How to Effectively Prepare for CA Inter Cost Accounting
Paper-3 of costing and management accounting in CA inter exams is quite difficult if you have not prepared for this well. It takes a lot of practical practice to pass the exam with good marks. Though it happens with many inexperienced students that they take it lightly and have many myths about the subject but in fact, it is not that surprising to see someone passing it with the preparation of the exams at the conceptual level. There are tricks and tips that can be your savior and help you excel in the subject briefly.
Key Point – “Formatting is important, if you properly make format. You are done with 40% of the question”
COST & MA (INTER) Weightage and ABC Analysis | |||
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Chapter No. | Chapter Name | Marks weightage | ABC Analysis |
1. | Introduction to Cost and Management Accounting | 4 | C |
2. | Material Cost | 12 | A |
3. | Employee Cost and Direct Expenses | 10 | |
4. | Overheads: Absorption Costing Method | 10 | B |
5. | Activity Based Costing | 12 | B |
6. | Cost Sheet | 15 | A |
7. | Cost Accounting System | 18 | A |
8. | Unit & Batch Costing | 8 | C |
9. | Job Costing and Contract Costing | 12 | |
10. | Process & Operation Costing | 10 | B |
11. | Joint Products & By Products | 8 | C |
12. | Service Costing | 15 | A |
13. | Standard Costing | 12 | A |
14. | Marginal Costing | 10 | B |
15. | Budget and Budgetary Control | 8 | B |
Advice – Daily remember 5 formulas daily and remind on daily basis for 7 days.
Especially for this paper –“Nothing is more impactive than practice. Solve 10 questions on daily basis”
Best Books for CA Inter Costing and Management Accounting
For Practice (if have limited time) | ICAI Study Material Questions and ICAI Costing (old syllabus) Practice manual |
For practice (if have sufficient time) | CA Ashish Kalra Sirs book |
Important Chapters of CA Inter Costing and Management Accounting
Standard, Marginal, budgetary, cost sheet are some important chapters where the straight questions will be asked and these are most scoring. Above chapters comprises of around 40-45% of the entire chapter.
How to Score 60+ in CA Inter Cost and Management Accounting Paper
Understand the entire syllabus of Costing –
Core Part | Easy but Less focusing | Time consuming | Medium and Scoring |
Material, labour and overhead costing | Reconciliation of Financial Accounts with the Cost Accounts and overview | Single unit cost, Job Costing, Batch Costing, Contract Costing, Process/ Operation costing, Costing of Service sectors | Standard Costing, Marginal Costing, Budgetary costing and cost sheet |
For scoring 60+ in CA inter costing paper, master your skills in medium + scoring and Core part properly. Solve good number of questions of these topics. And take the help of CAtestseries.org test papers.
Study Material | RTP | MTP of CA Inter Costing paper
ICAI Latest Study Material | |
Past Year RTPS | |
Extra Questions for Practice | |
Mock Test Papers | |
Past Year Papers with Solution |
Tips for passing the CA intern Paper 3- Costing and Management Accounting
Though there are many things that you can do to prepare and do well in the exam such as giving CA Inter mock test papers and finish the chapters beforehand. We will discuss a few points below that you must consider for passing the exam
- There are 10 chapters in the paper of costing and out of which 6 are easy and can be easily finished up quickly. These chapters include operating costing, marginal costing, materials, budgetary control, contract, and integrated system & reconciliation. These will not take much time and can be completed in a few days.
- To do the thorough study of study materials issued by ICAI and keep practicing it again and again. Revision can actually solve the problems but only if you are really practicing it. Do try to solve the problems by setting the timers so that you can increase your speed.
- It is important that you write the chapter wise concepts and solution so that you can easily find them whenever you stuck on the same problem next time. This will save you time and allow you to have a quick glance at them again.
- Do not forget to assess your preparation and your ability to sit in exams. Check from time to time if you are fully prepared for the paper or still need any progress. Finish your syllabus long before the exams and spend the remaining time in preparing again from chapter 1.
- Try to give CA inter mock test papers so that, this way you a can understand the types of question come in exams and familiarize with the concept and difficulty of problem-solving. You can know your mistakes and beforehand and correct them before the actual exams.
- Do not go with the approach of important chapters or selected ones since you never know which part of your syllabus can make an important question for you in the paper. Study well all the chapters but never lose the difficult ones.
- Finish all the chapters of your paper already so that you only have to revise them later. Do not start the untouched topic just before the exams since you have the risk of not having prepared for it..
Amendments in CA Inter Cost and Management Accounting Paper
There is no amendment in costing paper.
Few things that you should always take in practice in CA Inter exams
There are a few more tips that you can follow to add value to your paper since the examiners are more focused on your writing answers. You must focus on hygiene and keep your notes neat and clean to not pass the bad impression on him. Show all the calculations and your writing clear and complete whatever you are writing. Consider a few below points while writing your paper
- Attempt easier questions first quickly to save your time for the long and difficult question.
- Writer clear and precise answers to the questions that are from the theory part.
- Write your numerical by answering in brief and only required details.
- Remember the formulas and put them in the right place with derivation.
