How much time required to prepare for Accounting, if one has no prior experience
 

Dear members,

As is clear from the topic name, how much time does a so-called 'newbie' needs to invest to get 150+ marks in the accounts paper.

Anyone here with prior experience?

[QUOTE=ProfessorX;899927]Dear members,

As is clear from the topic name, how much time does a so-called 'newbie' needs to invest to get 150+ marks in the accounts paper.

Anyone here with prior experience?[/QUOTE]
truly speaking two months not less than that.

I see, even though it is high-scoring but it requires time. One can never be too sure, especially if one has no background knowledge relating to the subject, although I have concluded from the FPSC annual reports that it can prove to be a fruitful subject, even if you are not familiar with the subject matter.

[QUOTE=ProfessorX;899990]I see, even though it is high-scoring but it requires time. One can never be too sure, especially if one has no background knowledge relating to the subject, although I have concluded from the FPSC annual reports that it can prove to be a fruitful subject, even if you are not familiar with the subject matter.[/QUOTE]

200 marks preparation is a big deal.you must invest your best potential.As far as familiarity is concerned,i dont think its necessary for success but your hard work is ...Best of luck

You should not opt accounts if you don't have commerce background.
I got 119 even if I have 2 successive commerce degrees.

Rest is up to you.

Dear Mazhar,

Thank you for your advise but barring a couple of subjects most of us don't have experience with the other optional subjects either, no?

Ecactly it is impossible to have background for every optional subject

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Accounting is basically a technical subject as compared to other optionals. I myself opted for this subject without prior experience in the last attempt but i invested my time fairly in this subject. If you are a newbie, consider investing atleast 3+ months in this subject alone. It consumes fair amount of your time because it need practice.

I tought it ll take upto one and a half month but now im feeling it needs a lil bit more than what i have planned

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[QUOTE=zaaraqutab;901597]I tought it ll take upto one and a half month but now im feeling it needs a lil bit more than what i have planned

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Yes. This is not even enough time for revision. You have so much to cover from various fields. It is like whole syllabus of I.COM, B.Com

But question are a bit tricky in past papers some times examener asks simple things you just get confused how to handle the question.it needs a lot of practice

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just try to understand the concept of each topic..familiarize yourself with different entries and terminologies and you are good to go

Im still confused about scoring trend of this subject

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Looks like no one has ever opted it before.

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This is a technical subject. If you attempt a question in right manner, you can secure full marks not like other theoretical subjects. So one can secure good marks (140+ ) if he can manage to control his nerves during examination. Rest is luck.

Phr b any score you know someone got from it?

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i forgot my score of the last attempt. But as i said 140+ marks are achievable . My score was i think in the line of 130+ but i am not sure

I hv just started from final accounts but not able to define right approach which topic to cover or not still every thing is opaque specially about topics.
Can you please share your method to handle this?

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i was actually blessed with the opportunity to have guidance of a teacher of who was able to feed me with the concepts. Basically he starts with first explaining different terminologies and theory and then moves on to the numerical portion. In this way i was able to cover the syllabus without any difficulty. I can only advise you to consult a professional who can help you with the problems. Accounting is not a subject where one can just buy books and read the instructions to solve the questions. Guidance from an authority is compulsory who can supervise you

I have accounting background a bit but b.com level doesnt seem sufficiant for conceptual questions
Im studing megis an meigs right now along with sohail afzaal for numericals
Topics i have selected for accounting right now are as follows
FA
Ratios
Partnership
BRS
Depriciation
These are for numericals
For theory im studing from all most every topic.
Problm arises like i.e Q 2 from 2009 if im not wrong
Not getting what examiner is asking in that question
Similarly with other pprs problm is same
Please also add if any topic for numerical is omitted from above mentioned.
Thanks

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An these are just for 50 marks accounting portion(part b cost obviously not included yet)

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[QUOTE=zaaraqutab;901608]I have accounting background a bit but b.com level doesnt seem sufficiant for conceptual questions
Im studing megis an meigs right now along with sohail afzaal for numericals
Topics i have selected for accounting right now are as follows
FA
Ratios
Partnership
BRS
Depriciation
These are for numericals
For theory im studing from all most every topic.
Problm arises like i.e Q 2 from 2009 if im not wrong
Not getting what examiner is asking in that question
Similarly with other pprs problm is same
Please also add if any topic for numerical is omitted from above mentioned.
Thanks

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That perticular question can be solved if you have mastered ratios. Those blanks can only be filled if you know the ratio topic..Topics that i will cover for Paper 1 (Part 1)

1. Final Accounts
2. Provision for Bad Debts
3. Accounts of non- trading concerns
4. Depreciation
5.Adjusting, closing, reverse entries to supplement the above topics
6.Woksheet
7. Merchandizing transactions
8. Ratios
9. Partnership

One more question plz

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[QUOTE=zaaraqutab;901609]An these are just for 50 marks accounting portion(part b cost obviously not included yet)

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for cost accounting you have to prepare
1.Cost of goods manufactured and Cost of Goods sold statement
2. variance analysis (Standard costing: Material, Labour, and Overheads)
3.Process costing (Cost of production report),
4. inventory valuation methods,
5. EOQ.
6. For theory cover different types of costs, and difference between financial accounting and cost accounting.

Q no 2 paper 2012

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Please guide me regarding this question

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Is it a trial balance given in statement form
How to prepare trial balance from it?

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[QUOTE=zaaraqutab;901613]Q no 2 paper 2012

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i don't have this question paper with me..kindly quote the question or share rough scheme

[IMG]https://uploads.tapatalk-cdn.com/20160106/9059ab92f31a96264adb569f6e5bfa61.jpg[/IMG]

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It also requires a balance sheet and owners equity

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Income statement question.. 3rd chapter miggs and miggs..Seperate balance sheet items from income statement items. and prepare an income statement only

So you say that we can generate all the requirements from this statement?

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Will you please check my solution? tomorrow i ll try to share it in the same thread

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[QUOTE=zaaraqutab;901620]So you say that we can generate all the requirements from this statement?

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We only need Revenue and Expenses items for income statement. commission earned is revenue while depreciation is an expense.

And the point
In addition furniture worth 50000 is purchased amount ll be paid in next year
What does it mean?

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this is a balance sheet item

for income statement u need revenues and expenses take this sample

ABC
Income statement
for the year ended...

[U]Revenue[/U]

Commision earned xxx

[U]Expenses:[/U]

rent expense xxx
salaries xxx
depreciation [U]xxx[/U] [U]xxx[/U]

Net income xxx

Im asking what ll we do with it in balance sheet?how we ll write the mentioned 50000 purchase on cradit in blnce sheet

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Is it our liability?
Bills payable?

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One more thing.
Plz plz plzzzzzzz suggest me a good book for auditing plzzzzzz

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yes..it is listed in assets as well as liabilities.