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Old Wednesday, May 06, 2009
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Raz Raz is offline
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Default Paper-II

Paper-II (Cost Accounting + Auditing + Taxation + Business Organization & Finance)

I scored 18 MCQs correct, One incorrect and One still undecided. Cost Accounting Q:3 100% correct, Auditing Q:4 fantastic, Taxation Q:7 made two mistakes but still managed it to score around 15 marks out of 20, Business Organization & Finance Q:8 excellent.


Most lengthy paper to prepare and most short to attempt. Wide verity of topics from 4 subjects is covered but paper is very short. I finished my paper exactly within 2 hours and was waiting to pass the time in the exam hall. Lent my calculator to other candidates and then left exam hall.

Cover business organization question because that is the easiest part. (Topics to cove: Sole Proprietor, Partnership, Joint Stock company, Business combinations, Cooperative societies, and few modes of financing).

Cover Auditing section because that is most compact and to the point part of the paper. (Topics: different types of audit, classes of audit opinions, responsibilities of auditor, and internal control).

Cost Accounting: Practice Cost of goods manufactured and Cost of Goods sold statement, variance analysis (Standard costing: Material, Labour, and Overheads), Process costing (Cost of production report), inventory valuation methods, and EOQ. For theory cover different types of costs, and difference between financial accounting and cost accounting.

Taxation: Master calculation of Tax liability of salaried individual. Just go through other topics for reading purpose.

Expected marks: 80 +
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