bonus issue 5 Internal Reconstgruction 6 Simple problems on Accounting for business acquisition, Amalgamation (excluding problems of amalgamation on inter-company holding) 7 Average Due Date, Account Current, 8 Self-Balancing Ledgers Financial Statements of Not-for-Profit Organisations and Accounting for 9 educational institutions 10 Accounts from Incomplete Records 11 Accounting for Special Transactions:Hire purchase and instalment sale transactions 12 Investment accounts 13 Insurance claims for loss of stock and loss of profit. 14 Issues in Partnership Accounts 15 Accounting in Computerised Environment
Paper 2:
BUSINESS LAWS, ETHICS & COMMUNICATION Part I: Business Laws (30 marks) 1 The Indian Contract Act, 1872 2 The Negotiable Instruments Act, 1881 3 The Payment of Bonus Act, 1965 4 The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC 5 The Payment of Gratuity Act, 1972. 6 The Companies Act, 1956 – Sections 1 to 197 Part II: Ethics (20 marks) 7 Principles of Business ethics 8 Corporate governance & Corporate Social Responsibility 9 Workplace Ethics 10 Environment & Ethics 11 Ethics in Marketing and Consumer Protection 12 Ethics in Accounting and Finance Part III: Communication (20 marks) 13 Essentials of Communication 14 Interpersonal Communication Skills 15 Group Dynamics 16 Communication Ethics 17 Communicating corporate culture, change, innovative spirits 18 Communication in Business Environment 19 Basic Understanding of Legal Deeds and Documents
Paper 3: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Basic Concepts Material Labour Overhead Non Integrated Accounts Job Costing, Contract Costing, Batch Costing, Operating Costing, Process Costing, Operation Costing, joint products, by products Standard Costing Marginal Costing Budgets & Budgetary Control Part II: Financial Management (50 marks) Scope & Objectives of Financial Management Time Value of Money Financial Analysis & Planning Financing Decisions Types of Financing Investment Decisions Management of Working Capital
Paper 4:
Taxation Part I: Income-tax (50 marks) 1 Basic Concepts 2 Residence & Scope of Total Income By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Paper 5:
Income which do not form part of Total Income Heads of Income Income of Other Persons included in Assessee's Total Income Aggregation of Income, Set off and Carry forward of Losses Deduction from Gross Total Income Computation of Income Tax and Tax payable Provision concerning advance tax and Tax Deducted at Source Provisions for filing of Return of Income Part II: Service tax (25 marks) and VAT (25 marks) Concepts and General principles of Service Tax Charge of service tax and taxable services and Valuation Payment of service tax and filing of returns VAT – concepts and general principles Input Tax Credit and Composition Scheme for Small Dealers VAT procedures
Advanced Accounting
Conceptual Framework for Preparation and Presentation of Financial 1 Statements 2 Accounting Standards AS 4 : Contingencies and Events occurring after the Balance Sheet Date AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003) AS 12: Accounting for Government Grants AS 16: Borrowing Costs AS 19: Leases AS 20: Earnings Per Share AS 26: Intangible Assets AS 29: Provisions, Contingent Liabilities and Contingent Assets 3 Advanced Issues in Partnership Accounts 4 Company Accounts 5 Financial Statements of Insurance Companies 6 Financial Statements of Banking Companies 7 Financial Statements of Electricity Companies 8 Departmental Accounts 9 Accounting for Branches including Foreign Branches
Paper 6: 1 2 3
Auditing and Assurance Nature of Auditing Basic Concepts in Auditing Preparation for An Audit By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC 4 5 6 7 8 9
Paper 7: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Internal Control Vouching Verification of Assets and Liabilities Company Audit – I Company Audit – II Special Audits
Information Technology and Strategic Management Section A: Information Technology ( 50 Marks) Introduction to Computers Input and Output devices Software Data Storage, Retrieval and DBMS Computer Networks and Network Security Internet and Other Technologies Introduction to Flowcharts Decision Table Section B: Strategic Management (50 marks) Business Environment Business Policy and Strategic Management Strategic Analysis Strategic Planning Formulation of Functional strategy Strategy Implementation and Control Reaching Strategic Edge
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
ABOUT THE BOOK:•
Use of Flowcharts for Explaining the Concept
•
Covered all points mentioned in the Syllabus prescribed by ICAI
•
Meant exclusively for Revision Purpose
•
Incorporated Practical experiences of Auditor
•
Use of Easy and Lucid Language
•
100% Result for last two attempts, i.e. since its publication and expect the same for coming attempts also
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
Answer Keys for “IPCC – Audit” Paper, Nov 2011 Refer the following pages of the Book ‘Revision Series for IPCC- Audit’ for the answers of the Audit Paper of IPCC Nov 2011 Exam Q. No. Related Topic Pg. No. of the Book 1 (a) Engagement Letter SA 210 Pg No 117 1 (b) Vouching of payment of taxes Point 10 Pg No 32 1 (c) Removal of Auditor before expiry of term Point 4 Pg No 68 1 (d) Verification of authenticity of cash at Bank Point E-1 Pg No 38 & Point 27 Pg No 60 2 (a) Objectives of Internal Audit Point 16 Pg No 27 2 (b) Audit of Allotment of Debentures Point 9-A Pg No 89 3 (a) Process of External Confirmation SA 505 Pg No 131 3 (b) Duties of Auditor in case of reduction of Point 5-m Pg No 87 Capital 4 (a) CAATS Point 13 Pg No 24-25 4 (b) CARO 2003 Point 20 Pg No 28, Point 1 Pg No 150 & Point 10 Pg No 70 5 (a) Audit of Recreation Club Point J Pg No 112 5 (b) Propriety Audit by C&AG Point 4 Pg No 103 6 (a) Areas where different accounting policies Point 5 Pg No 46, may be adopted Point 18 C Pg No 51 6 (b) Types of audit required under law Point 15 Pg No 6 6 (c) Disclosure requirement of debtors in Point 23 Pg No 58 financial statements 7 (a) Importance of working papers Point 15,16 Pg No 16 7 (b) Reliability of Audit Evidence Point 5-9 Pg No 8 7 (c) Audit of sale of investment Point 7 Pg No 36 7 (d) Verification of assets required on lease Point 8 Pg No 32 7 (e) Advantages of statistical sampling Point 20 Pg 17-19
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
By CA GUNJA MAHESHWARI
REVISION SERIES FOR IPCC
By CA GUNJA MAHESHWARI
