I have opted accounting. Please help me out

abkhan567 · #1 Thursday, April 15, 2010

salam

dear i m new to this forum . i have jst join it. & i will appear in 2011 INSHALLAH
I have dne M.Sc. Accounting & Finance
& have opted accuntncy. so plz help me out
i will be thankful to u

Regards

MUHAMMAD ABDULLAH KHAN

Muhammad Ali Awan · #2 Wednesday, April 21, 2010

Dear abkhan,

Welcome to the forum!
Accounting and Auditing is very fruitful optional subject. You can grab maximum marks and usually high nos are scored in this subject. As you have done masters in it, so i would recommend you to choose this subject. Work on the remaining combination.

Best of Luck!

Regards.

xavier · #3 Sunday, April 25, 2010

Quote:

Originally Posted by abkhan567

salam

dear i m new to this forum . i have jst join it. & i will appear in 2011 INSHALLAH
I have dne M.Sc. Accounting & Finance
& have opted accuntncy. so plz help me out
i will be thankful to u

Regards

MUHAMMAD ABDULLAH KHAN

Dear i have also opted Accounts and Auditing, as M.Ali defined that this is very scoring subject so it must be opted.Go through following topics carefully:

Double Entry
Income Statement
Balance Sheet
Some basic Cost Accounting
Audit(basic concepts)
Taxation(Basic)

Raz · #4 Sunday, April 25, 2010

Quote:

Originally Posted by xavier

Dear i have also opted Accounts and Auditing, as M.Ali defined that this is very scoring subject so it must be opted.Go through following topics carefully:

Double Entry
Income Statement
Balance Sheet
Some basic Cost Accounting
Audit(basic concepts)
Taxation(Basic)

These topics are not enough to handle this paper. Broaden your list and include: Ratio analysis, Partnership, Cash Budget, Income and Expenditure Account, Receipt and Payment Account.

Cost Accounting: COGM Statement, Standard Costing (Variance Analysis), Process Costing (Equivalent Product calculation), Job order costing.

Auditing: Specimen of various audit reports (Qualified, unqualified, disclaimer), difference among various audits (like final audit, interim audit, financial audit, internal audit, external audit, special audit, statutory audit, and annual audit etc.), and Auditing steps/procedure for inventory/stock, HR, fixed assets, investments, and cash. Role and responsibilities of an auditor specially in detecting frauds.

Taxation: Calculation of tax liability of salaried person, various definitions of first chapter of ITO, various income heads and their ingredients, income tax authorities hierarchy and complaint chain.

Business Organization: Difference and merits & demerits of sole proprietorship, partnership, and joint stock company. Their formation, incorporation and commencement procedures. Advantages and disadvantages of registered and un-registered firm. Importance of MOA and AOA, rules for changes in MOA and AOA. Business Combinations, and amalgamation. Cooperative societies etc.

DEADLYDOCTOR · #5 Sunday, April 25, 2010

@ raz
you are right. but don't you think those who opt accountancy in css ,have rare chances of getting proper guidance.
lack of proper guidance and weak grip over this subject has made it low scoring or is it really difficult to score well in it?
or is it that they take it as too easy ?

Raz · #6 Sunday, April 25, 2010

Quote:

Originally Posted by DEADLYDOCTOR

@ raz
you are right. but don't you think those who opt accountancy in css ,have rare chances of getting proper guidance.
lack of proper guidance and weak grip over this subject has made it low scoring or is it really difficult to score well in it?
or is it that they take it as too easy ?

Lack of proper guidance and lack of practice of problems cause low score in this paper. This paper is highly scoring subject to proper guidance and reasonable practice. Normally one can easily score 140 + marks with an average effort. Best effort brings 170+ marks.

For your understanding: Best effort in Indo-Pak fetches 140+ and average effort in Accountancy fetches 140+ marks. Poor attempt in accountancy brings 110+ marks while good attempt in Indo-Pak brings 110 to 120 marks. See the difference.

DEADLYDOCTOR · #7 Sunday, April 25, 2010

@ raz
let me put it another way
one has a background of accountancy.now one wants to opt it in css.what should one do from beginning?where to get proper guidance?what re the factors which may lead to low scoring.if one can get 170+,what should he do ?

Raz · #8 Sunday, April 25, 2010

Quote:

Originally Posted by DEADLYDOCTOR

@ raz
let me put it another way
one has a background of accountancy.now one wants to opt it in css.what should one do from beginning?where to get proper guidance?what re the factors which may lead to low scoring.if one can get 170+,what should he do ?

Practice the topics which I have mentioned in my earlier post. I assure you, person having grip over these topics can easily score around 170 in accountancy. Go through past papers and collect concepts from these papers. Prepare a list of around 30 important concepts and definitions for paper-1 so that compulsory question of short definitions can easily be attempted.

xavier · #9 Sunday, April 25, 2010

Quote:

Originally Posted by Raz

These topics are not enough to handle this paper. Broaden your list and include: Ratio analysis, Partnership, Cash Budget, Income and Expenditure Account, Receipt and Payment Account.

Cost Accounting: COGM Statement, Standard Costing (Variance Analysis), Process Costing (Equivalent Product calculation), Job order costing.

Auditing: Specimen of various audit reports (Qualified, unqualified, disclaimer), difference among various audits (like final audit, interim audit, financial audit, internal audit, external audit, special audit, statutory audit, and annual audit etc.), and Auditing steps/procedure for inventory/stock, HR, fixed assets, investments, and cash. Role and responsibilities of an auditor specially in detecting frauds.

Taxation: Calculation of tax liability of salaried person, various definitions of first chapter of ITO, various income heads and their ingredients, income tax authorities hierarchy and complaint chain.

Business Organization: Difference and merits & demerits of sole proprietorship, partnership, and joint stock company. Their formation, incorporation and commencement procedures. Advantages and disadvantages of registered and un-registered firm. Importance of MOA and AOA, rules for changes in MOA and AOA. Business Combinations, and amalgamation. Cooperative societies etc.

Dear thanks for the valuable reply, just i forgot to add other topics which you mentioned, I am ACCA Professional so i did many of them and have a strong grip over these topics, but i want your opinion on book selection for TAXATION, kindly advise me which book will be helpful.

Raz · #10 Sunday, April 25, 2010

Quote:

Originally Posted by xavier

Dear thanks for the valuable reply, just i forgot to add other topics which you mentioned, I am ACCA Professional so i did many of them and have a strong grip over these topics, but i want your opinion on book selection for TAXATION, kindly advise me which book will be helpful.

Income Tax by Muhammad Moazam Mughal

Go through following links:

http://www.cssforum.com.pk/120047-post58.html

http://www.cssforum.com.pk/120054-post59.html

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The Following 2 Users Say Thank You to Raz For This Useful Post:
charismatic.leader (Wednesday, April 28, 2010), fluent_20 (Sunday, April 25, 2010)

The Following User Says Thank You to Raz For This Useful Post:
charismatic.leader (Wednesday, April 28, 2010)

The Following 3 Users Say Thank You to Raz For This Useful Post:
charismatic.leader (Wednesday, April 28, 2010), xavier (Monday, April 26, 2010)